High Yield Calendar: $3.19 billion deals being marketed

May 23 Week

EMI PUBLISHING GROUP NORTH AMERICA HOLDINGS INC.: $350 million senior notes due 2024 (B3/B); Goldman Sachs & Co. (left books), UBS Investment Bank (joint books); Rule 144A and Regulation S; non-callable for three years; proceeds, plus cash on hand, to redeem the 12½% senior notes due 2020; London-based music publishing company; roadshow May 20-26; price talk 7½% to 7¾%; books close 12:30 p.m. ET Thursday, pricing thereafter.

TECK RESOURCES LTD. $1 billion senior notes (B1/BB-) in two tranches: Five-year notes with two years of call protection, and eight-year notes with three years of call protection; J.P. Morgan Securities LLC; to fund the tender for up to $1 billon 3.15% notes due 2017, 3.85% notes due 2017, 2½% notes due 2018 and 3% notes due 2019, with any remaining proceeds for general corporate purposes; Vancouver, B.C.-based developer and miner of steelmaking coal and zinc; roadshow started May 23; pricing expected May 26.

CENGAGE LEARNING, INC.: $740 million eight-year senior notes (Caa1/CCC+); Morgan Stanley Senior Funding, LLC, Credit Suisse Securities USA LLC, BMO Capital Markets Corp., Citigroup Global Markets Inc., Goldman Sachs & Co., Wells Fargo Securities, LLC, Deutsche Bank Securities Inc., KKR Capital Markets LLC; Rule 144A for life; callable after three years at par plus 75% of coupon; also $1.59 billion term loan; to retire a $2.01 billion senior secured term loan and pay a special dividend to the shareholders; Boston-based educational content, technology and services company; investor call noon ET Monday; pricing end of May 23 week.

Expected May Business

DELL INC.: Expected $3.25 billion senior notes; Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC; also $20.5 billion credit facility; 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.

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.

YUM! BRANDS, INC.: $2.3 billion senior notes (BB); Goldman Sachs & Co.; also $2.3 billion new bank debt scheduled to launch at a May 23 bank meeting; to optimize its capital structure in advance of the planned separation of its China business; operator of KFC, Pizza Hut and Taco Bell; announcement expected May 23 week; pricing post-Memorial Day week.

On The Horizon

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.

AMC ENTERTAINMENT HOLDINGS INC.: $300 million of subordinated notes; also $325 million incremental senior secured term loan B due Dec. 15, 2022; to help fund acquisition of Carmike Cinemas Inc.; term loan B commitment allows for increase to $560 million in order to backstop the change-of-control put option in the existing Carmike notes; notes backed by a commitment for a $300 million one-year subordinated bridge loan priced at Libor plus 550 bps with a 1% Libor floor, spread increases 50 bps every three months until it hits a cap; Citigroup Global Markets Inc.; closing expected in fourth quarter; Leawood, Kan.-based movie exhibitor.

CORUS ENTERTAINMENT INC. C$300 million seven-year senior notes (/B+/DBRS: B high); RBC Capital Markets, TD Securities; non-callable for three years; 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; early guidance 8% area; roadshow was expected to start Feb. 16.

DYNEGY INC. and ENERGY CAPITAL PARTNERS: $1.85 billion secured debt facility, a portion of which can be moved into bonds; to help fund the acquisition of ENGIE’s U.S. fossil portfolio; indicative pricing on the term loan is Libor plus 525 bps with the ability to flex up by about another 275 bps, at 98 indicative OID; other funds for the acquisition will come from a $400 million junior bridge provided by Energy Capital and $1.19 billion in equity from Dynegy and Energy Capital (bridge priced at 11% with a PIK option); Dynegy is a Houston-based energy company.

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.

MTS SYSTEMS CORP.: $250 million senior unsecured bridge loan to be taken out with $250 million senior notes; J.P. Morgan Securities LLC (left lead), Wells Fargo Securities LLC (joint lead), U.S. Bank, HSBC Bank (co-documentation agents); to fund the $580 million acquisition of PCB Group Inc., expected to close before Oct. 1; MTS is an Eden Prairie, Minn.-based supplier of high-performance test systems and position sensors; PCB is a Depew, N.Y.-based designer, manufacturer and distributor of sensor technologies.

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.

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.

STERIGENICS-NORDION HOLDINGS LLC: $120 million senior secured notes (B1/B); to help fund the acquisition of Nelson Laboratories Inc. and for general corporate purposes; Oak Brook, Ill.-based provider of sterilization services; expected April business.

SUNOPTA FOODS INC.: $300 million senior secured second-lien notes due 2023; Rule 144A and Regulation S; proceeds, together with borrowings under its senior secured asset-based revolving credit facility, to repay in full the term loans outstanding under the second-lien loan agreement, dated Oct. 9, 2015, borrowed in connection with the acquisition of Sunrise Holdings (Delaware), Inc., the direct parent company of Sunrise Growers, Inc.; Toronto-based company focused on organic, non-genetically modified ("non-GMO") and specialty foods; syndicate names and timing pending (last October the company postponed $330 million seven-year secured second-lien notes, via BMO, Jefferies and Rabobank, due to market conditions, talked at a discount to yield 10%).

Roadshows

May 20-26: EMI PUBLISHING $350 million; Goldman Sachs, UBS.

Started May 23: CENGAGE LEARNING $740 million; Morgan Stanley, Credit Suisse, BMO, Citigroup, Goldman Sachs, Wells Fargo, Deutsche Bank, KKR.

Started May 23: TECK RESOURCES $1 billion; JPMorgan.

Pricing May 25 or 26: HERTZ EQUIPMENT RENTAL CORP. $1.1 billion; BofA Merrill Lynch, Goldman Sachs, Barclays, BMO, BNP Paribas, Citigroup, Credit Agricole, JPMorgan, RBC.

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