High Yield Calendar: $1.45 billion and C$130 million deals being marketed

November 21 Week

GENESYS TELECOMMUNICATIONS LABORATORIES, INC.: $700 million senior notes due 2024 (Caa2/CCC); Goldman Sachs & Co. (left books), BofA Merrill Lynch, Citigroup Global Markets Inc., RBC (joint books); Rule 144A and Regulation S for life; non-callable for three years; proceeds, together with new credit facility, to fund the acquisition of Interactive Intelligence Group, Inc., as well as for general corporate purposes, including debt repayment; Genesys is a San Francisco-based provider of customer experience and contact center solutions; Interactive Intelligence is an Indianapolis-based provider of cloud and on-premise customer engagement, communications and collaboration solutions; roadshow Nov. 14-18, pricing thereafter; price talk 10% to 10¼%.

CONDUENT INC.: $750 million senior notes due 2024 (expected ratings B2/B+); BofA Merrill Lynch, J.P. Morgan Securities LLC, BNP Paribas Securities Corp., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., Mizuho Securities (joint); non-callable for three years; to help fund the company’s spin-off from Xerox Corp.; provider of business process services with expertise in transaction-intensive processing, analytics and automation; roadshow Nov. 14-18; guidance widened to 9%-plus from initial guidance of 7¾% to 8%.

SOURCE ENERGY SERVICES via SOURCE ENERGY SERVICES CANADA LP and SOURCE ENERGY SERVICES HOLDINGS LTD.: C$130 million unrated senior secured first-lien notes due 2021; BMO Securities (left books), Raymond James & Associates Inc. (joint books); Rule 144A and Regulation S for life; callable after two years at par plus 75% of coupon; two-year 35% equity clawback at par plus coupon; 101% poison put; to repay debt under the existing credit facility and the prepayment note, and for general corporate purposes; Calgary, Alta.-based fully integrated supplier of Northern White frac sand and related logistics, and well services to customers in Western Canada and the U.S.; roadshow starts Nov. 16.

STUDIO CITY FINANCE LTD.: New senior secured notes (B1/BB-) due 2019, non-callable, and due 2021, non-callable for two years; Deutsche Bank, BofA Merrill Lynch, ANZ, Bank of China (joint); Rule 144A and Regulation S; proceeds, together with cash on hand, to pay off the HK$10,855,880,000 senior secured term loan and revolver dated Jan. 28, 2013; hotel and entertainment project in Macau that is a 60% owned indirect subsidiary of Melco Crown Entertainment Ltd. and a 40% directly owned subsidiary of New Cotai LLC; expected to price in Nov. 21 week.

MEDICAL PROPERTIES TRUST, INC.: Expected benchmark euro-denominated notes, eight-year maturity expected (Ba1/BBB-); Credit Agricole CIB, Goldman Sachs & Co.; Birmingham, Ala.-based self-advised real estate investment trust focused on investing in and owning net-leased health care facilities.

On The Horizon

AMERICAN AXLE & MANUFACTURING HOLDINGS INC.: $1.2 billion senior unsecured bridge and $2.45 billion senior secured credit facility; JPMorgan; to fund the acquisition of Metaldyne Performance Group Inc., expected to close during the first half of 2017; American Axle is a Detroit-based manufacturer and designer of driveline and drivetrain systems and related components and modules, chassis systems, electric drive systems and metal-formed products; Metaldyne is a Plymouth, Mich.-based provider of highly engineered lightweight components for use in powertrain and suspension applications for the vehicle markets.

ELDORADO RESORTS INC.: $375 million eight-year senior notes; also $1.75 billion credit facility; J.P. Morgan Securities LLC is the lead bank on the debt; to help fund its acquisition of Isle of Capri Casinos Inc., expected to close in the second quarter of 2017; Eldorado Resorts is a Reno, Nev.-based casino entertainment company; Isle of Capri is a St. Louis-based gaming and entertainment company.

EXAMWORKS GROUP INC.: $340 million eight-year senior notes; BofA Merrill Lynch, Barclays, Deutsche Bank Securities Inc. and SunTrust Robinson Humphrey Inc.; also $920 million credit facility; help fund buyout by Leonard Green & Partners LP; Atlanta-based provider of independent medical examinations, peer reviews, bill reviews, Medicare compliance, case management and related services; expected June business.

GTT COMMUNICATIONS INC.: $300 million senior notes (bridged) and $775 million credit facility; KeyBanc Capital Markets Inc., Credit Suisse Securities (USA) LLC; to help fund its acquisition of Hibernia Networks, expected to close by the end of the first quarter of 2017, and refinance existing debt; GTT is a McLean, Va.-based cloud networking provider; Hibernia is a provider of high-speed network connectivity solutions and an owner of terrestrial and subsea fiber assets.

LESLIE'S POOLMART INC.: $390 million senior notes, downsized from $420 million with the upsizing of the term loan to $810 million from $780 million (term loan, via Nomura, launched in late July); to refinance debt and fund a dividend; Phoenix-based retailer of swimming pool supplies and related products.

MMI INTERNATIONAL LTD. $300 million senior secured notes due 2021 (expected ratings B2/B+); Goldman Sachs & Co. (left books), ANZ, KKR, Standard Chartered (joint books); Rule 144A and Regulation S; pay down term loan A; Singapore-based technology company with a focus on key components for the hard disk drive industry; international roadshow ran in late October into early November; initial guidance 9% area.

TEEKAY OFFSHORE PARTNERS LP: $250 million minimum bonds due in 2018 and 2019 to be offered in the U.S. and Norwegian markets, expected to receive third-party credit ratings as energy markets improve; to refinance debt; Hamilton, Bermuda-based provider of marine transportation, oil production, storage, towage and maintenance and safety services to the oil industry; announced in June 17, 2016 press release.

U.S. XPRESS ENTERPRISES INC.: $320 million eight-year senior notes (B3/B+); J.P. Morgan Securities LLC, Wells Fargo Securities LLC (joint); non-callable for three years; to repay term loan and 2007 restated term loan; Chattanooga, Tenn.-based intermodal freight company.

VALEANT PHARMACEUTICALS INTERNATIONAL INC.: Possible secured notes with five-year minimum maturity; to repay existing credit facilities; disclosed as part of a credit amendment launched Aug. 9 via Barclays; Laval, Quebec-based specialty pharmaceutical company.

Roadshows

Started Nov. 15: STUDIO CITY to-be-determined dollar-denominated; Deutsche Bank, BofA Merrill Lynch, ANZ, Bank of China.

Starts Nov. 16: SOURCE ENERGY SERVICES C$130 million; BMO, Raymond James.

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