High Yield Calendar

On The Horizon

ACURIS FINANCE US, INC. and ACURIS FINANCE SARL, doing business as ION ANALYTICS: $850 million equivalent eight-year senior secured notes (expected ratings B2/B) in tranches of dollar-denominated notes, price talk 6% area (initial talk low-to-mid 6% area), and euro-denominated notes, price talk 4¾% area (initial talk mid-to-high 4% area) tranche sizes to be determined (expected $500 million and $350 million equivalent euro); UBS (left books), BNP Paribas (joint books); Rule 144A and Regulation S for life; notes in both tranches callable after two years at par plus 50% of respective coupons; to refinance debt incurred in the Backstop acquisition, to fund a dividend for repurchase of shares from certain minority shareholders in one or more parent companies, to partially prepay amounts drawn under the credit facility and for general corporate purposes; London-based market analytics and data provider (delayed as of Jan. 28).

ENTEGRIS INC.: Up to $895 million 364-day senior unsecured bridge loan, and up to $4 billion term loan B; Morgan Stanley; proceeds plus cash on hand to fund the cash portion of the acquisition of CMC Materials Inc., expected to close in the second half of 2022, also refinance certain CMC and Entegris debt, to fund working capital and for general corporate purposes; Billerica, Mass.-based Entegris and Aurora, Ill.-based CMC Materials supply products and services to the semiconductor industry; financing disclosed in 8-K filed with SEC on Dec. 16.

INTERTAPE POLYMER GROUP: $500 million senior unsecured bridge loan and $1.75 billion credit facilities to help fund buyout by Clearlake Capital Group LP (transaction valued approximately $2.6 billion, expected to close in third quarter of 2022) and refinance debt; debt commitment from Credit Suisse, Deutsche Bank, Wells Fargo; also up to $1 billion equity; packaging products manufacturer based in Montreal and Sarasota, Fla.; disclosed in 6-K filed with SEC on April 1.

MONEYGRAM INTERNATIONAL INC.: $500 million unsecured bridge loan and $800 million senior secured credit facilities, debt commitment from Goldman Sachs, Deutsche Bank and Barclays; proceeds plus $810 million equity to fund the buyout of MoneyGram, a Dallas-based digital P2P payments company, by Madison Dearborn Partners LLC; disclosed in 8-K filed with the SEC on Feb. 16.

PERRIGO CO.: $500 million unsecured debt and $1.6 billion bank debt; to fund acquisition of Paris-based consumer self-care company Hera SAS (HRA Pharma) and refinance certain debt of the company and its subsidiaries, including term loan facility and debt securities maturing in 2023; Dublin-based provider of self-care products and over-the-counter health and wellness solutions; information disclosed in March 28 press release.

SCHWEITZER-MAUDUIT INTERNATIONAL INC.: $648 million 364-day senior unsecured bridge loan at SOFR+CSA plus 925 bps with step ups (capped at SOFR+CSA plus 1,075 bps), 0.75% floor, to be replaced by senior notes and/or incremental senior secured term loan; JPMorgan lead on debt commitment; financing in connection with Schweitzer-Mauduit merger with Neenah Inc., expected to close in second half of 2022; Schweitzer-Mauduit and Neenah are Alpharetta, Ga.-based manufacturers of specialty materials; information disclosed in 8-K filed on March 28 with SEC.

TENGA INC.: $1.496 billion senior secured bridge loan and $2.715 senior unsecured bridge loan; also $4 billion senior secured credit facilities; debt commitment from RBC, BofA, Goldman Sachs, Truist, BNP, Credit Suisse, Jefferies, Mizuho, TD, Barclays, Deutsche Bank, MUFG, Citizens, SMBC; to help fund its acquisition by Standard General LP, expected to close in second half of 2022; Tysons, Va.-based media company; information disclosed in PREM14A filed on March 25 with SEC.

TENNECO: $3 billion high-yield notes: $2 billion senior secured notes and $1 billion senior unsecured notes; also $3 billion senior secured credit facilities; to help fund acquisition of Tenneco by Apollo (enterprise value approximately $7.1 billion), expected to close during second half of 2022, and refinance some existing debt; also $1.65 billion of equity; Lake Forest, Ill.-based designer, manufacturer and marketer of automotive products for original equipment and aftermarket customers; information disclosed in PREM14A filed with SEC on March 15.

VIASAT INC.: $1.6 billion senior notes (assumed pricing 5½%), also $700 million term loan; debt commitment from BofA, JPMorgan, Barclays, Credit Suisse; proceeds to support the acquisition of Inmarsat, expected to close during second half of 2022; Carlsbad, Calif.-based Viasat and London-based Inmarsat are satellite telecommunications companies.

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