High Yield Calendar: $5.4 billion and €1.97 billion deals being marketed

June 22 Week

MILEAGE PLUS HOLDING, LLC and MILEAGE PLUS INTELLECTUAL PROPERTY ASSETS, LTD., subsidiaries of UNITED AIRLINES HOLDINGS, INC.: $3 billion seven-year senior secured notes, expected weighted average life 4.7 years; Goldman Sachs (sole structuring agent, left lead books), Barclays, Morgan Stanley (joint lead books); Rule 144A and Regulation S; callable after three years at par plus 50% of coupon; two-year interest only period; 20% annual amortization; to refinance the bridge facility, fund the notes reserve account and the reserve account for the term loan facility, and make an inter-company loan (United intends to use the proceeds from the inter-company loan for general corporate purposes); Chicago-based air carrier; investor call 11 a.m. ET on Tuesday.

AMERICAN AIRLINES, INC. $1.5 billion five-year senior secured notes (expected ratings Ba3/B+/BB-); Citigroup (left), Goldman Sachs, BofA, JPMorgan (joint); Rule 144A and Regulation S for life; make-whole call, otherwise non-callable; proceeds, along with $500 million term loan, for general corporate purposes, including increasing liquidity and repayment of the 364-day delayed-draw term loan; Fort Worth-based air carrier; investor call 10 a.m. ET on Monday; pricing expected Wednesday.

MINERALS TECHNOLOGIES INC.: $400 million eight-year senior notes; JPMorgan; Rule 144A and Regulation S; non-callable for three years; to pay off term loan and revolver, and for general corporate purposes; New York-based resource- and technology-based company that develops and produces performance-enhancing minerals, mineral-based, and synthetic mineral products; initial talk 5¼% area; pricing expected on Wednesday.

ARDONAGH MIDCO 2 PLC: $500 million 6.5-year senior PIK toggle notes; BofA (left, joint global coordinator), Barclays, Deutsche Bank (joint global coordinators), Goldman Sachs, NatWest (joint books); Rule 144A and Regulation S for life; callable after two years at par plus 50% of cash coupon; proceeds, together with certain proceeds from the term facility, to fund redemption of existing notes, to repay drawn amounts under the revolver, to fund the Arachas, Bravo and Bennetts acquisitions and for general corporate purposes; London-based insurance brokerage; investor call on Tuesday; roadshow through Thursday.

AMS AG: €1 billion equivalent five-year senior notes (expected ratings Ba3/BB-/BB-) in dollar-denominated notes, HSBC (global coordinator, physical bookrunner, bill and deliver), UBS (global coordinator, physical bookrunner), and euro-denominated notes, UBS (global coordinator, physical bookrunner, bill and deliver), HSBC (global coordinator, physical bookrunner); BofA, Citigroup, Commerzbank, Credit Agricole, Deutsche Bank, Morgan Stanley (joint books for both tranches), Erste (co-manager for both tranches); Rule 144A and Regulation S for life; notes in both tranches callable after two years at par plus respective coupons; proceeds, together with rights offering, to partially fund acquisition of Osram and refinance debt; Premstätten, Austria-based designer and manufacturer of sensors, formerly known as austriamicrosystems AG; investor calls Monday, virtual roadshow Monday through Thursday, pricing thereafter.

PROFINE GROUP via TROPLAST GMBH: €330 million five-year senior secured notes (B3); Rule 144A and Regulation S; non-callable for two years; to repay bank debt; Troisdorf, Germany-based PVC window and door producer; telephone roadshow through Thursday; initial price talk low-to-mid 9%.

CENTURION BIDCO S.P.A. (ENGINEERING) €640 million two-part six-year senior secured notes (expected ratings B2/B/BB-): €240 million floating-rate notes callable after one year at 101, and €400 million fixed-rate notes callable after two years at par plus 50% of coupon; BNP Paribas (joint global coordinator, joint physical bookrunner bill and deliver), Credit Suisse (joint global coordinator, joint physical bookrunner), Banca IMI (joint global coordinator), BPM, Deutsche Bank, Nomura, UBI Banca, UniCredit (joint bookrunners); Rule 144A and Regulation S; to fund acquisition by Neuberger Berman and refinance debt; telephone roadshow June 23-25, pricing thereafter.

On The Horizon

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.

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.

MEREDITH CORP.: $300 million high-yield bonds; also $410 million incremental term loan due Jan. 31, 2025 via RBC, commitments due June 25; proceeds, plus cash on hand to redeem the company’s series A preferred stock; Des Moines-based media and marketing company; disclosed by market source on June 22.

Roadshows

Started June 22: AMERICAN AIRLINES $1.5 billion; Citigroup

June 22-25: AMS €1 billion equivalent; HSBC, UBS

June 23-25: ENGINEERING €640 million; BNP Paribas, Credit Suisse

Through June 23: ARDONAGH $500 million; BofA

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