High Yield Calendar: $3.9 billion and €775 million deals being marketed

April 16 Week

SOFTBANK GROUP CORP. Benchmark senior notes (Ba1/BB+): five-year senior notes in dollar-denominated notes, initial guidance 5½% area and euro-denominated notes, initial guidance 4 1/8% area, Also seven-year notes in dollar-denominated notes, initial guidance 6 1/8% area and euro-denominated notes, initial guidance 4 5/8% area, tranche sizes to be determined; Deutsche Bank (joint global coordinator, bill and deliver), Morgan Stanley, BofA Merrill Lynch (joint global coordinators), Daiwa, Mizuho, Nomura, SMBC Nikko (joint books); Regulation S only; to repay debt; Tokyo-based multinational holding company; pricing expected Tuesday.

OCI NV $1 billion equivalent offering of five-year senior secured notes (B1/BB-/BB-): $400 million minimum, pricing talk 7% to 7¼%, and €400 million minimum, price talk 5¼% to 5½%; JPMorgan (sole physical books, joint global coordinator, bill and deliver), Barclays, HSBC (joint global coordinators), BofA Merrill Lynch, BNP Paribas, Citigroup, Credit Agricole, Goldman Sachs, Rabo, SG CIB (passive books); Rule 144A and Regulation S; non-callable for two years; to refinance existing term debt at OCI Nitrogen, OCI NV bank debt, a shareholder loan at OCI NV and finance the recent buyback of OCI NV convertible notes; Amsterdam-based producer and distributor of natural gas-based fertilizers and industrial chemicals; full Europe and U.S. roadshow announced April 9; initial price talk low 7% area for dollar-denominated notes, mid-to-high 5% area for euro-denominated notes; pricing expected April 17.

FIDELITY & GUARANTY LIFE HOLDINGS, INC.: $550 million senior notes due 2025 (existing ratings Ba2/BB+/BB); RBC (joint books, bill and deliver), Wells Fargo, BofA Merrill Lynch (joint books); Rule 144A and Regulation S for life; par call three months prior to maturity, otherwise non-callable; 101% poison put; to repay 6 3/8% senior notes due 2021, to repay borrowings under the revolver and for general corporate purposes, including incremental capital for insurance subsidiaries; Cayman-based holding company that owns a leading U.S. annuity and life insurer and a Bermuda-domiciled reinsurer; roadshow Monday and Tuesday; pricing Tuesday afternoon.

CONUMA COAL RESOURCES LTD.: $200 million senior secured notes due 2023; Goldman Sachs (left books), Credit Suisse, Jefferies, BMO (joint books), KeyBanc, UBS, ABN Amro (co's); Rule 144A and Regulation S for life; callable after two years at par plus 50% of coupon; proceeds, together with approximately $48 million of cash on hand, to repay certain existing debt, to pay $171 million special dividend to shareholders and to fund the Willow Creek reserve account excess liquidity offer; Vancouver, B.C.-based stand-alone, metallurgical coal producer; roadshow April 16-17, pricing thereafter.

LSB INDUSTRIES, INC.: $400 million senior secured notes due 2023; Goldman Sachs (left books), Jefferies (joint books); Rule 144A and Regulation S for life; non-callable for two years; to fund concurrent tender for the 8½% notes due Aug. 1, 2019, to redeem the notes not tendered, with any remaining for general corporate purposes; Oklahoma City-based manufacturing, marketing and engineering company; roadshow April 16-19, pricing thereafter.

LYCRA CO. via EAGLE INTERMEDIATE GLOBAL HOLDING BV and RUYI US FINANCE LLC $810 million equivalent senior secured notes (S&P: B): $500 million seven-year notes with three years of call protection, initial price talk 8% area, and €250 million five-year notes with two years of call protection, initial price talk 6% area; JPMorgan (joint global coordinator, sole physical bookrunner, bill and deliver), Barclays (joint global coordinator); Rule 144A and Regulation S; to finance the acquisition of Lycra Co. by Shandong Ruyi Technology Group; maker of Lycra Fiber and other advanced fiber technologies; full European and US roadshow announced April 9; expected to price April 19.

NUFARM AUSTRALIA LTD. and NUFARM AMERICAS INC. (NUFARM LTD.): $450 million eight-year senior notes; UBS (lead books), Deutsche Bank, JPMorgan (joint books); Rule 144A and Regulation S for life; non-callable for three years; to fully repay 6 3/8% senior notes due 2019 and repay certain outstanding loans under the senior secured revolver; Melbourne, Australia-based crop protection company; roadshow through April 19, pricing thereafter.

BBA AVIATION via BBA US HOLDINGS INC.: $500 million senior notes due 2026; JPMorgan, Barclays, BofA Merrill Lynch, HSBC, NatWest, SMBC Nikko, SunTrust (joint) Rule 144A for life; non-callable for three years; to repay debt and general corporate purposes; London-based aviation support and aftermarket services provider; roadshow started April 16; pricing expected April 20.

APERGY CORP.: $300 million eight-year senior notes (B1/B); JPMorgan, Deutsche Bank, HSBC, Mizuho, Wells Fargo; Rule 144A with registration rights; non-callable for three years; proceeds, together with term loan and revolver draw, to finance a one-time payment to Dover Corp. in connection with the spinoff; the Woodlands, Texas-based provider of highly engineered technologies to the oil and gas industry; roadshow started April 16; pricing expected April 20.

PIAGGIO & C. SPA: €250 million senior notes due 2025, including notes issued as part of concurrent exchange offer (expected ratings B1/BB-); Banca IMI (physical books, bill and deliver), BNP Paribas, BofA Merrill Lynch (physical books), Banca Akros, HSBC, ING, Mediobanca, UniCredit (joint books); Rule 144A and Regulation S; callable after three years at par plus 50% of coupon; to refinance 4 5/8% notes due 2021; Pontedera, Italy-based company is a maker of two-wheeled motor vehicles and compact commercial vehicles; initial price talk 4% area.

SAMSONITE FINCO SARL: €300 million eight-year senior notes (expected ratings B/BB+); Morgan Stanley (joint books, bill and deliver), BofA Merrill Lynch, HSBC, SunTrust (joint books); Rule 144A and Regulation S for life; non-callable for three years; to repay debt; Hong Kong-based manufacturer of bags and luggage; roadshow April 16-18.

GAMENET GROUP SPA: €225 million senior secured notes due 2023; Rule 144A and Regulation S; to redeem the outstanding senior secured notes and pay off revolver; Rome-based online gaming company; announced April 16.

BANCA IFIS SPA (//BB+): Expected euro-denominated five-year unsecured notes; BNP Paribas, Nomura, UniCredit; Euro medium term notes program (EMTN); Venice, Italy-based banking company; investor meetings start April 11.

COMSTOCK RESOURCES, INC.: $600 million senior notes; to refinance substantially all existing debt; Frisco, Texas-based independent oil and gas exploration and development company.

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; originally 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.

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.

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 originally expected early March.

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

Pricing expected April 16 week: OCI $1 billion; JPMorgan, Barclays, HSBC.

Pricing expected April 19: LYCRA $810 million; JPMorgan, Barclays.

April 16-17: FIDELITY & GUARANTY LIFE HOLDINGS $550 million; RBC, Wells Fargo, BofA Merrill Lynch.

April 16-17: CONUMA COAL RESOURCES $200 million; Goldman Sachs, Credit Suisse, Jefferies, BMO.

April 16-18: SAMSONITE €300 million; Morgan Stanley, BofA Merrill Lynch, HSBC, SunTrust.

April 16-19: LSB INDUSTRIES $400 million; Goldman Sachs, Jefferies.

Started April 16: BBA AVIATION $500 million; JPMorgan, Barclays, BofA Merrill Lynch, HSBC, NatWest, SMBC Nikko, SunTrust.

Started April 16: APERGY $300 million; JPMorgan, Deutsche Bank, HSBC, Mizuho, Wells Fargo.

Through April 19: NUFARM $450 million; UBS, Deutsche Bank, JPMorgan.

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