High Yield Calendar: $2.75 billion deals being marketed

December 14 Week

SCRIPPS ESCROW II, INC. (E.W. SCRIPPS CO.) $1.2 billion high-yield notes: $700 million senior secured notes due Jan. 15, 2029 (expected ratings Ba3/BB-) callable after three years at par plus 50% of coupon, initial talk low 4% area, and $500 million senior unsecured notes due Jan. 15, 2031 (expected ratings Caa1/CCC+) callable after five years at par plus 50% of coupon, initial talk high 5% area; Morgan Stanley (left lead books, bill and deliver), BofA, Truist, JPMorgan, Wells Fargo (joint books), Fifth Third, MUFG (co's); Rule 144A and Regulation S for life; to finance acquisition of ION Media; E.W. Scripps is a Cincinnati-based broadcasting and digital media company. ION Media is a West Palm Beach, Fla.-based television broadcast network; investor call 11 a.m. ET on Monday; pricing expected Tuesday.

WYNN MACAU LTD.: $650 million add-on to 5 5/8% senior notes due Aug. 26, 2028 (expected ratings B1/BB-); Deutsche Bank (joint books, bill and deliver), Banco Nacional Ultramarino SA, Bank of China Macau Branch, Bank of Communications Macau, BNP Paribas, BOC International, BofA, DBS Bank Ltd., ICBC (Macau), JPMorgan, Scotia, SMBC Nikko, United Overseas Bank; Rule 144A and Regulation S; callable Aug. 26, 2023 at 102.813; to repay bank debt; Macau-based owner and operator of gaming and entertainment facilities; investor call Monday; pricing Tuesday; original $600 million issue priced in August 2020.

ADAPTHEALTH LLC.: $500 million 8.5-year senior notes (B1/expected B-); Jefferies, Truist, Regions, Citizens, KeyBanc, Fifth Third, Deutsche Bank, RBC, Janney Montgomery (joint), Rule 144A and Regulation S for life; non-callable for three years; proceeds plus long-term borrowings and cash on hand to fund the acquisition of AeroCare Holdings Inc.; AdaptHealth is a Plymouth Meeting, Pa.-based provider of home health care equipment and medical supplies; AeroCare is an Orlando, Fla.-based technology-enabled respiratory and home medical equipment distribution platform; price talk 4¾% area (initial talk low 5% area); books close 10 a.m. ET on Tuesday, allocating thereafter.

TALOS PRODUCTION INC. a wholly owned subsidiary of TALOS ENERGY INC.: $400 million second-priority senior secured notes due 2026; JPMorgan; Rule 144A and Regulation S; non-callable for two years; to redeem 11% second-priority senior secured notes due 2022, with any remaining proceeds for general corporate purposes, which may include paying down reserves-based lending facility; Houston-based oil and gas company; roadshow started Monday; initial guidance 12% coupon at 90 to 92; pricing expected Thursday.

On The Horizon

ADTALEM: $1.65 billion first-lien term loan/senior secured notes; Morgan Stanley; also $400 million revolver; to help fund its acquisition of Walden University from Laureate Education Inc., expected to close first quarter of fiscal year 2022; Adtalem is a Chicago-based workforce solutions provider. Walden University is an online health care education provider.

CINCINNATI BELL INC.: $493 million senior bridge loans, commitment from Goldman Sachs; also $1.6 billion credit facilities via Goldman Sachs, Regions, SG; to help fund acquisition of Cincinnati Bell by Macquarie Infrastructure Partners in transaction valued at $2.9 billion, expected to close first half of 2021; Cincinnati-based provider of integrated communications solutions; details from March 19 PRER14A filed with SEC.

EMPIRE RESORTS INC.: $475 million senior secured notes (B+/B+); BNP Paribas (joint books, bill and deliver), Citigroup, DBS Bank; Rule 144A and Regulation S; non-callable for two years; to enhance liquidity; Monticello, N.Y.-based gaming, lodging and entertainment company indirectly owned by Malaysia-based Kien Huat Realty III Ltd. (51%) and Genting Malaysia Bhd. (49%).

ENDURANCE INTERNATIONAL GROUP HOLDINGS INC.: $470 million senior notes and $2.03 billion bank debt; JPMorgan, BofA, Deutsche Bank, UBS are joint bookrunners on debt financing (BofA administrative agent on bridge loan); also $980 million equity; to help fund its acquisition of the company by Clearlake Capital Group LP in a transaction valued at approximately $3 billion, expected to close first quarter of 2021; Burlington, Mass.-based provider of cloud-based business services; disclosed in PREM14A filed with SEC on Dec. 1, 2020.

PROVIDENCE SERVICE CORP.: $600 million 364-day senior unsecured bridge term loan at Libor plus 525 bps, 1% Libor floor, rate increases by 50 bps every three months up to specified cap, to be replaced with high-yield debt possibly including senior notes, revolver, term loans, bridge loans or any combination; also $30 million five-year revolver; debt commitment from Jefferies and Deutsche Bank; to help fund acquisition of Simplura Health Group; Providence is an Atlanta-based manager of non-emergency medical transportation programs; financing disclosed in Sept. 29 8-K.

TECHTARGET INC.: Bridge loan from JPMorgan to be taken out with debt securities, bank loans and public or private equity offerings; to help fund $150 million acquisition of BrightTALK, expected to close by end of 2020; TechTarget is a provider of purchase intent-driven marketing and sales services for enterprise technology companies; BrightTALK is a marketing platform for webinars and virtual events in the enterprise IT market; disclosed in Dec. 10 press release.

Roadshow

Started Dec. 14: TALOS ENERGY $400 million; JPMorgan.

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