High Yield Calendar: $1.62 billion, £950 million and €300 million deals being marketed

July 20 Week

DIAMOND RESORTS INTERNATIONAL INC.: $525 million six-year senior secured notes (B3/B-); RBC (left lead, bill and deliver), Barclays (joint books), Apollo, Natixis (co's); Rule 144A and Regulation S for life; callable after two years at par plus 50% of coupon; to repay a portion of the 7¾% first-lien secured notes and a portion of the term loan B both due September 2023, and fund cash to balance sheet; Las Vegas-based timeshare company; price talk 9½% area; pricing expected Thursday (moved back from Wednesday).

BLUE YONDER via BY CROWN PARENT, LLC and its wholly owned subsidiary BY BOND FINANCE, INC.: $500 million 5.5-year senior secured notes; Goldman Sachs (left books), BofA, Credit Suisse, JPMorgan (joint books), Blackstone (co); Rule 144A and Regulation S for life; callable after two years at par plus 50% of coupon; to repay approximately $400 million term loan debt and approximately $35 revolver debt, with any remaining proceeds for general corporate purposes, which may include additional debt repayment, potential acquisitions and other purposes; Scottsdale, Ariz.-based software and consultancy company, formerly JDA Software Group; roadshow Wednesday-Thursday; investor call on Wednesday; initial talk 5% to 5¼%; pricing on Thursday.

SURGERY CENTER HOLDINGS, INC.: $115 million fungible add-on to 10% senior notes due April 15, 2027; Jefferies, KKR, Macquarie (joint); Rule 144A and Regulation S for life; callable April 15, 2022 at 105; for general corporate purposes and to fund growth-related activities including, but not limited to, service line expansions, physician recruiting and technology infrastructure investments and potential acquisitions; Nashville-based health care services company; investor call 10:30 a.m. ET on Thursday; pricing on Thursday.

STONEGATE via STONEGATEPUB CO. FINANCING 2019 PLC (ENG. and WALES): £950 million five-year senior secured fixed-rate notes (expected ratings B3/B+), non-callable for two years, and €300 million five-year senior secured floating-rate notes (expected ratings B3/B+), non-callable for one year; Barclays (left global coordinator and bookrunner), Goldman Sachs, Nomura (joint global coordinators and bookrunners), Deutsche Bank, Lloyds, Rabobank (joint bookrunners); Rule 144A and Regulation S; to repay £950 million under bridge facilities and £275 million under senior term facilities; largest pub company in United Kingdom, based in Luton, England (sponsor TDR Capital); global investor call Monday; one-on-one investor calls Tuesday through Thursday; pricing on Friday.

EMPIRE RESORTS INC.: $475 million five-year 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%); early guidance 8% to 8¼%; pricing expected July 20 week.

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.

Roadshows

July 20-23: STONEGATE £950 million and €300 million; Barclays.

July 22-23: BLUE YONDER $500 million; Goldman Sachs.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.