High Yield Calendar: $2.9 billion deals being marketed

March 29 Week

IMOLA MERGER CORP. (INGRAM MICRO): $2 billion senior secured notes due 2029; BofA, JPMorgan, Morgan Stanley, BNP Paribas, Citigroup, Wells Fargo, BMO, MUFG, PNC, Deutsche Bank, Barclays, Credit Suisse, HSBC, Mizuho, RBC, Scotia, ING, SG, Stifel; Rule 144A and Regulation S; callable after three years at par plus 50% of coupon (special call allows issuer to redeem 10% of notes annually at 103 during the non-call period); proceeds plus cash on hand, equity investment and certain borrowings under new credit facilities to help fund acquisition of Ingram Micro by Platinum Equity, and to fund refinancing; Irvine, Calif.-based distributor of information technology products and services; roadshow through March 31; investor call noon ET on March 24; price talk 4¾% area (initial guidance high 4% area).

WW INTERNATIONAL, INC.: $500 million eight-year senior secured notes (Ba3/BB-); Goldman Sachs (left books), BofA, JPMorgan, Truist, KeyBanc (joint books); Rule 144A and Regulation S for life; callable after three years at par plus 50% of coupon (special call allows issuer to redeem 10% of notes annually at 103 during non-call period); proceeds plus new term loan and cash on hand to pay off existing credit facilities, to redeem all $300 million outstanding 8 5/8% senior notes and for general corporate purposes; New York-based provider of weight-loss and fitness services, formerly Weight Watchers International, Inc.; investor call 11 a.m. ET on Wednesday, pricing Thursday; initial price talk mid-to-high 4% area.

ARETEC ESCROW ISSUER INC. (CETERA FINANCIAL GROUP): $400 million eight-year senior notes; Goldman Sachs (left), UBS, Morgan Stanley, Truist, Deutsche Bank (joint books); Rule 144A and Regulation S for life; callable after three years at par plus 50% of coupon; proceeds plus borrowings under first-lien credit facilities and cash from balance sheet to finance the acquisition of assets from Voya Financial Advisors Inc. and pay off the Cetera’s second-lien credit facility, with any remaining proceeds for general corporate purposes, which may include debt repayment, capital expenditures, working capital and potential acquisitions and strategic transactions; Cetera is an El Segundo, Calif.-based service provider to a family of independent broker-dealers; roadshow Monday-Wednesday, pricing thereafter; investor call 1 p.m. ET on Monday; initial guidance high 7% area.

On The Horizon

AMERICAN TIRE DISTRIBUTORS: $1 billion unsecured notes; Goldman Sachs; to finance exit from bankruptcy; Huntersville, N.C.-based tire distribution business; non-deal roadshow during Feb. 8 week; offering expected to launch Feb. 15 week; initial yield expectation 8½%.

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.

CETERA: $525 million unsecured bridge facility; Goldman Sachs, UBS; to fund the acquisition of certain assets related to the independent financial planning channel of Voya Financial Advisors and to repay an existing second-lien term loan; El Segundo, Calif.-based financial advice firm; disclosed by market source on Feb. 17, 2021.

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%).

HILTON GRAND VACATIONS INC.: $675 million senior notes backed by $675 million one-year unsecured bridge, pricing Libor plus 450 bps, steps up by 50 bps every three months until a specified cap is reached; also $1.3 billion seven-year term loan via BofA, Deutsche Bank (administrative agent on bridge loan), and Barclays; to help support acquisition of Diamond Resorts International Inc. (transaction valued at $1.4 billion, expected to close summer 2021), including repayment of senior notes at Hilton Grand Vacations and Diamond Resorts; Hilton Grand Vacations is an Orlando, Fla.-based timeshare company; Diamond Resorts is a timeshare operator.

JAZZ PHARMACEUTICALS: $2.2 billion senior secured bridge loan and $3.65 billion senior secured credit facilities; debt commitment provided by BofA and JPMorgan; proceeds plus cash on hand to fund the acquisition of GW Pharmaceuticals plc, expected to close in the second quarter of 2021; Dublin, Ireland-based Jazz and Cambridge, U.K.-based GW are biopharmaceutical companies; information disclosed in Feb. 4, 2021 8-K filed with SEC.

MICHAELS COS.: $2 billion notes backed by $700 million one-year senior secured bridge loan and a $1.3 billion one-year senior unsecured bridge loan via Barclays, Credit Suisse, Wells Fargo, Deutsche Bank, Mizuho, RBC and BofA; also $3.1 billion senior secured credit facilities; to help fund its acquisition by Apollo Global Management Inc. (equity value approximately $3.3 billion, expected to close in first half of company's fiscal year); Irving, Tex.-based retailer of arts and crafts supplies and home decor products; disclosed in SC TO-T filed with SEC on March 16.

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.

VICI PROPERTIES INC.: $4 billion 364-day first-lien secured bridge facility (bridge to be taken out by means of senior unsecured notes and/or equity securities and/or term loan); Deutsche Bank, Morgan Stanley (joint lead arrangers and joint books); pricing Libor plus 200 bps, 1% Libor floor, spread steps up to 225 bps 90 days after closing, 250 bps 180 days after closing, 275 bps 270 days after closing, duration fees 50 bps 90 days after closing, 75 bps 180 days after closing, 100 bps 270 days after closing; to support its acquisition of all land and real estate assets associated with Venetian Resort Las Vegas and Sands Expo and Convention Center, located in Las Vegas, expected to close by year-end 2021; New York-based real estate investment trust that owns gaming, hospitality and entertainment destinations.

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