High Yield Calendar: $500 million in the market

July 26 Week Business

PATAGONIA HOLDCO LLC: $500 million seven-year senior secured first-lien notes (B1/B+); JPMorgan, Goldman Sachs, Citigroup, BofA, Natixis; Deutsche Bank and Scotia (joint); Rule 144A and Regulation S for life; non-callable for three years; also $800 million term loan; to fund the buyout of Lumen Technologies' Latin American operations by Stonepeak; Pan-Latin American telecommunications infrastructure and services provider; roadshow July 20-26; investor call 10 a.m. ET on July 20; books close July 26; initial price talk 7½% coupon at 86.

Expected July Business

AVIENT CORP.: $900 million senior notes; JPMorgan; also $640 million term loan; portion of proceeds to refinance the PolyOne Corp. 5¼% senior notes due March 15, 2023; manufacturer of specialized polymer materials, formerly known as PolyOne Corp., based in Avon Lake, Ohio; initial guidance for notes high 7% area; possible July business.

Expected Post-Labor Day Business

PEGASUS MERGER CO. (TENNECO INC.): $3 billion high-yield notes – $2 billion secured notes with early guidance in the 10% area, and $1 billion unsecured notes with early guidance 250 basis points to 300 bps behind the secured notes; also $2.4 billion term loan; 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; Skokie, Ill.-based aftermarket auto components supplier; pre-marketing was underway during July 4 week; bond and loan syndication efforts delayed into post-Labor Day period due to market conditions.

CITRIX SYSTEMS INC.: Expected $16 billion debt including high-yield bonds to support the acquisition by Vista Equity Partners and Evergreen Coast Capital Corp.: $4 billion secured bridge loan and $3.95 billion unsecured bridge loan; also $8.05 billion senior secured credit facilities, $2.275 billion of equity and up to $2.5 billion of preferred equity interests; debt commitment from BofA, Credit Suisse, Goldman Sachs, Barclays, Citigroup, Deutsche Bank, KKR, Mizuho, Morgan Stanley and RBC; Fort Lauderdale, Fla.-based digital workspace technology company; expected post-Labor Day business.

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).

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.

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.

Roadshow

July 20-26: PATAGONIA HOLDCO $500 million; JPMorgan

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