High Yield Calendar: $1.85 billion deals being marketed

May 11 Week

VIKING CRUISES LTD.: $600 million senior secured notes due 2025; BofA, Wells Fargo, Credit Suisse, JPMorgan; Rule 144A for life; callable after two years at par plus 75% of coupon; to repay $74.1 million of outstanding debt and accrued interest on the collateral vessels, with the remainder for general corporate purposes; Los Angeles-based cruise line; investor call noon ET on Monday; initial price talk 13% coupon to yield in the 14% area, including 3 to 4 points OID; pricing expected Wednesday.

BMC SOFTWARE INC. via BOXER PARENT CO. INC.: $1.25 billion equivalent three-part senior secured notes: $500 million five-year first-lien notes callable after two years at par plus 50% of coupon, $400 million equivalent euro-denominated five-year first-lien notes callable after two years at par plus 50% of coupon, and $350 million senior secured second-lien notes due March 1, 2026, callable after Sept. 1, 2021 at par plus 50% of coupon; Jefferies (left books, bill and deliver), KKR, Macquarie (joint books); Rule 144A and Regulation S; to fund the acquisition of Compuware; Houston-based enterprise software supplier; investor calls May 11-13; global investor call 10:30 a.m. ET on May 11; pricing May 14.

RUBIS TERMINAL INFRA: €410 million five-year senior secured notes (expected ratings B1/B+); JPMorgan (joint global coordinator, sole physical books, bill and deliver), Credit Agricole (joint global coordinator), SG (joint books); Rule 144A and Regulation S; callable after two years at par plus 50% of coupon; to refinance debt; Paris-based storage and distribution company; pricing May 11 week.

High Yield Bridges

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.

ELANCO ANIMAL HEALTH INC.: $2.75 billion bridge loans and $3.75 billion credit facilities, debt commitment from Goldman Sachs; to help fund its acquisition of Bayer AG’s animal health business, targeted to close in mid-2020; Greenfield, Ind.-based animal health company; disclosed in 8-K document filed Aug. 20 with SEC.

ELDORADO RESORTS INC.: $1.8 billion senior notes due 2028 backed by bridge loan, via JPMorgan, Credit Suisse, Macquarie, priced at Libor plus 475 bps with a 0% Libor floor, spread increases by 50 bps every three months until a specified cap is reached; also $4 billion credit facilities, debt commitment from JPMorgan, Credit Suisse, Macquarie; to help fund its acquisition of Caesars Entertainment Corp.; Eldorado is a Reno, Nev.-based gaming company, expected to close in first half of 2020; Caesars is a Las Vegas-based gaming and entertainment company.

On The Horizon

ALPHA AUTO GROUP: $225 million five-year notes; JPMorgan; non-callable for two years; automotive group operates dealerships representing 14 automotive brands throughout Ontario, Alberta and Oregon.

INTL FCSTONE: $350 million senior secured notes; to fund the acquisition of GAIN Capital Holdings, Inc. for approximately $236 million, expected to close mid-2020 (GAIN Capital's $60 million convertibles due 2020 to be repaid with cash on hand prior to closing; offer to redeem Gain Capital's $92 million convertible notes due 2022 to be made at closing); financing commitment from Jefferies; INTL FCStone is a New York City-based financial services provider; GAIN Capital Holdings is a Bedminster, N.J.-based financial services provider; details disclosed in Feb. 27 8-K document filed with SEC and Feb. 27 press release.

MARTIN MIDSTREAM PARTNERS LP: $400 million senior secured notes due 2025; Rule 144A and Regulation S; to refinance 7¼% senior notes due 2021 and for general partnership purposes; Kilgore, Tex.-based master limited partnership focused on marine transportation, terminalling, distribution and logistical services for producers and suppliers of hydrocarbon products, specialty chemicals and other liquids, primarily operating in the Gulf Coast region of the United States; announced in March press release.

Roadshows

May 11-13: BMC SOFTWARE: $1.25 billion; Jefferies

Started May 11: VIKING CRUISES: $600 million; BofA, Wells Fargo, Credit Suisse, JPMorgan

Started May 11: RUBIS TERMINAL: €410 million; JPMorgan

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