High Yield Calendar: $2.12 billion deals being marketed

August 15 Week

DAKOTA MERGER SUB, INC. prior to the merger, then DIAMOND RESORTS INTERNATIONAL, INC.: $1 billion notes in two tranches: $400 million seven-year senior secured notes (B1/B+) non-callable for three years, price talk 7¾% area, Also $600 million Rule 144A for life eight-year senior unsecured notes (Caa1/CCC+) non-callable for three years, price talk 10¾% area; RBC Capital Markets (left books), Barclays, Jefferies LLC (joint books), Natixis, Apollo (co's); to fund the LBO by Apollo Global Management LLC and refinance certain existing Diamond Resorts International debt; Las Vegas-based hospitality and vacation ownership company; books close noon ET Tuesday (secured notes tranche added concurrently with downsizing of term loan to $800 million from $1.2 billion; roadshow for unsecured notes ran Aug. 1-4, deal was delayed by earnings re-statement).

BOISE CASCADE CO.: $300 million senior notes due 2024 (expected ratings B1/BB-); Wells Fargo Securities LLC (left books), BofA Merrill Lynch, J.P. Morgan Securities LLC, U.S. Bancorp Investments Inc., Goldman Sachs & Co. (joint books), PNC Capital Markets (co); Rule 144A and Regulation S for life; callable after three years at par plus 75% of coupon; to purchase or redeem the 6 3/8% notes due 2020; wood products manufacturer and building materials distributor; investor call 11:30 a.m. ET on Tuesday; pricing Tuesday afternoon.

NATIONAL CINEMEDIA, LLC $250 million senior notes due 2026; J.P. Morgan Securities LLC; Rule 144A and Regulation S; to redeem $200 million senior notes due 2021 and for general corporate purposes, including paying down the revolver; Centennial, Colo.-based integrated media company; guidance 5 7/8% to 6%; pricing expected Tuesday.

BCD ACQUISITION, INC. (BIG TEX): $670 million senior secured notes due 2023 (B3/B); Goldman Sachs & Co. (left books), Barclays (joint books); Rule 144A for life and Regulation S; non-callable for three years (special call provision allows issuer to redeem 10% of the notes annually at 103 during the non-call period); to finance the acquisition of American Trailer Works (ATW) by Bain Capital, refinance ATW’s existing debt including debt incurred in connection with the Big Tex transactions; Southlake, Texas-based freight container company; roadshow Aug. 9-16; early guidance 10% area.

PARSELY ENERGY, LLC, a subsidiary of PARSLEY ENERGY, INC.: $200 million add-on to the 6¼% senior notes due June 1, 2024; J.P. Morgan Securities LLC; Rule 144A and Regulation S; callable June 1, 2019 at 104.688; 35% equity clawback at 106.25 until June 1, 2019; proceeds, along with proceeds from concurrent offering of up to 8.05 million common shares, to fund the acquisition of oil and gas interests in Glasscock County, Texas, with any remaining proceeds to fund a portion of Parsley's capital program and for general corporate purposes, including potential future acquisitions; Austin, Texas-based oil and gas exploration and production company; original $200 million issue priced at par on May 24, 2016; add-on notes will become fungible with the original notes.

On The Horizon

AMC ENTERTAINMENT HOLDINGS INC.: $675 million one-year bridge loan is Libor plus 600 bps with a 1% Libor floor, spread increases by 50 bps every three months until reaching a specified cap; part of $1.2 billion debt financing that includes $525 million term loan in addition to bonds; Citigroup Global Markets Inc.; to help fund its acquisition of Odeon & UCI Cinemas Group, expected to close in the fourth quarter of 2016; Leawood, Kan.-based AMC and London-based Odeon & UCI are theatre exhibitors.

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.

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.

INTELLECTUAL PROPERTY & SCIENCE: New bonds via BofA Merrill Lynch, also new bank debt; to help fund the $3.55 billion acquisition by Onex Corp. and Baring Private Equity Asia from Thomson Reuters, expected to close during 2016; Credit Suisse Securities (USA) LLC and RBC Capital Markets are also leads on the debt; also about $1.6 billion in equity; Philadelphia-based provider of comprehensive intellectual property and scientific information, decision support tools and services.

LIONSGATE: $3.6 billion bond and bank financing; J.P. Morgan Securities LLC, 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.

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.

U.S. XPRESS ENTERPRISES INC.: $320 million eight-year senior notes (B3/B+); J.P. Morgan Securities LLC, Wells Fargo Securities LLC (joint); non-callable for three years; to repay term loan and 2007 restated term loan; Chattanooga, Tenn.-based intermodal freight company.

VALEANT PHARMACEUTICALS INTERNATIONAL INC.: Possible secured notes with five-year minimum maturity; to repay existing credit facilities; disclosed as part of a credit amendment launched Aug. 9 via Barclays; Laval, Quebec-based specialty pharmaceutical company.

Roadshows

Pricing early Aug. 15 week: DIAMOND RESORTS INTERNATIONAL $600 million; RBC, Barclays, Jefferies.

Aug. 9-16: BIG TEX $670 million; Goldman Sachs, Barclays.

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