High Yield Calendar: $3.99 billion and £1 billion deals being marketed

October 5 Week

H.B. FULLER CO.: $300 million eight-year senior notes; JPMorgan, Morgan Stanley, US Bancorp (joint); SEC registered; non-callable for three years; to repay term loan and for general corporate purposes, including repayment of other debt; St. Paul, Minn.-based supplier of industrial adhesives, sealants, coatings and specialty materials; guidance 4½% to 4 5/8%; pricing expected Wednesday.

WHITE CAP BUYER LLC: $640 million senior notes due 2028 (Caa1/CCC+); Deutsche Bank; non-callable for three years; to support acquisition of HD Supply Inc.'s Construction and Industrial business, which operates as White Cap, by Clayton, Dubilier & Rice; Norcross, Ga.-based industrial distributor of specialty construction products; roadshow Oct. 5-7; guidance mid-to-high 7% area; pricing expected Wednesday.

JAGUAR LAND ROVER AUTOMOTIVE PLC: $500 million five-year guaranteed senior notes (B1/B); BofA; non-callable for two years; general corporate purposes; Coventry, U.K.-based holding company for carmaker Jaguar Land Rover Ltd., a subsidiary of Indian automotive company Tata Motors; eight-handle yield expected; pricing expected Wednesday.

LIGADO NETWORKS LLC Two-part PIK notes: Three-year PIK first-lien bullet, talked with 13% coupon including 9% PIK and 4% cash, at 96, and four-year PIK second-lien bullet, talked to come 300 bps behind the first-lien, at 96 (sizes to be determined, benchmark amounts expected); JPMorgan, Goldman Sachs, Jefferies; Rule 144A and Regulation S for life; proceeds to repay existing first-lien senior secured loan and 1.5-lien loan agreements, make $700 million payment to Inmarsat, fund up to two years interest reserve account; Reston, Va.-based satellite communications company; investor call Monday; pricing expected Wednesday.

BRIGHTSTAR ESCROW CORP. (to be merged with and into BRIGHTSTAR CORP. upon closing of acquisition): $420 million five-year senior secured notes; Jefferies; Rule 144A and Regulation S for life; non-callable for two years; to fund acquisition of the company by Brightstar Capital Partners; Miami, Fla.-based wireless communications company; investor call 1 p.m. ET on Monday; roadshow Monday through Wednesday; initial talk 9% area; pricing Thursday.

PENINSULA PACIFIC ENTERTAINMENT LLC and PENINSULA PACIFIC ENTERTAINMENT FINANCE INC.: $450 million seven-year unsecured notes (S&P: CCC+); Credit Suisse (left lead books), JPMorgan, Macquarie (joint books), Union Gaming, Rice Voelker (co's); Rule 144A and Regulation S; callable after three years at par plus 50% of coupon; proceeds, together with cash on hand, to repay debt under existing senior secured credit agreements and pay cash portion of the acquisition of a 50% equity interest in SCE Partners not currently owned by P2E Holdings or one of its affiliates; owner of gaming and racing facilities in Virginia and Iowa; investor call 11 a.m. ET on Monday; initial talk low-8% area; pricing later in Oct. 5 week.

ALLIANT HOLDINGS INTERMEDIATE LLC and ALLIANT HOLDINGS CO-ISSUER $775 million two-part notes: $425 million five-year senior secured notes (existing ratings B2/B) callable after two years at par plus 50% of coupon, initial guidance 4¼% to 4½%, and $350 million add-on to 6¾% senior unsecured notes due Oct. 15, 2027 (existing ratings Caa2/CCC+) callable on Oct. 15, 2022 at 103.375, initial guidance 102.5, original $690 million priced in October 2019, previous $300 million add-on priced in April 2020; Morgan Stanley, JPMorgan, Truist, BofA, Capital One, Goldman Sachs, RBC, Fifth Third, KKR, Macquarie (joint); Rule 144A and Regulation S for life; proceeds, along with secured term loans and cash on the balance sheet, to make the 2020 special distribution, also for acquisitions for businesses under the letter of intent, remainder, if any, for general corporate purposes; Eden Prairie, Minn.-based insurance brokerage; investor call 1 p.m. ET on Monday; pricing expected Thursday.

NORTHRIVER MIDSTREAM FINANCE LP: $525 million five-year senior secured notes; Credit Suisse (left lead books), CIBC, HSBC, BMO, RBC, Scotia (joint books); Rule 144A and Regulation S; callable after two years at par plus 50% of coupon; proceeds, together with cash on hand, to pay off tranche A term loan (C$691 million, or approximately $519.3 million as of Oct. 2, 2020); Calgary, Alta.-based oil and gas company; investor call 11 a.m. ET on Tuesday; roadshow Tuesday-Thursday; pricing thereafter.

ROLLS-ROYCE PLC (Ba3/BB-/BB+): £1 billion equivalent minimum medium-term senior notes in euros, British pounds and/or dollars, targeting long five-year and straight seven-year maturities; BNP Paribas, Citigroup, Goldman Sachs (global coordinators, joint bookrunners); Rule 144A and Regulation S; non-callable; proceeds, together with rights issue, to enhance liquidity headroom, for general corporate purposes and to repay upcoming maturities including $500 million 2 3/8% notes due October 2020, €750 million 2 1/8% notes due June 2021 and £300 million commercial paper due March 2021; Manchester, England-based engineering company; roadshow Oct. 6-9.

PRIME FOCUS WORLD NV (DNEG PLC): $375 million senior secured notes due 2025 (B2//BB-); JPMorgan; private; to repay amounts outstanding under term loan, revolver and Indian financing facilities, extend a loan to its parent group of companies, and for general corporate purposes; London-based motion picture effects company; initial price talk 8¼% to 8½%.

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.

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.

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.

PROVIDENCE SERVICE CORP.: $600 million 364-day senior unsecured bridge term loan at Libor plus 525 bps, 1% Libor floor, rate increases by 50 bps every three months up to specified cap, to be replaced with high yield debt possibly including senior notes, revolver, term loans, bridge loans or any combination; also $30 million five-year revolver; debt commitment from Jefferies and Deutsche Bank; to help fund acquisition of Simplura Health Group; Providence is an Atlanta-based manager of non-emergency medical transportation programs disclosed in Sept. 29 8-K.

Roadshows

Started Oct. 5: PENINSULA PACIFIC ENTERTAINMENT $450 million; Credit Suisse

Started Oct. 5: ALLIANT HOLDINGS $775 million; Morgan Stanley, JPMorgan, Truist, BofA, Capital One, Goldman Sachs, RBC, Fifth Third, KKR, Macquarie

Started Oct. 5: LIGADO NETWORKS; JPMorgan, Goldman Sachs, Jefferies

Oct. 5-7: WHITE CAP BUYER $640 million; Deutsche Bank

Oct. 5-7: BRIGHTSTAR $420 million; Jefferies

Oct. 6-8: NORTHRIVER MIDSTREAM $525 million; Credit Suisse

Oct. 6-9: ROLLS-ROYCE £1 billion; BNP Paribas, Citigroup, Goldman Sachs

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