High Yield Calendar: $1.75 billion deals being marketed

May 24 Week

CQP HOLDCO LP and BIP-V CHINOOK HOLDCO LLC: $1 billion 10-year senior secured notes (corporate credit ratings B2/B); Credit Suisse, Morgan Stanley, Blackstone, Sera Global, MUFG, RBC, SMBC Nikko, Wells Fargo (placement agents); private placement (to settle with Rule 144A Cusip); callable after five years at par plus 50% of coupon; to refinance all debt under the 2019 credit agreement and make a distribution to the parent in order to fund repayment of certain debt; Houston-based LNG company; price talk 5 3/8% to 5½% (initial talk mid-5% area); books close Wednesday, pricing Thursday morning.

CONDUENT BUSINESS SERVICES, LLC and CONDUENT STATE & LOCAL SOLUTIONS, INC.: $750 million secured notes due 2029 (B1/BB-); Citigroup (lead books), BofA, Mizuho, MUFG, Truist, Wells Fargo, HSBC, KeyBanc, Santander, US Bancorp (joint books); Rule 144A and Regulation S for life; callable after three years at par plus 50% of coupon; to repay bank debt; Florham Park, N.J.-based business process services company; investor call 10:30 a.m. ET on Monday; pricing expected Wednesday; price talk 5½% to 5¾% (initial talk low-to-mid 5% area).

On The Horizon

AMERICAN TIRE DISTRIBUTORS: $1 billion unsecured notes; Goldman Sachs; to finance exit from bankruptcy; Huntersville, N.C.-based tire distribution business; non-deal roadshow during Feb. 8 week; offering expected to launch Feb. 15 week; initial yield expectation 8½%.

CARDTRONICS: $450 million senior notes backed by $450 million one-year bridge loan and $1.5 billion credit facility to help fund the acquisition of the company by Apollo Global Management Inc. and Hudson Executive Capital LP, with an enterprise value of $2.3 billion, including net debt, expected to close during first half of 2021; RBC, Barclays, Deutsche Bank and Mizuho are the joint lead arrangers on the credit facilities and bridge loan; Houston-based ATM owner/operator; disclosed in Jan. 7 SC 13E3 filed with SEC.

CINCINNATI BELL INC.: $493 million senior bridge loans, commitment from Goldman Sachs; also $1.6 billion credit facilities via Goldman Sachs, Regions, SG; to help fund acquisition of Cincinnati Bell by Macquarie Infrastructure Partners in transaction valued at $2.9 billion, expected to close first half of 2021; Cincinnati-based provider of integrated communications solutions; details from March 19 PRER14A filed with SEC.

DIASORIN SPA: $500 million one-year bridge loan and $1.1 billion term loan due 2026 via Citigroup, BNP Paribas, Mediobanca and UniCredit; to help fund its acquisition of Luminex Corp., enterprise value approximately $1.8 billion, expected to close in third quarter of 2021; DiaSorin is an Italy-based producer of reagent kits used by diagnostic laboratories; Luminex is an Austin, Tex.-based provider of biological testing technologies and products; April 12 news release.

EMPIRE RESORTS INC.: $475 million senior secured notes (B+/B+); BNP Paribas (joint books, bill and deliver), Citigroup, DBS Bank; Rule 144A and Regulation S; non-callable for two years; to enhance liquidity; Monticello, N.Y.-based gaming, lodging and entertainment company indirectly owned by Malaysia-based Kien Huat Realty III Ltd. (51%) and Genting Malaysia Bhd. (49%).

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