High Yield Calendar: $2.82 billion and €1.55 billion deals being marketed

March 12 Week

IRIDIUM COMMUNICATIONS INC.: $360 million senior notes due 2023; Deutsche Bank; Rule 144A and Regulation S; non-callable for two years; to repay debt and for general corporate purposes; McLean, Va.-based mobile voice and data satellite communications network; pricing expected March 12 week.

HUSKY INJECTION MOLDING SYSTEMS (TITAN ACQUISITION LTD.): $750 million senior notes due 2026 (Caa2/CCC+); BofA Merrill Lynch; non-callable for three years; to help fund the buyout of the company by Platinum Equity from Berkshire Partners and Omers Private Equity; Bolton, Ont.-based supplier of injection molding equipment and services to the plastics industry; initial price talk low 7% area; pricing expected March 16.

GUITAR CENTER ESCROW ISSUER, INC.: $635 million 3.5-year senior secured notes; UBS Investment Bank (lead books), Wells Fargo Securities LLC, BofA Merrill Lynch, J.P. Morgan Securities LLC, Citizens Capital Markets Inc. (joint books); Rule 144A and Regulation S for life; callable after one year at par plus 50% of coupon upon change of control, otherwise callable after 1.5 years at par plus 75% of coupon; to redeem 6½% senior secured notes due 2019; Westlake Village, Calif., music retailer; roadshow through March 14, pricing thereafter; initial price talk 10% to 10½% all-in yield.

PARKLAND FUEL CORP.: $500 million eight-year senior notes (expected ratings B1/BB-); BofA Merrill Lynch; non-callable for three years; proceeds, along with cash on hand, to repay bank debt; Calgary, Alta., marketer of fuel and petroleum products; pricing expected March 12 week; initial price talk high 5% area.

NVA HOLDINGS, INC.: $500 million eight-year senior notes (Caa2/CCC); BofA Merrill Lynch; non-callable for three years; to repay the its $400 million second-lien term loan due 2022 and a $90 million draw on its revolving credit facility; London-based sports and entertainment marketing company; initial price talk 7¼% area; pricing March 12 week.

PROGROUP AG: €450 million senior secured fixed rate notes due 2026; Deutsche Bank; Rule 144A and Regulation S; non-callable for three years; to call the company’s 5 1/8% senior secured fixed rate notes due 2022 at 102.563; Germany-based containerboard company; price talk 3% to 3¼%; pricing expected middle part of March 12 week.

STORA ENSO OYJ: €300 million senior notes due 2028 (Ba1); Deutsche Bank, Goldman Sachs; Helsinki, Finland-based paper and forest products manufacturer; pricing expected March 14.

PAPREC HOLDING €800 million two-part senior secured notes due 2025 (expected ratings B1/B+): fixed-rate notes with three years of call protection and floating-rate notes with one year of call protection, tranche sizes to be determined; Credit Suisse (joint physical books, bill and deliver), BNP Paribas, Credit Agricole CIB (joint physical books), Natixis (joint books), CM CIC (manager); Rule 144A and Regulation S; to redeem all €520 million 5¼% senior secured notes due 2022 and €185 million 7 3/8% senior subordinated notes due 2023, pay off revolving credit facility and general corporate purposes; Paris-based recycling and waste management company; pricing late March 12 week.

AKER BP ASA: $500 million seven-year senior notes; Deutsche Bank; non-callable for three years; Rule 144A and Regulation S; to partially repay drawn commitments under the its reserves-based lending facility; Fornebu, Norway-based oil exploration and development company; pricing expected March 12 week.

REC SILICON ASA: Possible $110 million five-year senior secured fixed-rate notes; Arctic Securities, DNB Markets; company may offer a conditional buyback of its outstanding senior unsecured bonds due May 3, 2018, in connection with the contemplated offer; Fornebu, Norway-based silicon materials producer; investor meetings begin March 12.

March Business

ALLISON TRANSMISSION HOLDINGS, INC.: $400 million senior notes due 2030; private; proceeds, together with cash on hand, to repay $400 million of the term B-3 loan; Indianapolis-based automatic transmission company; announced in March 6 press release.

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; 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 early March.

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.

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

Starts March 12: REC SILICON $110 million; Arctic, DNB.

Pricing expected March 12 week: IRIDIUM COMMUNICATIONS $360 million; Deutsche Bank.

Pricing expected March 16: HUSKY INJECTION MOLDING SYSTEMS $750 million; BofA Merrill Lynch.

Through March 14: GUITAR CENTER $635 million; UBS, Wells Fargo, BofA Merrill Lynch, JPMorgan, Citizens.

Pricing March 12 week: PARKLAND FUEL $500 million; BofA Merrill Lynch.

Pricing March 12 week: NVA HOLDINGS $500 million; BofA Merrill Lynch.

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