High Yield Calendar: $2.89 billion and £450 million deals in the market

January 11 week

LIFE TIME INC.: $750 million five-year senior secured notes (B3/B-); Deutsche Bank; non-callable for two years; to amend and extend from June 2022 an existing term loan B; Chanhassen, Minn.-based operator of athletic resorts; initial guidance low-to-mid 6% area; pricing expected Thursday.

LEGENDS HOSPITALITY HOLDING CO., LLC: $360 million senior secured notes due 2026; Goldman Sachs (left books), Wells Fargo, BofA (joint books); Rule 144A and Regulation S for life; non-callable for two years; financing to support Sixth Street's majority investment in the company: proceeds, together with the proceeds from share purchase transaction and borrowings under the revolver and PIK facility to refinance all existing debt, fund cash to the balance sheet, working capital and general corporate purposes; New York-based supplier of food, beverage, merchandise, retail, and stadium operations; investor call noon ET on Tuesday; initial guidance mid-6% area; virtual roadshow Tuesday through Friday.

MOHEGAN GAMING & ENTERTAINMENT: $1.175 billion second priority senior secured notes due 2026; Deutsche Bank; Rule 144A and Regulation S; non-callable for two years; proceeds, along with a new senior secured credit facility and cash on hand, to repay its existing senior secured credit facilities, its Main Street term loan and its debt to the Mohegan Tribe with respect to certain subordinated loans; Uncasville, Conn.-based tribal gaming and entertainment operator; roadshow started Wednesday; initial guidance low 8% area; pricing expected Friday.

CALIFORNIA RESOURCES CORP.: $600 million five-year senior notes (expected ratings B2/B+); Citigroup (lead bookrunner), Jefferies, MUFG, RBC (joint active books), KeyBanc, Mizuho, JPMorgan (joint books); Rule 144A and Regulation S for life; callable after two years at par plus 50% of coupon; to refinance notes and term loan of subsidiary EHP Midco Holding Co., LLC, and repay debt under the revolver; Santa Clarita, Calif.-based oil and natural gas exploration and production company; roadshow started Wednesday; pricing Friday.

TOGETHER FINANCIAL SERVICES LTD./JERROLD FINCO PLC: £450 million six-year senior secured notes (BB-/BB-); Citigroup (global coordinator, joint books, bill and deliver), Goldman Sachs (global coordinator, joint books), Barclays, Credit Suisse, HSBC, JPMorgan (joint books), Rule 144A and Regulation S; callable after two years at par plus 50% of coupon; to repay its 6 1/8% senior secured notes due 2024, and pay down balances under its CABS securitization; England-based specialist mortgage lender; roadshow Jan. 13-14.

TRUCK HERO, INC.: $550 million senior unsecured debt; also $1.75 billion bank loan via Jefferies, BofA, Credit Suisse, KKR, Stifel, bank meeting Jan. 11; to fund acquisition of Truck Hero by L Catterton; Ann Arbor, Mich.-based provider of aftermarket accessories for pickup trucks and Jeep vehicles.

VERISURE HOLDING AB €2.42 billion notes: €1.15 billion secured notes and up to €1.27 billion unsecured notes; proceeds to fund redemption of 5¾% senior notes due 2023; announced on Jan. 7 in connection with consent solicited from holders of €700 million senior secured floating-rate notes due 2025 and fixed-rate notes due 2023, Goldman Sachs and JPMorgan solicitation agents, expires Jan. 13; Linkoping, Sweden-based supplier of commercial and home security systems.

On The Horizon

ADTALEM: $1.65 billion first-lien term loan/senior secured notes; Morgan Stanley; also $400 million revolver; to help fund its acquisition of Walden University from Laureate Education Inc., expected to close first quarter of fiscal year 2022; Adtalem is a Chicago-based workforce solutions provider. Walden University is an online health care education provider.

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.

CENTENE CORP.: $2.831 billion bridge financing backing acquisition of Magellan Health Inc. for a total enterprise value of $2.2 billion, expected to close in second half of 2021; JPMorgan provided debt commitment; Centene is a St. Louis-based health care enterprise; Magellan Health is a Phoenix-based managed health care company; disclosed in Jan. 4 press release.

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.

EMPIRE RESORTS INC.: $475 million senior secured notes (B+/B+); BNP Paribas (joint books, bill and deliver), Citigroup, DBS Bank; Rule 144A and Regulation S; non-callable for two years; to enhance liquidity; Monticello, N.Y.-based gaming, lodging and entertainment company indirectly owned by Malaysia-based Kien Huat Realty III Ltd. (51%) and Genting Malaysia Bhd. (49%).

ENDURANCE INTERNATIONAL GROUP HOLDINGS INC.: $470 million senior notes and $2.03 billion bank debt; JPMorgan, BofA, Deutsche Bank, UBS are joint bookrunners on debt financing (BofA administrative agent on bridge loan); also $980 million equity; to help fund its acquisition of the company by Clearlake Capital Group LP in a transaction valued at approximately $3 billion, expected to close first quarter of 2021; Burlington, Mass.-based provider of cloud-based business services; disclosed in PREM14A filed with SEC on Dec. 1, 2020.

Roadshows

Jan. 12-15: LEGENDS HOSPITALITY $360 million; Goldman Sachs

Jan. 13-14: TOGETHER FINANCIAL/JERROLD FINCO £450 million; Citigroup

Started Jan. 14: CALIFORNIA RESOURCES $600 million; Citigroup

Started Jan. 14: MOHEGAN GAMING & ENTERTAINMENT $1.175 billion; Deutsche Bank.

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