High Yield Calendar

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.

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.

TECHTARGET INC.: Bridge loan from JPMorgan to be taken out with debt securities, bank loans and public or private equity offerings; to help fund $150 million acquisition of BrightTALK, expected to close by end of 2020; TechTarget is a provider of purchase intent-driven marketing and sales services for enterprise technology companies; BrightTALK is a marketing platform for webinars and virtual events in the enterprise IT market; disclosed in Dec. 10 press release.

TRISEO SA: $800 million bridge loan ($350 million secured, $450 million unsecured), also $400 million senior secured credit facility, Deutsche Bank Securities Inc.and HSBC provided the debt commitment; to help fund its acquisition of Arkema SA’s polymethyl methacrylates and activated methyl methacrylates businesses (PMMA), expected to close mid-2021; Berwyn, Pa.-based materials company and manufacturer of plastics, latex binders and synthetic rubber; disclosed in Dec. 17 8-K filed with SEC.

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