High Yield Calendar: $2.25 billion and €920 million deals being marketed

September 21 Week

PENNYMAC FINANCIAL SERVICES, INC.: $400 million five-year senior notes (B2/B+); Credit Suisse (left lead books), BofA, Barclays, Citigroup, Goldman Sachs, JPMorgan, Morgan Stanley (joint books); Rule 144A and Regulation S; callable after two years at par plus 50% of coupon; for general corporate purposes, which may include the repayment of existing secured warehouse borrowings; Westlake Village, Calif.-based provider of financial services in mortgage banking and investment management; investor call 11:30 a.m. ET on Monday; price talk 5¼% to 5½% (initial talk 5% to 5¼%); pricing Thursday.

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.

VAREX IMAGING CORP.: $300 million senior secured notes due 2027; Goldman Sachs (left books), BofA, Citigroup (joint books), CJS, Wells Fargo, Oppenheimer (co's); Rule 144A and Regulation S for life; non-callable for three years (special call: 10% of notes callable annually at 103 during non-call period); a portion of proceeds to pay off existing credit facility, remainder for general corporate purposes; Salt Lake City-based supplier of medical X-ray tubes and image processing solutions; investor call 11 a.m. ET on Tuesday; telephone roadshow Tuesday through Thursday, pricing thereafter; initial talk low 7% area.

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.

PERENTI FINANCE PTY. LTD.: $350 million five-year guaranteed senior notes (Ba2/BB); HSBC, Standard Chartered; non-callable for two years; to fund redemption of all outstanding $350 million 6 5/8% senior secured notes due May 2022, issued by wholly owned subsidiary Barminco Finance Pty Ltd., at 101.656; Perth-based mining and drilling services provider; roadshow started Sept. 21.

LORCA TELECOM BONDCO S.A.U (MASMOVIL/LORCA TELECOM): €720 million senior secured notes due Sept. 18, 2027 (B1/B+/BB); Morgan Stanley (left lead books, global coordinator, bill and deliver), Barclays, BNP Paribas, Deutsche Bank (global coordinators and bookrunners), Credit Agricole, Mizuho, Santander (joint books); Rule 144A and Regulation S; callable after three years at par plus 50% of coupon; to pay off bridge loan used to fund LBO of MasMovil/Lorca by Providence Equity Partners, Cinven and KKR; Madrid-based telecom.

LOUVRE BIDCO SAS (IQERA): €200 million senior secured notes due September 2024 (expected ratings B2/B+); JP Morgan (sole physical books), Credit Suisse, BNP Paribas, Credit Agricole, Natixis, SG (joint books); Rule 144A and Regulation S; callable after one year at par plus 50% of coupon; to repay debt under revolver, refinance €75 million floating-rate notes, general corporate purposes; Paris-based debt collector; roadshow into Thursday; initial talk mid-6% area.

Possible September Business

SPIRIT AEROSYSTEMS HOLDINGS INC.: $400 million senior secured notes; also $400 million term loan via BofA, launched Sept. 22; to repay in full amounts borrowed under a term loan A and delayed-draw term loan A and for general corporate purposes; Wichita, Kan.-based designer and builder of aerostructures for both commercial and defense customers.

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 health care 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

Started Sept. 21: PERENTI GLOBAL $350 million; HSBC, Standard Chartered

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

Sept. 22-24: VAREX IMAGING $300 million; Goldman Sachs

Started Sept. 23: IQERA €200; JPMorgan

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