High Yield Calendar: $700 million deals being marketed

May 10 Week

ATLANTICA SUSTAINABLE INFRASTRUCTURE PLC: $400 million seven-year senior green notes (expected ratings BB+/BB+); RBC (joint books, bill and deliver), BofA, JPMorgan, MUFG (joint books), BMO, CIBC, NBC, Santander (co's); Rule 144A and Regulation S for life; callable after four years at par plus 50% of coupon; to refinance the notes issuance facility agreement due 2025 and fund eligible green projects; U.K.-based infrastructure company focused primarily on renewable energy; roadshow started Wednesday; investment call 1 p.m. ET on Wednesday; pricing Friday; initial price talk mid-4% area.

BIDFAIR HOLDINGS INC. (SOTHEBY'S following automatic exchange): $300 million senior notes due 2029, to become senior secured notes following automatic exchange; Goldman Sachs (left books), BNP Paribas, JPMorgan, Morgan Stanley, Citizens (joint books); Rule 144A and Regulation S for life; callable after three years at par plus 50% of coupon; notes to be automatically exchanged to senior secured from senior unsecured as soon as the OpCo issuer has sufficient debt, liens and restricted payment capacity (cumulative pricing step-ups of 100 bps and 150 bps if the automatic exchange has not occurred prior to Aug. 31 and Nov. 30, 2021, respectively); to fund dividend to BidFair Holdings shareholders; New York-based broker of fine and decorative art, jewelry, real estate and collectible items; roadshow started Wednesday; investor call 11 a.m. ET on Wednesday; pricing before the end of the May 10 week.

DANA FINANCING LUXEMBOURG SARL: €325 million senior notes due 2029 (expected ratings B2/BB); JPMorgan (global coordinator, joint books, bill and deliver), CS (global coordinator, joint books), Citigroup, Barclays, BMO, BofA, Goldman Sachs, Mizuho, RBC (joint books); Rule 144A and Regulation S; callable after three years at par plus 50% of coupon; proceeds plus cash on hand to redeem all outstanding 6½% notes due 2026; Maumee, Ohio-based supplier of vehicle drive systems and components; investor call Tuesday; roadshow through Thursday.

Expected May Business

SFL CORP. LTD.: Dollar-denominated five-year sustainability-linked notes; DNB Markets (joint books, sustainability structuring adviser), Arctic Securities, Pareto Securities (joint books); to refinance existing bonds and for general corporate purposes; Hamilton, Bermuda, maritime shipper; disclosed in April 26 company press release.

HILTON GRAND VACATIONS INC.: $675 million senior notes; Deutsche Bank; also $1.3 billion seven-year term loan via BofA Deutsche Bank, Barclays, Credit Suisse, JPMorgan, Goldman Sachs, MUFG, lender call May 10; to help support acquisition of Diamond Resorts International Inc. (transaction valued at $1.4 billion, expected to close summer 2021), including repayment of senior notes at Hilton Grand Vacations and Diamond Resorts; Hilton Grand Vacations is an Orlando, Fla.-based timeshare company; Diamond Resorts is a timeshare operator.

On The Horizon

AMERICAN TIRE DISTRIBUTORS: $1 billion unsecured notes; Goldman Sachs; to finance exit from bankruptcy; Huntersville, N.C.-based tire distribution business; non-deal roadshow during Feb. 8 week; offering expected to launch Feb. 15 week; initial yield expectation 8½%.

CARDTRONICS: $450 million senior notes backed by $450 million one-year bridge loan and $1.5 billion credit facility to help fund the acquisition of the company by Apollo Global Management Inc. and Hudson Executive Capital LP, with an enterprise value of $2.3 billion, including net debt, expected to close during first half of 2021; RBC, Barclays, Deutsche Bank and Mizuho are the joint lead arrangers on the credit facilities and bridge loan; Houston-based ATM owner/operator; disclosed in Jan. 7 SC 13E3 filed with SEC.

CINCINNATI BELL INC.: $493 million senior bridge loans, commitment from Goldman Sachs; also $1.6 billion credit facilities via Goldman Sachs, Regions, SG; to help fund acquisition of Cincinnati Bell by Macquarie Infrastructure Partners in transaction valued at $2.9 billion, expected to close first half of 2021; Cincinnati-based provider of integrated communications solutions; details from March 19 PRER14A filed with SEC.

DELUXE CORP.: $2.2 billion total debt financing, including unsecured high-yield notes and credit facilities via JPMorgan, MUFG, Truist, Fifth Third, to help fund acquisition of First American Payment Systems for $960 million in cash, expected to close in second quarter of 2021; Deluxe is a Shoreview, Minn.-based business technology company; First American is a Fort Worth-based large-scale payment processor; disclosed in 8-K filed with SEC on April 22.

DIASORIN SPA: $500 million one-year bridge loan and $1.1 billion term loan due 2026 via Citigroup, BNP Paribas, Mediobanca and UniCredit; to help fund its acquisition of Luminex Corp., enterprise value approximately $1.8 billion, expected to close in third quarter of 2021; DiaSorin is an Italy-based producer of reagent kits used by diagnostic laboratories; Luminex is an Austin, Tex.-based provider of biological testing technologies and products; April 12 news release.

EMPIRE RESORTS INC.: $475 million senior secured notes (B+/B+); BNP Paribas (joint books, bill and deliver), Citigroup, DBS Bank; Rule 144A and Regulation S; non-callable for two years; to enhance liquidity; Monticello, N.Y.-based gaming, lodging and entertainment company indirectly owned by Malaysia-based Kien Huat Realty III Ltd. (51%) and Genting Malaysia Bhd. (49%).

Roadshows

Started May 12: ATLANTICA SUSTAINABLE INFRASTRUCTURE $400 million; RBC

Started May 12: BIDFAIR/SOTHEBY'S $300 million; Goldman Sachs

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