High Yield Calendar: $1.5 billion deals being marketed

July 4 Week

TRANSOCEAN INC.: $1.5 billion seven-year senior notes; Morgan Stanley & Co., Goldman Sachs & Co. (joint books), Barclays, BNP Paribas, BofA Merrill Lynch, Citigroup Global Markets, Credit Agricole CIB, Credit Suisse Securities (USA) LLC, DNB, MUFG, Standard Chartered, Wells Fargo Securities LLC (co's): Rule 144A and Regulation S for life; non-callable for three years; to refinance debt and for general corporate purposes; drilling contractor based in Zug, Switzerland; investor call 10:30 a.m. ET Tuesday; investor group lunch noon ET Tuesday; early guidance low 9% yield range; pricing Thursday.

On The Horizon

ADIENT LTD. $2 billion bonds with eight-year to 10-year maturity and $1.5 billion term loan with a weighted average interest rate of 4.1%; to pay a $3 billion distribution to Johnson Controls related to its spinoff of Adient, with the remaining $500 million to be held by Adient as cash on the balance sheet; Adient is an automotive seating and interiors company; financing announced in a 10-12B/A filed on June 27 with the Securities and Exchange Commission.

AMC ENTERTAINMENT HOLDINGS INC.: $300 million of subordinated notes; also $325 million incremental senior secured term loan B due Dec. 15, 2022; to help fund acquisition of Carmike Cinemas Inc.; term loan B commitment allows for increase to $560 million in order to backstop the change-of-control put option in the existing Carmike notes; notes backed by a commitment for a $300 million one-year subordinated bridge loan priced at Libor plus 550 bps with a 1% Libor floor, spread increases 50 bps every three months until it hits a cap; Citigroup Global Markets Inc.; closing expected in fourth quarter; Leawood, Kan.-based movie exhibitor.

CORUS ENTERTAINMENT INC. C$300 million seven-year senior notes (/B+/DBRS: B high); RBC Capital Markets, TD Securities; non-callable for three years; to fund proposed C$2.65 billion acquisition of Calgary, Alta.-based television broadcaster Shaw Media Inc., expected to close in the third quarter of 2016; financing also includes C$2.3 billion committed credit facilities from RBC Capital Markets; Corus Entertainment is a media and entertainment company based in Calgary; early guidance 8% area; roadshow was expected to start Feb. 16.

DIAMOND RESORTS INTERNATIONAL INC.: $600 million senior notes and $1.3 billion credit facility; Barclays, RBC Capital Markets, Jefferies (joint bookrunners and joint lead arrangers); to help fund the LBO by Apollo Global Management LLC, expected to close in the next few months; Las Vegas-based hospitality and vacation ownership company.

DYNEGY INC. and ENERGY CAPITAL PARTNERS: $1.85 billion secured debt facility, a portion of which can be moved into bonds; to help fund the acquisition of Engie’s U.S. fossil portfolio; indicative pricing on the term loan is Libor plus 525 bps with the ability to flex up by about another 275 bps, at 98 indicative OID; other funds for the acquisition will come from a $400 million junior bridge provided by Energy Capital and $1.19 billion in equity from Dynegy and Energy Capital (bridge priced at 11% with a PIK option); Dynegy is a Houston-based energy 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.

EXAMWORKS GROUP INC.: $340 million eight-year senior notes; BofA Merrill Lynch, Barclays, Deutsche Bank Securities Inc. and SunTrust; also $920 million credit facility; help fund buyout by Leonard Green & Partners LP; Atlanta-based provider of independent medical examinations, peer reviews, bill reviews, Medicare compliance, case management and related services; expected June business.

LIONSGATE: $3.6 billion bond and bank financing; J.P. Morgan, Bank of America Merrill Lynch and Deutsche Bank; to pay the $1.6 billion cash consideration for the Starz acquisition, expected to close by the end of 2016, and to refinance about $1.7 billion to $1.9 billion of debt at both companies; also $1 billion revolver; Lionsgate is a Santa Monica, Calif.-based entertainment company; Starz is an Englewood, Colo.-based media and entertainment company.

MTS SYSTEMS CORP.: $250 million senior unsecured bridge loan to be taken out with $250 million senior notes; J.P. Morgan Securities LLC (left lead), Wells Fargo Securities LLC (joint lead), U.S. Bank, HSBC Bank (co-documentation agents); to fund the $580 million acquisition of PCB Group Inc., expected to close before Oct. 1; MTS is an Eden Prairie, Minn.-based supplier of high-performance test systems and position sensors; PCB is a Depew, N.Y.-based designer, manufacturer and distributor of sensor technologies.

REVLON INC.: $400 million senior notes backed by $400 million senior unsecured bridge loan and $2.2 billion credit facility; Citigroup Global Markets Inc., BofA Merrill Lynch; to fund the acquisition of Elizabeth Arden Inc., expected to close by year-end; Revlon is a New York-based beauty company; Elizabeth Arden is a prestige beauty products company; financing announced on June 17.

SOLARWINDS: $580 million senior secured second-lien notes and $1.63 billion credit facility; Goldman Sachs Lending Partners LLC, Credit Suisse Securities (USA) LLC, Macquarie Capital (USA) Inc., Nomura Securities International Inc. and Broad Street Credit Holdings LLC provided the debt commitment; to help fund buyout by Silver Lake Partners and Thoma Bravo LLC, expected to close in the first quarter of 2016; Austin, Texas-based provider of IT management software.

STERIGENICS-NORDION HOLDINGS LLC: $120 million senior secured notes (B1/B); to help fund the acquisition of Nelson Laboratories Inc. and for general corporate purposes; Oak Brook, Ill.-based provider of sterilization services; expected April business.

SUNOPTA FOODS INC.: $300 million senior secured second-lien notes due 2023; Rule 144A and Regulation S; proceeds, together with borrowings under its senior secured asset-based revolving credit facility, to repay in full the term loans outstanding under the second-lien loan agreement, dated Oct. 9, 2015, borrowed in connection with the acquisition of Sunrise Holdings (Delaware), Inc., the direct parent company of Sunrise Growers, Inc.; Toronto-based company focused on organic, non-genetically modified ("non-GMO") and specialty foods; syndicate names and timing pending (last October the company postponed $330 million seven-year secured second-lien notes, via BMO, Jefferies and Rabobank, due to market conditions, talked at a discount to yield 10%).

TEEKAY OFFSHORE PARTNERS LP: $250 million minimum bonds due in 2018 and 2019 to be offered in the U.S. and Norwegian markets, expected to receive third-party credit ratings as energy markets improve; to refinance debt; Hamilton, Bermuda-based provider of marine transportation, oil production, storage, towage and maintenance and safety services to the oil industry; announced in June 17, 2016 press release.

Roadshow

Pricing July 7: TRANSOCEAN $1.5 billion; Morgan Stanley, Goldman Sachs.

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