High Yield Calendar: $4.01 billion deals being marketed

April 6 Week

ENERSYS: $300 million senior notes due 2023 (expected ratings Ba2/BB+); Goldman Sachs & Co. (left books), BofA Merrill Lynch, Wells Fargo Securities LLC (joint books); TD Securities, MUFG, HSBC (co's); Rule 144A for life; par call three months prior to maturity, otherwise non-callable; to repay convertible notes in full, pay down revolver and/or for general corporate purposes; Reading, Pa.-based manufacturer, marketer and distributor of industrial batteries; roadshow April 7-9, pricing thereafter.

MALLINCKRODT INTERNATIONAL FINANCE SA: $1.2 billion senior notes: $500 million due 2020, non-callable for two years, and $700 million due 2025, non-callable for five years; Goldman Sachs & Co. (left books), Barclays, Deutsche Bank Securities Inc. (joint books); Rule 144A and Regulation S for life; proceeds, together with the a draw on the revolver made on April 2, 2015 and cash on hand, to help fund the acquisition of Ikaria, Inc.; Mallinckrodt is a Dublin-based pharmaceutical company with headquarters in St. Louis; Ikaria is a Hampton, N.J.-based provider of proprietary and innovative therapies for the critical care units in hospitals; roadshow April 7-8, pricing thereafter.

MATADOR RESOURCES CO.: $350 million senior notes due 2023 (expected ratings B3/B-); BofA Merrill Lynch, Wells Fargo Securities LLC, RBC Capital Markets, BMO Securities, Scotia Capital, SunTrust Robinson Humphrey Inc. (joint), Comerica, Iberia, Stephens, Wunderlich (co's) Rule 144A and Regulation S with registration rights; non-callable for three years; to pay down revolver debt assumed in connection with the merger of Harvey E. Yates Co. with and into Matador’s wholly owned subsidiary, to fund a portion of its future capital expenditures and for other general working capital needs; Dallas-based independent energy company engaged in the exploration, development, production and acquisition of oil and natural gas resources; pricing late April 6 week, following roadshow.

MURRAY ENERGY CORP. $1.55 billion of second-lien senior secured notes (B3/B-) in two tranches: five-year notes with two years of call protection, price talk 10¼% to 10½% (guidance was 10½%, according to a trader), and eight-year notes with three years of call protection, price talk heard to have pushed out to 12% from 10¾% to 11% on Friday, sources said (guidance was 11%, according to a trader); also covenant changes; Deutsche Bank Securities Inc., Goldman Sachs & Co. (joint); Rule 144A and Regulation S for life; to finance a portion of the acquisition of interests in Foresight Energy GP LLC and Foresight Energy LP and fund concurrent tender offers for any and all of the 8 5/8% senior secured notes due 2021 and 9½% senior secured notes due 2020; St. Clairsville, Ohio-based Murray Energy and St. Louis-based Foresight Energy are coal companies; roadshow started March 30; settles April 9, concurrently with early tender date.

April 13 Week

CONCORDIA HEALTHCARE CORP.: $610 million senior notes due 2023 (Caa1/CCC+); RBC Capital Markets LLC (left books), Morgan Stanley & Co. LLC, TD Securities (joint books); Rule 144A and Regulation S for life; non-callable for three years; three-year 35% equity clawback at par plus coupon; 101% poison put; to help fund the acquisition of Zug, Switzerland-based specialty pharmaceutical company Covis Pharma Holdings Sarl and refinance debt; Oakville, Ont.-based health care company; investor call 12:30 p.m. ET April 8; pricing early April 13 week.

Expected April Business

COMMUNICATIONS SALES & LEASING, INC. $1.65 billion high-yield notes: $540 million secured notes (Ba3) and $1.11 billion unsecured notes (B3); J.P. Morgan Securities LLC to lead; to help fund the spinoff of the company from Windstream Holdings Inc.; Little Rock, Ark.-based real estate investment trust; expected April business.

HILLTOP HOLDINGS INC.: $125 million senior notes due 2025; Rule 144A and Regulation S; to redeem all non-cumulative perpetual preferred stock, series B, at a liquidation value of $114.1 million, and for general corporate purposes; Dallas-based diversified financial holding company specializing in banking, mortgage origination, financial counseling and insurance.

Expected First Half 2015 Business

INTERNATIONAL PERSONAL FINANCE PLC: Sterling-denominated 5 7/8% bonds due October 2022 to be issued via the €1 billion medium-term notes program (//BB+); expected to mature in seven to nine years; Canaccord Genuity Ltd. (lead manager); Regulation S; Leeds, England-based provider of home credit in emerging markets; coupon guidance was 5½% to 5¾%; announced in March 20 press release.

TRAVELPORT LUXCO: $500 million senior unsecured bridge loan, which may be replaced by or exchanged for high-yield bonds; also $2.4 billion credit facility via Deutsche Bank Securities Inc. and Morgan Stanley Senior Funding Inc. scheduled to launch at an Aug. 4 bank meeting; to refinance the first- and second-lien term loans and some of the senior floating-rate notes due 2016, 13 7/8% senior notes due 2016, 11 7/8% senior subordinated notes due 2016, 11 7/8% dollar senior subordinated notes due 2016 and 10 7/8% senior subordinated euro notes due 2016 issued by Travelport LLC and Travelport Holdings, Inc.; Atlanta-based provider of transaction processing services to the travel industry.

TTM TECHNOLOGIES, INC.: $350 million senior secured second-lien notes due 2023 (expected ratings Caa1/B-); J.P. Morgan Securities LLC, Barclays (joint), RBS Securities Inc., HSBC (co’s); Rule 144A and Regulation S; non-callable for three years (special call provision allows the issuer to redeem 10% of the notes annually at 103 during the non-call period); upon release from escrow, proceeds, along with new bank loan, will be used to fund the acquisition of Viasystems Group, Inc. and to repay debt; Costa Mesa, Calif.-based printed circuit board manufacturer; price discussions taking place in the 11s.

TENET HEALTHCARE CORP. $2 billion bridge loans: $500 million senior secured bridge loan and a $1.5 billion senior unsecured bridge loan, to be taken out with senior secured and senior unsecured notes during the second quarter of 2015; Barclays; to create a joint venture with Welsh, Carson, Anderson & Stowe and United Surgical Partners International, combining Tenet’s and United Surgical’s short-stay surgery and imaging-center assets, and to fund the acquisition of Aspen Healthcare Ltd. from Welsh Carson; commitments due March 31 (moved ahead from April 2).

On The Horizon

ACTUANT ELECTRICAL: $60 million senior subordinated notes; also $150 million credit facility led by RBC Capital Markets and NXT Capital; to help fund the buyout of the company by Sentinel Capital Partners from Actuant Corp.; Actuant Electrical is a Menomonee Falls, Wis.-based provider of products for the retail do-it-yourself, marine, industrial OEM and wholesale electrical markets.

AIR MEDICAL HOLDINGS INC.: $460 million senior unsecured bridge loan; also $175 million ABL facility and a $920 million term loan B via Morgan Stanley Senior Funding Inc., Jefferies Finance LLC, KKR Capital Markets LLC, Nomura Securities International Inc. Capital Markets LLC, joint lead arrangers and bookrunners on the term loan B, and Bank of America Merrill Lynch, Morgan Stanley, Jefferies, KKR, Nomura and MCS are the joint lead arrangers on the ABL facility, launches April 1; to help fund the buyout of the company by KKR from Bain Capital and Brockway Moran & Partners; Lewisville, Texas-based provider of air ambulance services.

ALBEA BEAUTY HOLDINGS SA: €45 million add-on to 8¾% senior secured notes due Nov. 1, 2019 (expected ratings B2/B); BofA Merrill Lynch (joint books, bill and deliver), JPMorgan (joint books); Rule 144A/Regulation S; callable on Nov. 1, 2015 at 106.563; for general corporate purposes; Gennevilliers, France-based producer of plastic packaging used by the cosmetics industry; original €200 million issue priced at par in October 2012; add-on notes will be fungible with the original notes.

AMEC PLC: $1.91 billion bridge facility backing the acquisition of Baar, Switzerland-based engineering conglomerate Foster Wheeler AG, expected to close during the second half of 2014; BofA Merrill Lynch served as exclusive financial adviser to AMEC; AMEC is a multinational consultancy, engineering and project management company based in London.

BALL CORP. £3.3 billion unsecured bridge loan via Deutsche Bank Securities Inc., Bank of America Merrill Lynch, Goldman Sachs Bank USA, Keybanc Capital Markets Inc., RBS Securities Inc. and Rabobank, to be taken out with bond and bank debt; to help fund its acquisition of London-based metal beverage can maker Rexam plc, expected to close in the first half of 2016; Ball is a Broomfield, Colo.-based provider of packaging solutions.

BLACKBOARD INC.: $75 million add-on to 7¾% senior notes due Nov. 15, 2019 (Caa1/CCC+); BofA Merrill Lynch, Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC (joint); callable Nov. 15, 2015 at 105.813; to help fund the acquisition of educational website Schoolwires; Blackboard is a Washington, D.C.-based provider of enterprise software applications and related services to the education industry; unofficial price talk 93; original $365 million issue priced at par in October 2013.

BUENA VISTA GAMING AUTHORITY: $220 million eight-year senior secured notes; Credit Suisse Securities (USA) LLC, BofA Merrill Lynch (joint); Rule 144A and Regulation S for life; callable in four years at par plus 50% of the coupon; annual mandatory redemption offer of 50% of available funds starting at 103; 101% poison put; to fund construction of the Buenavue Casino; Ione, Calif.-based tribal gaming firm.

CHEMOURS CO., the performance chemicals segment to be spun off by E.I. DUPONT DE NEMOURS & CO.: Debt (expected BB); size to be determined; Wilmington, Del., company’s business includes titanium technologies based around the white pigment titanium dioxide, fluoroproducts, and chemical solutions aimed at the gold production, oil refining, agriculture, industrial polymers and other industries; roadshow for early second quarter of 2015.

CIT GROUP INC.: Up to $2 billion of new debt to fund its merger with IMB Holdco LLC, the parent company of OneWest Bank NA, a privately owned regional bank based in Pasadena, Calif.; J.P. Morgan Securities LLC is serving as financial adviser to CIT. Bank of America Merrill Lynch is representing IMB; CIT is a New York-based bank holding company.

ENTRANS INTERNATIONAL, LLC and ENTRANS INTERNATIONAL FINANCE CORP.: $250 million senior secured notes due 2020 (B2/B); Credit Suisse Securities (USA) LLC (sole); Rule 144A and Regulation S for life; callable after three years at par plus 50% of the coupon; three-year 40% equity clawback; 101% poison put; to refinance debt; Cleveland, Tenn.-based manufacturer of tanker trailers and industrial equipment; roadshow took place in late 2014; price talk 8¾% to 9%, including OID.

FRONTIER COMMUNICATIONS CORP.: Debt and/or equity, expected to be comprised mostly of unsecured debt, to fund the acquisition of certain wireline operations from Verizon Communications Inc., expected to close in the first half of 2016; company has received two bridge loans totaling $11,594,000,000, via J.P. Morgan Securities LLC, Bank of America Merrill Lynch and Citigroup Global Markets Inc., to back the financing; Frontier is a Stamford, Conn.-based wireline telecommunications provider.

HORIZON PHARMA LLC: $900 million senior secured debt including approximately $600 million bank loan with the remainder expected to surface as a bond, blended rate for the debt expected to be in the 6%'s; Citigroup Global Capital Markets Inc., Jefferies Finance LLC; to fund the acquisition of Hyperion Therapeutics Inc., expected to close in the second quarter of 2015, and to refinance existing debt; Horizon Pharma is a Dublin-based specialty biopharmaceutical company; Hyperion Therapeutics is a Brisbane, Calif.-based commercial-stage biopharmaceutical company.

NINE WEST HOLDINGS INC.: $455 million senior unsecured bridge loan or senior notes; also $720 million credit facility launched Feb. 14, including a $445 million term loan and $300 million unsecured term loan led by Morgan Stanley Senior Funding Inc., Jefferies Finance LLC and MCS Capital Markets LLC and $300 million asset-based revolver led by Wells Fargo Securities LLC and Bank of America Merrill Lynch; to help fund the buyout of parent company Jones Group Inc. by Sycamore Partners; marketer and wholesaler of apparel, footwear and accessories.

OPTIMA SPECIALTY STEEL, INC.: $300 million senior secured notes due 2019 (single B ratings expected); Deutsche Bank Securities Inc. (left books), Jefferies LLC (joint books), PNC Capital Markets (co); Rule 144A and Regulation S for life; non-callable for three years; 35% equity clawback during the non-call period; 101% poison put; to refinance debt and for general corporate purposes; Miami-based specialty steel manufacturer.

PROSPECTOR OFFSHORE DRILLING SA: $100 million five-year second-lien bonds via subsidiary Prospector Finance II Sarl; DNB Markets, Pareto Securities, Swedbank (joint); proceeds along with funds from $270 million loan to fully finance the delivery of Prospector 5 drilling rig, which is expected to occur in early June, to refinance existing debt secured by the Prospector 1 drilling rig and for general corporate purposes; Luxembourg-based drilling contractor.

SILVERLEAF RESORTS, INC.: $175 million senior secured notes due 2019; Deutsche Bank Securities Inc.; non-callable for three years; to pre-fund development of vacation ownership inventory, to refinance a portion of the company’s existing debt, to pay a dividend to the sponsor; Dallas-based resort operator.

SS&C TECHNOLOGIES HOLDINGS INC.: $500 million senior unsecured notes via Morgan Stanley Senior Funding Inc. (left lead) and Deutsche Bank Securities Inc.; proceeds (along with $2.63 billion senior secured credit facility via Deutsche Bank (left lead) and Morgan Stanley, consisting of $150 million revolver, a $2.08 billion term loan B-1 and a $400 million term loan B-2) to help fund its $2.7 billion acquisition of Advent Software Inc. and refinance existing debt at both companies; backing the notes is a commitment for a $500 million senior unsecured bridge loan; other funds for the transaction to come from cash on hand and about $400 million of equity, backed by a commitment for a $400 million senior secured bridge loan; Advent acquisition (equating to $44.25 per share plus the assumption of debt) expected to close in the second quarter; SS&C is a Windsor, Conn.-based provider of financial services software and software-enabled services. Advent is a San Francisco-based provider of software and services for the investment management industry.

Roadshows

April 7-8: MALLINCKRODT PHARMACEUTICALS $1.2 billion; Goldman Sachs, Barclays, Deutsche Bank.

April 7-9: ENERSYS $300 million; Goldman Sachs, BofA Merrill Lynch, Wells Fargo.

Pricing late April 6 week: MATADOR RESOURCES $350 million; BofA Merrill Lynch, Wells Fargo, RBC, BMO, Scotia, SunTrust.

Pricing early April 13 week: CONCORDIA HEALTHCARE $610 million; RBC, Morgan Stanley, TD.

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