High Yield Calendar: $3.31 billion and €1.74 billion deals being marketed

October 19 Week

PROVIDENCE SERVICE CORP.: $500 million five-year senior notes; Jefferies, Deutsche Bank, BofA, Truist, Regions; Rule 144A and Regulation S for life; callable after two years at par plus 50% of coupon; to fund the acquisition of Simplura Health Group; Providence Service is a Stamford, Conn.-based technology-enabled health care services company; roadshow Oct. 19-21, pricing thereafter; initial talk 6¼% to 6½%.

SIZZLING PLATTER, LLC and SIZZLING PLATTER ISSUER CORP.: $325 million five-year senior secured notes; UBS (joint books, bill and deliver), Mizuho (joint books); Rule 144A and Regulation S for life; callable after two years at par plus 50% of coupon; to refinance debt; Murray, Utah-based parent company of restaurant chains; investor call 10 a.m. ET on Tuesday; initial talk high 7% area; pricing later in Oct. 19 week.

MULTI-COLOR CORP. via LABL INTERMEDIATE HOLDING CORP.: $500 million five-year senior PIK toggle notes; BofA, Deutsche Bank, Guggenheim, BMO, Barclays, Credit Suisse, Morgan Stanley; Rule 144A and Regulation S; callable after one year at par plus 50% of coupon (after the non-call period, in connection with (but not prior to) an initial public offering or company sale, the notes may be redeemed at 50% of the applicable redemption premium); to fund a dividend; Batavia, Ohio-based label producer; investor call 11 a.m. ET on Tuesday; roadshow through Thursday; initial guidance low 12% area cash coupon, 75 bps increase for PIK.

PRIME HEALTHCARE SERVICES, INC.: $610 million five-year senior secured notes; Barclays, BBVA, KeyBanc (joint); Rule 144A and Regulation S for life; callable after two years a par plus 50% of coupon; to redeem certain secured debt and/or general corporate purposes; Ontario, Calif.-based health care services provider; virtual roadshow Tuesday-Thursday; investor call 11 a.m. ET on Wednesday; pricing Friday.

AKUMIN INC.: $375 million five-year senior secured notes; Barclays, Citigroup, Morgan Stanley, BBVA (joint), Raymond James (co); Rule 144A and Regulation S for life; callable after two years at par plus 50% of coupon; to refinance existing senior secured credit facilities; Toronto-based provider of diagnostic imaging services; virtual roadshow Tuesday-Thursday; investor call 1 p.m. ET on Wednesday; initial talk low 7% area; pricing Friday.

HIGHLANDS HOLDINGS BOND ISSUER, LTD. and HIGHLANDS HOLDINGS BOND CO-ISSUER, INC. (ASPEN INSURANCE): $500 million five-year senior secured PIK toggle notes; Jefferies, Goldman Sachs (joint), Apollo (co); Rule 144A and Regulation S for life; callable after two years at par plus 50% of coupon; to provide additional capital to operating group, fund a distribution and pay for the initial period’s interest expense; Hamilton, Bermuda-based insurance and reinsurance services; roadshow Tuesday-Friday; investor call 2 p.m. ET on Tuesday; pricing end of Oct. 19 week.

ADVANTAGE SALES & MARKETING INC.: $500 million eight-year senior secured notes (B2/B); BofA; non-callable for three years; to refinance debt in connection with the acquisition by Conyers Park II Acquisition Corp.; Irvine, Calif.-based provider of outsourced sales and marketing services; pricing Oct. 9 week.

ADEVENTINA €1.06 billion two-part senior secured notes: five-year non-call two-year notes with initial talk in the 3 1/8% area and seven-year non-call three-year notes with initial talk in the 3½% area, tranche sizes to be determined; Citigroup (joint global coordinator, physical bookrunner, bill and deliver), Barclays (joint global coordinator, physical bookrunner), BNP Paribas, DNB, JPMorgan (joint books), to refinance debt and help fund acquisition of eBay Classifieds Group; Adeventina is Oslo-based online classifieds company; roadshow through Oct. 22.

GETLINK SE: €700 million senior secured green notes due 2025; BNP Paribas, Goldman Sachs (joint global coordinators and active bookrunners), SG (joint bookrunner); non-callable for two years; to refinance €550 million of the company's 3 5/8% senior secured green notes due 2031; Paris-based manager and operator of the Channel Tunnel between England and France. formerly known as Groupe Eurotunnel; pricing expected during Oct. 19 week.

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.

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.

VIRTUSA CORP.: $300 million unsecured notes; also $725 million of senior secured credit facilities; BofA, Barclays, Goldman Sachs, Deutsche Bank, HSBC and Nomura provided the debt commitment; to help fund acquisition of the company by Baring Private Equity Asia in a transaction valued at approximately $2 billion, expected to close during first half of 2021; Southborough, Mass.-based provider of digital strategy, digital engineering, and IT services; disclosed in Oct. 7 PREM14A filed with the SEC.

Roadshows

Started Oct. 19: MULTI-COLOR $500 million; BofA, Deutsche Bank, Guggenheim, BMO, Barclays, Credit Suisse, Morgan Stanley

Oct. 19-21: PROVIDENCE SERVICE $500 million; Jefferies, Deutsche Bank, BofA, Truist

Oct. 20-22: PRIME HEALTHCARE SERVICES $610 million; Barclays, BBVA, KeyBanc

Oct. 20-22: AKUMIN $375 million; Barclays, Citigroup, Morgan Stanley

Through Oct. 22: ADEVENTINA €1.06 billion; Citigroup, Barclays

Oct. 20-23: ASPEN INSURANCE $500 million; Jefferies, Goldman Sachs

Pricing Oct. 19 week: SIZZLING PLATTER $325 million; UBS

Pricing Oct. 19 week: ADVANTAGE SALES & MARKETING $500 million; BofA

Pricing Oct. 19 week: GETLINK €700 million; BNP Paribas, Goldman Sachs

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