High Yield Calendar

October 17 Week

BLUEWATER HOLDING BV: $240 million four-year senior notes; DNB, Pareto; to pay off $200 million 10% senior notes due 2023, to pay off revolver and for general corporate purposes; Hoofdorp, Netherlands-based provider of equipment and services to offshore oil and gas exploration and production, with operations in the United Kingdom, Angola, Nigeria, China and Brazil; investor call Monday; pricing expected later in Oct. 17 week.

Expected 2022 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.

NIELSEN HOLDINGS PLC: Bond offerings to reduce or take out $2 billion secured bridge loan and $2.15 billion unsecured bridge loan; also $9.15 billion secured credit facilities via BofA Securities, Barclays, Mizuho, Credit Suisse, Citigroup, HSBC, KKR, Nomura, Ares, BMO, Goldman Sachs, Jefferies, Macquarie, Morgan Stanley, RBC, Truist, BNP Paribas, CIBC, Fifth Third, MUFG; to help fund buyout by Evergreen Coast Capital Corp. and Brookfield Business Partners LP; New York-based provider of audience measurement, data and analytics; 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.

TEGNA 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.

Bridge Loans

JETBLUE AIRWAYS CORP.: $3.5 billion senior secured bridge loan to help fund its acquisition of Spirit Airlines Inc., adjusted enterprise value of $7.6 billion, expected to close no later than 2024 first half; debt commitment from Goldman Sachs, BofA, BNP Paribas, Credit Suisse, Credit Agricole, Natixis, Sumitomo, MUFG; New York-based air carrier; disclosed in 8-K filed with SEC on July 28.

OPEN TEXT CORP.: $2 billion bridge loan at SOFR plus 375 bps, stepping up by 50 bps every 90 days up to a specified total cap, to be to be reduced by proceeds of debt securities offerings; Barclays, BMO, RBC, Citigroup; to fund acquisition of Micro Focus, implied enterprise value of approximately $6 billion expected to close in first quarter of 2023, also to repay Micro Focus debt (transaction will also include $1.3 billion cash, $600 million draw on revolver and $2.585 billion term loan); Open Text is a Waterloo, Ont.-based software provider of business-to-business cloud integration services, Micro Focus is a Newbury, England-based enterprise software company; disclosed in 8-K document filed with SEC on Aug. 25.

SEMTECH CORP.: $1.151 billion 364-day bridge loan to help fund its acquisition of Sierra Wireless Inc., enterprise value approximately $1.2 billion, expected to close in Semtech's fiscal year 2023; commitment from JPMorgan; Semtech is a Camarillo, Calif.-based supplier of semiconductors and advanced algorithms; Sierra Wireless is a British Columbia-based Internet of Things solutions provider; disclosed in 8-K filed with SEC on Aug. 3.

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