High Yield Calendar: $650 million deals being marketed

November 30 Week

RP ESCROW ISSUER, LLC, to be merged with and into RADIOLOGY PARTNERS, INC.: $650 million five-year senior secured notes; Barclays, Goldman Sachs, JPMorgan, Deutsche Bank, Fifth Third, BofA (joint); Rule 144A and Regulation S for life; callable after two years at par plus 50% of coupon (special call allows issuer to redeem 10% annually at 103 during non-call period); to fund the acquisition of Mednax Radiology Solutions; Radiology Partners is an El Segundo, Calif.-based radiology services provider; investor call 10:30 a.m. ET on Thursday; price talk 5 3/8% area; pricing Friday.

Expected December Business

LBM ACQUISITION, LLC: $390 million unsecured debt; also $1.2 billion term loan and $300 million delayed-draw term loan launch Tuesday via Barclays, BofA, Credit Suisse, RBC, Truist, Deutsche Bank, US Bancorp; to fund the buyout of the company by Bain Capital; Buffalo Grove, Ill.-based distributor of specialty building materials.

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%).

ENDURANCE INTERNATIONAL GROUP HOLDINGS INC.: $470 million senior notes and $2.03 billion bank debt; JPMorgan, BofA, Deutsche Bank, UBS are joint bookrunners on debt financing (BofA administrative agent on bridge loan); also $980 million equity; to help fund its acquisition of the company by Clearlake Capital Group LP in a transaction valued at approximately $3 billion, expected to close first quarter of 2021; Burlington, Mass.-based provider of cloud-based business services; disclosed in PREM14A filed with SEC on Dec. 1, 2020.

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; financing 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.

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