High Yield Calendar: $2.57 billion being marketed

September 20 Week

CANO HEALTH LLC: $300 million seven-year senior notes; Credit Suisse (left books), Morgan Stanley (joint books); Rule 144A and Regulation S; callable after three years at par plus 50% of coupon; to pay off bridge term loan and for general corporate purposes; San Antonio-based health care services provider; price talk 6¼% to 6½% (initial talk 7% area); pricing Thursday.

DEXKO GLOBAL INC.: $665 million eight-year senior notes (Caa1/CCC); Deutsche Bank, BMO, Credit Suisse, BofA, Goldman Sachs, RBC, Barclays, BNP Paribas, CIBC and TD Securities; non-callable for three years; proceeds to fund Brookfield Business Partners’ acquisition of DexKo Global; price talk 6¾% area (initial guidance high 6% area); pricing Thursday.

CARRIAGE PURCHASER, INC.: $300 million eight-year senior notes (Caa1/CCC+); Credit Suisse (left books), RBC, Deutsche Bank, KKR (joint books); Rule 144A and Regulation S; callable after three years at par plus 50% of coupon; proceeds plus term loan and equity contribution to fund acquisition of the company by Gamut Capital Management and British Columbia Investment Management; Birmingham, Ala.-based flatbed truck transportation and logistics services; investor call 11 a.m. ET on Monday; pricing later in Sept. 20 week.

CONSENSUS CLOUD SOLUTIONS, INC.: $805 million senior notes: $305 million five-year notes callable after two years at par plus 50% of coupon, also $500 million seven-year senior notes callable after five years at par plus 50% of coupon; Citigroup (left books), MUFG (joint books), JMP, Wedbush, CJS (co's for seven-year notes only); Rule 144A and Regulation S for life; to fund a distribution to Ziff Davis and for general corporate purposes (seven-year notes to be issued to Ziff Davis in consideration for the contribution of assets to Consensus, no proceeds to Consensus); supplier of digital cloud fax technology; roadshow Wednesday through Friday; investor call 11 a.m. ET on Wednesday; pricing Friday.

ROLLER BEARING CO. OF AMERICA, INC. (RBC BEARINGS INC.): $500 million senior notes due 2029; Goldman Sachs (left books), Wells Fargo, BofA, Citigroup, Truist, Citizens, KeyBanc, Fifth Third, Regions (joint books); Rule 144A and Regulation S for life; callable after three years at par plus 50% of coupon; proceeds plus concurrent offering of common stock, mandatory preferred convertibles and new credit facilities to help fund the acquisition of the Dodge mechanical power transmission division of Asea Brown Boveri Ltd. and for general corporate purposes; Oxford, Conn.-based bearing manufacturer; virtual roadshow Wednesday through Friday; investor call 11 a.m. ET on Wednesday, pricing thereafter.

MEDLINE INDUSTRIES: $7.8 billion high-yield notes: $3.8 billion secured notes and $4 billion unsecured notes; BofA; also $6 billion and €1 billion term loans to launch Sept. 20; to help fund the buyout of the company by Blackstone, Carlyle and Hellman & Friedman; Northfield, Ill.-based manufacturer and distributor of health care supplies; expected September business.

Expected September Business

AHERN RENTALS, INC.: New bonds; Oppenheimer; to refinance $550 million 7 3/8% second priority senior secured notes due 2023; Las Vegas-based equipment rental company; expected September transaction.

API GROUP CORP.: $400 million senior notes and $1.4 billion term loan to help fund its acquisition of the Chubb Fire & Security business from Carrier Global Corp.; Barclays and Citigroup provided financing commitment; APi is a New Brighton, Minn.-based business services provider of safety, specialty and industrial services; Chubb is a U.K.-based fire safety and security provider; disclosed in 8-K filed on Sept. 13 with SEC.

DOMTAR CORP.: New senior notes; also $775 million new bank debt to launch Sept. 21 via Barclays, BMO, Credit Suisse, Wells Fargo; proceeds to fund acquisition of Domtar by Paper Excellence and to fund potential redemption of Domtar’s existing senior notes; Domtar is a Fort Mill, S.C.-based provider of fiber-based products, Paper Excellence is a British Columbia-based pulp and paper manufacturer.

PS LOGISTICS, LLC: $300 million eight-year senior notes; Credit Suisse; also $385 million term loan (RBC lead left, Credit Suisse, Deutsche Bank, KKR joint leads, to launch Sept. 13), and $100 million ABL revolver (Wells Fargo, agent); to help fund buyout by Gamut Capital Management LP and British Columbia Investment Management Corp. and refinance an approximately $300 million term loan debt; Birmingham, Ala.-based flatbed transportation and logistics services company; announced Sept. 2.

On The Horizon

AMERICAN TIRE DISTRIBUTORS: $1 billion unsecured notes; Goldman Sachs; 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.

COOKE OMEGA INVESTMENTS INC. and COOKE OMEGA FINCO, INC.: $580 million senior notes due 2029 (Caa1/CCC+); BofA, DNB, BMO, HSBC (joint), Desjardins, CIBC (co's); Rule 144A and Regulation S; callable after three years at par plus 50% of coupon; proceeds plus new credit facilities to refinance debt and a distribution; Blacks Harbour, N.B.-based seafood producer; initial talk high 5% to 6% area.

COVANTA HOLDING CORP.: $1.5 billion senior unsecured bridge facility to be replaced by unsecured notes, also $1.94 billion credit facilities; debt commitment from Barclays, Credit Suisse, TD, BNP Paribas, Credit Agricole, Goldman Sachs, RBC, Citigroup, Stifel, MUFG, Fifth Third, Citizens; to help fund its acquisition by EQT Infrastructure, expected to close in fourth quarter of 2021; Covanta is a Morristown, N.J.-based provider of sustainable waste and energy solutions; disclosed in PREM14A filed with SEC on Aug. 19.

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.

FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC: $650 million senior unsecured bridge loan, debt commitment from Morgan Stanley, Barclays; to fund its acquisition of Transtar LLC from United States Steel Corp. for $640 million, expected to close third quarter of 2021; Fortress Transportation owns and acquires transportation infrastructure; disclosed in 8-K filed June 8 with SEC.

GRAY TELEVISION INC.: $1.475 billion bridge loan (increased from $1.35 billion), and $1.45 billion incremental term loan; Wells Fargo; funding for acquisition of Meredith Corp., expected to close fourth quarter of 2021, $2.7 billion total enterprise value; Gray Television is an Atlanta-based broadcast company; disclosed in 8-K filed on June 3 with SEC.

GROUP 1 AUTOMOTIVE INC.: $250 million unsecured bridge loan backing its acquisition of Prime Automotive Group for about $880 million; Wells Fargo committed to provide a portion of the debt financing; Group 1 is a Houston-based owner and operator of automotive dealerships and collision centers; Prime Automotive is a Westwood, Mass.-based owner and operator of automotive dealerships; disclosed in 8-K filed Sept. 13 with SEC.

HUNTINGTON INGALLS INDUSTRIES: $1 billion senior notes and $650 million term loan; to fund acquisition of Alion Science and Technology expected to close second half of 2021; Credit Suisse was financial advisor to Huntington Ingalls, Macquarie was financial advisor to Alion; Huntington Ingalls is a Newport News, Va.-based military shipbuilding company; details disclosed in July 9 8-K filed with SEC.

PRINCE INTERNATIONAL CORP.: $1.26 billion senior notes and $2.27 billion credit facilities, debt commitment from Barclays and Credit Suisse; proceeds plus $200 million of equity to help fund its acquisition of Ferro Corp., expected to close in the first quarter of 2022; Prince is a Houston-based supplier of specialty products for niche applications in the construction, electronics, consumer products, agriculture, automotive, oil & gas, industrial and other end markets; disclosed in PREM14A filed with SEC.

STANDARD INDUSTRIES HOLDINGS INC.: $955 million senior unsecured bridge, also $2.95 billion senior secured credit facilities; debt commitment from JPMorgan, BNP Paribas, Citigroup, Deutsche Bank; to help fund its acquisition of W.R. Grace & Co. in transaction valued at around $7 billion, expected to close in fourth quarter of 2021; Standard Industries is a New York-based industrial company; W.R. Grace is a Columbia, Md.-based specialty chemical company; details disclosed in PREM14A filed SEC on May 24.

Roadshows

Through Sept. 23: DEXKO GLOBAL $665 million eight-year senior notes; Deutsche Bank

Started Sept. 20: CARRIAGE PURCHASER $300 million; Credit Suisse

Sept. 22-24: CONSENSUS CLOUD SOLUTIONS $805 million; Citigroup

Sept. 22-24: RBC BEARINGS $500 million; Goldman Sachs

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.