High Yield Calendar: $1.98 billion deals being marketed

July 13 Week

WPX ENERGY, INC. $1.2 billion two-part non-callable senior notes (existing ratings Ba1/BB): Notes due 2020, make-whole call until one month prior to maturity, par thereafter, Also notes due 2023, make-whole call until two months prior to maturity, par thereafter, tranche sizes to be determined; Barclays (books, bill and deliver), other syndicate names to be announced; SEC registered; 101% poison put; proceeds, along with the proceeds from common equity and convertible mandatory preferred offerings, to fund the acquisition of RKI Exploration & Production, including the repayment of certain acquired debt (if acquisition is not consummated prior to Nov. 30, 2015, issuer will redeem notes at par plus accrued interest); Tulsa, Okla.-based oil and natural gas exploration and production company; roadshow July 14-16, pricing thereafter.

ELDORADO RESORTS, INC.: $375 million senior notes due 2023 (Caa1/B-); J.P. Morgan Securities LLC, Macquarie Capital, Credit Suisse Securities (USA) LLC, U.S. Bancorp Investments Inc., KeyBanc Capital Markets (joint); Rule 144A and Regulation S with registration rights; callable after three years at par plus 75% of coupon; proceeds, in addition to new term loan, a draw on the revolver and common stock offer, to redeem all $167 million of the Eldorado Resorts LLC/Eldorado Capital Corp. 8 5/8% senior secured notes due 2019, and all of the $570 million of the MTR Gaming Group Inc. 11½% senior secured second-lien notes due 2019, also to fund the $72.5 million purchase of all of the assets of Circus Circus Reno and a 50% interest in the Silver Legacy joint venture, and repay all of the Silver Legacy Joint Venture outstanding $83.7 million credit facility; Reno-based casino and racetrack operator; initial guidance 7% to 7¼%; pricing expected July 17.

EXTERRAN ENERGY SOLUTIONS LP, a wholly owned subsidiary of EXTERRAN HOLDINGS INC.: $400 million seven-year senior notes (B1/BB-); Goldman Sachs & Co., Wells Fargo Securities LLC, Credit Agricole Securities (USA) Inc., BofA Merrill Lynch, Citigroup Global Markets Inc., RBC Capital Markets Corp., UniCredit Bank AG (joint), ScotiaCapital (USA) Inc., SMBC Nikko Securities America Inc. (senior co's), HSBC Securities (USA) Inc., Santander Investment Securities Inc., BB&T Capital Markets (co's); Rule 144A and Regulation S with registration rights; non-callable for three years; finance spinoff of Exterran's international services and global fabrication businesses; Houston-based global provider of natural gas compression services, operations, maintenance, service and equipment for oil and gas producers, processors and transporters; roadshow started July 7; pricing expected late July 13 week.

SOFTBANK GROUP CORP. (Ba1/BB+): Possible dollar- and euro-denominated notes; Deutsche Bank, Goldman Sachs; Regulation S; Tokyo-based telecommunications company; non-deal roadshow starts July 15; deal may follow, pending market conditions.

July 20 Week

CHARTER COMMUNICATIONS INC.: $3.5 billion senior notes; Credit Suisse Securities (USA) LLC; to fund acquisition of Time Warner Cable Inc.; Stamford, Conn.-based provider of cable, internet and phone service; conversations in the low 6% context; expected to launch July 20 week.

In The Market

GEORGIA RENEWABLE POWER, INC.: $225 million first-lien senior secured notes due 2022 (Ba3); Seaport Global (sole books); non-callable for three years; 10% annual amortization; 50% cash flow sweep; for general corporate purposes; Albany, Ga.-based renewable power generator; marketed during June 15 week.

MY ALARM CENTER, LLC and MY ALARM CENTER, INC.: $265 million senior secured notes due 2020 (B3); Imperial Capital; Rule 144A and Regulation S for life; callable after two years at par plus 75% of coupon; to refinance debt, to terminate an interest rate swap and for general corporate purposes; Newtown Square, Pa.-based provider of security alarm and home automation solutions for primarily residential households in the United States; roadshow started June 9.

GLOBO PLC (via GLOBO MOBILE INC. subsidiary): $180 million five-year senior secured notes (anticipated ratings B2/B3); Imperial Capital LLC (sole books), ISM Capital LLP (international co-manager); Rule 144A and Regulation S without registration rights; non-callable for the first two years after issue, and would be callable after that at par plus ¾ of the coupon, declining ratably every six months; proceeds to fund further acquisitions that support the company’s international expansion strategy in its key growth markets, repay existing debt, general corporate purposes; London-based international provider of enterprise mobility management, mobile solutions and software as a service; roadshow started June 19.

PETROCELTIC INTERNATIONAL PLC: Up to $175 million of three-year senior secured callable bonds; Pareto Securities manager and bookrunner; to refinance up to $50 million of bank debt, to finance development capital expenditures across the asset portfolio and for general corporate purposes; Dublin-based oil and gas exploration, development and production company focused on the Middle East, North Africa and the Mediterranean region; debt capital markets source reported on June 29 that the marketing of the deal was an ongoing process.

Expected July Business

ALLIANT INSURANCE SERVICES INC.: $670 million bonds backed by $495 million opco bridge loan and a $175 million holdco bridge loan; UBS AG left lead; also $1.54 billion credit facility, bank meeting expected in July; Morgan Stanley Senior Funding Inc., UBS, Jefferies Finance LLC, Macquarie Capital (USA) Inc., Nomura and KKR Capital Markets are the leads on the debt; to help fund the purchase of a significant equity interest in the company by Stone Point Capital LLC; Alliant Insurance is a Newport Beach, Calif.-based specialty insurance brokerage firm.

FRONTIER COMMUNICATIONS CORP. $8 billion in bonds; J.P. Morgan Securities LLC; to help finance its $10.5 billion purchase of wireline assets from Verizon; Stamford, Conn.-based provider of rural telecommunications services; initially indicated as possible business for July 6 week (“Game-time decision,” according to a portfolio manager).

On The Horizon

ALBEA BEAUTY HOLDINGS SA: €45 million add-on to 8¾% senior secured notes due Nov. 1, 2019 (expected ratings B2/B); BofA Merrill Lynch (joint books, bill and deliver), JPMorgan (joint books); Rule 144A/Regulation S; callable on Nov. 1, 2015 at 106.563; for general corporate purposes; Gennevilliers, France-based producer of plastic packaging used by the cosmetics industry; original €200 million issue priced at par in October 2012; add-on notes will be fungible with the original notes.

AMAG PHARMACEUTICALS INC.: $450 million bridge loan expected to be taken out with senior notes, and $350 million term loan; Jefferies LLC and Barclays are joint lead arrangers on the debt; to help fund the acquisition of Cord Blood Registry from GTCR, expected to close during the third quarter of 2013; AMAG is a Waltham, Mass.-based specialty pharmaceutical company.

ASCENA RETAIL GROUP INC.: Possible senior secured or unsecured notes as part of $2.4 billion financing backing the acquisition of ANN Inc., expected to close in the second half of 2015; financing includes a $1.8 billion seven-year senior secured term loan via joint bookrunners Goldman Sachs & Co. and Guggenheim Securities LLC; Ascena is a Mahwah, N.J.-based specialty women's fashion retailer; ANN is a New York-based women’s specialty retail fashion company; financing disclosed in an 8-K filed May 18.

BUILDERS FIRSTSOURCE INC.: $750 million in unsecured notes backed by a bridge, also $1.35 billion credit facility; to help fund its acquisition of ProBuild Holdings LLC, expected to close in the second half of 2015; Citigroup and Deutsche Bank are financial advisers to Builders FirstSource; Credit Suisse is financial adviser to ProBuild; Builders FirstSource is a Dallas-based supplier and manufacturer of structural and related building products for residential new construction; ProBuild is a Denver-based supplier of lumber and building materials to professional builders and contractors.

CENTENE CORP. $2.7 billion debt financing, to consist primarily of senior notes, via Wells Fargo, N.A.; proceeds, along with cash, to fund the acquisition of Los Angeles-based publicly traded managed care organization Heath Net, Inc. in a transaction valued at approximately $6.8 billion, including the assumption of approximately $500 million of debt, expected to close by early 2016; Centene is a diversified, multi-national healthcare enterprise.

CIT GROUP INC.: Up to $2 billion of new debt to fund its merger with IMB Holdco LLC, the parent company of OneWest Bank NA, a privately owned regional bank based in Pasadena, Calif.; J.P. Morgan Securities LLC is serving as financial adviser to CIT. Bank of America Merrill Lynch is representing IMB; CIT is a New York-based bank holding company.

ENTRANS INTERNATIONAL, LLC and ENTRANS INTERNATIONAL FINANCE CORP.: $250 million senior secured notes due 2020 (B2/B); Credit Suisse Securities (USA) LLC (sole); Rule 144A and Regulation S for life; callable after three years at par plus 50% of the coupon; three-year 40% equity clawback; 101% poison put; to refinance debt; Cleveland, Tenn.-based manufacturer of tanker trailers and industrial equipment; roadshow took place in late 2014; price talk 8¾% to 9%, including OID.

KENAN ADVANTAGE GROUP INC.: $405 million bonds; also $1.03 billion bank debt via KeyBanc Capital Markets LLC and Goldman Sachs Bank USA, expected to launch at a bank meeting during the first half of July; to help fund the buyout of the company by Omers Private Equity from Goldman Sachs Capital Partners and Centerbridge Partners, expected to close in the third quarter of 2015; North Canton, Ohio-based provider of liquid bulk transportation services to the fuels, chemicals, liquid foods and merchant gas markets.

MEDICAL PROPERTIES TRUST, INC. (Ba1/BBB-): Possible euro-denominated notes offer; Goldman Sachs, Credit Agricole CIB, Credit Suisse are the arrangers; Birmingham, Ala.-based real estate investment trust; deal pending market conditions.

OWENS-ILLINOIS INC.: $2.25 billion debt financing coming in bonds, with expected blended rate of approximately 5%, and loans with expected blended rate of approximately 4% (initial commitment is for term loans, and a bridge loan to be replaced with bonds); Deutsche Bank Securities Inc. is the lead bank on the financing; to fund the acquisition of Vitro, SAB de CV, expected to close by June 2016; Owens-Illinois is a Perrysburg, Ohio-based glass container manufacturer.

TTM TECHNOLOGIES, INC.: $350 million senior secured second-lien notes due 2023 (expected ratings Caa1/B-); J.P. Morgan Securities LLC, Barclays (joint), RBS Securities Inc., HSBC (co’s); Rule 144A and Regulation S; non-callable for three years (special call provision allows the issuer to redeem 10% of the notes annually at 103 during the non-call period); upon release from escrow, proceeds, along with new bank loan, will be used to fund the acquisition of Viasystems Group, Inc. and to repay debt; Costa Mesa, Calif.-based printed circuit board manufacturer; price discussions taking place in the 11s.

WIDEOPENWEST FINANCE LLC: Possible new senior notes offer (credit amendment would clear way for new notes); company is marketing a $1.411 billion term loan repricing launching May 7 via Credit Suisse Securities (USA) LLC; Denver-based provider of data, video and telephony services.

Roadshows

Started July 7: EXTERRAN $400 million; Goldman Sachs, Wells Fargo, Credit Agricole, BofA Merrill Lynch, Citigroup, RBC, UniCredit.

July 14-16: WPX ENERGY $1.2 billion; Barclays.

Starts July 15: SOFTBANK GROUP Possible notes offer; Deutsche Bank, Goldman Sachs.

Pricing expected July 17: ELDORADO RESORTS $375 million; JPMorgan, Macquarie, Credit Suisse, US Bancorp, KeyBanc.

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