High Yield Calendar: $1.185 billion deals being marketed

Jan. 23 Week

HEXION 2 US FINANCE CORP. (HEXION INC.): $460 million first-priority senior secured notes due 2022; J.P. Morgan Securities LLC, Citigroup Global Markets Inc., BofA Merrill Lynch, Citizens, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co., Wells Fargo Securities LLC (joint); Rule 144A and Regulation S; non-callable for two years; to purchase or redeem a portion of its senior secured notes and for general corporate purposes; Columbus, Ohio-based producer of thermoset resins; roadshow started Jan. 19; initial guidance high 10% to 11% area; pricing expected Jan. 23.

AIRXCEL, INC.: $300 million five-year senior secured notes; Jefferies LLC (left books), Deutsche Bank (joint books); Rule 144A and Regulation S for life; non-callable for two years; to refinance debt and fund a distribution; Cordele, Ga.-based designer and producer of heating, ventilating, air conditioning and appliance products serving specialty markets including recreation vehicles; roadshow Jan. 19-24; investor call 11:30 a.m. ET Jan. 20; pricing Jan. 24.

ATOTECH BV: $425 million eight-year senior notes; JPMorgan, Barclays, Citigroup, Credit Suisse, HSBC, Nomura, RBC (joint); non-callable for three years; to fund the LBO of the company by the Carlyle Group from Total; Berlin-based manufacturer of specialty plating chemicals and equipment; roadshow starts Jan. 23; pricing expected late Jan. 23 week.

Expected January Business

AMERICAN AXLE & MANUFACTURING HOLDINGS INC.: $1.2 billion senior unsecured bridge and $2.45 billion senior secured credit facility; JPMorgan; to fund the acquisition of Metaldyne Performance Group Inc., expected to close during the first half of 2017; American Axle is a Detroit-based manufacturer and designer of driveline and drivetrain systems and related components and modules, chassis systems, electric drive systems and metal-formed products; Metaldyne is a Plymouth, Mich.-based provider of highly engineered lightweight components for use in powertrain and suspension applications for the vehicle markets.

BAFFINLAND IRON MINES CORP.: $350 million five-year senior secured notes; Goldman Sachs (left books), Morgan Stanley (joint books); Rule 144A for life and Regulation S; non-callable for four years (increased from two years); to pay off senior secured credit facility, for working capital and for other general corporate purposes; developer of an open pit iron mine in the Mary River area of Baffin Island, Nunavut, Canada; roadshow started Dec. 9; covenant changes announced Dec. 21.

On The Horizon

CENTURYLINK: $2,225,000,000 senior secured bridge loan; Bank of America, Morgan Stanley, MUFG, Barclays, JPMorgan, Wells Fargo, RBC, Goldman Sachs, SunTrust, Mizuho, Regions Bank, Fifth Third, Credit Suisse and U.S. Bank; help fund acquisition of Level 3 Communications Inc., expected in the third quarter of 2017; Monroe, La., communications, hosting, cloud and IT services company.

ELDORADO RESORTS INC.: $375 million eight-year senior notes; also $1.75 billion credit facility; J.P. Morgan Securities LLC is the lead bank on the debt; to help fund its acquisition of Isle of Capri Casinos Inc., expected to close in the second quarter of 2017; Eldorado Resorts is a Reno, Nev.-based casino entertainment company; Isle of Capri is a St. Louis-based gaming and entertainment company.

EXAMWORKS GROUP INC.: $340 million eight-year senior notes; BofA Merrill Lynch, Barclays, Deutsche Bank Securities Inc. and SunTrust Robinson Humphrey Inc.; 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; was expected as June 2016 business.

GARTNER INC.: $600 million senior unsecured high-yield bridge facility (pricing Libor plus 450 bps, 1% Libor floor, 50 bps step-ups every 90 days), expected to be replaced with senior notes, and an up to $300 million 364-day senior unsecured bridge facility (Libor plus 275 bps, 25 bps after step-up after 180 days, plus 25 bps every 90 days thereafter); also $1.38 billion seven-year term loan; JPMorgan and Goldman Sachs provided the debt commitment; to help fund its acquisition of CEB Inc., expected to close in the first half of 2017; Gartner is a Stamford, Conn.-based information technology research and advisory; CEB is an Arlington, Va.-based best practice insight and technology company; details disclose in Jan. 5 8-K document.

GODADDY INC.: $530 million bridge financing and $1,377,000,000 incremental term loan; to help fund the acquisition of Host Europe Group from Cinven, expected in the second quarter of 2017; GoDaddy is Scottsdale, Ariz.-based provider of web hosting and domain names; Host Europe is an England-based hosting provider and domain registrar.

LESLIE'S POOLMART INC.: $390 million senior notes, downsized from $420 million with the upsizing of the term loan to $810 million from $780 million (term loan, via Nomura, launched in late July 2016); to refinance debt and fund a dividend; Phoenix-based retailer of swimming pool supplies and related products.

MEDICAL PROPERTIES TRUST, INC.: Expected benchmark euro-denominated notes, eight-year maturity expected (Ba1/BBB-); Credit Agricole CIB, Goldman Sachs & Co.; Birmingham, Ala.-based self-advised real estate investment trust focused on investing in and owning net-leased health care facilities.

MMI INTERNATIONAL LTD. $300 million senior secured notes due 2021 (expected ratings B2/B+); Goldman Sachs & Co. (left books), ANZ, KKR, Standard Chartered (joint books); Rule 144A and Regulation S; pay down term loan A; Singapore-based technology company with a focus on key components for the hard disk drive industry; international roadshow ran in late October into early November; initial guidance 9% area.

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.

TELEFLEX INC.: Possible senior notes could come as an opportunistic deal to repay bank debt; also $750 million term loan to fund the acquisition of Vascular Solutions Inc., expected to close in the first half of 2017 (company has received a commitment from JPMorgan Chase Bank for a new $750 million senior unsecured bridge facility in connection with the planned acquisition); Teleflex is a Wayne, Pa.-based provider of medical technologies; Vascular Solutions is a Minneapolis-based medical device company; disclosed during Dec. 2 conference call.

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 pharmaceutical company.

Roadshows

Started Jan. 19: AIRXCEL $300 million; Jefferies, Deutsche Bank.

Started Jan. 19: HEXION $460 million; JPMorgan, Citigroup, BofA Merrill Lynch, Citizens, Credit Suisse, Deutsche Bank, Goldman Sachs, Wells Fargo.

Starts Jan. 23: ATOTECH $425 million; JPMorgan, Barclays, Citigroup, Credit Suisse, HSBC, Nomura, RBC.

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