High Yield Calendar: $1.72 billion and €4.56 billion deals being marketed

April 29 Week

TEEKAY CORP.: $300 million senior secured notes due 2024 (B2/B+); JPMorgan, DNB, BofA Merrill Lynch, Citigroup, Credit Agricole, Morgan Stanley (joint), Nordea (co); Rule 144A and Regulation S for life; non-callable for two years; to fund tender for 8½% senior notes due 2020; Hamilton, Bermuda-based provider of international crude oil and gas marine transportation services and offshore production and logistics; roadshow started April 24; guidance 10% to 10¼% area.

JPW INDUSTRIES, INC. $60 million note mirroring the 9% senior secured notes due Oct. 1, 2024 (B3/B); Goldman Sachs (sole); Rule 144A and Regulation S for life; Oct. 1, 2020 at 106.75; proceeds, together with the equity investment and borrowings under the ABL facility, to fund the Baileigh acquisition consideration, to repay existing debt of Baileigh; La Vergne, Tenn.-based designer, marketer and distributor of branded metalworking and woodworking equipment and specialty shop tools; roadshow April 29 week; original $220 million issue priced in September 2017.

GTCR (AP) FINANCE INC., to be merged with and into ASSUREDPARTNERS, INC.: $475 million senior notes due 2027 (existing ratings Caa2/CCC+); BofA Merrill Lynch (left books), Barclays, JPMorgan, Morgan Stanley, BMO, RBC, Deutsche Bank, Macquarie, ING (joint books); Rule 144A and Regulation S for life; callable after three years at par plus 50% of coupon; proceeds, together with cash on hand and proceeds from the sale of TopCo preferred equity, common equity contributions and common equity rollover contributions, will be used to finance the acquisition and pay off existing revolver; Louisville-based insurance brokerage; roadshow April 29-May 1; initial guidance mid-to-high 8% area.

TWIN RIVER WORLDWIDE HOLDINGS, INC.: $350 million senior notes due 2027 (B3/B); Credit Suisse (left books), Citizens, BofA Merrill Lynch, Deutsche Bank, Fifth Third, Goldman Sachs, SunTrust (joint books), Cowen, Union Gaming (co's); Rule 144A and Regulation S; callable after three years at par plus 75% of coupon; three-year 40% equity clawback; 101% poison put; to repay credit facility and for general corporate purposes; Lincoln, R.I.-based owner and operator of gaming and racing facilities; roadshow through May 2; initial guidance 7% area.

DRAX FINCO PLC: $200 million add-on to 6 5/8% senior notes due Nov. 1, 2025 (expected ratings BB+/BB+); BofA Merrill Lynch (left global coordinator, bill and deliver), Barclays, JPMorgan (joint global coordinators), Deutsche Bank, HSBC, NatWest (joint books); Rule 144A and Regulation S for life; make-whole call at Treasuries plus 50 bps until May 1, 2021, then callable at 103.313; 40% equity clawback at 106.625 until May 1, 2021, 101% poison put; to pay down 2018 bridge facility; Selby, England-based coal and biomass generator; roadshow April 30-May 2; initial guidance 100.5 area; original $300 million priced in April 2018; add-on notes to become immediately fungible with original notes.

EG GROUP: €1.355 billion equivalent senior secured notes due February 2025 (B2/B/B+) in dollar- and euro-denominated tranches, minimum sizes $500 million, updated guidance 7% area (initial talk low 7% area) and €500 million, updated guidance 4¾% area (initial talk 5% area), respectively; Barclays (left global coordinator, bill and deliver), Deutsche Bank, UBS (joint global coordinators), ING (joint books); Rule 144A and Regulation S for life; non-callable for two years; to repay new dollar- and euro-denominated bridge facilities, to repay revolver and for general corporate purposes; Blackburn, U.K.-based filling station operator (sponsor TDR Capital); European roadshow April 24-26, U.S. roadshow April 29-May 1.

ALTICE LUXEMBOURG SA: €2.8 billion equivalent senior notes due May 2027 (existing ratings Caa1/B-) in dollar- and euro-denominated tranches; Goldman Sachs (left books), BNP Paribas, Citigroup, Credit Agricole, Credit Suisse, Deutsche Bank, Morgan Stanley, SG (joint books); Rule 144A and Regulation S; non-callable for three years; to partially refinance $2.9 billion and €2.075 billion 2022 notes; telecommunications and mass media company based in New York City; roadshow Tuesday in London, Wednesday in New York, further timing to be determined.

CONUS REAL ESTATE AG €400 million five-year senior secured notes (S&P: B-); JPMorgan; non-callable for two years; to repay acquisition facility; Germany-based residential property developer; roadshow April 29-May 2.

TRUCK HERO, INC.: $335 million five-year first-lien senior secured notes (B2) tenor decreased from seven years; Jefferies; Rule 144A and Regulation S for life; non-callable for two years (call protection decreased from three years); to fund a portion of the acquisition of Lund International, Inc.; supplier of branded aftermarket accessories for pickup trucks, jeeps and sports utility vehicles; roadshow April 22-25; price talk 8½%, widened from 8% to 8 3/8% guidance, also covenant changes.

Expected April Business

E.W. SCRIPPS: $1.85 billion term loans and unsecured debt ($525 million term loan to launch March 26); Morgan Stanley, Wells Fargo Securities LLC; to fund acquisition of eight TV stations in seven markets from the Nexstar Media Group Inc.-Tribune Media merger divestitures; Cincinnati-based broadcasting and digital media company.

INMARSAT: Up to $1,125,000,000 senior notes backed by bridge loan (Libor plus 425 bps, 0% Libor floor, spread increases 50 bps every three months up to specified cap, BofA Merrill Lynch administrative agent) and $3.3 billion credit facilities (Barclays administrative agent); Barclays, BofA Merrill Lynch, UBS are global coordinators on the debt; to help fund the acquisition of Inmarsat by Apax, Warburg Pincus, Canada Pension Plan Investment Board and Ontario Teachers’ Pension Plan Board for about $3.4 billion, expected to close in fourth quarter of 2019; London-based satellite telecommunications company; details in March 25 press release.

MULTI-COLOR CORP.: $650 million senior secured bridge loan and $740 million unsecured bridge loan; also $1.5 billion credit facilities; BofA Merrill Lynch, Deutsche Bank are leads on debt; to help fund acquisition of Multi-Color by Platinum Equity LLC and merger with WS Packaging Group, expected to close third quarter of 2019; Multi-Color is a Cincinnati-based label maker; information acquired from March 25 PREM14A filed with SEC.

DDM HOLDING AG via DDM DEBT AB: €100 million three-year secured floating-rate notes; Arctic Securities AS and ABG Sundal Collier ASA (joint lead managers); Stockholm-based investment services provider; investor meetings started March 20; guidance three-month Euribor plus 850 bps to 950 bps.

High Yield Bridges

BERRY GLOBAL GROUP INC.: €1.5 billion one-year first-lien bridge expected at Euribor plus 325 bps and £300 million one-year first-lien bridge expected at Libor plus 400 bps 50 bps step-ups every three months up to a specified cap, also $1,275,000,000 one-year second-lien bridge expected at Libor plus 375 bps, 50 bps step-ups every three months up to a specified cap; Goldman Sachs (administrative agent on first-lien tranches) and Wells Fargo (agent on the second-lien tranche); to fund the acquisition of U.K.-based plastic and recycled products provider RPC Group plc, expected to close early in fourth quarter 2019; Berry is an Evansville, Ind.-based supplier of a non-woven, flexible and rigid products used within consumer and industrial end markets.

CENTENE CORP.: $8.35 billion senior unsecured bridge loan; Barclays; to help fund acquisition of WellCare Health Plans Inc., expected to close in first half of 2020; Centene is a St. Louis-based provider of services to government sponsored and commercial health care programs; WellCare is a Tampa, Fla.-based provider of government-sponsored managed care services; information disclosed in March 27 8-K filed with SEC.

NESCO HOLDINGS INC.: $400 million senior notes backed by $400 million second-lien increasing rate bridge loan; also $350 million senior secured asset-based revolver; JPMorgan Chase Bank, Fifth Third Bank, Morgan Stanley Senior Funding Inc., Deutsche Bank Securities Inc., Citigroup Global Markets Inc. provided debt commitment; to repay Nesco debt in connection with the acquisition of Nesco by Capitol Investment Corp. IV, expected to close in second quarter of 2019; specialty rental equipment to the electric utility, telecom and rail end-markets.

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.

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

CALPINE CORP.: $1.4 billion bonds and $600 million bank loan; to fund capital expenditures related to the Geysers geothermal renewable energy project in northern California; San Jose, Calif.-based power generator; heard Dec. 11, 2018 from market sources.

DIAMONDBACK ENERGY INC.: Expected high-yield notes; to help fund $9.2 billion acquisition of Energen Corp., expected to close in fourth quarter 2018; Citigroup is financial adviser to Diamondback, JPMorgan and Tudor Pickering Holt are exclusive financial advisers to Energen.

GENERAL ELECTRIC DISTRIBUTED POWER: $600 million high-yield bonds; to help fund the acquisition of General Electric’s Distributed Power business for $3.25 billion by private equity investor Advent International, expected to close in fourth quarter of 2018; provider of gas engines, power equipment and services focused on power generation and gas compression; debt capital markets transactions expected in third quarter of 2018.

NEXSTAR MEDIA GROUP INC.: New bonds and loan to fund the cash consideration of its acquisition of Tribune Media Co., expected to close in the third quarter of 2019; BofA Merrill Lynch, Credit Suisse and Deutsche Bank committed to $6.4 billion financing; Nexstar is an Irving, Tex.-based diversified media company; Tribune is a Chicago-based owner of television and digital properties; disclosed in Dec. 3 8-K.

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.

Roadshows

April 24-May 1: EG GROUP €1.355 billion equivalent; Barclays.

April 29-May 1: ASSUREDPARTNERS $475 million; BofA Merrill Lynch.

April 29-May 2: TWIN RIVER $350 million; Credit Suisse.

April 29-May 2: CONUS REAL ESTATE €400 million; JPMorgan.

April 29 week: JPW INDUSTRITES; Goldman Sachs.

Started April 30: DRAX $200 million; BofA Merrill Lynch.

Started April 30: ALTICE LUXEMBOURG €2.8 billion; Goldman Sachs.

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