High Yield Calendar: $625 million deals being marketed

May 15 Week

GREAT LAKES DREDGE & DOCK CORP.: $325 million five-year senior notes; Deutsche Bank Securities Inc., SunTrust Robinson Humphrey, Inc.; Rule 144A, Regulation S; Oak Brook, Ill. provider of coastal and inland river dredging services; proceeds to fund tender offer for $275 million 7 3/8% senior notes due 2019 and to redeem any notes not tendered; investor call and roadshow starting Monday; pricing during May 15 week.

TAPSTONE ENERGY LLC: $300 million senior notes due 2022; BofA Merrill Lynch; non-callable for two years; to refinance debt; Oklahoma City-based independent oil and gas company; roadshow May 3-9.

Expected June Business

VIRTU FINANCIAL INC.: $825 million senior secured second-lien notes backed by a bridge loan capped at 11%; also $825 million term loan B; JPMorgan is the lead bank on the debt; to help fund its acquisition of New York-based independent securities firm KCG Holdings Inc., expected to close in the third quarter of 2017; Virtu is a New York-based technology-enabled market maker and liquidity provider to the financial markets; expected June business.

On The Horizon

AVANTOR: $2.25 billion senior unsecured bridge facilities in U.S. dollars and possibly euros; along with $5.5 billion in senior secured credit facilities to help fund acquisition of VWR International LLC; Goldman Sachs Bank USA, Barclays and Jefferies LLC are the leads on the bank debt; closing expected in the third quarter; Center Valley, Pa.-based supplier of ultra-high-purity materials for the life sciences and advanced technology industries.

BRAND ENERGY & INFRASTRUCTURE SERVICES: $700 million bridge loan; also $3.33 billion credit facility; Goldman Sachs, Barclays, ING Capital and Natixis; to help fund its acquisition of Safway Group from Odyssey Investment Partners; Brand Energy, a portfolio company of Clayton, Dubilier & Rice, is a Kennesaw, Ga.-based provider of specialized services to energy, industrial and infrastructure customers; Safway is a Waukesha, Wis.-based provider of scaffolding and motorized aerial access solutions and insulation and coating services to commercial, industrial and infrastructure customers; announced in March 23 press release.

CENTURYLINK: $2.15 billion senior secured bridge loan launched Feb. 10 via Morgan Stanley (other banks involved in the debt commitment include Bank of America, MUFG, Barclays, JPMorgan, Wells Fargo, RBC, Goldman Sachs, SunTrust, Mizuho, Regions Bank, Fifth Third, Credit Suisse and U.S. Bank); help fund acquisition of Level 3 Communications Inc., expected to close in the third quarter of 2017; Monroe, La., communications, hosting, cloud and IT services company.

EXAMWORKS GROUP INC.: $340 million eight-year senior notes; BofA Merrill Lynch, Barclays, Deutsche Bank Securities Inc. and SunTrust Robinson Humphrey Inc.; also $920 million credit facility; help fund buyout by Leonard Green & Partners LP; Atlanta-based provider of independent medical examinations, peer reviews, bill reviews, Medicare compliance, case management and related services; was expected as June 2016 business.

EXELA TECHNOLOGIES $825 million high-yield notes: $525 million secured notes due 2023 (B2/B+) and $300 million unsecured notes due 2024 (Caa2/CCC+); RBC, Credit Suisse; also $625 million credit facility via RBC, Credit Suisse, Natixis, KKR; to help fund the merger of Quinpario Acquisition Corp. 2, SourceHOV LLC and Novitex Holdings Inc., which will create Exela; Quinpario is a St. Louis-based special purpose acquisition company; SourceHOV, majority owned by HandsOn Global Management LLC, is an Irving, Texas-based transaction processing services provider; Novitex is a West Stamford, Conn.-based provider of technology-driven managed services.

GODADDY INC.: $530 million bridge financing and $1,377,000,000 incremental term loan; to help fund the acquisition of Host Europe Group from Cinven, expected in the second quarter of 2017; GoDaddy is Scottsdale, Ariz.-based provider of web hosting and domain names; Host Europe is an England-based hosting provider and domain registrar.

JACOB HOLM & SONNER HOLDING A/S: Euro-denominated secured bonds; SEB; some proceeds will be used to call the issuer’s SEK 650 million of senior secured bonds; Basel, Switzerland-based manufacturer of nonwoven roll goods; investor meetings started March 6.

KAR AUCTION SERVICES, INC.: Senior notes; Rule 144A, Regulation S; part of a planned debt refinancing; Carmel, Ind. provider of vehicle auction services and floorplan financing to independent and franchise used-vehicle dealers.

LESLIE'S POOLMART INC.: $390 million senior notes, downsized from $420 million with the upsizing of the term loan to $810 million from $780 million (term loan, via Nomura, launched in late July 2016); to refinance debt and fund a dividend; Phoenix-based retailer of swimming pool supplies and related products.

MMI INTERNATIONAL LTD.: $300 million senior secured notes due 2021 (expected ratings B2/B+); Goldman Sachs & Co. (left books), ANZ, KKR, Standard Chartered (joint books); Rule 144A and Regulation S; pay down term loan A; Singapore-based technology company with a focus on key components for the hard disk drive industry; international roadshow ran in late October into early November; initial guidance 9% area.

SINCLAIR BROADCAST GROUP INC.: Commitment for $5.6 billion in debt financing, including a $785 million bridge loan, to help fund acquisition of Tribune Media Co.; expected 50:50 mix of fixed- and floating-rate debt; JPMorgan Chase Bank, RBC and Deutsche Bank Securities Inc. leads; Hunt Valley, Md.-based television broadcasting company.

SUPERIOR INDUSTRIES INTERNATIONAL INC.: $260 million senior notes and $500 million credit facility; Citigroup, JPMorgan, RBC, Deutsche Bank; to help fund its acquisition of Uniwheels AG; Superior Industries is a Southfield, Mich.-based manufacturer of aluminum wheels; Uniwheels is a Germany-based supplier and manufacturer of aluminum wheels; announced in March 23 press release.

SURGERY PARTNERS INC.: $335 million in bonds; to help fund acquisition of National Surgical Healthcare Inc. from Irving Place Capital for about $760 million and to refinance an existing term loan; also $1.29 billion loan; Jefferies LLC is left lead on the financing; closing expected in 2017; Nashville-based healthcare services company.

TEEKAY OFFSHORE PARTNERS LP: $250 million minimum bonds due in 2018 and 2019 to be offered in the U.S. and Norwegian markets, expected to receive third-party credit ratings as energy markets improve; to refinance debt; Hamilton, Bermuda-based provider of marine transportation, oil production, storage, towage and maintenance and safety services to the oil industry; announced in June 17, 2016 press release.

TELEFLEX INC.: Possible senior notes could come as an opportunistic deal to repay bank debt; also $750 million term loan to fund the acquisition of Vascular Solutions Inc., expected to close in the first half of 2017 (company has received a commitment from JPMorgan Chase Bank for a new $750 million senior unsecured bridge facility in connection with the planned acquisition); Teleflex is a Wayne, Pa.-based provider of medical technologies; Vascular Solutions is a Minneapolis-based medical device company; disclosed during Dec. 2 conference call.

UNITED RENTALS, INC.: New underwritten debt issue to help fund the Chicago-based NES Rentals Holdings II, Inc. for $965 million in cash, expected to close in the second quarter of 2017; financing will also make use of a draw on the asset-based facility; United Rentals is a Stamford, Conn., equipment rental company.

U.S. XPRESS ENTERPRISES INC.: $320 million eight-year senior notes (B3/B+); J.P. Morgan Securities LLC, Wells Fargo Securities LLC (joint); non-callable for three years; to repay term loan and 2007 restated term loan; Chattanooga, Tenn.-based intermodal freight company.

VENATOR MATERIALS PLC: Possible senior notes along with term loans, borrowings under an asset-based lending facility or a revolving credit facility or a combination to repay intercompany debt owed to parent company Huntsman Corp.; in conjunction with initial public offering; manufacturer and marketer of chemical products comprising a range of pigments and additives to color and protect buildings and reduce energy consumption.

Roadshows

May 3-9: TAPSTONE ENERGY $300 million; BofA Merrill Lynch

Starts May 15: GREAT LAKES DREDGE & DOCK CORP. $325 million five-year senior notes; Deutsche Bank Securities Inc., SunTrust Robinson Humphrey, Inc.

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