High Yield Calendar: $3.15 billion and €500 million deals being marketed

July 17 Week

CD&R PLUMB BUYER, LLC (HD SUPPLY WATERWORKS): $475 million senior notes due 2025 (Caa1/B-); BofA Merrill Lynch; non-callable for three years; to help fund the acquisition of Waterworks by Clayton, Dubilier & Rice, from HD Supply, Inc.; St. Louis-based distributor of water, sewer, storm and fire protection products; initial guidance 6¾% to 7%; pricing expected Thursday.

JEFFERIES FINANCE LLC and JFIN CO-ISSUER CORP.: $400 million seven-year senior notes (B1/B); Jefferies LLC (left books), Citigroup Global Markets Inc., HSBC Securities (joint books); Rule 144A; non-callable for three years; also $250 million seven-year senior secured term loan; to repay the existing term loan and for general corporate purposes; commercial finance company; roadshow starts July 17 (term loan and bonds to roadshow concurrently); pricing at the end of the July 17 week.

TOPAZ MARINE SA: $375 million five-year senior notes (expected ratings B3/B-); Goldman Sachs International, HSBC, Standard Chartered (global coordinators), First Abu Dhabi Bank, Pareto (co's); Rule 144A and Regulation S for life; non-callable for two years; to refinance 8 5/8% senior notes due Nov. 1, 2018; provider of support vessels, primarily for the oil and gas industry, incorporated in Hamilton, Bermuda, ultimate holding company is Renaissance Services SAOG, a joint stock company incorporated in Oman; roadshow July 12-19.

DAE FUNDING LLC $1.9 billion two-part senior notes (BB): Benchmark five-year notes with two years of call protection (initial guidance 4¾% to 5%), and benchmark seven-year notes with three years of call protection (initial guidance 5 1/8% to 5 3/8%); Morgan Stanley (sole); Rule 144A and Regulation S for life; to fund the acquisition of AWAS from funds managed by Terra Firma Capital Partners and the Canadian Pension Plan Investment Board; roadshow starts July 17; pricing expected late July 17 week.

INFOPRO DIGITAL €500 million two-part senior secured notes (B2): Five-year fixed-rate notes with two years of call protection, initial guidance 4¾% to 5%, and five-year floating-rate notes with one year of call protection, initial guidance Euribor plus 475 bps to 500 bps; JPMorgan (bill and deliver), BNP Paribas, SG; to repay bank debt; Paris-based multi-media products and services provider; roadshow July 17-20.

TERNA ENERGY FINANCE SA: €60 million five-year bearer bonds; Alpha Bank SA, Eurobank Ergasias SA (joint global coordinators and joint bookrunners; public offer; Athens, Greece-based renewable energy company; roadshow July 17-19; guidance 3¾% to 4¼%.

On The Horizon

AVANTOR: $2.25 billion senior unsecured bridge facilities in 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; bridge commitments due June 30 (initial rate 8¾%).

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.

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.

MULTI-COLOR CORP.: New bonds and credit facilities to help fund its acquisition of the Labels Division of Constantia Flexibles GmbH, expected to close in the fiscal third quarter of 2018; BofA Merrill Lynch and Citigroup are the lead banks on the debt; Multi-Color is a Cincinnati-based label maker; announced in July 17, 2017 conference call.

NORWEGIAN AIR SHUTTLE ASA: Possible krone-denominated 3.5-year bond and potential tap of existing 7¼% euro-denominated notes (€185 million outstanding, €250 million borrowing limit); Arctic Securities, Danske Bank, DNB Markets, SEB; to refinance outstanding floating-rate notes and general corporate purposes; Fornebu, Norway-based passenger airline; investor meetings May 22.

PAREXEL INTERNATIONAL CORP.: $720 million one-year senior unsecured bridge loan; to fund the buyout of the company by Pamplona Capital Management LLP and refinance existing debt; financing also includes $2,365,000,000 senior secured credit facilities; BofA Merrill Lynch and JPMorgan are the lead banks on the debt; funding to also include $2.7 billion of equity; bridge to be replaced by $720 million eight-year senior notes expected to be marketed on a roadshow in September; Waltham, Mass.-based biopharmaceutical services company; bridge loan commitments due July 18.

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.

STAPLES INC.: $1.6 billion unsecured bridge loan (BofA Merrill Lynch, left lead) and $3.6 billion credit facilities; UBS, BofA Merrill Lynch, Deutsche Bank, Credit Suisse, RBC, Jefferies, Wells Fargo, Fifth Third leading the debt; to help fund the acquisition of Staples by Sycamore Partners in a transaction valued at about $6.9 billion, expected to close no later than December 2017; Framingham, Mass.-based retailer of office supplies.

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.

WEST CORP.: $1.35 billion senior notes backed by $1.35 billion bridge, and $3.05 billion of senior secured credit facilities; Credit Suisse Securities (USA) LLC, RBC Capital Markets LLC, Barclays, Bank of America Merrill Lynch, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Morgan Stanley Senior Funding Inc. and Goldman Sachs Bank USA are the arrangers on the debt; to help fund the buyout by Apollo Global Management LLC, expected to close during the second half of 2017; Omaha-based provider of communication and network infrastructure services; announced in June 15 SEC filing.

Roadshows

July 12-19: TOPAZ MARINE $375 million; Goldman Sachs, HSBC, Standard Chartered.

Starts July 17: JEFFERIES FINANCE $400 million; Jefferies, Citigroup, HSBC.

Starts July 17: DAE FUNDING $1.9 billion; Morgan Stanley.

July 17-19: TERNA ENERGY €60 million; Alpha Bank, Eurobank.

July 17-20: INFOPRO DIGITAL €500 million; JPMorgan, BNP Paribas, SG.

Pricing expected July 20: CD&R WATERWORKS $475 million; BofA Merrill Lynch.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.