High Yield Calendar: $350 million and €1.77 billion deals being marketed

May 9 Week

PERFORMANCE FOOD GROUP, INC.: $350 million senior notes due 2024; Credit Suisse Securities (USA) LLC, Barclays, Wells Fargo Securities LLC, BMO Securities, Blackstone, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC (joint books); Rule 144A and Regulation S for life; callable after three years at par plus 50% of coupon; 40% equity clawback until 180 days after the close of an equity offering; 101% poison put; to refinance bank debt; Richmond, Va.-based foodservice distributor; roadshow starts Tuesday; pricing later this week.

BiSOHO SAS (SMCP SAS) €470 million senior secured notes in two parts: Seven-year fixed-rate notes with three years of call protection and 6.5-year floating-rate notes callable after one year at 101, tranche sizes to be determined; JPMorgan (global coordinator, physical books, bill and deliver), Commerzbank (joint books), KKR (lead manager); Rule 144A and Regulation S; to refinance debt and partially finance the acquisition of SMCP by Shandong Ruyi Group; French apparel retailer; roadshow May 9-12, pricing thereafter.

VOLVO CAR AB: €500 million five-year senior notes; HSBC (global coordinator, bill and deliver), Barclays (global coordinator), ING, Nordea, SG CIB, Swedbank (joint books); Regulation S only; non-callable; 101% poison put; for general corporate purposes; Gothenburg, Sweden-based car and truck manufacturer; roadshow May 9-12, pricing thereafter.

BARRY CALLEBAUT AG: €350 million senior fixed-rate notes with a maturity of eight- to 10 years; Credit Suisse, ING, Rabobank, SG CIB (joint lead managers and active bookrunners); Regulation S only; to repay debt and general corporate purposes; Zurich-based chocolate-maker; roadshow starts May 11.

WEPA HYGIENEPRODUKTE GMBH: €450 million senior secured notes due 2024 (expected ratings B1/BB); Deutsche Bank (joint books, bill and deliver), HSBC (joint books); Rule 144A and Regulation S; non-callable for three years; to refinance debt and general corporate purposes; Amsberg, Germany-based producer and supplier of tissue products; roadshow May 9-11.

Expected May Business

DELL INC.: Up to $25 billion in senior secured and unsecured notes backed by a commitment for a $16 billion senior secured bridge facility and a $9 billion senior unsecured bridge; Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC; also $20.5 billion credit facility; to help fund the acquisition of EMC Corp. in a transaction valued at about $67 billion, expected to close in the middle part of 2016; Dell is a Round Rock, Texas-based technology and services company; EMC is a Hopkinton, Mass.-based technology company.

On The Horizon

ALBERTSONS COS. INC.: New senior notes and credit facility following the consummation of its initial public offering of common stock; to repay and terminate existing ABL facilities and the ABS/Safeway term loan; Boise, Idaho-based food and drug retailer (S-1/A filed with the Securities and Exchange Commission on Sept. 25).

AMSURG CORP.: $3.7 billion in new financing to be raised through a combination of senior secured credit facilities and senior notes, to fund the proposed merger with Team Health Holdings Inc. (Guggenheim Securities LLC and J.P. Morgan Securities LLC expressed confidence in their ability to finance the proposed acquisition via the debt markets); the combined company would assume the Team Health name, and would continue to operate out of Team Health's headquarters in Knoxville, Tenn.; AmSurg is a Nashville, Tenn.-based acquirer, developer and operator of ambulatory surgery centers in partnership with physicians; Team Health is a provider of outsourced physician staffing solutions for hospitals.

AMC ENTERTAINMENT HOLDINGS INC.: $300 million of subordinated notes; also $325 million incremental senior secured term loan B due Dec. 15, 2022; to help fund acquisition of Carmike Cinemas Inc.; term loan B commitment allows for increase to $560 million in order to backstop the change-of-control put option in the existing Carmike notes; notes backed by a commitment for a $300 million one-year subordinated bridge loan priced at Libor plus 550 bps with a 1% Libor floor, spread increases 50 bps every three months until it hits a cap; Citigroup Global Markets Inc.; closing expected in fourth quarter; Leawood, Kan.-based movie exhibitor.

CORUS ENTERTAINMENT INC. C$300 million seven-year senior notes (/B+/DBRS: B high); RBC Capital Markets, TD Securities; non-callable for three years; to fund proposed C$2.65 billion acquisition of Calgary, Alta.-based television broadcaster Shaw Media Inc., expected to close in the third quarter of 2016; financing also includes C$2.3 billion committed credit facilities from RBC Capital Markets; Corus Entertainment is a media and entertainment company based in Calgary; early guidance 8% area; roadshow was expected to start Feb. 16.

DYNEGY INC. and ENERGY CAPITAL PARTNERS: $1.85 billion secured debt facility, a portion of which can be moved into bonds; to help fund the acquisition of ENGIE’s U.S. fossil portfolio; indicative pricing on the term loan is Libor plus 525 bps with the ability to flex up by about another 275 bps, at 98 indicative OID; other funds for the acquisition will come from a $400 million junior bridge provided by Energy Capital and $1.19 billion in equity from Dynegy and Energy Capital (bridge priced at 11% with a PIK option); Dynegy is a Houston-based energy company.

ENTRANS INTERNATIONAL, LLC and ENTRANS INTERNATIONAL FINANCE CORP.: $250 million senior secured notes due 2020 (B2/B); Credit Suisse Securities (USA) LLC (sole); Rule 144A and Regulation S for life; callable after three years at par plus 50% of the coupon; three-year 40% equity clawback; 101% poison put; to refinance debt; Cleveland, Tenn.-based manufacturer of tanker trailers and industrial equipment.

KONECRANES TEREX PLC: $1.15 billion senior unsecured bridge loan and $1.65 billion senior secured credit facility (euro portion of the term loan can be sized at up to €450 million); Credit Suisse Securities (USA) LLC; to help fund the merger of Terex Corp. and Konecranes plc, expected to close in the first half of 2016, to refinance bank debt at both companies; Konecranes is a Finland-based provider of lifting solutions as well as services for lifting equipment and machine tools; Terex is a Westport, Conn.-based diversified equipment manufacturer.

PRIME HEALTHCARE SERVICES, INC.: $700 million senior notes due 2023 (B3/B+); Wells Fargo Securities LLC (left books), Barclays (joint books), BBVA, Capital One, CIT Group (co's); Rule 144A and Regulation S for life; callable after three years at par plus 75% of coupon; to fund acquisition pipeline, refinance credit facility, fund a special dividend; Ontario, Calif.-based owner and operator of acute care hospitals; investor call July 21; price talk 7˝% area.

SOLARWINDS: $580 million senior secured second-lien notes and $1.63 billion credit facility; Goldman Sachs Lending Partners LLC, Credit Suisse Securities (USA) LLC, Macquarie Capital (USA) Inc., Nomura Securities International Inc. and Broad Street Credit Holdings LLC provided the debt commitment; to help fund buyout by Silver Lake Partners and Thoma Bravo LLC, expected to close in the first quarter of 2016; Austin, Texas-based provider of IT management software.

STERIGENICS-NORDION HOLDINGS LLC: $120 million senior secured notes (B1/B); to help fund the acquisition of Nelson Laboratories Inc. and for general corporate purposes; Oak Brook, Ill.-based provider of sterilization services; expected April business.

SUNOPTA FOODS INC.: $300 million senior secured second-lien notes due 2023; Rule 144A and Regulation S; proceeds, together with borrowings under its senior secured asset-based revolving credit facility, to repay in full the term loans outstanding under the second-lien loan agreement, dated Oct. 9, 2015, borrowed in connection with the acquisition of Sunrise Holdings (Delaware), Inc., the direct parent company of Sunrise Growers, Inc.; Toronto-based company focused on organic, non-genetically modified ("non-GMO") and specialty foods; syndicate names and timing pending (last October the company postponed $330 million seven-year secured second-lien notes, via BMO, Jefferies and Rabobank, due to market conditions, talked at a discount to yield 10%).

WESTERN REFINING INC.: $380 million of bank or capital markets debt to help fund its acquisition of all of the outstanding common units of Northern Tier Energy LP that it does not already own, expected to close during the first half of 2016; Goldman Sachs acted as financial adviser to Western Refining; Western Refining is an El Paso, Texas-based independent refining and marketing company; Northern Tier is a Tempe, Ariz.-based independent downstream energy company.

YUM! BRANDS INC.: New high-yield notes and bank loans as part of a plan to optimize its capital structure; proceeds to refinance the company’s roughly $2 billion unsecured term loan bridge facility and for general corporate purposes; Louisville, Ky.-based quick-service restaurant operator; expected to close in the second quarter.

Roadshows

May 9-12: BiSOHO €470 million; JPMorgan, Commerzbank.

May 9-12: VOLVO CAR €500 million; HSBC, Barclays, ING, Nordea, SG, Swedbank.

Started May 9: WEPA HYGIENEPRODUKTE €450 million; Deutsche Bank, HSBC.

Starts May 10: PERFORMANCE FOOD $350 million; Credit Suisse, Barclays, Wells Fargo, BMO, Blackstone, JPMorgan, Morgan Stanley.

Starts May 11: BARRY CALLEBAUT €350 million; Credit Suisse, ING, Rabobank, SG CIB.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.