High Yield Calendar: $985 million in the market

April 11 Week

OSCAR ACQUISITIONCO LLC (OLDCASTLE BUILDINGENVELOPE): $985 million two-part notes; $400 million senior secured notes (B1/B) initial talk mid-to-high 6% area, also $585 million eight-year senior unsecured notes (Caa1/CCC+) guidance increased to as much as 11%, after coming into the market with initial talk in the mid-to-high 9% area; JPMorgan; Rule 144A and Regulation S; notes in both tranches non-callable for three years; to help fund the buyout of the company by KPS Capital Partners LP from CRH plc; Dallas-based building supplies and services; roadshow ends Wednesday, with pricing expected thereafter.

On The Horizon

ACURIS FINANCE US, INC. and ACURIS FINANCE SARL, doing business as ION ANALYTICS: $850 million equivalent eight-year senior secured notes (expected ratings B2/B) in tranches of dollar-denominated notes, price talk 6% area (initial talk low-to-mid 6% area), and euro-denominated notes, price talk 4¾% area (initial talk mid-to-high 4% area) tranche sizes to be determined (expected $500 million and $350 million equivalent euro); UBS (left books), BNP Paribas (joint books); Rule 144A and Regulation S for life; notes in both tranches callable after two years at par plus 50% of respective coupons; to refinance debt incurred in the Backstop acquisition, to fund a dividend for repurchase of shares from certain minority shareholders in one or more parent companies, to partially prepay amounts drawn under the credit facility and for general corporate purposes; London-based market analytics and data provider (delayed as of Jan. 28).

CDK GLOBAL INC.: $865 million unsecured bridge loan and $5 billion senior secured credit facilities; debt commitment from Credit Suisse, Goldman Sachs, BMO, Barclays, Deutsche Bank, RBC, TD, Wells Fargo, BofA; to help fund acquisition of CDK Global by Brookfield Business Partners (total enterprise value $8.3 billion); Hoffman Estates, Ill.-based automotive retail technology company; disclosed in 8-K filed with SEC on April 8.

INTERTAPE POLYMER GROUP: $500 million senior unsecured bridge loan and $1.75 billion credit facilities to help fund buyout by Clearlake Capital Group LP (transaction valued approximately $2.6 billion, expected to close in third quarter of 2022) and refinance debt; debt commitment from Credit Suisse, Deutsche Bank, Wells Fargo; also up to $1 billion equity; packaging products manufacturer based in Montreal and Sarasota, Fla.; disclosed in 6-K filed with SEC on April 1.

MONEYGRAM INTERNATIONAL INC.: $500 million unsecured bridge loan and $800 million senior secured credit facilities, debt commitment from Goldman Sachs, Deutsche Bank and Barclays; proceeds plus $810 million equity to fund the buyout of MoneyGram, a Dallas-based digital P2P payments company, by Madison Dearborn Partners LLC; disclosed in 8-K filed with the SEC on Feb. 16.

SCHWEITZER-MAUDUIT INTERNATIONAL INC.: $648 million 364-day senior unsecured bridge loan at SOFR+CSA plus 925 bps with step ups (capped at SOFR+CSA plus 1,075 bps), 0.75% floor, to be replaced by senior notes and/or incremental senior secured term loan; JPMorgan lead on debt commitment; financing in connection with Schweitzer-Mauduit merger with Neenah Inc., expected to close in second half of 2022; Schweitzer-Mauduit and Neenah are Alpharetta, Ga.-based manufacturers of specialty materials; information disclosed in 8-K filed on March 28 with SEC.

TENGA INC.: $1.496 billion senior secured bridge loan and $2.715 senior unsecured bridge loan; also $4 billion senior secured credit facilities; debt commitment from RBC, BofA, Goldman Sachs, Truist, BNP, Credit Suisse, Jefferies, Mizuho, TD, Barclays, Deutsche Bank, MUFG, Citizens, SMBC; to help fund its acquisition by Standard General LP, expected to close in second half of 2022; Tysons, Va.-based media company; information disclosed in PREM14A filed on March 25 with SEC.

TENNECO: $3 billion high-yield notes: $2 billion senior secured notes and $1 billion senior unsecured notes; also $3 billion senior secured credit facilities; to help fund acquisition of Tenneco by Apollo (enterprise value approximately $7.1 billion), expected to close during second half of 2022, and refinance some existing debt; also $1.65 billion of equity; Lake Forest, Ill.-based designer, manufacturer and marketer of automotive products for original equipment and aftermarket customers; information disclosed in PREM14A filed with SEC on March 15.

VIASAT INC.: $1.6 billion senior notes (assumed pricing 5½%), also $700 million term loan; debt commitment from BofA, JPMorgan, Barclays, Credit Suisse; proceeds to support the acquisition of Inmarsat, expected to close during second half of 2022; Carlsbad, Calif.-based Viasat and London-based Inmarsat are satellite telecommunications companies.

Roadshow

April 9-13: OSCAR ACQUISITIONCO LLC (OLDCASTLE BUILDINGENVELOPE) $985 million; JPMorgan

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