High Yield Calendar: $1.13 billion and £800 million deals being marketed

May 29 Week

CONSOLIDATED ENERGY FINANCE SA $300 million five-year floating-rate notes (B2/BB-), one year of call protection, launched with 375 bps spread to Libor, 0% Libor floor, at 99.75 (price talk was Libor plus 375 bps, 0% Libor floor at 99.75, on top of initial guidance); Morgan Stanley & Co. LLC (sole books), J.P. Morgan Securities LLC, Credit Agricole CIB (co's); Rule 144A and Regulation S for life; to refinance debt; Miami-based holding company that acquires and develops companies which focus on alternative waste management and energy production; roadshow May 23-24; pricing May 30 (coming as a tranche of an upsized $800 million (from $500 million, then from $550 million) two-part offering of senior notes which also included $500 million of 6 7/8% notes due June 15, 2025 (B2/BB-) that priced at 99.50 to yield 6.957% on May 26).

ORCHESTRA BORROWER LLC and ORCHESTRA CO-ISSUER, INC. (VIRTU FINANCIAL INC.): $825 million senior secured second-lien notes due 2022; J.P. Morgan Securities LLC; non-callable for two years; Rule 144A and Regulation S; also $825 million term loan B; to help fund acquisition of New York-based independent securities firm KCG Holdings Inc., expected to close in the third quarter of 2017, and repay, refinance or retire certain Virtu and KCG debt; Virtu is a New York-based technology-enabled market maker and liquidity provider to the financial markets; expected to price May 29 week at the conclusion of roadshow.

KIRS MIDCO 3 PLC £800 million equivalent three-part five-year senior secured notes (expected ratings B3/B): Sterling-denominated and dollar-denominated fixed-rate notes, callable after two years at par plus 50% of coupon, and sterling-denominated floating-rate notes, non-callable for one year; BofA Merrill Lynch (global coordinator, sole physical books), Barclays, Credit Suisse, Goldman Sachs, KKR (books); Rule 144A and Regulation S for life; to refinance debt, finance the acquisitions of Direct Group and Chase Templeton, and overfund cash on balance sheet; insurance group based in Kent, England; European roadshow May 26-30, U.S. roadshow May 31-June 2.

GLOBALWORTH REAL ESTATE INVESTMENT LTD. (Ba2/BB+) Euro-denominated debt securities via Regulation S; Deutsche Bank, JPMorgan, and UBS Investment Bank; Guernsey-based real estate company formed to take advantage of investment opportunities in the South Eastern Europe and Central and Eastern Europe markets, with a primary focus on properties located in Romania; announced May 25.

NORWEGIAN AIR SHUTTLE ASA: Possible krone-denominated 3.5-year bond and potential tap of existing 7¼% euro-denominated notes (€185 million outstanding, €250 million borrowing limit); Arctic Securities, Danske Bank, DNB Markets, SEB; to refinance outstanding floating-rate notes and general corporate purposes; Fornebu, Norway-based passenger airline; investor meetings May 22.

On The Horizon

AVANTOR: $2.25 billion senior unsecured bridge facilities in U.S. dollars and possibly euros; along with $5.5 billion in senior secured credit facilities to help fund acquisition of VWR International LLC; Goldman Sachs Bank USA, Barclays and Jefferies LLC are the leads on the bank debt; closing expected in the third quarter; Center Valley, Pa.-based supplier of ultra-high-purity materials for the life sciences and advanced technology industries.

BRAND ENERGY & INFRASTRUCTURE SERVICES: $700 million bridge loan; also $3.33 billion credit facility; Goldman Sachs, Barclays, ING Capital and Natixis; to help fund its acquisition of Safway Group from Odyssey Investment Partners; Brand Energy, a portfolio company of Clayton, Dubilier & Rice, is a Kennesaw, Ga.-based provider of specialized services to energy, industrial and infrastructure customers; Safway is a Waukesha, Wis.-based provider of scaffolding and motorized aerial access solutions and insulation and coating services to commercial, industrial and infrastructure customers; announced in March 23 press release.

CENTURYLINK: $2.15 billion senior secured bridge loan launched Feb. 10 via Morgan Stanley (other banks involved in the debt commitment include Bank of America, MUFG, Barclays, JPMorgan, Wells Fargo, RBC, Goldman Sachs, SunTrust, Mizuho, Regions Bank, Fifth Third, Credit Suisse and U.S. Bank); help fund acquisition of Level 3 Communications Inc., expected to close in the third quarter of 2017; Monroe, La., communications, hosting, cloud and IT services 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; was expected as June 2016 business.

EXELA TECHNOLOGIES $825 million high-yield notes: $525 million secured notes due 2023 (B2/B+) and $300 million unsecured notes due 2024 (Caa2/CCC+); RBC Capital Markets, Credit Suisse Securities (USA) LLC; also $625 million credit facility via RBC, Credit Suisse, Natixis, KKR; to help fund the merger of Quinpario Acquisition Corp. 2, SourceHOV LLC and Novitex Holdings Inc., which will create Exela; Quinpario is a St. Louis-based special purpose acquisition company; SourceHOV, majority owned by HandsOn Global Management LLC, is an Irving, Texas-based transaction processing services provider; Novitex is a West Stamford, Conn.-based provider of technology-driven managed services.

GODADDY INC.: $530 million bridge financing and $1,377,000,000 incremental term loan; to help fund the acquisition of Host Europe Group from Cinven, expected in the second quarter of 2017; GoDaddy is Scottsdale, Ariz.-based provider of web hosting and domain names; Host Europe is an England-based hosting provider and domain registrar.

JACOB HOLM & SONNER HOLDING A/S: Euro-denominated secured bonds; SEB; some proceeds will be used to call the issuer’s SEK 650 million of senior secured bonds; Basel, Switzerland-based manufacturer of nonwoven roll goods; investor meetings started March 6.

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 2016); 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.

SINCLAIR BROADCAST GROUP INC.: Commitment for $5.6 billion in debt financing, including a $785 million bridge loan, to help fund acquisition of Tribune Media Co.; expected 50:50 mix of fixed- and floating-rate debt; JPMorgan Chase Bank, RBC and Deutsche Bank Securities Inc. leads; Hunt Valley, Md.-based television broadcasting company.

SUPERIOR INDUSTRIES INTERNATIONAL INC.: $260 million senior notes and $500 million credit facility; Citigroup, JPMorgan, RBC, Deutsche Bank; to help fund its acquisition of Uniwheels AG; Superior Industries is a Southfield, Mich.-based manufacturer of aluminum wheels; Uniwheels is a Germany-based supplier and manufacturer of aluminum wheels; announced in March 23 press release.

SURGERY PARTNERS INC.: $335 million one-year senior unsecured bridge loan, priced Libor plus 650 bps, 1% Libor floor, 50 bps step-ups every three months until a specified cap; bridge backs $335 million senior notes offering to help fund acquisition of National Surgical Healthcare Inc. from Irving Place Capital for about $760 million and refinance existing term loan; Jefferies lead left on financing; Surgery Partners is a Nashville-based healthcare services company; National Surgical is a Chicago-based owner and operator of surgical facilities in partnership with local physicians; bridge loan commitments due May 25.

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.

TELEFLEX INC.: Possible senior notes could come as an opportunistic deal to repay bank debt; also $750 million term loan to fund the acquisition of Vascular Solutions Inc., expected to close in the first half of 2017 (company has received a commitment from JPMorgan Chase Bank for a new $750 million senior unsecured bridge facility in connection with the planned acquisition); Teleflex is a Wayne, Pa.-based provider of medical technologies; Vascular Solutions is a Minneapolis-based medical device company; disclosed during Dec. 2 conference call.

UNITED RENTALS, INC.: New underwritten debt issue to help fund the Chicago-based NES Rentals Holdings II, Inc. for $965 million in cash, expected to close in the second quarter of 2017; financing will also make use of a draw on the asset-based facility; United Rentals is a Stamford, Conn., equipment rental company.

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.

VENATOR MATERIALS PLC: Possible senior notes along with term loans, borrowings under an asset-based lending facility or a revolving credit facility or a combination to repay intercompany debt owed to parent company Huntsman Corp.; in conjunction with initial public offering; manufacturer and marketer of chemical products comprising a range of pigments and additives to color and protect buildings and reduce energy consumption.

Roadshows

May 26-June 2: KIRS £800 million; BofA Merrill Lynch.

Pricing May 29 week: VIRTU FINANCIAL $825 million; JPMorgan.

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