High Yield Calendar: $1.8 billion being marketed

June 28 Week

EVERI HOLDINGS INC.: $400 million eight-year senior notes; Jefferies, Barclays, Stifel, Truist (joint); Rule 144A and Regulation S for life; non-callable for three years; to refinance debt; Las Vegas-based provider of land-based and digital casino gaming content and products, financial technology and player loyalty solutions; investor call 11 a.m. ET on Tuesday; pricing Wednesday; initial guidance 5¼% to 5½%.

ELASTIC NV: $500 million senior notes due 2029; JPMorgan; Rule 144A and Regulation S; non-callable for three years; for general corporate purposes including capital expenditures, investments and working capital, possible acquisitions and strategic transactions; Mountain View, Calif.-based search company; roadshow started June 28; initial talk high 4% to 5% area.

APX GROUP INC. (VIVINT SMART HOME INC.): $900 million eight-year senior notes; Credit Suisse (left books), BofA, Citigroup, Citizens, Deutsche Bank, Goldman Sachs JPMorgan, HSBC, Mizuho, RBC (joint books), Blackstone (co); Rule 144A and Regulation S; callable after three years at par plus 50% of coupon; also $1.25 billion term loan; proceeds plus $140 million cash to refinance an existing term loan B, 7 7/8% senior secured notes due 2022, 8½% senior secured notes due 2024 and 7 5/8% senior notes due 2023; Provo, Utah-based smart home services provider; investor call Monday; pricing expected Thursday; initial guidance low 6% area.

SOFTBANK GROUP CORP.: Benchmark senior notes (S&P: BB+) in dollar- and euro-denominated tranches with tenors from three- to 12 years; Deutsche Bank, Barclays, HSBC; to repay debt; Tokyo-based conglomerate; announced June 28.

PICARD: €1.71 billion sustainability-linked notes in three tranches: €1.4 billion five-year senior secured notes (expected ratings B3/B/B+) in tranches of fixed-rate notes with two years of call protection, initial talk low 4% area, and floating-rate notes with one year of call protection, initial talk low 4% area, also €310 million six-year senior unsecured notes (expected ratings Caa1/CCC+/CCC+) with 2.5 years of call protection, initial talk high 5% area; Credit Suisse, Goldman Sachs, JPMorgan (joint books); Paris-based frozen food supplier; began June 28 (company postponed €1.71 billion three-part offering of sustainability-linked notes in late April, citing market conditions).

On The Horizon

AMERICAN TIRE DISTRIBUTORS: $1 billion unsecured notes; Goldman Sachs; to finance exit from bankruptcy; Huntersville, N.C.-based tire distribution business; non-deal roadshow during Feb. 8 week; offering expected to launch Feb. 15 week; initial yield expectation 8½%.

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.

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.

DIASORIN SPA: $500 million one-year bridge loan and $1.1 billion term loan due 2026 via Citigroup, BNP Paribas, Mediobanca and UniCredit; to help fund its acquisition of Luminex Corp., enterprise value approximately $1.8 billion, expected to close in third quarter of 2021; DiaSorin is an Italy-based producer of reagent kits used by diagnostic laboratories; Luminex is an Austin, Tex.-based provider of biological testing technologies and products; April 12 news release.

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%).

FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC: $650 million senior unsecured bridge loan, debt commitment from Morgan Stanley, Barclays; to fund its acquisition of Transtar LLC from United States Steel Corp. for $640 million, expected to close third quarter of 2021; Fortress Transportation owns and acquires transportation infrastructure; disclosed in 8-K filed June 8 with SEC.

GRAY TELEVISION INC.: $1.475 billion bridge loan (increased from $1.35 billion), and $1.45 billion incremental term loan; Wells Fargo; funding for acquisition of Meredith Corp., expected to close fourth quarter of 2021, $2.7 billion total enterprise value; Gray Television is an Atlanta-based broadcast company; disclosed in 8-K filed on June 3 with SEC.

STANDARD INDUSTRIES HOLDINGS INC.: $955 million senior unsecured bridge, also $2.95 billion senior secured credit facilities; debt commitment from JPMorgan, BNP Paribas, Citigroup, Deutsche Bank; to help fund its acquisition of W.R. Grace & Co. in transaction valued at around $7 billion, expected to close in fourth quarter of 2021; Standard Industries is a New York-based industrial company; W.R. Grace is a Columbia, Md.-based specialty chemical company; details disclosed in PREM14A filed SEC on May 24.

Roadshows

Started June 28: ELASTIC NV $500 million; JPMorgan

Started June 28: VIVINT $900 million; Credit Suisse

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