High Yield Calendar: $2.65 billion in the market

January 17 Week

VISTAJET MALTA FINANCE PLC and XO MANAGEMENT HOLDING, INC.: $800 million senior notes due 2030; BofA (joint physical books, bill and deliver), Jefferies (joint physical books), Barclays, Credit Suisse (co's); Rule 144A and Regulation S for life; callable after three years at par plus 50% of coupon; to redeem the 10½% notes due 2024; Luqa, Malta-based aviation company; roadshow Jan. 19-21, pricing expected thereafter; initial talk high 6% area to 7%.

BAUSCH HEALTH COS. INC.: $1 billion secured notes; also $2.5 billion seven-year senior secured term loan via Barclays, set to kick off on June 19 lender call; to help redeem in full 6 1/8% senior notes due 2025, refinance all term loan B debt, partially redeem 9% senior notes due 2025; Laval, Quebec-based health care company; possible business for Jan. 17 week; initial guidance mid-5% area.

EMBECTA CORP.: Expected $500 million senior secured notes; also $1.65 billion senior secured credit facilities via Morgan Stanley, JPMorgan, Citigroup, Wells Fargo, MUFG, US Bancorp, BNP Paribas; to launch Jan. 18; to fund the spinoff of the company from Becton, Dickinson and Co., including cash distribution to Becton, Dickinson, expected to close in second quarter of 2022, and for general corporate purposes; diabetes care company.

ZENITH FINCO PLC (ZENITH AUTOMOTIVE HOLDINGS LTD.): £475 million 5.5-year green senior secured notes (expected ratings B1/B+); HSBC (joint global coordinator, physical books, bill and deliver), Barclays (joint global coordinator, physical books), Goldman Sachs International, NatWest Markets (joint books); Rule 144A and Regulation S; callable after two years at par plus 50% of coupon; to repay debt; Leeds, U.K.-based independent vehicle leasing, outsourcing and fleet management services provider; roadshow Jan. 17-19, pricing thereafter.

January 24 Week

COVIS FINCO SARL (COVIS PHARMA) $850 million two-part five-year senior secured notes: $475 million dollar-denominated notes, initial talk 7½% area, and $375 million equivalent euro-denominated notes; Barclays (left books), HSBC, Mizuho, MUFG, BNP Paribas, RBC (joint books); Rule 144A and Regulation S for life; non-callable for two years; proceeds plus $350 million term loan to refinance debt including debt incurred to finance products acquired from AstraZeneca; Zug, Switzerland-based specialty pharmaceutical company; investor call 10 a.m. ET Jan. 20; books close 5 p.m. ET on Jan. 26, pricing thereafter.

On The Horizon

ENTEGRIS INC.: Up to $895 million 364-day senior unsecured bridge loan, and up to $4 billion term loan B; Morgan Stanley; proceeds plus cash on hand to fund the cash portion of the acquisition of CMC Materials Inc., expected to close in the second half of 2022, also refinance certain CMC and Entegris debt, to fund working capital and for general corporate purposes; Billerica, Mass.-based Entegris and Aurora, Ill.-based CMC Materials supply products and services to the semiconductor industry; financing disclosed in 8-K filed with SEC on Dec. 16.

MCAFEE CORP.: $2.32 billion senior unsecured bridge facility, which may be replaced with senior notes; also $7.66 billion credit facilities; debt commitment from JPMorgan, BofA, Credit Suisse, Barclays, Citigroup, HSBC, RBC, CPPIB, UBS, PSP; to help fund its acquisition by an investor group led by Advent International Corp., Permira Advisers LLC, Crosspoint Capital Partners, Canada Pension Plan Investment Board, GIC Private Ltd. and Abu Dhabi Investment Authority, expected to close in first half of 2022; San Jose, Calif.-based provider of online protection for consumers; information from 8-K filed with SEC on Nov. 8.

PRINCE INTERNATIONAL CORP.: $1.26 billion senior notes and $2.27 billion credit facilities, debt commitment from Barclays and Credit Suisse; proceeds plus $200 million of equity to help fund its acquisition of Ferro Corp., expected to close in the first quarter of 2022; Prince is a Houston-based supplier of specialty products for niche applications in the construction, electronics, consumer products, agriculture, automotive, oil & gas, industrial and other end markets; disclosed in PREM14A filed with SEC.

SPX FLOW INC.: $570 million senior unsecured bridge loan expected to be replaced by senior notes issue; also $1.74 billion senior secured credit facilities; debt commitment from Citigroup, BofA, RBC, Truist, BNP Paribas, Deutsche Bank; to help fund buyout by Lone Star Funds, expected to close in first half of 2022, to refinance debt and for general corporate purposes; Charlotte, N.C.-based provider of process solutions for the nutrition, health and industrial markets; disclosed in PREM14A filed on Jan. 11 with SEC.

Roadshows

Started Jan. 19: VISTAJET $800 million; BofA

Started Jan. 19: COVIS PHARMA $850 million; Barclays

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