High Yield Calendar: $2.23 billion and €300 million deals being marketed

May 21 Week

MATTEL, INC.: $500 million add-on to 6¾% senior notes due Dec. 31, 2025 (B1/BB-/BB); BofA Merrill Lynch; Rule 144A and Regulation S; non-callable until Dec. 31, 2020; proceeds, plus cash on hand, to pay off the 2.35% senior notes due 2019; El Segundo, Calif.-based toy manufacturer; pricing expected Wednesday; price talk 96.5 area (initial guidance 96.25 area); original $1 billion issue priced at par on Dec. 15, 2017; add-on notes will become fungible with existing notes.

CARRIAGE SERVICES, INC. $325 million senior notes due 2026 (B2/B); Goldman Sachs & Co. (left books), BofA Merrill Lynch (joint books), Regions Securities Inc., Barrington, BBVA Securities Inc. (co's); Rule 144A and Regulation S for life; callable after three years at par plus 75% of coupon; to pay off existing credit facility and for general corporate purposes, including acquisitions; Houston-based provider of death care services and products; roadshow May 16-22; 6½% to 6¾% (initial guidance mid-6%); pricing Wednesday.

GRAHAM HOLDINGS CO.: $400 million senior notes due 2026 (expected ratings B1/BB+); J.P. Morgan Securities LLC; Rule 144A and Regulation S; non-callable for three years; proceeds, plus cash on hand, to redeem all $400 million of its existing 7¼% notes due 2019; Arlington, Va.- based diversified American conglomerate; roadshow May 21 week; initial guidance high 5% to 6% area; pricing expected May 24.

TMX FINANCE LLC: $450 million five-year senior secured notes; Jefferies LLC (sole); Rule 144A and Regulation S for life; callable after two years at par plus 50% of coupon; to refinance the 8½% notes; Savannah, Ga.-based consumer finance company; roadshow May 17-23; pricing late May 21 week.

TERVITA CORP.: $250 million add-on to the 7 5/8% senior secured notes due Dec. 1, 2021 (B2/B); Deutsche Bank Securities Inc.; Rule 144A and Regulation S; first call date Dec. 1, 2018; to fund the refinancing of Newalta's existing debt in connection with the acquisition of Newalta shares, and merger of Tervita and Newalta into an entity to be called Amalco; Calgary, Alta.-based environmental management company for the oil and gas industry; pricing expected late May 21 week; original $350 million issue priced at par in December 2016.

ALPHA 3 BV, ALPHA 2 BV (ATOTECH BV): $300 million five-year senior PIK toggle notes; JPMorgan; Rule 144A and Regulation S; non-callable for one year; to fund a distribution to stockholders; Berlin-based manufacturer of specialty plating chemicals and equipment; roadshow May 21 week, pricing thereafter; initial guidance 8½% area.

FINCANTIERI SPA: €300 million minimum fixed-rate senior notes with a five-year to seven-year maturity; Banca IMI, BNP Paribas, Deutsche Bank, Goldman Sachs International, HSBC and UniCredit; Regulation S; Trieste, Italy-based shipbuilder; investor meetings started May 21; notes offer pending market conditions.

High Yield Bridges

ENERGIZER HOLDINGS INC.: $720 million senior unsecured bridge loan; Barclays, J.P. Morgan Securities LLC, Bank of America Merrill Lynch, Citigroup Global Markets Inc., MUFG, TD Securities (USA) LLC, Standard Chartered (joint); to help fund the acquisition of Spectrum Brands’ Global Battery and Portable Lighting Business; St. Louis-based manufacturer of primary batteries and portable lighting products; lender call May 19.

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 based 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. $1.1 billion equivalent senior notes in tranches of $350 million notes and $750 million equivalent euro-denominated notes; Barclays (left lead); also $1.75 billion credit facility via left lead J.P. Morgan (Bank of America Merrill Lynch, Citigroup Global Markets Inc., MUFG, TD Securities (USA) LLC, Standard Chartered were joint bookrunners in the bridge financing); to help fund the 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; disclosed in 8-K posted on May 18.

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 16-22: CARRIAGE SERVICES $325 million; Goldman Sachs, BofA Merrill Lynch.

Started May 17: TMX FINANCE $450 million; Jefferies.

Starts May 21: FINCANTIERI €300 million; Banca IMI, BNP Paribas, Deutsche Bank, Goldman Sachs, HSBC, UniCredit.

May 21 week: GRAHAM HOLDINGS $400 million; JPMorgan.

May 21 week: ATOTECH $300 million; JPMorgan.

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