High Yield Calendar: $2.67 billion deals being marketed

April 26 Week

TKC HOLDINGS, INC: $700 million eight-year senior notes (Caa2/CCC); Jefferies, Credit Suisse (joint); Rule 144A and Regulation S for life; non-callable for three years; proceeds plus concurrent $925 million first-lien term loan to refinance existing capital structure; St. Louis-based provider of food and technology services to corrections facilities; investor call 2:30 p.m. ET on Monday; telephone roadshow through Wednesday; pricing late April 26 week; initial talk 9½% area.

CARRIAGE SERVICES, INC.: $400 million senior notes due 2029 (existing ratings B2/B+); BofA (left books), Regions (joint books), BBVA (senior co), Riley, Barrington, Citizens, Roth, Sidoti (co's); Rule 144A and Registration S; callable after three years at par plus 50% of coupon; proceeds plus borrowings under amended and restated credit facility to redeem all existing 6 5/8% senior notes due 2026; Houston-based death care services provider; investor call 11 a.m. ET on Monday; roadshow through Thursday; initial talk high 4% area.

MAVIS TIRE EXPRESS SERVICES: $720 million eight-year senior notes; Jefferies, Apollo, BofA, KKR, Stifel; Rule 144A and Regulation S for life; non-callable for three years; to fund the LBO of Mavis Tire by an investor group led by BayPine LP, in partnership with TSG Consumer Partners LP; Millwood, N.Y.-based tire retailer and automotive aftermarket service provider; investor call 3 p.m. ET on Tuesday; roadshow Tuesday through Thursday; pricing end of April 26 week; initial talk 6½% to 6¾%.

INDEPENDENCE ENERGY CORP.: $500 million five-year senior notes (B1/B); JPMorgan; St. Louis-based diversified holding company; to repay revolver; independent oil and gas exploration and production company; roadshow started April 27; pricing expected April 29.

LONZA SPECIALTY INGREDIENTS CHF 831 million equivalent (approximately $908 million) sustainability-linked notes: $350 million seven-year senior secured notes (expected ratings B2/B) initial talk low 5% area, and €460 million eight-year senior unsecured notes (expected ratings Caa2/CCC+) initial talk mid 5% area; Deutsche Bank; notes in both tranches non-callable for three years; to help fund the CHF 4.2 billion buyout of Lonza Specialty by Bain Capital Private Equity and Cinven; Basel, Switzerland-based specialty chemicals company; started April 26; expected to price during April 26 week.

BIRKENSTOCK via BK LC LUX FINCO 1 SARL: €430 million eight-year senior notes; Goldman Sachs, Credit Suisse Citigroup, HSBC, Commerzbank, Credit Agricole; non-callable for three years; to fund acquisition of majority stake in Birkenstock by L Catterton, repay bank debt and provide cash overfunding; Langen-Bergheim, Hammersbach, Germany-based sandal maker; price talk 5½% to 5¾%; expected to price middle of April 26 week, approximately concurrently with term loan.

COMPACT BIDCO BV (CONSOLIS SAS): €300 million five-year senior secured notes (expected ratings B3/B-); BNP Paribas, Natixis, Nordea and SG (global coordinators and bookrunners), Credit Agricole (bookrunner) Rule 144A and Regulation S; non-callable for two years: Paris-based supplier of pre-cast concrete products and services; telephone roadshow April 26-28.

May 3 Week

VICTORS MERGER CORP. (CABINETWORKS): $550 million senior notes due 2029; BofA (left books), Citigroup, Barclays, Deutsche Bank, Goldman Sachs, KKR, BMO, Jefferies, RBC (joint books); Rule 144A and Regulation S; callable after three years at par plus 50% of coupon; proceeds plus equity investment and new credit facilities to support the acquisition of ACProducts Holdings, Inc. (Cabinetworks) by Platinum Equity Advisors, LLC; cabinetry manufacturer with administrative offices in Ann Arbor, Mich., Waconia, Minn., and The Colony, Tex.; investor call April 28; roadshow through May 6.

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.

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.

DELUXE CORP.: $2.2 billion total debt financing including unsecured high yield notes and credit facilities via JPMorgan, MUFG, Truist, Fifth Third, to help fund acquisition of First American Payment Systems for $960 million in cash, expected to close in second quarter of 2021; Deluxe is a Shoreview, Minn.-based business technology company; First American is a Fort Worth, Tex.-based large-scale payment processor; disclosed in 8-K filed with SEC no April 22.

DIASORIN SPA: $500 million one-year bridge loan and $1.1 billion term loan due 2026 via Citigroup, BNP Paribas, Mediobanca and UniCredit; to help fund its acquisition of Luminex Corp., enterprise value approximately $1.8 billion, expected to close in third quarter of 2021; DiaSorin is an Italy-based producer of reagent kits used by diagnostic laboratories; Luminex is an Austin, Tex.-based provider of biological testing technologies and products; April 12 news release.

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.

Roadshows

Started April 26: TKC $700 million; Jefferies, Credit Suisse

Started April 26: CARRIAGE SERVICES $400 million; BofA

April 27-29: MAVIS TIRE EXPRESS SERVICES $720 million; Jefferies, Apollo, BofA, KKR, Stifel

Started April 27: INDEPENDENCE ENERGY $500 million; JPMorgan

Starts April 28: CABINETWORKS $550 million; BofA

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