High Yield Calendar: $3.14 billion, €1.15 billion and £265 million deals being marketed

April 9 Week

DRAX FINCO PLC: $300 million senior secured notes due November 2025 (current ratings BB+//BB+); Barclays (global coordinator, bill and deliver), BofA Merrill Lynch (global coordinator), Deutsche Bank (joint bookrunner); Rule 144A and Regulation S for life; callable after three years at par plus 50% of coupon; 50% equity clawback at par plus coupon; 101% poison put; to pay off the senior secured floating-rate notes due 2022 on or after May 1, 2018, and for cash overfunding; Selby, England-based coal and biomass generator; roadshow April 9-11, pricing thereafter.

TOPBUILD CORP.: $375 million senior notes due 2026 (BB-); BofA Merrill Lynch; Rule 144A and Regulation S; non-callable for three years; to fund acquisition of United Subcontractors, Inc.; Daytona, Fla.-based supplier in insulation products; initial price talk mid-to-high 5% area; pricing expected April 12.

NOVAFIVES SAS €600 million two-part seven-year senior secured notes (expected ratings B3/B+): fixed-rate notes with three years of call protection, initial price talk 5% area, and floating-rate notes with one year of call protection, initial price talk Euribor plus 450 bps area, tranche sizes to be determined; JPMorgan (joint global coordinator, bill and deliver), BNP Paribas (joint global coordinator), Credit Agricole, Deutsche Bank, Natixis, SG (joint books); Rule 144A and Regulation S; to refinance existing notes; France-based supplier of industrial equipment and systems; roadshow April 9-12, pricing thereafter.

VALLOUREC SA: €300 million senior notes due October 2023 (S&P: B); BNP Paribas (joint global coordinator, bill and deliver), JPMorgan, SG (joint global coordinators), Natixis (joint bookrunner), CM-CIC, MUFG, Santander, SMBC Nikko (co's); Rule 144A and Regulation S; non-callable for 2.5 years; proceeds, together with cash on hand, to redeem senior notes due August 2019 at maturity; Boulogne-Billancourt, France-based provider of industrial products and services; roadshow April 9-12, pricing thereafter.

PIAGGIO & C. SPA: €250 million senior notes due 2025, including notes issued as part of concurrent exchange offer (expected ratings B1/BB-); Banca IMI (physical books, bill and deliver), BNP Paribas, BofA Merrill Lynch (physical books), Banca Akros, HSBC, ING, Mediobanca, UniCredit (joint books); Rule 144A and Regulation S; callable after three years at par plus 50% of coupon; to refinance 4 5/8% notes due 2021; Pontedera, Italy-based company is a maker of two-wheeled motor vehicles and compact commercial vehicles; roadshow April 10-13.

AURUM HOLDINGS LTD. (JEWEL UK BONDCO PLC): £265 million five-year senior secured notes (mid-single B ratings expected); Goldman Sachs (joint books, bill and deliver), Barclays, Jefferies, Wells Fargo (joint books); Rule 144A and Regulation S; callable after two years at par plus 50% of coupon; to repay debt and existing shareholder loan; Leicester, U.K.-based watchmaker; roadshow April 10-13.

BANCA IFIS SPA (Fitch: BB+): Expected euro-denominated five-year unsecured notes; BNP Paribas, Nomura, UniCredit; Euro medium term notes program (EMTN); Venice, Italy-based banking company; investor meetings start April 11.

COMSTOCK RESOURCES, INC.: $600 million senior notes; to refinance substantially all existing debt; Frisco, Texas-based independent oil and gas exploration and development company.

April 16 Week

CGG HOLDING (U.S.) INC. $650 million equivalent five-year senior secured notes (B2/B) in dollar- and euro-denominated tranches; Credit Suisse (global coordinator, bill and deliver for dollar-denominated notes), JPMorgan (global coordinator, bill and deliver for euro-denominated notes); Rule 144A and Regulation S; non-callable for two years; to refinance existing first lien senior secured notes; subsidiary of CGG SA, Paris-based geoscience company; roadshow April 6-16; initial price talk high 9% area for dollar-denominated notes, high 8% area to 9% on euro-denominated notes; pricing expected April 17.

OCI NV: $1 billion equivalent five-year senior secured notes in dollar- and euro-denominated tranches, sizes to be determined; JPMorgan (sole physical books, joint global coordinator, bill and deliver), Barclays, HSBC (joint global coordinators), BofA Merrill Lynch, BNP Paribas, Citigroup, Credit Agricole, Goldman Sachs, Rabo, SG CIB (passive books); Rule 144A and Regulation S; non-callable for two years; to refinance existing term debt at OCI Nitrogen, OCI NV bank debt, a shareholder loan at OCI NV and finance the recent buyback of OCI NV convertible notes; Amsterdam-based producer and distributor of natural gas-based fertilizers and industrial chemicals; full Europe and US roadshow announced April 9; initial price talk low 7% area for dollar-denominated notes, mid-to-high 5% area for euro-denominated notes; pricing expected April 16 week.

LYCRA CO. via EAGLE INTERMEDIATE GLOBAL HOLDING BV and RUYI US FINANCE LLC $810 million equivalent senior secured notes (S&P: B): $500 million seven-year notes with three years of call protection, initial price talk 8% area, and €250 million five-year notes with two years of call protection, initial price talk 6% area; JPMorgan (joint global coordinator, sole physical bookrunner, bill and deliver), Barclays (joint global coordinator); Rule 144A and Regulation S; to finance the acquisition of Lycra Co. by Shandong Ruyi Technology Group; maker of Lycra Fiber and other advanced fiber technologies; full European and US roadshow announced April 9; expected to price April 19.

On The Horizon

CENTENE CORP.: $1.6 billion bonds; Barclays to be involved; $2.3 billion of new equity, including share consideration, to fund its planned $3.75 billion acquisition of Fidelis Care; Centene is a St. Louis-based managed care and specialty health care services provider; originally expected during first quarter of 2018.

ENERGIZER HOLDINGS INC.: Up to $720 million senior notes backed by one-year bridge at Libor plus 500 bps with 1% Libor floor, Barclays left lead arranger, JPMorgan joint arranger; also $2.04 billion credit facilities; to fund its acquisition of Spectrum Brands’ Global Battery and Portable Lighting Business, expected to close before the end of 2018; St. Louis-based manufacturer of primary batteries and portable lighting products.

PENN NATIONAL GAMING INC.: $840 million senior unsecured bridge loan, also $1.14 billion in incremental senior secured term loans; debt commitment from Bank of America Merrill Lynch, Goldman Sachs Bank USA, Fifth Third Bank, U.S. Bank, Wells Fargo Securities LLC, Citizens Bank, SunTrust Robinson Humphrey Inc. and TD Securities (USA) LLC; to finance the acquisition of Pinnacle Entertainment Inc., expected to close in the second half of 2018; Penn National is a Wyomissing, Pa.-based owner and manager of gaming and racing facilities and video gaming terminal operations; Pinnacle is a Las Vegas-based owner and operator of gaming entertainment properties.

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.

SS&C TECHNOLOGIES HOLDINGS INC.: $1.25 billion bridge loan to be taken out with high-yield bonds and/or IPO of common shares, Credit Suisse, Morgan Stanley; proceeds, along with about $7.15 billion of bank debt, to help fund its acquisition of DST Systems Inc. and to refinance existing debt; SS&C is a Windsor, Conn.-based provider of financial services software and software-enabled services; targeted to close in third quarter of 2018; announced in Jan. 11 press release.

TWINSET SPA: €170 million five-year senior secured floating-rate notes; private; to redeem the €150 million senior Euribor plus 587.5 bps secured floating rate notes due 2019, partially repay a shareholder loan and cancel the existing hedging arrangement; Capri, Italy-based supplier of luxury women's apparel and accessories.

UNILEVER SPREADS (FLORA FOOD GROUP): €1 billion high-yield notes and €3.9 billion equivalent term loans via Credit Suisse, Deutsche Bank, KKR Capital Markets, BNP Paribas, Credit Agricole, Goldman Sachs, HSBC, ING, Lloyds, Mizuho, RBC, SG CIB, UniCredit; to help fund KKR’s acquisition of Unilever’s margarine and spreads business; Unilever is a consumer goods company based in Englewood Cliffs, N.J.; bonds originally expected early March.

WMIH CORP.: $2.75 billion senior notes backed by bridge loans; Credit Suisse Securities (USA) LLC, Jefferies LLC, Deutsche Bank Securities Inc. and HSBC Securities (USA) Inc.; to help fund the acquisition of Nationstar Mortgage Holdings Inc., expected to close in the second half of 2018, and refinance around $1.9 billion of Nationstar’s existing senior unsecured notes; WMIH is a Seattle-based reinsurance business; announced in Feb. 14 8-K.

Roadshows

April 6-16: CGG $650 million; Credit Suisse, JPMorgan.

April 9-11: Drax $300 million; Barclays, BofA Merrill Lynch, Deutsche Bank.

Started April 9: VALLOUREC €300 million; BNP Paribas, JPMorgan, SG.

Starts April 11: BANCA IFIS euro-denominated five-year notes; BNP Paribas, Nomura, UniCredit.

April 9-12: NOVAFIVES €600 million; JPMorgan, BNP Paribas, Credit Agricole, Deutsche Bank, Natixis, SG.

Pricing expected April 12: TOPBUILD $375 million; BofA Merrill Lynch.

April 10-13: PIAGGIO €250 million; Banca IMI, BNP Paribas, BofA Merrill Lynch.

April 10-13: AURUM £265 million; Goldman Sachs, Barclays, Jefferies, Wells Fargo.

Pricing expected April 16 week: OCI $1 billion; JPMorgan, Barclays, HSBC.

Pricing expected April 19: LYCRA $810 million; JPMorgan, Barclays.

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