High Yield Calendar: $2.32 billion deals being marketed

June 14 Week

APOLLO COMMERCIAL REAL ESTATE FINANCE, INC.: $400 million senior secured notes due 2029 (existing ratings Ba2/B+); Goldman Sachs (left books), Apollo Global Securities, Barclays, Credit Suisse, Deutsche Bank, JPMorgan, Morgan Stanley, UBS (joint books); Rule 144A and Regulation S for life; callable after three years at par plus 50% of coupon; for general corporate purposes including the temporary reduction of debt under current repurchase agreements; New York-based real estate investment trust; roadshow started Monday; pricing Tuesday; initial talk high 4% to 5% area.

MADISON IAQ, LLC: $1.49 billion two-part notes: $600 million senior secured notes due 2028 (B1/B) and $885 million senior unsecured notes due 2029 (Caa1/CCC+); Goldman Sachs (left books), Citigroup, CIBC, Barclays, BofA, Capital One, HSBC, MUFG, Stifel (joint books); Rule 144A and Regulation S for life; notes in both tranches callable after three years at par plus 50% of respective coupons (secured notes feature special call allowing issuer to redeem 10% of notes annually at 103 during non-call period); proceeds plus borrowings under senior secured credit facilities and the equity contribution to fund acquisition of Nortek Air, and retire certain debt; Chicago-based provider of indoor air quality solutions; investor call June 14 at 11 a.m. ET; roadshow June 14-16, pricing thereafter.

INDIGO MERGER SUB, INC. (ICON PLC): $2.015 billion two-part senior secured notes (Ba1/BB+); $500 million five-year notes with two years of call protection, initial talk low 3% area, and $1.51 billion seven-year notes with three years of call protection, initial talk high 3% area; Citigroup (lead left books), Morgan Stanley (joint books), HSBC, JPMorgan, Santander (joint lead managers); Rule 144A and Regulation S for life; proceeds plus new senior secured credit facilities to fund acquisition of PRA and refinance ICON and PRA debt; Dublin, Ireland-based provider of outsourced drug and device development and commercialization services; roadshow started Monday; pricing expected Thursday.

API GROUP DE, INC.: $300 million eight-year senior notes (high single B ratings expected); Citigroup (lead books), Barclays, UBS, BofA, US Bancorp (joint books); Rule 144A and Regulation S for life; callable after three years at par plus 50% of coupon; to repay APi’s 2020 term loan due October 1, 2026 ($249 million outstanding as of March 31, 2021), with remaining proceeds to pay down APi’s 2019 term loan; New Brighton, Minn.-based business services provider of safety, specialty, and industrial services; roadshow started Monday; investor call 10 a.m. ET on Monday; pricing expected Wednesday; initial guidance 4½% area.

RAPTOR ACQUISITION CORP. and RAPTOR CO-ISSUER LCC (GREAT CANADIAN GAMING): C$425 million equivalent dollar-denominated senior secured notes due Nov. 1, 2026 (B2/B+/BB+); Barclays (lead books), Deutsche Bank, Macquarie, BMO, Citizens, TD (joint books); Rule 144A and Regulation S for life; non-callable for 1.5 years; to fund the buyout of the company by Apollo Funds; Toronto-based gaming, entertainment and hospitality company; roadshow Monday-Tuesday; pricing expected Wednesday; initial guidance mid-5% area.

NOMAD FOODS BONDCO PLC: €750 million seven-year senior secured notes (existing ratings B1/BB-/BB+); Citigroup (physical books, bill and deliver), Deutsche Bank (physical books), BNP Paribas, Credit Agricole, Goldman Sachs, Morgan Securities, Rabo (joint books); Rule 144A and Regulation S; non-callable for three years; proceeds plus amended and restated senior credit facilities and cash on hand to repay senior credit facilities, pay off outstanding notes, and fund the Fortenova acquisition; Feltham, England-based frozen food company; roadshow Monday-Wednesday.

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%).

FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC: $650 million senior unsecured bridge loan, debt commitment from Morgan Stanley, Barclays; to fund its acquisition of Transtar LLC from United States Steel Corp. for $640 million, expected to close third quarter of 2021; Fortress Transportation owns and acquires transportation infrastructure; disclosed in 8-K filed June 8 with SEC.

GRAY TELEVISION INC.: $1.475 billion bridge loan (increased from $1.35 billion), and $1.45 billion incremental term loan; Wells Fargo; funding for acquisition of Meredith Corp., expected to close fourth quarter of 2021, $2.7 billion total enterprise value; Gray Television is an Atlanta-based broadcast company; disclosed in 8-K filed on June 3 with SEC.

STANDARD INDUSTRIES HOLDINGS INC.: $955 million senior unsecured bridge, also $2.95 billion senior secured credit facilities; debt commitment from JPMorgan, BNP Paribas, Citigroup, Deutsche Bank; to help fund its acquisition of W.R. Grace & Co. in transaction valued at around $7 billion, expected to close in fourth quarter of 2021; Standard Industries is a New York-based industrial company; W.R. Grace is a Columbia, Md.-based specialty chemical company; details disclosed in PREM14A filed SEC on May 24.

Roadshows

Started June 14: API GROUP $300 million; Citigroup.

Started June 14: ICON $2.015 billion; Citigroup

Started June 14: GREAT CANADIAN GAMING C$425 million; Barclays

June 14-16: MADISON IAQ $1.49 billion; Goldman Sachs

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