High Yield Calendar: $2.8 billion deals being marketed

September 14 Week

CONSOLIDATED COMMUNICATIONS HOLDINGS, INC.: $1 billion senior secured notes due 2028 (Caa1); JPMorgan; Rule 144A and Regulation S; non-callable for three years; to redeem all outstanding 6½% senior notes due 2022, and pay down existing credit facility; Mattoon, Ill.-based broadband and business communications provider; initial price talk low 7% area; pricing expected Friday.

PM GENERAL PURCHASER LLC (AM GENERAL): $600 million eight-year senior secured notes (B2/B+); Deutsche Bank (left lead), UBS, BNP Paribas, Nomura (joint books); Rule 144A for life; callable after three years at par plus 50% of coupon (10% of notes callable annually at 103 during non-call period); to support the acquisition of the company by affiliates of KPS Capital Partners; South Bend, Ind.-based heavy vehicle and contract automotive manufacturer; roadshow through Sept. 18; high 9% area to 10%; pricing Sept. 18 or Sept. 21.

AETHON UNITED: $700 million senior notes due 2025 (B3/B-); JPMorgan; non-callable for two years; to refinance its $550 million privately placed second-lien term loan and partially repay revolver borrowings; Dallas-based investment firm focused on energy assets; initial talk high 8% to 9% area; pricing expected Thursday.

September 21 Week

GLOBAL MEDICAL RESPONSE INC.: $500 million five-year senior secured notes (B1/B); Morgan Stanley (left lead books), KKR, Barclays, BofA, Capital One, Credit Suisse, Goldman Sachs, Jefferies, JPMorgan, RF (joint books); Rule 144A and Regulation S for life; callable after one year at par plus 50% of coupon; to refinance term loan due 2022; Global Medical, previously known as Air Medical, is a Greenwood Village, Colo.-based provider of medical care; investor call 11 a.m. ET on Sept. 22; roadshow Sept. 22-24; initial talk mid 6% area; pricing Sept. 21 week.

Possible September Business

AMWINS GROUP INC.: $200 million unsecured debt; also $100 million term loan via Goldman Sachs, Barclays, J.P. Morgan, Morgan Stanley, Wells Fargo, to launch Sept. 16; to fund dividend to shareholders; Charlotte, N.C.-based specialty insurance broker.

On The Horizon

ADTALEM: $1.65 billion first-lien term loan/senior secured notes; Morgan Stanley; also $400 million revolver; to help fund its acquisition of Walden University from Laureate Education Inc., expected to close first quarter of fiscal year 2022; Adtalem is a Chicago-based workforce solutions provider. Walden University is an online healthcare education provider.

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

Pricing Sept. 17: AETHON UNITED $700 million; JPMorgan

Pricing expected Sept. 18: CONSOLIDATED COMMUNICATIONS $1 billion; JPMorgan

Through Sept. 18: AM GENERAL $600 million; Deutsche Bank

Sept. 22-24: GLOBAL MEDICAL RESPONSE $500 million; Morgan Stanley

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