High Yield Calendar: $5.8 billion and €2.1 billion deals being marketed

April 20 Week

TRINSEO via TRINSEO MATERIALS OPERATING SCA and TRINSEO MATERIALS FINANCE, INC. $700 million equivalent senior notes due 2022 (B3/B-) downsized from $750 million equivalent, with $50 million proceeds shifted to the term loan: $300 million, price talk 6¾% to 7%, and €375 million, price talk 6½% area; Deutsche Bank Securities Inc., Citigroup Global Markets Inc., Barclays, Goldman Sachs & Co., HSBC, Mizuho Securities, Scotia Capital, SMBC Nikko (joint) Rule 144A and Regulation S for life; callable after three years at par plus 50% of coupon; to repay the 8¾% senior notes due 2019 in full; Berwyn, Pa.-based materials company and manufacturer of plastics, latex and rubber; European roadshow April 14-17, U.S. roadshow April 20-22; early guidance on the dollar-denominated notes in the 7¼% area, euro-denominated notes expected to come 50 to 75 bps tighter; books close noon ET Wednesday for euro-denominated notes, 4:30 p.m. ET for dollar-denominated notes; pricing early Thursday, New York time.

OPTIMAS OE SOLUTIONS HOLDING, LLC and OPTIMAS OE SOLUTIONS, INC.: $225 million senior secured notes due 2021; Morgan Stanley & Co. LLC, SunTrust Robinson Humphrey Inc. (joint); Rule 144A for life; non-callable for three years; to fund American Industrial Partners' acquisition of the OEM supply segment of Anixter, Inc.; Glenview, Ill.-based distributor of enterprise cabling and security solutions, electrical and electronic wire and cable and OEM supply fasteners and other small parts; roadshow started April 20; unofficial talk 9% area; pricing expected April 24.

HORIZON PHARMA FINANCING to be merged with or into HORIZON PHARMA, INC.: $300 million eight-year senior notes (expected ratings B2/B-); Citigroup Global Markets Inc., Jefferies LLC (joint), Cowen, Guggenheim (co's); Rule 144A for life and Regulation S; callable after three years at par plus 75% of coupon; to help fund the acquisition of Brisbane, Calif.-based commercial-stage biopharmaceutical company, Hyperion Therapeutics, Inc.; Dublin-based specialty biopharmaceutical company; roadshow April 20-23; unofficial talk low 7s; pricing expected April 24.

DJO FINCO INC., DJO FINANCE LLC, DJO FINANCE CORP. (DJO GLOBAL INC.): $1,045,000,000 senior secured notes due June 15, 2021; Credit Suisse (lead left books); Rule 144A and Regulation S for life; callable after three years at par plus 50% of coupon; three-year 35% equity clawback; 101% poison put; to refinance bank and bond debt; San Diego-based developer, manufacturer and distributor of medical devices; roadshow started April 21; unofficial talk mid 8s' pricing later in the April 20 week.

ZF NORTH AMERICA CAPITAL, INC. (ZF FRIEDRICHSHAFEN AG): Expected $3.5 billion non-callable senior notes in tranches of five-year notes, unofficially talked in low-to-mid 4s, seven-year notes, unofficially talked in the high 4s, and 10-year notes, unofficially talked in the low 5s (expected ratings Ba2/BB); Citigroup Global Markets (joint active books, bill and deliver), BofA Merrill Lynch, HSBC Bank, J.P. Morgan Securities LLC (joint active books); Rule 144A and Regulation S; all tranches feature a 101% merger and acquisition call, a special mandatory redemption at 101 if the acquisition is not close before Jan. 4, 2016, and a clean-up call at par if less than 20% of the original principal remains outstanding; all notes putable at par upon change of control; to help fund the merger with Livonia, Mich.-based supplier of automotive systems, modules and components, TRW Automotive Holdings Corp.; Friedrichshafen, Baden-Wuerttemberg, Germany-based auto parts manufacturer; roadshow April 22-24.

21ST CENTURY ONCOLOGY, INC.: $400 million senior notes due 2023 (Caa2); Morgan Stanley & Co. LLC, Deutsche Bank Securities Inc., KeyBanc Capital Markets, HSBC Bank (joint); Rule 144A for life; non-callable for three years; proceeds, together with cash on hand and new credit facilities, to repay existing term loan, redeem or repurchase existing notes, and for general corporate purposes; Fort Meyers, Fla.-based provider of cancer treatment services; roadshow started April 21; unofficial talk in the low 10% area; pricing expected April 24.

INEOS FINANCE PLC: €770 million eight-year senior secured notes (confirmed Ba3/expected BB-); JPMorgan, Barclays (global coordinators), HSBC, Royal Bank of Scotland, UBS, ING (bookrunners); Rule 144A and Regulation S; non-callable for three years; to redeem all of the 7½% senior secured notes due 2020; London-based manufacturer of petrochemicals, specialty chemicals and oil products; price talk 4% to 4¼%; books closed late Wednesday in the United States and are scheduled to close Thursday in Europe; pricing Thursday.

PROGROUP €525 million: PROGROUP AG: €400 million seven-year senior secured notes in tranches of fixed-rate notes with three years of call protection, and floating-rate notes with one year of call protection, sizes to be determined; Deutsche Bank (global coordinator, bill and deliver), Commerzbank, HSBC (joint books); Also JH-HOLDING FINANCE SA: €125 million 7.5-year PIK toggle notes, non-callable for three years; Deutsche Bank (global coordinator, bill and deliver), HSBC (joint books); Rule 144A and Regulation S; to refinance debt; Germany-based producer of containerboard and corrugated board; roadshow April 20-23.

SENVION via RAPID HOLDING GMBH: €400 million senior secured notes due 2020; Deutsche Bank (joint physical books, bill and deliver), JPMorgan (joint physical books), Banca IMI, BayernLB, Credit Agricole CIB, RBC, SEB, CaixaBank, Citigroup, Raiffeisen Bank, Santander (joint books); Rule 144A and Regulation S; non-callable for two years; to help fund Centerbridge Partners' acquisition of Senvion from Suzlon Energy Ltd.; Hamburg, Germany-based wind turbine company; roadshow started April 21.

Expected April Business

PRIMESOURCE BUILDING PRODUCTS via PRISO ACQUISITION CORP.: $230 million senior notes; Deutsche Bank Securities Inc. (left books); to fund the LBO of PrimeSource by Platinum Equity; financing also includes $325 million term loan via Deutsche Bank, BMO Securities, Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., Nomura, bank meeting April 21; also $300 million ABL revolver; Dallas-based two-step building products distributor; expected April business.

Expected First Half 2015 Business

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.

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.

BUILDERS FIRSTSOURCE INC.: $750 million in unsecured notes backed by a bridge, also $1.35 billion credit facility; to help fund its acquisition of ProBuild Holdings LLC, expected to close in the second half of 2015; Citigroup and Deutsche Bank are financial advisors to Builders FirstSource; Credit Suisse is financial advisor to ProBuild; Builders FirstSource is a Dallas-based supplier and manufacturer of structural and related building products for residential new construction; ProBuild is a Denver-based supplier of lumber and building materials to professional builders and contractors.

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.

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

Started April 20: OPTIMAS OE SOLUTIONS $225 million; Morgan Stanley, SunTrust.

April 20-23: PROGROUP €525 million; Deutsche Bank, Commerzbank, HSBC.

April 20-23: HORIZON PHARMA $300 million; Citigroup, Jefferies.

Started April 21: DJO GLOBAL: $1,045,000,000; Credit Suisse.

Started April 21: SENVION €400 million; Deutsche Bank, JPMorgan, Banca IMI, BayernLB, Credit Agricole, RBC, SEB, CaixaBank, Citigroup, Raiffeisen Bank, Santander.

Started April 21: 21ST CENTURY ONCOLOGY, INC. $400 million; Morgan Stanley, Deutsche Bank, KeyBanc, HSBC.

April 22-24: FRIEDRICHSHAFEN $3.5 billion; Citigroup, BofA Merrill Lynch, HSBC, JPMorgan.

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