High Yield Calendar: $2.7 billion deals being marketed

January 8 Week

SUNOCO LP AND SUNOCO FINANCE CORP. $1.75 billion senior notes: $500 million minimum due January 2023, non-callable for two years, $500 million minimum due February 2026, non-callable for three years, and $400 million minimum due March 2028, non-callable for five years; Credit Suisse, RBC, BofA Merrill Lynch, BBVA, Mizuho, Natixis, TD, Goldman Sachs, Deutsche Bank, Morgan Stanley, PNC, Credit Agricole, Citigroup, SMBC, MUFG (joint); Rule 144A and Regulation S with registration rights; call premiums 50% of coupons; 35% equity clawbacks; 101% poison puts; to repay debt; wholesale distributor of motor fuels and other petroleum products; investor call 10:30 a.m. ET Monday; pricing Tuesday.

MOSS CREEK RESOURCES HOLDINGS, INC.: $650 million eight-year senior notes (expected ratings B3/B+); BMO (left books), Wells Fargo, Citigroup, Capital One (joint books); Rule 144A for life; callable after three years at par plus 75% of coupon; three-year 35% equity clawback at par plus coupon; 101% poison put; to pay off term loan and repay a portion of the revolver, with any remaining proceeds for general corporate purposes; independent oil and gas exploitation, production and acquisition company; pricing later in Jan. 8 week.

INGEVITY CORP.: $300 million eight-year senior notes; BofA Merrill Lynch, Wells Fargo, JP Morgan; Rule 144A and Regulation S; non-callable for three years; to finance the purchase of substantially all the assets primarily used in the pine chemicals business of Georgia-Pacific Chemicals LLC and Georgia-Pacific LLC and for general corporate purposes; North Charleston, S.C.-based packaging company; roadshow started Jan. 8; initial price talk 7% area; pricing Jan. 11.

ARBY’S RESTAURANT GROUP INC.: $485 million senior notes; Barclays; also $1.73 billion credit facilities; to help fund its acquisition of Buffalo Wild Wings Inc.; Arby’s is an Atlanta-based quick-service restaurant chain; Buffalo Wild Wings is a Minneapolis-based owner, operator and franchisor of Buffalo Wild Wings restaurants; expected Jan. 8 week.

ZPG PLC: £200 million senior notes due 2023; Regulation S; proceeds, together with cash on hand and borrowings under its new revolving credit facility, to pay off its existing revolving credit facility and repay amounts outstanding under its existing term loans; London-based real estate services and information company; announced Jan. 8.

Expected January Business

MEREDITH CORP.: $1.2 billion senior notes; Credit Suisse Securities (USA) LLC; to help fund its purchase of Time Inc., a New York-based media company, and refinance existing debt; Meredith is a Des Moines-based media and marketing company; expected to launch during the second week of January.

On The Horizon

AKER SOLUTIONS ASA: Possible krone-denominated 4.5-year senior notes; DNB Markets, Nordea, SEB and Swedbank; for general corporate purposes; Lysaker, Norway, company is a provider of products, systems and services to the oil and gas industry; investor meetings scheduled to start Jan. 8.

CENTENE CORP.: $1.6 billion bonds; Barclays to be involved; $2.3 billion of new equity, including share consideration, to fund its planned $3.75 billion acquisition of Fidelis Care; Centene is a St. Louis-based managed care and specialty health care services provider; expected during first quarter of 2018.

MCDERMOTT INTERNATIONAL INC.: $1.5 billion senior notes backed by a bridge loan; Barclays (administrative agent on the bridge), Credit Agricole, Goldman Sachs; also $4.45 billion credit facilities; debt is coming in connection with the merger of McDermott and CB&I, expected to close in the second quarter of 2018; McDermott is a Houston-based engineering and design company, CB&I is a Netherlands-based provider of technology and infrastructure for the energy industry (combined company will be based in Houston); disclosed in 8-K document filed on Dec. 18 with the Securities and Exchange Commission.

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.

Roadshow

Pricing Jan. 8 week: MOSS CREEK RESOURCES $650 million; BMO, Wells Fargo, Citigroup, Capital One.

Pricing expected Jan. 11: INGEVITY $300 million; BofA Merrill Lynch, Wells Fargo, JP Morgan.

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