High Yield Calendar: $1.73 billion and €2.7 billion deals being marketed

April 30 Week

TRANSDIGM GROUP via TRANSDIGM UK HOLDINGS PLC: $500 million senior subordinated notes due May 2026 (B3/B-); Citigroup (left books), Credit Suisse, Morgan Stanley, RBC, Barclays, JPMorgan, KKR, Credit Agricole, HSBC, Goldman Sachs, PNC (joint books); Rule 144A and Regulation S with registration rights; callable after three years at par plus 75% of coupon; three-year 35% equity clawback; 101% poison put; proceeds, along with proceeds from incremental term loan, to replenish cash used to help fund Kirkhill and Extant acquisitions (then for general corporate purposes, including potential future acquisitions, dividends or stock repurchases; Cleveland-based designer, producer and supplier of highly engineered aircraft components; investor call Tuesday; pricing expected Wednesday.

MERLIN ENTERTAINMENT PLC: $400 million eight-year senior notes (Ba2/BB); Citigroup (left books), Barclays (joint books), Bank of China, BNP Paribas, HSBC, UniCredit (co's); Rule 144A and Regulation S for life; non-callable; to refinance debt; Poole, England-based operator of hotels and holiday attractions; roadshow starts April 30; pricing Wednesday.

AVATION PLC: $300 million senior notes due 2021 (expected B/BB-); Wells Fargo (left books), BOC International, Goldman Sachs (joint books), RW Pressprich (co); Rule 144A and Regulation S for life; callable after two years at par plus 50% of coupon; to refinance existing 7½% senior notes due 2020 and repay certain junior and senior secured loans; Singapore-based aircraft lessor; roadshow started May 1; pricing Thursday.

CONSOLIDATED ENERGY FINANCE SA: $525 million eight-year senior notes (B2/BB); Morgan Stanley, JPMorgan (joint global coordinators, joint bookrunners), Credit Agricole, Scotia, SMBC Nikko (joint lead managers); Rule 144A and Regulation S for life; non-callable for three years; to redeem 6¾% senior notes due October 2019; Luxembourg-based producer of ammonia and methanol; roadshow started April 30; pricing expected Thursday.

NEXI CAPITAL SPA: €2.2 billion five-year senior secured notes (B1/B+) in tranches of fixed-rate notes with two years of call protection, and floating-rate notes with one year of call protection, tranche sizes to be determined; BofA Merrill Lynch; Ri;e 144A and Regulation S; also €400 million senior secured notes to be privately placed; to refinance debt; Milan, Italy-based provider of automated payment services; launched April 30; pricing at the end of the April 30 week.

ALDESA AGRUPACION EMPRESARIAL SAU: €300 million senior secured notes due 2025 (B2//B); JPMorgan; non-callable for three years; to refinance 7¼% senior secured notes due 2021; Madrid-based provider of engineering and construction services; launched April 30.

ODYSSEY EUROPE HOLDCO, the holding company of OLYMPIC ENTERTAINMENT GROUP: €200 million senior secured notes (B2); Morgan Stanley; to help fund the LBO of the Tallinn-based gaming group by Novalpina Capital for €288 million; roadshow through May 4.

High Yield Bridges

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.

SRS DISTRIBUTION INC. $380 million senior unsecured bridge loan expected to be taken out with unsecured notes; Barclays (lead left); to help fund the buyout of the company by Leonard Green & Partners LP from Berkshire Partners; McKinney, Texas-based roofing products distributor; launching on May 2 investor call.

T-MOBILE USA INC.: $27 billion bridge loans to be replaced with secured notes, unsecured notes or other financing in connection with merger of T-Mobile and Sprint Corp.: $19 billion 364-day senior secured covenant-light bridge facility (low triple B ratings expected) and $8 billion one-year senior unsecured covenant-light bridge facility ($4 billion expected to convert into eight-year debt, and $4 billion expected to convert to 10-year debt) (mid-to-high double B ratings expected), also $11 billion credit facilities; Barclays, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs Bank USA, Morgan Stanley Senior Funding Inc. and RBC Capital Markets, joint lead arrangers and bookrunners on the debt (Goldman Sachs agent on the secured bridge, agent for unsecured bridge not named in the commitment letter); to refinance certain T-Mobile and Sprint debt, and for post-closing working capital for combined company; combined company will be called T-Mobile and will be headquartered in Bellevue, Wash.; announced in April 30 8-K filing with Securities & Exchange Commission.

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.: New senior notes and a new revolver; to refinance its senior secured toggle notes due 2020, 7¾% convertible secured PIK notes due 2019 and 9½% convertible secured PIK notes due 2020, associated with Arkoma investment in Comstock and related acquisitions, expected to become effective April 1; Frisco, Texas-based oil and gas acquisitions, 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.

SRS DISTRIBUTION INC.: $380 million senior notes and $1.7 billion bank loans; BofA Merrill Lynch, Barclays; to help fund buyout by Leonard Green & Partners LP from Berkshire Partners; McKinney, Texas-based roofing products distributor; expected late April-early May business.

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.

STARS GROUP INC.: $1.4 billion senior notes and $5.5 billion credit facilities; debt commitment from Deutsche Bank, Goldman Sachs, Macquarie and Morgan Stanley; fund cash portion of the Sky Betting & Gaming acquisition, refinance Stars’ existing first-lien term loan and repay Sky Betting’s outstanding debt; Stars is a Toronto-based provider of technology-based products and services in the gaming and interactive entertainment industries; Sky Betting is an online betting and gaming company; debt announced on April 23 conference call.

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

Started April 30: CONSOLIDATED ENERGY FINANCE $525 million; Morgan Stanley, JPMorgan.

Started April 30: MERLIN ENTERTAINMENT $400 million; Citigroup, Barclays.

Started April 30: ALDESA €300 million; JPMorgan.

Started April 30: NEXI €2.2 billion; BofA Merrill Lynch.

Started May 1: AVATION $300 million; Wells Fargo, BOC, Goldman Sachs.

Through May 4: OLYMPIC ENTERTAINMENT €200 million; Morgan Stanley.

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