High Yield Calendar: $1.59 billion in the market

July 12 Week

LAREDO PETROLEUM, INC.: $400 million senior notes due 2029 (expected ratings Caa1/B); Wells Fargo (left books), BofA, Capital One, BBVA, PNC, Citigroup, Truist, KeyBanc, Texas Capital, Mizuho (joint books), Comerica, Amegy (co's); Rule 144A and Regulation S for life; callable after three years at par plus 50% of coupon; repay debt under revolver and general corporate purposes; Tulsa-based energy company; investor call 11 a.m. ET Monday; pricing Tuesday.

FIRST STUDENT BIDCO INC. and FIRST TRANSIT PARENT INC.: $800 million eight-year senior secured notes (Ba3/B+/BB+); Morgan Stanley (left lead, bill and deliver), Barclays, BMO, BNP Paribas, Citizens, Credit Suisse, Deutsche Bank, Mizuho, MUFG, RBC, Stifel, TD (joint books); Rule 144A and Regulation S for life; callable after three years at par plus 50% of coupon (special call for 10% of notes annually at 103 during non-call period); to fund the acquisition of First Student and First Transit by EQT Infrastructure; Cincinnati-based provider of student transportation services; roadshow Thursday through Monday; investor call 10:30 a.m. ET on July 8; pricing early July 12 week, concurrent with term loan; initial guidance mid-4% area.

MONEYGRAM INTERNATIONAL, INC.: $415 million senior secured notes due 2026 (B2/B+); BofA, Wells Fargo (joint), Morgan Stanley, Northland Capital Markets (co's); Rule 144A and Regulation S for life; callable after two years at par plus 50% of coupon; proceeds plus $400 million term loan B to refinance the $632 million first-lien term loan and $155 million second-lien term loan; provider of cross border P2P payments and money transfers; investor call Monday; roadshow through Wednesday; initial guidance high 5% to 6% area.

MILLENNIUM ESCROW CORP. to be merged with and into CENTERFIELD MEDIA PARENT, INC.: $785 million senior secured notes due 2026; BofA (left books), Goldman Sachs, Morgan Stanley, Credit Suisse, Deutsche Bank, PNC, Stifel (joint books); Rule 144A for life; callable after two years at par plus 50% of coupon (special call for 10% of notes annually at 103 during non-call period); proceeds plus cash on hand and revolver draw finance acquisition, fund refinancing; Los Angeles-based technology company; investor call 10 a.m. ET on July 9; roadshow through July 15.

AMWINS GROUP INC.: $890 million unsecured debt; also $500 million add-on term loan via bookrunners Goldman Sachs, Barclays, Wells Fargo, Morgan Stanley and JPMorgan, launches July 7; to repay senior notes, to make restricted payments of up to $750 million and for general corporate purposes, including one or more acquisitions; Charlotte, N.C.-based specialty insurance broker.

CONSTELLATION AUTOMOTIVE FINANCING LTD.: £650 million six-year senior secured notes (expected ratings B2/B-); Barclays (left books, global coordinator bill and deliver), HSBC (global coordinator, joint books), Santander (joint books); Rule 144A and Regulation S; non-callable for two years; also £1.11 billion equivalent term loans; to refinance and recapitalize the company; England-based digital used vehicle marketplace; investor call Monday; roadshow Monday-Tuesday, pricing thereafter.

APCOA PARKING HOLDINGS GMBH: €665 million two-part 5.5-year senior secured notes (expected ratings B3/B); fixed-rate notes callable after two years at par plus 50% of coupon, initial price talk 5% to 5¼%, and floating-rate notes callable after one year at 101, initial price talk Euribor plus 500-525 bps, 0% Euribor floor at 99.5, tranche sizes to be determined; Barclays (left books, global coordinator, bill and deliver), NatWest (joint books, global coordinator), Deutsche Bank (joint books); Rule 144A and Regulation S; to repay debt and fund cash on balance sheet; Stuttgart, Germany-based parking management company; investor call Monday; roadshow Monday-Tuesday, pricing thereafter.

July 19 Week

MAV ACQUISITION CORP. (MCGRAW-HILL EDUCATION, INC., following completion of LBO): $2.05 billion two-part notes: $1.15 billion senior secured notes due 2028, callable after three years at par plus 50% of coupon (special call for 10% of notes annually at 103 during non-call period), also $785 million senior unsecured notes due 2029, callable after three years at par plus 50% of coupon; BofA (left books, BMO, Macquarie, BNP Paribas, Deutsche Bank, PNC, UBS (joint books); Rule 144A for life; proceeds plus new term loan to fund acquisition of McGraw Hill by Platinum Equity Advisors; New York-based publisher of educational resources and textbooks; investor call 11 a.m. ET July 14; roadshow July 14-19; pricing expected during July 19 week.

Expected July Business

CARNIVAL CORP.: New high-yield notes; to fund tender for $2.004 billion of its $4 billion outstanding 11½% first priority senior secured notes due 2023, announced July 6, early deadline July 19, final deadline Aug. 2 (tender and related consent conditioned upon successful placement of notes); Miami-based cruise line.

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.

HUNTINGTON INGALLS INDUSTRIES: $1 billion senior notes and $650 million term loan; to fund acquisition of Alion Science and Technology expected to close second half of 2021; Credit Suisse was financial advisor to Huntington Ingalls, Macquarie was financial advisor to Alion; Huntington Ingalls is a Newport News, Va.-based military shipbuilding company; details disclosed in July 9 8-K filed with SEC.

PRINCE INTERNATIONAL CORP.: $1.26 billion senior notes and $2.27 billion credit facilities, debt commitment from Barclays and Credit Suisse; proceeds plus $200 million of equity to help fund its acquisition of Ferro Corp., expected to close in the first quarter of 2022; Prince is a Houston-based supplier of specialty products for niche applications in the construction, electronics, consumer products, agriculture, automotive, oil & gas, industrial and other end markets; disclosed in PREM14A filed 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 July 8: FIRST STUDENT/FIRST TRANSIT $800 million; Morgan Stanley

Starts July 9: CENTERFIELD $785 million; BofA

Started July 12: MONEYGRAM $415 million; BofA, Wells Fargo.

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