High Yield Calendar: $810 million, €955 million and £225 million deals being marketed

April 23 Week

HEARTLAND DENTAL, LLC: $310 million eight-year senior notes (Caa2/CCC); Jefferies LLC (left books), KKR, TD, BMO, Macquarie (joint books); Rule 144A and Regulation S for life; non-callable for three years; to fund LBO by KKR; dental support organization; roadshow April 17-23; pricing April 23.

FLORA FOOD GROUP (SIGMA HOLDCO BV): €1.05 billion equivalent senior notes due 2026 (expected ratings B3/B-/B-) in €500 million and $500 million tranches; Credit Suisse (global coordinator, bill and deliver), Deutsche Bank, KKR (global coordinators), BNP Paribas, Credit Agricole, Goldman Sachs, HSBC, ING, Lloyds, Mizuho, RBC, SG, UniCredit (joint books); Rule 144A and Regulation S for life; non-callable for three years; to finance the acquisition of Flora Food Group; plant-based nutrition producer, currently Unilever Spreads, based in Englewood Cliffs, N.J.; roadshow April 18-25.

FABRIC (BC) SPA (FEDRIGONI): €455 million senior secured floating-rate notes due November 2024 (expected ratings B2/B+); BNP Paribas (joint books, bill and deliver), HSBC, KKR, UBI Banca (joint books); Rule 144A and Regulation S; callable after one year at 101; 101% poison put; proceeds, together with cash on hand, to repay bridge facilities backing acquisition by Bain Capital Private Equity; Verona, Italy-based specialty paper manufacturer; roadshow April 23-26, pricing thereafter.

YELL BONDCO PLC (HIBU GROUP): £225 million senior secured term notes due 2023 (expected B3/confirmed B-); Credit Suisse; to refinance debt; multinational directories and internet services company headquartered in Reading, Berkshire, UK; roadshow started April 19; pricing April 23 week.

High Yield Bridge

WANDA MERGER CORP., to be merged into NATIONSTAR MORTGAGE LLC $2.75 billion three-part one-year senior unsecured bridge loan: $1 billion Libor plus 500 bps, 1% Libor floor, 50 bps fee, to be taken out by five-year senior notes, Also $1 billion Libor plus 550 bps, 1% Libor floor, 50 bps fee, to be taken out with eight-year senior notes, Also $750 million Libor plus 575 bps, 1% Libor floor, 50 bps fee, announcements of bridge caps pending; Credit Suisse (left books), Jefferies, Deutsche Bank, HSBC, Goldman Sachs, KKR, Morgan Stanley (joint books); to finance the merger between WMIH Corp. and Nationstar and refinance Nationstar existing debt; WMIH is a Seattle-based reinsurance business; Nationstar is a Dallas-based non-bank mortgage servicer; lender call April 19; commitments due April 27.

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.

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

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.

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

April 17-23: HEARTLAND DENTAL $310 million; Jefferies, KKR, TD, BMO, Macquarie.

April 18-25: FLORA FOOD (UNILEVER SPREADS) €1.05 billion; Credit Suisse, Deutsche Bank, KKR, BNP Paribas, Credit Agricole, Goldman Sachs, HSBC, ING, Lloyds, Mizuho, RBC, SG, UniCredit.

April 23-26: FEDRIGONI €455 million; BNP Paribas, HSBC, KKR, UBI Banca.

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