High Yield Calendar: $4.56 billion deals being marketed

May 13 Week

BERRY GLOBAL ESCROW CORP. (BERRY GLOBAL GROUP, INC.) $3 billion senior secured notes: $2 billion first priority notes due 2026 (expected ratings Ba2/BBB-), and $1 billion second priority notes due 2027 (expected ratings B2/BB); Wells Fargo (left books), Goldman Sachs, JPMorgan, Morgan Stanley, RBC (joint books), Barclays, BMO, BofA, Deutsche Bank, UBS, US Bancorp (co's); Rule 144A and Regulation S for life; proceeds, together with incremental term loans and cash on hand, to fund the cash consideration to help fund acquisition of all of the equity of RPC Group plc, repay certain debt of RPC and its subsidiaries, and prepay an existing Berry Group term loan; Evansville, Ind.-based supplier of non-woven, flexible and rigid products used in consumer and industrial end markets; investor call 11 a.m. ET on Thursday; pricing expected Friday.

AUSDRILL FINANCE PTY LTD.: $500 million seven-year senior notes (Ba2/BB); Goldman Sachs, Deutsche Bank, Standard Chartered, HSBC (joint); Rule 144A and Regulation S; non-callable for three years; to redeem all of the outstanding $350 million 6 5/8% senior secured notes due 2022 issued by wholly owned subsidiary, Barminco Finance Pty Ltd.; Australia-based provider of natural resource exploration services; initial talk high 6% area; pricing expected May 14.

ELDORADO GOLD CORP.: $300 million senior secured second-lien notes due 2024 (Caa1/B); BofA (left books), BMO, HSBC, NBC and BNP (joint books); Rule 144A and Regulation S for life; callable after two years at par plus 50% of coupon; 101% poison put; proceeds, together with borrowings under the senior credit facility and cash on hand, to redeem outstanding $600 million 6 1/8% senior notes due 2020; Vancouver, B.C.-based gold mining company; roadshow May 14-17; initial talk high 8% to 9% area.

May 20 Week

CNG HOLDINGS, INC.: $310 million five-year senior secured notes; Jefferies; non-callable for two years; to refinance senior secured notes due 2020; retail and online provider of financial services; pricing early in May 20 week.

JEFFERIES FINANCE LLC and JFIN CO-ISSUER CORP.: $450 million seven-year senior secured notes (Ba3); Jefferies (left books), Citigroup, HSBC (joint books); Rule 144A; callable after three years at par plus 50% of coupon; proceeds, plus cash on hand, to refinance debt and reduce non-funding debt; New York-based financial services provider; roadshow May 15-21; investor call May 20.

Expected May Business

E.W. SCRIPPS: $1.85 billion term loans and unsecured debt ($525 million term loan to launch March 26); Morgan Stanley, Wells Fargo Securities LLC; to fund acquisition of eight TV stations in seven markets from the Nexstar Media Group Inc.-Tribune Media merger divestitures; Cincinnati-based broadcasting and digital media company.

INMARSAT: Up to $1,125,000,000 senior notes backed by bridge loan (Libor plus 425 bps, 0% Libor floor, spread increases 50 bps every three months up to specified cap, BofA administrative agent) and $3.3 billion credit facilities (Barclays administrative agent); Barclays, BofA, UBS are global coordinators on the debt; to help fund the acquisition of Inmarsat by Apax, Warburg Pincus, Canada Pension Plan Investment Board and Ontario Teachers’ Pension Plan Board for about $3.4 billion, expected to close in fourth quarter of 2019; London-based satellite telecommunications company; details in March 25 press release.

MULTI-COLOR CORP.: $650 million senior secured bridge loan and $740 million unsecured bridge loan; also $1.5 billion credit facilities; BofA, Deutsche Bank are leads on debt; to help fund acquisition of Multi-Color by Platinum Equity LLC and merger with WS Packaging Group, expected to close third quarter of 2019; Multi-Color is a Cincinnati-based label maker; information acquired from March 25 PREM14A filed with SEC.

QMAX FINANCIAL HOLDINGS INC. (Q'MAX SOLUTIONS INC.) $225 million secured notes due 2024 (Caa2/B-); Rule 144A and Regulation S; to help fund an upcoming acquisition, repay debt and buy out certain existing equipment leases; Houston-based multi-national oilfield services provider; announced in May 15 press release.

DDM HOLDING AG via DDM DEBT AB: €100 million three-year secured floating-rate notes; Arctic Securities AS and ABG Sundal Collier ASA (joint lead managers); Stockholm-based investment services provider; investor meetings started March 20; guidance three-month Euribor plus 850 bps to 950 bps.

High Yield Bridges

BERRY GLOBAL GROUP INC.: €1.5 billion one-year first-lien bridge expected at Euribor plus 325 bps and £300 million one-year first-lien bridge expected at Libor plus 400 bps 50 bps step-ups every three months up to a specified cap, also $1,275,000,000 one-year second-lien bridge expected at Libor plus 375 bps, 50 bps step-ups every three months up to a specified cap; Goldman Sachs (administrative agent on first-lien tranches) and Wells Fargo (agent on the second-lien tranche); to fund the acquisition of U.K.-based plastic and recycled products provider RPC Group plc, expected to close early in fourth quarter 2019; Berry is an Evansville, Ind.-based supplier of a non-woven, flexible and rigid products used within consumer and industrial end markets.

CENTENE CORP.: $8.35 billion senior unsecured bridge loan; Barclays; to help fund acquisition of WellCare Health Plans Inc., expected to close in first half of 2020; Centene is a St. Louis-based provider of services to government sponsored and commercial health care programs; WellCare is a Tampa, Fla.-based provider of government-sponsored managed care services; information disclosed in March 27 8-K filed with SEC.

DIAMOND SPORTS GROUP LLC a newly formed, wholly owned subsidiary of SINCLAIR BROADCAST GROUP INC: $2.55 billion senior secured notes and $2,325,000,000 senior unsecured notes backed by bridge loans, also $3.6 billion credit facilities to help fund the acquisition of 21 Regional Sports Networks and Fox College Sports from the Walt Disney Co.; JPMorgan, Deutsche Bank, RBC and BofA provided debt commitment; Hunt Valley, Md.-based television broadcasting company; from information in an 8-K filed with the Securities and Exchange Commission on May 6.

HARSCO CORP.: $500 million senior notes backed by senior unsecured bridge via Goldman Sachs and Citigroup; to help fund its acquisition of Clean Earth Inc. from Compass Group Diversified Holdings LLC; Harsco is a Camp Hill, Pa.-based diversified industrial company; Clean Earth is a Hatboro, Pa.-based specialty waste processing company; disclosed in 8-K filed with SEC on May 13.

NESCO HOLDINGS INC.: $400 million senior notes backed by $400 million second-lien increasing rate bridge loan; also $350 million senior secured asset-based revolver; JPMorgan Chase Bank, Fifth Third Bank, Morgan Stanley Senior Funding Inc., Deutsche Bank Securities Inc., Citigroup Global Markets Inc. provided debt commitment; to repay Nesco debt in connection with the acquisition of Nesco by Capitol Investment Corp. IV, expected to close in second quarter of 2019; specialty rental equipment to the electric utility, telecom and rail end-markets.

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.

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

CALPINE CORP.: $1.4 billion bonds and $600 million bank loan; to fund capital expenditures related to the Geysers geothermal renewable energy project in northern California; San Jose, Calif.-based power generator; heard Dec. 11, 2018 from market sources.

DIAMONDBACK ENERGY INC.: Expected high-yield notes; to help fund $9.2 billion acquisition of Energen Corp., expected to close in fourth quarter 2018; Citigroup is financial adviser to Diamondback, JPMorgan and Tudor Pickering Holt are exclusive financial advisers to Energen.

GENERAL ELECTRIC DISTRIBUTED POWER: $600 million high-yield bonds; to help fund the acquisition of General Electric’s Distributed Power business for $3.25 billion by private equity investor Advent International, expected to close in fourth quarter of 2018; provider of gas engines, power equipment and services focused on power generation and gas compression; debt capital markets transactions expected in third quarter of 2018.

NEXSTAR MEDIA GROUP INC.: New bonds and loan to fund the cash consideration of its acquisition of Tribune Media Co., expected to close in the third quarter of 2019; BofA, Credit Suisse and Deutsche Bank committed to $6.4 billion financing; Nexstar is an Irving, Tex.-based diversified media company; Tribune is a Chicago-based owner of television and digital properties; disclosed in Dec. 3 8-K.

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

May 13-18: ELDORADO GOLD $300 million; BofA.

Started May 14: CNG HOLDINGS $310 million; Jefferies.

May 15-21: JEFFERIES FINANCE $450 million; Jefferies.

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