High Yield Calendar: $400 million, €300 million deals being marketed

May 28 Week

CIMPRESS NV: $400 million eight-year senior notes; roadshow starts May 25; J.P. Morgan Securities LLC, BofA Merrill Lynch, MUFG and SunTrust Robinson Humphrey Inc.; to redeem company’s outstanding 7% senior notes due 2022; Venlo, Netherlands-based supplier of printed and promotional material and marketing services; roadshow started May 29; pricing end of May 28 week.

DOMETIC GROUP AB: Benchmark euro-denominated five-year senior notes (Ba3/BB); Deutsche Bank; to repay debt and for general corporate purposes; Stockholm-based manufacturer/supplier climate, hygiene, sanitation, food and beverage applications for the RV, marine, and automotive industry; roadshow started May 25; pricing end of May 28 week.

BULK INDUSTRIER AS: Possible krone-denominated four-year senior secured bonds; Arctic Securities; to refinance existing debt and general corporate purposes; Oslo-based investment company; investor meetings in Nordic region start May 25.

MARINE HARVEST: Possible euro-denominated five-year senior unsecured bond; DNB Markets, Nordea (coordinators), Danske Bank, Rabobank, SEB; Bergen, Norway-based seafood company; investor meetings start May 28.

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

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

Started May 25: DOMETIC Benchmark euro-denominated; Deutsche Bank

Started May 29: CIMPRESS NV $400 million; J.P. Morgan Securities LLC, BofA Merrill Lynch, MUFG and SunTrust Robinson Humphrey Inc.

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