High Yield Calendar: $7.32 billion, €1.25 billion and £600 million deals being marketed

September 7 Week

VMED 02 UK FINANCING I PLC (VIRGIN MEDIA): £2.45 billion equivalent three-part senior secured notes (expected ratings Ba3/BB-/BB+): £600 million notes due January 2029, callable after 3.3 years at par plus 50% of coupon, price talk 4% to 4¼%, Citigroup (lead bookrunner, bill and deliver), Goldman Sachs, HSBC (lead bookrunners), €950 million notes due January 2031, callable after 5.3 years at par plus 50% of coupon, price talk 3¼% to 3½%, Citigroup (lead books, bill and deliver), Credit Suisse, Morgan Stanley (lead books), and $1.35 billion notes due January 2031, callable after 5.3 years at par plus 50% of coupon, price talk 4¼% area; BofA lead books; Barclays, BBVA, BNP Paribas, Credit Agricole, Deutsche Bank, JPMorgan, Lloyds, NatWest, RBC, Santander, SG (joint books, all tranches); Rule 144A and Regulation S for life; for general corporate purposes including payment of any distributions at closing of the joint venture between Liberty Global and Telefonica, among others (will be escrowed until completion, with special mandatory redemption if joint venture does not close); Reading, U.K.-based telecom; pricing Thursday.

SWITCH, INC.: $500 million senior notes due 2028; JPMorgan; Rule 144A and Regulation S; non-callable for three years; to pay off revolver ($280 million currently outstanding), to repay $182 term loan debt and for general corporate purposes; Las Vegas-based technology company; initial talk low 4% area; pricing Wednesday.

CORNERSTONE BUILDING BRANDS, INC.: $400 million senior notes due January 2029 (existing ratings Caa1/B-); BofA, Barclays, JPMorgan, UBS, Deutsche Bank, RBC, US Bancorp, Goldman Sachs, Regions, MUFG, Credit Suisse, Natixis, Jefferies, Credit Agricole, SMBC (joint); Rule 144A and Regulation S for life; callable after three years at par plus 50% of coupon; to repay ABL revolver, with remaining proceeds, if any, to repay outstanding amounts under cash flow revolver; Cary, N.C.-based exterior building products supplier, created in the merger of NCI Building Systems, Inc. with Ply Gem Parent, LLC; investor call 11 a.m. ET Wednesday; initial talk mid-to-high 6% area; pricing Thursday.

NIELSEN FINANCE LLC and NIELSEN FINANCE CO. (NEILSEN HOLDINGS PLC): $1 billion senior notes (existing ratings B2/BB-): $500 million eight-year notes with three years of call protection, initial talk high 5% area to 6%, and $500 million 10-year notes with five years of call protection, initial talk 25 bps behind the eight-year notes; JPMorgan; Rule 144A and Regulation S; to fund partial redemptions of the Nielsen Co. (Luxembourg) Sarl’s 5½% senior notes due 2021 and 5% senior notes due 2022; New York-based media and marketing analytics services provider; pricing expected Thursday.

RADIATE HOLDCO LLC and RADIATE FINANCE INC.: $3.25 billion notes: $2.25 billion six-year senior secured notes with three years of call protection, initial price talk 5% area, and $1 billion eight-year senior unsecured notes with three years of call protection, initial price talk 6½% to 6¾%; JPMorgan, Credit Suisse, Barclays, Goldman Sachs, Morgan Stanley, SG, UBS (joint); Rule 144A and Regulation S for life; to refinance debt including credit facilities, to fund a dividend to equity holders and for general corporate purposes; special purpose vehicles used by TPG Capital to finance acquisitions of RCN Telecom Services, LLC and Grande Communications Networks LLC; roadshow Tuesday-Friday; pricing Friday.

AVAYA HOLDINGS CORP.: $750 million senior first-lien notes due 2028; JPMorgan; Rule 144A and Regulation S; non-callable for three years; to repay bank debt; Santa Clara, Calif.-based business communications services provider; initial talk mid-6% area; roadshow started Tuesday; pricing expected Friday.

NEW RESIDENTIAL INVESTMENT CORP.: $550 million five-year unsecured notes; Credit Suisse (left lead books), JPMorgan, Citigroup (joint books), BTIG, RBC (co's); Rule 144A and Regulation S; callable after two years at par plus 50% of coupon; to repay term loan; REIT primarily focused on originating and servicing mortgages and investing in residential mortgage related assets; investor call 11:30 a.m. ET Thursday; telephone roadshow Thursday-Friday, pricing thereafter.

ENCORE CAPITAL GROUP, INC.: €300 million senior secured notes due 2025 (Ba3/BB+); Credit Suisse, Morgan Stanley (joint global coordinators, physical books), DNB, Fifth Third, HSBC, ING, MUFG, Truist (global coordinators, joint books), Citizens, Umpqua (joint books); Rule 144A and Regulation S; callable after two years at par plus 50% of coupon; to refinance debt; San Diego-based provider of debt management and recovery solutions; investor meetings Sept. 8-10.

September 14 Week

CABLEVISION LIGHTPATH LLC: $865 million two-part notes: $450 million senior secured notes due 2027, callable after three years at par plus 50% of coupon, and $415 million senior unsecured notes due 2028, callable after three years at par plus 50% of coupon; Goldman Sachs (left books), RBC, Deutsche Bank, Morgan Stanley (joint books); Rule 144A and Regulation S for life; proceeds, along with the gross proceeds from term loan, to fund the distribution to Altice USA and cash to balance sheet; Jericho, NY-based telecom; investor call 9:30 a.m. ET Sept. 10; telephone roadshow Sept. 10-15.

Post-Labor Day

DELTA AIR LINES INC.: To-be-determined amount of secured bonds backed by SkyMiles frequent flyer program; Atlanta-based air carrier; expected post-Labor Day business.

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.

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%).

NRG ENERGY INC.: $2.361 billion secured and unsecured notes to help fund its acquisition of Direct Energy from Centrica plc for $3.625 billion in an all-cash transaction expected to close by the end of 2020; Citi and Credit Suisse are financial advisors to NRG, a power producer with headquarters in Princeton, N.J., and Houston; bonds expected to come to market prior to closing.

Roadshows

Sept. 8-10: ENCORE CAPITAL GROUP €300 million; Credit Suisse, Morgan Stanley

Pricing Sept. 7 week: VIRGIN MEDIA £2.45 billion; Citigroup

Sept. 8-11: RADIATE $3.25 billion; JPMorgan, Credit Suisse, Barclays, Goldman Sachs, Morgan Stanley, SG, UBS

Pricing expected Sept. 11: AVAYA $750 million; JPMorgan

Sept. 10-11: NEW RESIDENTIAL INVESTMENT CORP. $550 million; Credit Suisse.

Sept. 10-15: CABLEVISION LIGHTPATH $865 million; Goldman Sachs.

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