High Yield Calendar: $1.96 billion, €1.55 billion, CHF 2.085 billion deals being marketed

June 4 Week

ALBERTSONS COS., INC.: $500 million 5.5-year senior secured floating-rate notes due 2024; BofA Merrill Lynch (left), Credit Suisse Securities LLC, Goldman Sachs & Co., Morgan Stanley & Co. Inc., Barclays Capital Inc., Deutsche Bank Securities Inc., RBC Capital Markets Corp., Wells Fargo Securities LLC, MUFG (bookrunners); Rule 144A for life; non-callable for 1.5 years; proceeds, together with drawings under the company’s ABL facility, proceeds from a new ABL term loan facility and cash on hand, will be used to pay part of consideration to acquire Rite Aid Corp., to repay Rite Aid’s debt, to cover fees and expenses and for general corporate purposes; Boise, Idaho-based food and drug retailer; pricing Wednesday; talked at Libor plus 425 with an offer price in the 99 range.

ALERIS INTERNATIONAL, INC.: $400 million of five-year senior secured junior priority notes; Deutsche Bank (left), Barclays, BofA Merrill Lynch and JP Morgan (bookrunners); Rule 144A, Regulation S; proceeds, along with funds from a new senior secured first lien term loan and cash on hand, to redeem all of the company’s outstanding 7 7/8% senior notes due 2020 and 9½% senior secured notes due 2021, repay part of the borrowings under the existing asset-based revolving credit facility and pay fees and expenses; Cleveland, Ohio-based producer of aluminum rolled products; investor conference call Tuesday, pricing at end of week; talked at yield in 11¼% area.

INTERXION HOLDING NV: €1 billion seven-year senior notes; BofA Merrill Lynch (lead), Barclays Capital Markets, ABN Amro Inc., Citigroup Global Markets Inc., Credit Agricole (bookrunners); Rule 144A, Regulation S; non-callable for three years; proceeds to redeem €625 million of outstanding 6% senior secured notes due 2020, repay €100 million drawn under €100 million super senior revolving credit facility, €100 million drawn under €100 million senior secured revolving facility, €50 million drawn under €225 million unsecured subordinated revolving credit facility, pay fees and for general corporate purposes; Amsterdam-based provider of carrier and cloud-neutral colocation data center services. Roadshow Wednesday and Thursday; pricing to follow.

MATTERHORN TELECOM SA: CHF 2,085,000,000 equivalent senior secured notes in four tranches (expected B2/B+); euro-denominated seven-year notes non-callable for one year, Swiss franc seven-year notes non-callable for three years, euro eight-year notes non-callable for three years, dollar eight-year notes non-callable for three years; Credit Suisse (left), Goldman Sachs, Société Générale (global coordinators), BNP Paribas, JPMorgan, Natixis (bookrunners); Rule 144A, Regulation S; proceeds to refinance existing notes; Luxembourg-based subsidiary of Matterhorn Telecom Holding SA, the parent company of mobile network operator Orange Communications SA; roadshow in Europe and the United States through Thursday, pricing to follow.

OUTOKUMPU OYJ: €250 million six-year senior secured notes (expected Ba3); BNP Paribas, Nordea (coordinators), Danske Bank, Swedbank (joint leads); Regulation S; non-callable for two years; proceeds to redeem the company’s outstanding 7 ¼% senior notes due 2021 and for general corporate purposes; Helsinki, Finland-based producer of stainless steel; roadshow June 5 to June 7.

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 originally scheduled for end of May 28 week.

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.

MUELLER WATER PRODUCTS, INC.: $425 million eight-year senior notes; Rule 144A, Regulation S; proceeds, together with cash on hand, to repay senior secured term loan; Atlanta-based manufacturer and distributor of water infrastructure products.

June 11 Week

FRONTERA ENERGY CORP.: $500 million five-year senior notes; BofA Merrill Lynch, Citigroup, HSBC, Itau BBA and J.P. Morgan; Rule 144A, Regulation S; proceeds to repurchase $250 million of the company’s 10% senior secured notes due 2021 under a tender offer and for general corporate purposes; Toronto-based explorer and producer of crude oil and natural gas; roadshow June 5 to June 15 in Canada, Chile, Europe and the United States.

MAI HOLDINGS INC. d/b/a MARK ANDY: $135 million five-year senior secured notes; William Blair; Section 4(2) offering; non-callable for two years; Chesterfield, Mo.-based provider of specialized solutions for the packaging and label industry; roadshow June 4 to 7 in New York, in California early in week of June 11; pricing subsequently.

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.

SHAMARAN PETROLEUM CORP.: $240 million new bonds; proceeds to refinance $186 million of outstanding bonds and to finance the company’s $60 million acquisition of a further 15% working interest in the production sharing contract for the Atrush Block, Kurdistan Region of Iraq and some other assets from Marathon Oil KDV BV; Kurdistan-focused oil development and exploration company based in Vancouver, B.C.

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

June 4 to June 11 week: MAI HOLDINGS INC. d/b/a MARK ANDY $135 million; William Blair

June 5 to June 15: FRONTERA ENERGY CORP. $500 million; BofA Merrill Lynch, Citigroup, HSBC, Itau BBA and J.P. Morgan

Through June 7: MATTERHORN TELECOM SA CHF 2.09 billion equivalent; Credit Suisse, Goldman Sachs, Société Générale (global coordinators), BNP Paribas, JPMorgan, Natixis

June 5 to June 7: OUTOKUMPU OYJ €250 million; BNP Paribas, Nordea, Danske Bank, Swedbank

June 6 to June 7: INTERXION HOLDING NV €1 billion; BofA Merrill Lynch, Barclays Capital Markets, ABN Amro Inc., Citigroup Global Markets Inc., Credit Agricole

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