High Yield Calendar: $5.78 billion and €1.03 billion deals being marketed

June 25 Week

CHS/COMMUNITY HEALTH SYSTEMS: $1,027,000,000 senior secured notes due January 2024; Credit Suisse Securities LLC (left books), Citigroup Global Markets Inc., J.P. Morgan Securities LLC, BofA Merrill Lynch, Wells Fargo Securities LLC, RBC Capital Markets LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co., SunTrust Robinson Humphrey Inc. (joint books); Rule 144A and Regulation S for life; callable after 2.5 years at par plus 50% of coupon; 2.5-year 40% equity clawback; 101% poison put; to refinance term loan G due 2019; publicly traded hospital company; price talk 8¾% area; pricing Thursday.

STARS GROUP HOLDINGS BV and STARS GROUP (US) CO-BORROWER, LLC: $750 million eight-year senior notes (Caa1/B-/B-); Morgan Stanley, Deutsche Bank, Goldman Sachs, Macquarie, Barclays, BMO, JPMorgan (joint); Rule 144A and Regulation S for life; callable after three years at par plus 50% of coupon; to help fund the acquisition of Sky Betting & Gaming; Stars is a Toronto-based provider of technology-based gaming and entertainment products and services; Sky Betting is an online betting and gaming company; roadshow June 25-26; investor call June 25; price talk 7% area (initial price talk low to mid 7% area; pricing Thursday.

PHI, INC.: $300 million five-year senior secured notes (B3/B/B+) downsized from $500 million; UBS Securities LLC (lead books), RBC Capital Markets LLC (joint books); Rule 144A, Regulation S for life; non-callable for two years; proceeds, along with $300 million term loan, to redeem $500 million 5¼% senior notes due March 2019, pay off existing revolver and general corporate purposes; helicopter aviation services to the oil and gas sector, and aviation and clinical services to air medical markets; price talk 9¾% to 10% (earlier guidance 9¾% area, from mid 8% area to 9%).

ENTERPRISE DEVELOPMENT AUTHORITY: $440 million senior secured notes due 2023 (S&P: expected B-); Wells Fargo Securities LLC; Rule 144A for life; callable after two years at par plus 50% of coupon; to fund project development and construction, to provide liquidity for working capital and for general corporate purposes; tribal gaming enterprise; roadshow June 19-26; price talk 10½% at 98 to yield 11% (initial guidance high 9% to low 10% area).

AMWINS GROUP, INC.: $300 million senior notes due 2026 (S&P: B-); Goldman Sachs & Co. (left books), Barclays, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Wells Fargo Securities LLC (joint books); Rule 144A and Regulation S for life; callable after three years at par plus 50% of coupon; proceeds, together with term loans and cash on hand, to pay off second-lien credit facility and first-lien revolver, to fund a dividend and to make payments to certain holders of stock options, related to the dividend; Charlotte, N.C.-based specialty insurance broker; roadshow June 25-27, pricing thereafter; early guidance low 7% area.

LGI HOMES, INC.: $400 million senior notes due 2026 (S&P: BB-); Deutsche Bank Securities Inc.; Rule 144A and Regulation S; non-callable for three years; to pay down revolver; the Woodlands, Texas-based homebuilder; roadshow June 22-28, investor call June 25; price talk 6¾% to 7% (formal talk comes on top of initial guidance).

WANDA MERGER CORP. to be merged into NATIONSTAR $1.7 billion two-part senior notes: five-year notes callable after two years at par plus 50% of coupon, initial guidance mid to high 7%, and eight-year notes callable after three years at par plus 50% of coupon, initial talk low 8% area; Credit Suisse, Jefferies, Deutsche Bank, Goldman Sachs, KKR, Morgan Stanley (joint books, others to be confirmed); Rule 144A and Regulation S; three-year 40% equity clawbacks; 101 poison puts; to help fund the acquisition of Nationstar Mortgage Holdings Inc. and refinance Nationstar’s existing corporate debt; Coppell, Texas-based non-bank mortgage servicer; roadshow started June 25; pricing late June 25 week.

SUPERIOR PLUS CORP.: $350 million senior notes due 2026 (Ba3/BB); Goldman Sachs; non-callable for three years; to partially fund the NGL Retail East acquisition; Toronto-based marketer and distributor of propane and distillates; initial price talk high 6% area; pricing June 25 week.

MCCLATCHY CO.: $310 million senior secured notes due 2026 (expected ratings B1/B-); J.P. Morgan Securities LLC; Rule 144A and Regulation S; non-callable for four years; proceeds, together with cash available under a new proposed asset-based revolver, junior lien term loan financing and cash on hand, to redeem 9% senior secured notes due 2022; Sacramento, Calif.-based media company; pricing expected Friday; initial talk 9½% area at a discount.

BWAY CORP.: €475 million six-year senior secured notes (B2/B); BofA Merrill Lynch, Goldman Sachs & Co., BMO Capital Markets, Citigroup Global Markets Inc. (joint); non-callable for two years; to help finance acquisition of the company by Stone Canyon Industries LLC; Bway is an Atlanta-based manufacturer of rigid metal and plastic containers; roadshow June 25-27; initial talk 4 7/8% area.

SYNTHOMER PLC: €300 million seven-year senior notes; Barclays (global coordinator, active bookrunner, bill and deliver), Citigroup (global coordinator, active bookrunner), HSBC (global coordinator, passive bookrunner), Commerzbank, SEB (bookrunners); Regulation S only; callable after three years at par plus 50% of coupon; to repay debt and general corporate purposes; Harlow, U.K. specialty chemicals company; roadshow June 25-27.

RADISSON HOSPITALITY AB via RADISSON HOTEL HOLDINGS AB: €250 million five-year senior secured notes (B1//BB-); JPMorgan; Rule 144A and Regulation S; non-callable for two years; to repay debt and for general corporate purposes; Brussels-based hotel group; roadshow June 25-28.

Expected Late June/Early July Business

BMC SOFTWARE (BANFF MERGER SUB INC.) $1.825 billion senior notes (Caa2); also $4.78 billion equivalent credit facilities via Credit Suisse, Goldman Sachs, Jefferies, KKR, Macquarie, Mizuho, Barclays, commitments due June 27; to help fund the buyout by KKR; Houston-based provider of software solutions for the digital enterprise; expected late June, early July business.

Expected Early July Business

K+S AG: Expected €300 million minimum notes with six- or seven-year maturity; Deutsche Bank, DZ Bank, Goldman Sachs, HSBC; Kassel, Germany-based chemical company; investor meetings begin July 2.

High Yield Bridges

T-MOBILE USA INC.: $27 billion bridge loans to be replaced with secured notes, unsecured notes or other financing in connection with merger of T-Mobile and Sprint Corp.: $19 billion 364-day senior secured covenant-light bridge facility (low triple B ratings expected) and $8 billion one-year senior unsecured covenant-light bridge facility ($4 billion expected to convert into eight-year debt, and $4 billion expected to convert to 10-year debt) (mid-to-high double B ratings expected), also $11 billion credit facilities; Barclays, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs Bank USA, Morgan Stanley Senior Funding Inc. and RBC Capital Markets, joint lead arrangers and bookrunners on the debt (Goldman Sachs agent on the secured bridge, agent for unsecured bridge not named in the commitment letter); to refinance certain T-Mobile and Sprint debt, and for post-closing working capital for combined company; combined company will be called T-Mobile and will be based in Bellevue, Wash.; announced in April 30 8-K filing with Securities & Exchange Commission.

On The Horizon

COMSTOCK RESOURCES INC.: New senior notes and a new revolver; to refinance its senior secured toggle notes due 2020, 7¾% convertible secured PIK notes due 2019 and 9½% convertible secured PIK notes due 2020, associated with Arkoma investment in Comstock and related acquisitions, expected to become effective April 1; Frisco, Texas-based oil and gas acquisitions, exploration and development company.

DOMETIC GROUP AB: Benchmark euro-denominated five-year senior notes (Ba3/BB); Deutsche Bank; to repay debt and for general corporate purposes; Stockholm-based manufacturer/supplier climate, hygiene, sanitation, food and beverage applications for the RV, marine, and automotive industry.

FINCANTIERI SPA: €300 million minimum fixed-rate senior notes with a five-year to seven-year maturity; Banca IMI, BNP Paribas, Deutsche Bank, Goldman Sachs International, HSBC and UniCredit; Regulation S; Trieste, Italy-based shipbuilder.

PENN NATIONAL GAMING INC.: $840 million senior unsecured bridge loan, also $1.14 billion in incremental senior secured term loans; debt commitment from Bank of America Merrill Lynch, Goldman Sachs Bank USA, Fifth Third Bank, U.S. Bank, Wells Fargo Securities LLC, Citizens Bank, SunTrust Robinson Humphrey Inc. and TD Securities (USA) LLC; to finance the acquisition of Pinnacle Entertainment Inc., expected to close in the second half of 2018; Penn National is a Wyomissing, Pa.-based owner and manager of gaming and racing facilities and video gaming terminal operations; Pinnacle is a Las Vegas-based owner and operator of gaming entertainment properties.

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.

SS&C TECHNOLOGIES HOLDINGS INC.: $1.25 billion bridge loan to be taken out with high-yield bonds and/or IPO of common shares, Credit Suisse, Morgan Stanley; proceeds, along with about $7.15 billion of bank debt, to help fund its acquisition of DST Systems Inc. and to refinance existing debt; SS&C is a Windsor, Conn.-based provider of financial services software and software-enabled services; targeted to close in third quarter of 2018; announced in Jan. 11 press release.

TWINSET SPA: €170 million five-year senior secured floating-rate notes; private; to redeem the €150 million senior Euribor plus 587.5 bps secured floating rate notes due 2019, partially repay a shareholder loan and cancel the existing hedging arrangement; Capri, Italy-based supplier of luxury women's apparel and accessories.

Roadshows

June 22-28: LGI HOMES $400 million; Deutsche Bank.

June 25-26: STARS GROUP $750 million; Morgan Stanley, Deutsche Bank, Goldman Sachs, Macquarie, Barclays, BMO, JPMorgan.

Started June 25: NATIONSTAR $1.7 billion; Credit Suisse, Deutsche Bank, KKR.

June 25-27: AMWINS GROUP $300 million; Goldman Sachs, Barclays, JPMorgan, Morgan Stanley, Wells Fargo.

June 25-27: SYNTHOMER €300 million; Barclays, Citigroup, HSBC, Commerzbank, SEB.

June 25-27: BWAY €475 million; BofA Merrill Lynch, Goldman Sachs, BMO, Citigroup.

June 25-28: RADISSON HOSPITALITY €250 million; JPMorgan.

Starts July 2: K+S €300 million; Deutsche Bank, DZ Bank, Goldman Sachs, HSBC.

Pricing June 25 week: SUPERIOR PLUS $350 million; Goldman Sachs.

Pricing expected June 29: MCCLATCHY $310 million; JPMorgan.

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