High Yield Calendar: $3.78 billion deals being marketed

August 7 Week

TESLA, INC.: $1.5 billion senior notes due 2025 (B3/B-); Goldman Sachs & Co. (lead left books), Morgan Stanley & Co. LLC, Barclays, BofA Merrill Lynch, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., RBC Capital Markets LLC (joint books); Rule 144A and Regulation S for life; callable after three years at par plus 75% of coupon; cash on the balance sheet and general corporate purposes; Palo Alto, Calif.-based automaker, energy storage company, and solar panel manufacturer; initial guidance 5¼%; roadshow Aug. 7-10; pricing thereafter.

August 14 Week

CONSTELLATION MERGER SUB INC. to be merged with and into CLUBCORP HOLDINGS INC.: $475 million senior notes due 2025; RBC (joint books, bill and deliver), Citigroup, Barclays, Credit Suisse, Deutsche Bank, Goldman Sachs (joint books), Apollo (co); Rule 144A and Regulation S for life; callable after three years at par plus 50% of coupon; three-year 40% equity clawback; 101% poison put; to fund the acquisition of ClubCorp by Apollo Global Management, LLC; Dallas-based owner and operator of private golf and country clubs and business, sports and alumni clubs; roadshow Aug. 7-11; pricing expected Aug. 14.

BIG RIVER STEEL LLC: $500 million senior secured notes due 2025 (B3/B); Goldman Sachs & Co. (sole); Rule 144A and Regulation S for life; non-callable for three years; proceeds, together with $500 million term loan, equity contribution, and certain other funds, to refinance the substantial majority of the outstanding debt, general corporate purposes and working capital; Osceola, Ark.-based owner and operator of a flat-rolled steel mini-mill; roadshow Aug. 8-14, pricing thereafter.

STAPLES INC.: $1.3 billion eight-year senior notes (expected ratings B3/B-); BofA Merrill Lynch; non-callable for three years; also $2.7 billion credit facilities via Bank of America Merrill Lynch, UBS, Wells Fargo, Credit Suisse, Deutsche Bank, Fifth Third, Jefferies, RBC, Citigroup, Goldman Sachs, KKR, Natixis; to help fund the acquisition of Staples by Sycamore Partners in a transaction valued at about $6.9 billion; Framingham, Mass.-based retailer of office supplies; $300 million proceeds shifted to term loan from bridge loan; roadshow starts Aug. 11; pricing expected early Aug. 14 week.

Expected August Business

H&E EQUIPMENT SERVICES, INC.: $825 million senior unsecured bridge loan to be taken out with up to $825 million Rule 144A notes; Wells Fargo Securities LLC; to acquire Neff Corp for $1.2 billion, including about $690 million in debt currently on Neff's balance sheet and up to $250 million of new equity; H&E Equipment is a Baton Rouge, La.-based heavy equipment manufacturing and services company; Neff Corp. is a Doral, Fla.-based tool and construction equipment rental services provider; bridge commitments due Aug. 3.

On The Horizon

AVANTOR: $2.25 billion senior unsecured bridge facilities in dollars and possibly euros; along with $5.5 billion in senior secured credit facilities to help fund acquisition of VWR International LLC; Goldman Sachs Bank USA, Barclays and Jefferies LLC are the leads on the bank debt; closing expected in the third quarter; Center Valley, Pa.-based supplier of ultra-high-purity materials for the life sciences and advanced technology industries; bridge commitments due June 30 (initial rate 8¾%).

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.

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.

MULTI-COLOR CORP.: €400 million senior unsecured bridge loan to be taken out with notes, and $1.05 billion senior secured credit facilities; BofA Merrill Lynch and Citigroup are leads on the debt; to help fund acquisition of the labels division of Constantia Flexibles GmbH, expected to close in the fiscal quarter ending Dec. 31, also to refinance an existing revolver and general corporate purposes; Cincinnati-based label maker; announced in July 19 8-K filing with Securities and Exchange Commission.

NORWEGIAN AIR SHUTTLE ASA: Possible krone-denominated 3.5-year bond and potential tap of existing 7¼% euro-denominated notes (€185 million outstanding, €250 million borrowing limit); Arctic Securities, Danske Bank, DNB Markets, SEB; to refinance outstanding floating-rate notes and general corporate purposes; Fornebu, Norway-based passenger airline; investor meetings May 22.

SINCLAIR BROADCAST GROUP INC.: Commitment for $5.6 billion in debt financing, including a $785 million bridge loan, to help fund acquisition of Tribune Media Co.; expected 50:50 mix of fixed- and floating-rate debt; JPMorgan Chase Bank, RBC and Deutsche Bank Securities Inc. leads; Hunt Valley, Md.-based television broadcasting company.

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.

VANTIV LLC: $1.13 billion senior notes backed by one-year bridge at Libor plus 425 bps with 1% Libor floor, also $3.08 billion incremental bank debt to help fund merger with Worldpay Group plc, expected to close early 2018; Morgan Stanley, Credit Suisse and MUFG are the lenders under loans and joint lead arrangers and joint bookrunners on the bridge; Vantiv is a Cincinnati-based merchant and PIN debit acquirer; Worldpay is a London-based payments company.

WEST CORP.: $1.35 billion senior notes backed by $1.35 billion bridge, and $3.05 billion of senior secured credit facilities; Credit Suisse Securities (USA) LLC, RBC Capital Markets LLC, Barclays, Bank of America Merrill Lynch, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Morgan Stanley Senior Funding Inc. and Goldman Sachs Bank USA are the arrangers on the debt; to help fund the buyout by Apollo Global Management LLC, expected to close during the second half of 2017; Omaha-based provider of communication and network infrastructure services; announced in June 15 SEC filing.

Roadshows

Aug. 7-10: TESLA, INC.: $1.5 billion; Goldman Sachs, Morgan Stanley, Barclays, BofA Merrill Lynch, Citigroup, Deutsche Bank, RBC.

Aug. 7-11: CLUBCORP $475 million; RBC, Citigroup, Barclays, Credit Suisse, Deutsche Bank, Goldman Sachs.

Aug. 8-14: BIG RIVER STEEL $500 million; Goldman Sachs.

Pricing expected early Aug. 14 week: STAPLES INC. $1.3 billion; BofA Merrill Lynch.

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