High Yield Calendar: $2.03 billion and €1.55 billion deals being marketed

February 8 Week

LINCOLN FINANCE LTD. (LEASEPLAN CORP. NV) €1.55 billion equivalent three-part senior secured notes (B1/BB+/BB-): Euro-denominated five-year notes, non-callable for two years, price talk 7½% to 7¾%; dollar-denominated five-year notes, non-callable for two years, price talk 8¼% area; and euro-denominated seven-year notes, non-callable for three years, 8% to 8¼%; JPMorgan (joint books, bill and deliver), Goldman Sachs International, Credit Suisse, ING (joint books); Rule 144A and Regulation S; to fund the acquisition of LeasePlan by a consortium of investors; Flevoland, Netherlands-based independent vehicle leasing company; cross-border roadshow Feb. 3-11.

February 22 Week

SOLERA, LLC and SOLERA FINANCE, INC.: $2.03 billion equivalent senior notes due 2024 in tranches of dollar- and euro-denominated notes; Goldman Sachs & Co. (left books), Citigroup Global Markets Inc., Jefferies LLC, Macquarie Capital, Nomura, UBS Investment Bank (joint books), Guggenheim, KKR Capital Markets (co's); Rule 144A and Regulation S for life; callable after three years at par plus 75% of coupon; proceeds, together with certain equity investments and the proceeds from initial borrowings under a new term loan facility, to finance the buyout of Solera Holdings Inc. by Vista Equity Partners; Westlake, Texas-based provider of software and services to the automobile insurance claims processing industry; roadshow starts Feb. 10; pricing Feb. 22 week.

Expected First Quarter Business

CORUS ENTERTAINMENT INC. C$300 million senior notes (/B+/DBRS: B high); to fund proposed C$2.65 billion acquisition of Calgary, Alta.-based television broadcaster Shaw Media Inc., expected to close in the third quarter of 2016; financing also includes C$2.3 billion committed credit facilities from RBC Capital Markets; Corus Entertainment is a media and entertainment company based in Calgary, Alta.

DELL INC.: Up to $25 billion in senior secured and unsecured notes backed by a commitment for a $16 billion senior secured bridge facility and a $9 billion senior unsecured bridge; also $20.5 billion credit facility; Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Bank of America Merrill Lynch, Barclays, Citigroup Global Markets Inc., Goldman Sachs Bank USA, Deutsche Bank Securities Inc., RBC Capital Markets are the lead banks on the debt; to help fund the acquisition of EMC Corp. in a transaction valued at about $67 billion, expected to close in the middle part of 2016; Dell is a Round Rock, Texas-based technology and services company; EMC is a Hopkinton, Mass.-based technology company.

SOLARWINDS: $580 million senior secured second-lien notes and $1.63 billion credit facility; Goldman Sachs Lending Partners LLC, Credit Suisse Securities (USA) LLC, Macquarie Capital (USA) Inc., Nomura Securities International Inc. and Broad Street Credit Holdings LLC provided the debt commitment; to help fund buyout by Silver Lake Partners and Thoma Bravo LLC, expected to close in the first quarter of 2016; Austin, Texas-based provider of IT management software.

WESTERN DIGITAL CORP. $5.1 billion in investment-grade senior secured notes and high-yield senior unsecured notes, portions to be determined; Bank of America Merrill Lynch, J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC and RBC Capital Markets LLC; also $9 billion bank debt; to help fund the acquisition of SanDisk Corp. and refinance existing debt at both companies; Western Digital is an Irvine, Calif.-based digital storage solutions company; SanDisk is a Milpitas, Calif.-based provider of flash storage solutions; expected first quarter of 2016.

WESTERN REFINING INC.: $380 million of bank or capital markets debt to help fund its acquisition of all of the outstanding common units of Northern Tier Energy LP that it does not already own, expected to close during the first half of 2016; Goldman Sachs acted as financial adviser to Western Refining; Western Refining is an El Paso, Texas-based independent refining and marketing company; Northern Tier is a Tempe, Ariz.-based independent downstream energy company.

On The Horizon

ALBERTSONS COS. INC.: New senior notes and credit facility following the consummation of its initial public offering of common stock; to repay and terminate existing ABL facilities and the ABS/Safeway term loan; Boise, Idaho-based food and drug retailer (S-1/A filed with the Securities and Exchange Commission on Sept. 25).

AMSURG CORP.: $3.7 billion in new financing to be raised through a combination of senior secured credit facilities and senior notes, to fund the proposed merger with Team Health Holdings Inc. (Guggenheim Securities LLC and J.P. Morgan Securities LLC expressed confidence in their ability to finance the proposed acquisition via the debt markets); the combined company would assume the Team Health name, and would continue to operate out of Team Health's headquarters in Knoxville, Tenn.; AmSurg is a Nashville, Tenn.-based acquirer, developer and operator of ambulatory surgery centers in partnership with physicians; Team Health is a provider of outsourced physician staffing solutions for hospitals.

DIEBOLD INC.: $500 million senior notes; also $1,841,000,000 delayed-draw term loans via J.P. Morgan Securities LLC and Credit Suisse Securities (USA) LLC; proceeds to help fund acquisition of Wincor Nixdorf AG; North Canton, Ohio-based provider of self-service delivery, value-added services and software primarily to the financial industry.

ENTRANS INTERNATIONAL, LLC and ENTRANS INTERNATIONAL FINANCE CORP.: $250 million senior secured notes due 2020 (B2/B); Credit Suisse Securities (USA) LLC (sole); Rule 144A and Regulation S for life; callable after three years at par plus 50% of the coupon; three-year 40% equity clawback; 101% poison put; to refinance debt; Cleveland, Tenn.-based manufacturer of tanker trailers and industrial equipment.

KONECRANES TEREX PLC: $1.15 billion senior unsecured bridge loan and $1.65 billion senior secured credit facility (euro portion of the term loan can be sized at up to €450 million); Credit Suisse Securities (USA) LLC; to help fund the merger of Terex Corp. and Konecranes plc, expected to close in the first half of 2016, to refinance bank debt at both companies; Konecranes is a Finland-based provider of lifting solutions as well as services for lifting equipment and machine tools; Terex is a Westport, Conn.-based diversified equipment manufacturer.

NGL ENERGY PARTNERS LP and NGL ENERGY FINANCE CORP.: $300 million senior notes due Dec. 15, 2020 (expected ratings B2/BB-/BB-); BofA Merrill Lynch, RBC Capital Markets, Deutsche Bank Securities Inc., PNC Capital Markets, BNP Paribas, SunTrust Robinson Humphrey Inc., Wells Fargo Securities LLC, MUFG, Barclays, Goldman Sachs & Co., Mizuho Securities, UBS Investment Bank, HSBC Bank (joint); ABN Amro, SG CIB (co's); Rule 144A and Regulation S with registration rights; callable after three years at par plus 50% of coupon; three-year 35% equity clawback; to repay debt and for general corporate purposes; diversified midstream master limited partnership.

PINNACLE OPCO: $300 million senior notes; also $935 million senior secured credit facility via J.P. Morgan Securities LLC, Bank of America Merrill Lynch, Goldman Sachs Bank USA, Fifth Third Bank, U.S. Bank, Credit Agricole CIB, Deutsche Bank Securities Inc. and Wells Fargo Securities LLC; operating business and real property of Belterra Park Gaming & Entertainment that is being spun off from Pinnacle Entertainment Inc.; proceeds to make spinoff payment, pay transaction fees and expenses and for general corporate purposes; in connection with the acquisition of the remaining real estate assets of Pinnacle by Gaming & Leisure Properties Inc.; closing expected in first quarter of 2016; Pinnacle is a Las Vegas-based owner and operator of gaming entertainment properties.

PRIME HEALTHCARE SERVICES, INC.: $700 million senior notes due 2023 (B3/B+); Wells Fargo Securities LLC (left books), Barclays (joint books), BBVA, Capital One, CIT Group (co's); Rule 144A and Regulation S for life; callable after three years at par plus 75% of coupon; to fund acquisition pipeline, refinance credit facility, fund a special dividend; Ontario, Calif.-based owner and operator of acute care hospitals; investor call July 21; price talk 7½% area.

WIDEOPENWEST FINANCE LLC: Possible new senior notes offer (credit amendment would clear way for new notes); company is marketing a $1.41 billion term loan repricing launching May 7 via Credit Suisse Securities (USA) LLC; Denver-based provider of data, video and telephony services.

Roadshow

Feb. 3-11: LEASEPLAN €1.55 billion; JPMorgan, Goldman Sachs, Credit Suisse, ING.

Starts Feb. 10: SOLERA $2.03 billion; Goldman Sachs, Citigroup, Jefferies, Macquarie, Nomura, UBS.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.