High Yield Calendar: $450 million deals being marketed

February 26 Week

NEW ENTERPRISE STONE & LIME CO., INC.: $450 million senior secured notes due 2026 (B2/B+); Goldman Sachs & Co. (left books), KKR (joint books); Rule 144A and Regulation S for life; callable after three years at par plus 50% of coupon; proceeds, together with cash on hand and borrowings under its asset-based revolving credit facility, to pay off existing term loan and to pay the required prepayment premium; New Enterprise, Pa.-based heavy construction materials supplier and contractor; roadshow Feb. 26-28, price talk 6¼% to 6½%; books close 10:30 a.m. ET on Thursday, pricing thereafter.

March 5 Week

TEVA PHARMACEUTICAL $3.5 billion equivalent non-callable senior notes: TEVA PHARMACEUTICAL FINANCE NETHERLANDS III BV $2.25 billion in tranches of six-year notes and 10-year notes, Also TEVA PHARMACEUTICAL FINANCE NETHERLANDS II BV €1 billion in tranches of four-year notes and seven-year notes; Barclays (active books, bill and deliver on the 10-year notes and seven-year notes) BofA Merrill Lynch (active books, bill and deliver on the six-year notes and the four-year notes), BNP Paribas, Citigroup, Credit Suisse, HSBC (active books), Morgan Stanley, RBC, Mizuho, MUFG, SMBC Nikko (passive books); Rule 144A and Regulation S with registration rights; to fully repay existing dollar-denominated and yen-denominated term loans due 2018 through 2022, fund the partial early redemption of existing senior notes due 2018, and general corporate purposes; Jerusalem-based pharmaceutical company; two-team international roadshow March 1-6.

Late February/Early March Business

UNILEVER SPREADS (FLORA FOOD GROUP): €1 billion high-yield notes and €3.9 billion equivalent term loans via Credit Suisse, Deutsche Bank, KKR Capital Markets, BNP Paribas, Credit Agricole, Goldman Sachs, HSBC, ING, Lloyds, Mizuho, RBC, SG CIB, UniCredit, bank meetings Monday in London, Wednesday in New York; to help fund KKR’s acquisition of Unilever’s margarine and spreads business; Unilever is a consumer goods company based in Englewood Cliffs, N.J.; bonds expected late February/early March business.

On The Horizon

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.

ENERGIZER HOLDINGS INC.: Up to $720 million senior notes backed by one-year bridge at Libor plus 500 bps with 1% Libor floor, Barclays left lead arranger, JPMorgan joint arranger; also $2.04 billion credit facilities; to fund its acquisition of Spectrum Brands’ Global Battery and Portable Lighting Business, expected to close before the end of 2018; St. Louis-based manufacturer of primary batteries and portable lighting products.

HUSKY INJECTION MOLDING SYSTEMS (TITAN ACQUISITION LTD.): $750 million senior unsecured bridge; BofA Merrill Lynch; to fund the acquisition of the company by Platinum Equity from Berkshire Partners and Omers Private Equity, expected to close in the second quarter of 2018; Bolton, Ont.-based supplier of injection molding equipment and services to the plastics industry.

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.

PENN NATIONAL GAMING INC.: $840 million senior unsecured bridge loan, also $1.14 billion in incremental senior secured term loans; debt commitment from Bank of America Merrill Lynch, Goldman Sachs Bank USA, Fifth Third Bank, U.S. Bank, Wells Fargo Securities LLC, Citizens Bank, SunTrust Robinson Humphrey Inc. and TD Securities (USA) LLC; to finance the acquisition of Pinnacle Entertainment Inc., expected to close in the second half of 2018; Penn National is a Wyomissing, Pa.-based owner and manager of gaming and racing facilities and video gaming terminal operations; Pinnacle is a Las Vegas-based owner and operator of gaming entertainment properties.

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.

SS&C TECHNOLOGIES HOLDINGS INC.: $1.25 billion bridge loan to be taken out with high-yield bonds and/or IPO of common shares, Credit Suisse, Morgan Stanley; proceeds, along with about $7.15 billion of bank debt, to help fund its acquisition of DST Systems Inc. and to refinance existing debt; SS&C is a Windsor, Conn.-based provider of financial services software and software-enabled services; targeted to close in third quarter of 2018; announced in Jan. 11 press release.

TWINSET SPA: €170 million five-year senior secured floating-rate notes; private; to redeem the €150 million senior Euribor plus 587.5 bps secured floating rate notes due 2019, partially repay a shareholder loan and cancel the existing hedging arrangement; Capri, Italy-based supplier of luxury women's apparel and accessories.

WMIH CORP.: $2.75 billion senior notes backed by bridge loans; Credit Suisse Securities (USA) LLC, Jefferies LLC, Deutsche Bank Securities Inc. and HSBC Securities (USA) Inc.; to help fund the acquisition of Nationstar Mortgage Holdings Inc., expected to close in the second half of 2018, and refinance around $1.9 billion of Nationstar’s existing senior unsecured notes; WMIH is a Seattle-based reinsurance business; announced in Feb. 14 8-K.

Roadshows

Feb. 26-28: NEW ENTERPRISE STONE & LIME CO. $450 million; Goldman Sachs.

March 1-6: TEVA PHARMACEUTICAL $3.5 billion; Barclays, BofA Merrill Lynch, BNP Paribas, Citigroup, Credit Suisse, HSBC.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.