High Yield Calendar: $1.99 billion and €685 million deals being marketed

Nov. 16 Week

CP ATLAS BUYER, INC. also known as AMERICAN BATH GROUP: $335 million eight-year senior notes (existing ratings Caa2/CCC+); RBC (left lead books, bill and deliver), Credit Suisse, BofA, BMO, Truist, Barclays, UBS, Fifth Third, Stifel, Apollo, KKR (joint books); Rule 144A for life; non-callable for three years; to pay off bridge credit facility (if the acquisition of American Bath by Centerbridge Partners is consummated substantially concurrently with or following the closing of this offering, the company may elect not to borrow funds under the bridge, in which case proceeds will be used to fund the acquisition); Savannah, Tenn.-based designer and manufacturer of fiberglass reinforced plastic, sheet molded compound and acrylic bathtubs and showers; roadshow Tuesday-Thursday; investor call noon ET Tuesday; pricing late in Nov. 16 week; initial guidance 8% area.

DOUBLE EAGLE III MIDCO 1 LLC and DOUBLE EAGLE FINANCE CORP.: $650 million five-year senior notes (expected ratings B3/B/BB-); Citigroup (lead active books), JPMorgan (joint active books), Goldman Sachs, BBVA, BMO, CIBC, Mizuho, PNC, KeyBanc, RBC, MUFG, US Bancorp (joint books), CIT (co); Rule 144A and Regulation S for life; callable after two years at par plus 50% of coupon; to repay debt including credit facility and second-lien term facility, general corporate purposes; Fort Worth-based independent energy company; pricing Friday morning.

IPD 3 BV (INFOPRO DIGITAL) €685 million two-part five-year senior secured notes (expected ratings B3/B-): fixed-rate notes with two years of call protection, initial guidance low 6% area, and floating-rate notes with one year of call protection, initial guidance low 6% area yield (factoring spread and OID); JPMorgan (global coordinator, bookrunner, bill and deliver), BNP Paribas (global coordinator, bookrunner), BofA, Deutsche Bank, SG (bookrunners); Rule 144A and Regulation S; to refinance debt; London-based B2B media and business information services provider; roadshow through Nov. 18.

Nov. 23 Week

ARCHES BUYER INC. (ANCESTRY.COM) $1 billion high-yield notes: $450 million 7.5-year senior first-lien notes (B1/B) initial talk low-to-mid 5% area, and $550 million eight-year senior unsecured notes (Caa1/CCC+) initial talk mid-to-high 7% area; BofA, Credit Suisse, Morgan Stanley, Barclays, JPMorgan (joint), Blackstone (co); Rule 144A and Regulation S; notes in both tranches callable after three years at par plus 50% of respective coupons; proceeds, together with new credit facilities, cash and sponsor equity to finance the acquisition of Ancestry.com by Blackstone, pay off existing credit facilities, and provide cash on hand to Ancestry.com; provider of family history and consumer genomics services; roadshow through Nov. 23; investor call 11 a.m. ET on Wednesday.

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%).

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

Nov. 17-19: AMERICAN BATH GROUP: $335 million; RBC

Through Nov. 19: INFOPRO DIGITAL €685 million; JPMorgan

Started Nov. 17: ANCESTRY.COM $1 billion; BofA, Credit Suisse, Morgan Stanley, Barclays, JPMorgan

Pricing Nov. 19: DOUBLE EAGLE $650 million; Citigroup

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