High Yield Calendar: $1.05 billion and €1.18 billion deals being marketed

September 17 Week

FIRE (BC) SPA (ITALMATCH CHEMICALS SPA): €410 million six-year senior secured floating-rate notes (B3/B); Goldman Sachs (joint global coordinator, joint bookrunner bill and deliver), BNP Paribas (joint global coordinator, joint bookrunner), Citigroup, Credit Agricole (joint books); Rule 144A and Regulation S; callable after one year at 101; to help fund acquisition of Italmatch by Bain Capital; Genova, Italy-based specialty chemical additive manufacturer; roadshow Sept. 17-20; price talk Euribor plus 500 bps; pricing Friday.

LOUVRE BIDCO SAS (PROMONTORIA MCS HOLDING SAS): €120 million six-year senior secured floating rate notes (S&P: BB-); Credit Suisse; non-callable for two years; proceeds, along with the proceeds from an equity injection and cash on balance sheet, will be used to fund the merger with France-based debt collector DSO group, repay DSO debt, fund DSO's acquisition of an Italian debt collection and factoring company and for general corporate purposes; Paris-based MCS is a financial services company; price talk Euribor plus 550 bps to 575 bps at 99.5; pricing Friday.

GARRETT MOTION INC.: Downsized €350 million senior notes due 2026 (B2/B) decreased from €450 million, with €100 million shifted to bank loan; Goldman Sachs, JPMorgan, Citigroup, Deutsche Bank (joint); Rule 144A and Regulation S; non-callable for three years; to help fund the spinoff of the company from Honeywell International Inc., Switzerland-based manufacturer of turbocharger and electric-boosting technologies for light and commercial vehicle original equipment manufacturers and the aftermarket; roadshow Sept. 17-20, pricing thereafter.

September 24 Week

NORTHERN OIL AND GAS, INC.: $350 million tack-on to 8½% (cash) senior secured second-lien PIK notes due May 15, 2023 (Caa1/B+); RBC Capital Markets LLLC, Wells Fargo Securities LLC, ABN Amro, Capital One Securities Inc., Citizens Capital Markets Inc. (joint), Cowen, Evercore, Seaport (co's); Rule 144A with registration rights; 100 bps PIK interest (PIK payment only until April 1 payment date when leverage is greater than three-times; callable until May 15, 2020 at 104; to repay term loan and for general corporate purposes; Wayzata, Minn.-based independent oil and gas acquisition, exploration, development and production company; original $344.3 million issue priced at par and settled on May 15, 2018; upon registration add-on notes will be become fungible with original notes; offer launched Sept. 18; pricing Sept. 24 week.

STEVENS HOLDING CO., INC. to be guaranteed by ALTRA INDUSTRIAL MOTION CORP.: $400 million senior notes due 2026 (B2/B+); Goldman Sachs (left books), UBS, Citigroup (joint books), Wells Fargo, HSBC, MUFG, BMO, Citizens, RBC, TD (co's); Rule 144A and Regulation S for life; non-callable for five years; to fund the cash dividend to Fortive; Braintree, Mass.-based designer, producer and marketer of electromechanical power transmission and motion-control products; roadshow Sept. 19-25, pricing thereafter.

BASIC ENERGY SERVICES, INC.: $300 million senior secured notes due 2023; BofA Merrill Lynch, UBS, Morgan Stanley & Co. LLC; Rule 144A for life; callable after two years at par plus 50% of coupon; to repay debt under existing second amended and restated term loan, to repay asset-based secured revolver and for general corporate purposes; Fort Worth oilfield services provider; roadshow Sept. 19-24, pricing thereafter.

BILFINGER SE (S&P: BB): €300 million senior notes with five- to seven-year maturity, deal size won't grow; BNP Paribas, Deutsche Bank, HSBC (joint); Regulation S; Mannheim, Germany-based civil and industrial construction engineering services provider; meetings with European fixed income investors start Sept. 24.

Expected September Business

ENVISION HEALTHCARE CORP.: $2.15 billion high-yield bonds backed by bridge loan; Citigroup; $8.05 billion in debt financing to help fund its acquisition by KKR (also to include term loan debt being led by Credit Suisse); Nashville, Tenn.-based provider of physician-led services and post-acute care, and ambulatory surgery services; expected early September business.

GENERAL ELECTRIC DISTRIBUTED POWER: $600 million high-yield bonds; to help fund the acquisition of General Electric’s Distributed Power business for $3.25 billion by private equity investor Advent International, expected to close in fourth quarter of 2018; provider of gas engines, power equipment and services focused on power generation and gas compression; debt capital markets transactions expected in third quarter of 2018.

GETTY IMAGES INC.: Possible new notes, loans and preferred equity; to refinance its balance sheet in connection with its acquisition by the Getty family from the Carlyle Group; visual communications company.

LIFEPOINT HEALTH INC.: $1,575,000,000 of senior unsecured notes backed by bridge loan and $4.2 billion of senior secured credit facilities; Citigroup, Barclays, RBC, Credit Suisse, Deutsche Bank, UBS; to help fund its merger with RCCH HealthCare Partners, which is owned by Apollo Global Management LLC, expected to close in fourth quarter 2018; LifePoint and RCCH are both Brentwood, Tenn.-based health care providers; disclosed in Aug. 23 PREM14A filed with the SEC.

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 $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.

High Yield Bridges

DUN & BRADSTREET CORP. $1.05 billion bridge loans: $200 million senior secured 364-day bridge loan and $850 million senior unsecured bridge loan; also $3.53 billion of senior secured credit facilities; BofA Merrill Lynch, Citigroup, RBC; to fund the acquisition of Dun & Bradstreet by an investor group led by CC Capital, Cannae Holdings and Thomas H. Lee Partners LP; Short Hills, N.J.-based provider of commercial data and analytics; announced in Aug. 9 8-K filed with the Securities and Exchange Commission, acquisition expected to close within six months.

FOREST CITY REALTY TRUST INC.: $2.6 billion bridge loan and $1.6 billion credit facilities; BofA Merrill Lynch, Barclays, BMO, Citigroup, Deutsche Bank, RBC and TD are the leads on the financing; to help fund its acquisition by Brookfield Asset Management Inc., expected to close in fourth quarter of 2018; Forest City is a Cleveland-based real estate company; financing announced in July 31 8-K.

Nordic Deals

VERITAS PETROLEUM BV: Possible fixed income transaction; Arctic Securities AS and ABG Sundal Collier ASA to arrange investor meetings beginning Sept. 3; fuel testing and inspection services company headquartered in Barendrecht, the Netherlands; announced Aug. 30.

WOW AIR: Euro-denominated or Swedish krona-denominated three-year floating-rate senior secured notes; Pareto; proceeds to be used as bridge loan to IPO; Reykjavik, Iceland-based low-cost air carrier; expected late-summer, early fall business.

On The Horizon

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.

STARWOOD PROPERTY TRUST, INC.: $300 million senior notes due August 2023 (Ba3/BB); Credit Suisse Securities (USA) LLC (left books), Citigroup Global Markets Inc. (joint books); Rule 144A and Regulation S with registration rights; par call 90 days prior to maturity, otherwise non-callable; three-year 40% equity clawback; 101% poison put; to repay secured debt and support purchase of GE Energy Project Finance debt business; commercial mortgage REIT; investor call Aug 14; initial guidance 5% to 5 1/8%.

T-MOBILE USA INC.: $27 billion bridge loans to be replaced with secured notes, unsecured notes or other financing in connection with merger of T-Mobile and Sprint Corp.: $19 billion 364-day senior secured covenant-light bridge facility (low triple B ratings expected) and $8 billion one-year senior unsecured covenant-light bridge facility ($4 billion expected to convert into eight-year debt, and $4 billion expected to convert to 10-year debt) (mid-to-high double B ratings expected), also $11 billion credit facilities; Barclays, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs Bank USA, Morgan Stanley Senior Funding Inc. and RBC Capital Markets, joint lead arrangers and bookrunners on the debt (Goldman Sachs agent on the secured bridge, agent for unsecured bridge not named in the commitment letter); to refinance certain T-Mobile and Sprint debt, and for post-closing working capital for combined company; combined company will be called T-Mobile and will be based in Bellevue, Wash.; announced in April 30 8-K filing with Securities & Exchange Commission.

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.

Roadshows

Sept. 17-20: GARRETT MOTION €450 million; Goldman Sachs, JPMorgan, Citigroup, Deutsche Bank.

Sept. 17-20: ITALMATCH CHEMICALS €410 million; Goldman Sachs, BNP Paribas, Citigroup, Credit Agricole.

Started Sept. 18: NORTHERN OIL AND GAS $350 million; RBC, Wells Fargo, ABN Amro, Capital One, Citizens.

Sept. 19-25: ALTRA INDUSTRIAL MOTION $400 million; Goldman Sachs, UBS, Citigroup.

Sept. 19-24: BASIC ENERGY SERVICES $300 million; BofA Merrill Lynch, UBS, Morgan Stanley.

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