High Yield Calendar: $1.18 billion deals in the market

January 11 week

MOHEGAN GAMING & ENTERTAINMENT: $1.175 billion second priority senior secured notes due 2026 (Caa1); Deutsche Bank; Rule 144A and Regulation S; non-callable for two years; proceeds, along with a new senior secured credit facility and cash on hand, to repay its existing senior secured credit facilities, its Main Street term loan and its debt to the Mohegan Tribe with respect to certain subordinated loans; Uncasville, Conn.-based tribal gaming and entertainment operator; roadshow started Wednesday; initial guidance low 8% area; pricing expected Friday.

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.

CARDTRONICS: $450 million senior notes backed by $450 million one-year bridge loan and $1.5 billion credit facility to help fund the acquisition of the company by Apollo Global Management Inc. and Hudson Executive Capital LP, with an enterprise value of $2.3 billion, including net debt, expected to close during first half of 2021; RBC, Barclays, Deutsche Bank and Mizuho are the joint lead arrangers on the credit facilities and bridge loan; Houston-based ATM owner/operator; disclosed in Jan. 7 SC 13E3 filed with SEC.

CENTENE CORP.: $2.831 billion bridge financing backing acquisition of Magellan Health Inc. for a total enterprise value of $2.2 billion, expected to close in second half of 2021; JPMorgan provided debt commitment; Centene is a St. Louis-based health care enterprise; Magellan Health is a Phoenix-based managed health care company; disclosed in Jan. 4 press release.

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.

TRUCK HERO, INC.: $550 million senior unsecured debt; also $1.75 billion bank loan via Jefferies, BofA, Credit Suisse, KKR, Stifel, bank meeting Jan. 11; to fund acquisition of Truck Hero by L Catterton; Ann Arbor, Mich.-based provider of aftermarket accessories for pickup trucks and Jeep vehicles.

VERISURE HOLDING AB €2.42 billion notes: €1.15 billion secured notes and up to €1.27 billion unsecured notes; proceeds to fund redemption of 5¾% senior notes due 2023; announced on Jan. 7 in connection with consent solicited from holders of €700 million senior secured floating-rate notes due 2025 and fixed-rate notes due 2023, Goldman Sachs and JPMorgan solicitation agents, expires Jan. 13; Linkoping, Sweden-based supplier of commercial and home security systems.

Roadshow

Started Jan. 14: MOHEGAN GAMING & ENTERTAINMENT $1.175 billion; Deutsche Bank.

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