High Yield Calendar: $1.76 billion deals being marketed

May 14 Week

CALFRAC HOLDINGS LP: $650 million eight-year senior notes (B3/B-); RBC Capital Markets LLC (books), HSBC Securities (USA) LLC, AltaCorp, Bank of Nova Scotia, Peters, CIBC World Markets Corp. (co's); Rule 144A and Regulation S for life; callable after three years at par plus 75% of coupon; up to 10% callable during first 18 months with proceeds from asset sales; three-year 35% equity clawback; 101% poison put; to repurchase or redeem outstanding 2020 notes and pay off second-lien term loan; oilfield services provider; roadshow May 9-15, pricing thereafter; intial talk high 7% to 8% area.

ITHACA ENERGY (NORTH SEA) PLC: $350 million senior notes due May 2023 (Caa1/CCC+); Barclays (joint books, bill and deliver), Deutsche Bank, BNP Paribas, RBC, Wells Fargo (joint books), ABN Amro, Goldman Sachs, NatWest (lead managers), Lloyds, SEB (co's); Rule 144A and Regulation S for life; callable after two years at par plus 50% of coupon; to redeem the 2019 senior notes, pay down RBL facility and repay certain other debt; Aberdeen, Scotland-based oil and gas operator focused on North Sea production, appraisal and development activities; roadshow May 8-16, pricing thereafter; initial price talk mid 9% area.

MATTERHORN MERGER SUB, LLC, H-FOOD HOLDINGS LLC, MATTERHORN FINANCE SUB, INC., HEARTHSIDE FINANCE CO., INC.: $375 million eight-year senior notes (S&P: CCC+); Barclays (joint books, bill and deliver), Goldman Sachs & Co., Credit Suisse Securities (USA) LLC, Jefferies LLC, Nomura Securities Co., RBC Capital Markets LLC (joint books); Rule 144A and Regulation S for life; callable after three years at par plus 50% of coupon; to support the pending acquisition of Hearthside Food Solutions LLC by Charlesbank Capital Partners and Partners Group; Downers Grove, Ill.-based bakery, nutrition bar, snack and customized solutions contract manufacturer for packaged food products; roadshow May 14-16, pricing thereafter; early guidance 7¾% to 8%.

SRS DISTRIBUTION, INC.: $380 million senior notes due 2026 (Caa2/CCC+); Barclays (lead left books), BofA Merrill Lynch, UBS Securities LLC, Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., Nomura, RBC Capital Markets LLC (joint books); Rule 144A and Regulation S for life; callable after three years at par plus 50% of coupon; three-year 40% equity clawback: 101% poison put; to fund the acquisition of the company by Leonard Green Partners; roofing supplies distributor; roadshow March 14-17, pricing thereafter; initial price talk 7¾% to 8%.

VALEANT PHARMACEUTICALS INTERNATIONAL, INC. $1.5 billion notes: $750 million senior secured notes and $750 million senior unsecured notes; Goldman Sachs and JPMorgan each expected to lead a tranche; also $5,015,000,000 of credit facilities to launch May 14 (Barclays, Goldman Sachs, JP Morgan); to refinance an existing term loan B series F, 5 3/8% senior notes due 2020, 6 3/8% senior notes due 2020, 6¾% senior notes due 2021 and 7¼% senior notes due 2022, announced May 10; Valeant is a Laval, Quebec-based specialty pharmaceutical company.

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.

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

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.

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

May 9-15: CALFRAC $650 million; RBC.

May 8-16: ITHACA ENERGY (NORTH SEA) $350 million; Barclays, Deutsche Bank, BNP Paribas, RBC, Wells Fargo.

May 14-16: HEARTHSIDE FOOD SOLUTIONS $375 million; Barclays, Goldman Sachs, Credit Suisse, Jefferies, Nomura, RBC.

May 14-17: SRS DISTRIBUTION $380 million; Barclays, BofA Merrill Lynch, UBS, Credit Suisse, Goldman Sachs, Nomura, RBC.

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