High Yield Calendar: $6.02 billion in the market

July 19 Week

MAV ACQUISITION CORP. (MCGRAW-HILL EDUCATION, INC., following completion of LBO): $1.675 billion two-part notes: $950 million senior secured notes due 2028 (B2/B), callable after three years at par plus 50% of coupon (special call for 10% of notes annually at 103 during non-call period), downsized from $1.15 billion, price talk 5½% area (initial talk low 5% area), also $725 million senior unsecured notes due 2029 (Caa2/CCC), callable after three years at par plus 50% of coupon, downsized from $875 million, price talk 7¾% area (initial talk low 7% area); BofA (left books, BMO, Macquarie, BNP Paribas, Deutsche Bank, PNC, UBS (joint books); Rule 144A for life; proceeds plus new term loan to fund acquisition of McGraw Hill by Platinum Equity Advisors; New York-based publisher of educational resources and textbooks; investor call 11 a.m. ET on July 14; roadshow July 14-19; bond portion downsized from $2.025 billion with $350 million proceeds shifted to term loan; books close 12:30 p.m. ET on Wednesday.

DIRECTV FINANCING, LLC/DIRECTV FINANCING CO-OBLIGOR, INC.: $3.1 billion six-year senior secured notes (BB/BBB-); Credit Suisse (left lead books), BofA, Deutsche Bank, HSBC, BMO, Goldman Sachs, Mizuho, MUFG, UBS, Barclays, Jefferies (joint books); Rule 144A and Regulation S; callable after two years at par plus 75% of coupon (special call for 10% of notes annually at 103 during non-call period); proceeds plus term facility, to pay down, in cash, intracompany debt owed to AT&T, and to pay or fund the reimbursement of certain financing expenses and shared transaction expenses immediately prior to closing the spinoff; Dallas-based provider of digital video services; roadshow started Monday; pricing Thursday; initial guidance 6% to 6½%.

ITHACA ENERGY (NORTH SEA) PLC (ITHICA ENERGY LTD.): $625 million senior notes due 2026 (B3//B+); Morgan Stanley (joint global coordinator, joint physical bookrunner, bill and deliver), BNP Paribas, ING (joint global coordinators, joint physical bookrunners), Deutsche Bank, DNB, Lloyds, NatWest, Wells Fargo (passive bookrunners); Rule 144A and Regulation S; non-callable for two years; proceeds plus funds drawn under the amended and restated RBL facility to redeem existing notes in full and pay down the subordinated Delek loan; Aberdeen-based oil and gas company; investor meetings commenced July 20.

MCLAREN FINANCE PLC: $620 million senior secured notes due 2026 (Caa1/CCC+/B-); Goldman Sachs; non-callable for two years; to refinance debt and improve liquidity; Woking, England-based automotive manufacturer; roadshow July 19-22.

CARNIVAL CORP.: New high-yield notes; to fund tender for $2.004 billion of its $4 billion outstanding 11½% first priority senior secured notes due 2023, announced July 6, early deadline July 19, final deadline Aug. 2 (tender and related consent conditioned upon successful placement of notes); Miami-based cruise line; expected July 19 week business.

On The Horizon

ACRISURE LLC: $500 million unsecured debt; also $500 million incremental term loan via JPMorgan, launches July 20, commitments due July 27; to fund acquisitions under signed letters of intent, fund future acquisitions; Caledonia, Mich.-based insurance brokerage; information furnished by market source on July 19.

AMERICAN TIRE DISTRIBUTORS: $1 billion unsecured notes; Goldman Sachs; 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.

HUNTINGTON INGALLS INDUSTRIES: $1 billion senior notes and $650 million term loan; to fund acquisition of Alion Science and Technology expected to close second half of 2021; Credit Suisse was financial advisor to Huntington Ingalls, Macquarie was financial advisor to Alion; Huntington Ingalls is a Newport News, Va.-based military shipbuilding company; details disclosed in July 9 8-K filed with SEC.

PRINCE INTERNATIONAL CORP.: $1.26 billion senior notes and $2.27 billion credit facilities, debt commitment from Barclays and Credit Suisse; proceeds plus $200 million of equity to help fund its acquisition of Ferro Corp., expected to close in the first quarter of 2022; Prince is a Houston-based supplier of specialty products for niche applications in the construction, electronics, consumer products, agriculture, automotive, oil & gas, industrial and other end markets; disclosed in PREM14A filed 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

July 14-19: MCGRAW-HILL EDUCATION $1.675 billion; BofA

Started July 19: DIRECTV $3.1 billion; Credit Suisse

July 19-22: MCLAREN $620 million; Goldman Sachs

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