High Yield Calendar: $880 million deals being marketed

July 24 Week

ASSUREDPARTNERS, INC.: $450 million senior notes due 2025 (Caa2/CCC+); Morgan Stanley & Co. LLC, BofA Merrill Lynch, Barclays, RBC Capital Markets LLC, BMO, Macquarie (joint); Rule 144A and Regulation S for life; callable after three years at par plus 50% of coupon; to refinance second-lien term loan; Lake Mary, Fla.-based insurance brokerage services provider; roadshow starts July 25; price talk 7% to 7¼%; books close 5 p.m. ET on Thursday, 10 a.m. ET on Friday for accounts on the West Coast of the United States with meetings; pricing Friday.

July 31 Week

CORNERSTONE CHEMICAL CO. via CSTN MERGER SUB, INC.: $430 million senior secured notes due 2024 (B2/B); Goldman Sachs & Co. (left books), Credit Suisse Securities (USA) LLC, KeyBanc Capital Markets (joint books); Rule 144A and Regulation S for life; callable after three years at par plus 50% of coupon; proceeds, together borrowings and letters of credit issued under the new ABL facility and an equity contribution, to fund the acquisition of Cornerstone Chemical Co. by Littlejohn & Co. LLC from H.I.G. Capital, and to repay debt; Waggaman, La.-based chemical producer; roadshow July 27-Aug. 2, pricing thereafter.

Expected August Business

CLUBCORP HOLDINGS INC.: $475 million senior unsecured bridge loan expected to be taken out with new senior notes, which are expected to launch in August; RBC (lead left books), Citigroup, Barclays, Credit Suisse, Goldman Sachs (joint books); also $1.3 billion credit facility; to fund the acquisition of ClubCorp by Apollo Global Management, LLC; Dallas-based owner and operator of private golf and country clubs and business, sports and alumni clubs; bridge launched June 26, commitments due Aug. 1.

H&E EQUIPMENT SERVICES, INC.: $825 million senior unsecured bridge loan to be taken out with up to $825 million Rule 144A notes; Wells Fargo Securities LLC; to acquire Neff Corp for $1.2 billion, including about $690 million in debt currently on Neff's balance sheet and up to $250 million of new equity; H&E Equipment is a Baton Rouge, La.-based heavy equipment manufacturing and services company; Neff Corp. is a Doral, Fla.-based tool and construction equipment rental services provider; bridge commitments due Aug. 3.

STAPLES INC.: $1.6 billion unsecured bridge loan (BofA Merrill Lynch, left lead) and $3.6 billion credit facilities via Bank of America Merrill Lynch, UBS, Wells Fargo, Credit Suisse, Deutsche Bank, Fifth Third, Jefferies, RBC, Citigroup, Goldman Sachs, KKR, Natixis; to help fund the acquisition of Staples by Sycamore Partners in a transaction valued at about $6.9 billion, expected to close no later than December 2017; Framingham, Mass.-based retailer of office supplies; bridge loan launched July 24; bridge capped at 10¼%; commitments due July 28.

On The Horizon

AVANTOR: $2.25 billion senior unsecured bridge facilities in dollars and possibly euros; along with $5.5 billion in senior secured credit facilities to help fund acquisition of VWR International LLC; Goldman Sachs Bank USA, Barclays and Jefferies LLC are the leads on the bank debt; closing expected in the third quarter; Center Valley, Pa.-based supplier of ultra-high-purity materials for the life sciences and advanced technology industries; bridge commitments due June 30 (initial rate 8¾%).

GODADDY INC.: $530 million bridge financing and $1,377,000,000 incremental term loan; to help fund the acquisition of Host Europe Group from Cinven, expected in the second quarter of 2017; GoDaddy is Scottsdale, Ariz.-based provider of web hosting and domain names; Host Europe is an England-based hosting provider and domain registrar.

LESLIE’S POOLMART INC.: $390 million senior notes, downsized from $420 million with the upsizing of the term loan to $810 million from $780 million (term loan, via Nomura, launched in late July 2016); to refinance debt and fund a dividend; Phoenix-based retailer of swimming pool supplies and related products.

MMI INTERNATIONAL LTD.: $300 million senior secured notes due 2021 (expected ratings B2/B+); Goldman Sachs & Co. (left books), ANZ, KKR, Standard Chartered (joint books); Rule 144A and Regulation S; pay down term loan A; Singapore-based technology company with a focus on key components for the hard disk drive industry; international roadshow ran in late October into early November; initial guidance 9% area.

MULTI-COLOR CORP.: €400 million senior unsecured bridge loan to be taken out with notes, and $1.05 billion senior secured credit facilities; BofA Merrill Lynch and Citigroup are leads on the debt; to help fund acquisition of the labels division of Constantia Flexibles GmbH, expected to close in the fiscal quarter ending Dec. 31, also to refinance an existing revolver and general corporate purposes; Cincinnati-based label maker; announced in July 19 8-K filing with Securities and Exchange Commission.

NORWEGIAN AIR SHUTTLE ASA: Possible krone-denominated 3.5-year bond and potential tap of existing 7¼% euro-denominated notes (€185 million outstanding, €250 million borrowing limit); Arctic Securities, Danske Bank, DNB Markets, SEB; to refinance outstanding floating-rate notes and general corporate purposes; Fornebu, Norway-based passenger airline; investor meetings May 22.

PAREXEL INTERNATIONAL CORP.: $720 million one-year senior unsecured bridge loan; to fund the buyout of the company by Pamplona Capital Management LLP and refinance existing debt; financing also includes $2,365,000,000 senior secured credit facilities; BofA Merrill Lynch and JPMorgan are the lead banks on the debt; funding to also include $2.7 billion of equity; bridge to be replaced by $720 million eight-year senior notes expected to be marketed on a roadshow in September; Waltham, Mass.-based biopharmaceutical services company; bridge loan commitments due July 18.

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.

TELEFLEX INC.: Possible senior notes could come as an opportunistic deal to repay bank debt; also $750 million term loan to fund the acquisition of Vascular Solutions Inc., expected to close in the first half of 2017 (company has received a commitment from JPMorgan Chase Bank for a new $750 million senior unsecured bridge facility in connection with the planned acquisition); Teleflex is a Wayne, Pa.-based provider of medical technologies; Vascular Solutions is a Minneapolis-based medical device company; disclosed during Dec. 2 conference call.

WEST CORP.: $1.35 billion senior notes backed by $1.35 billion bridge, and $3.05 billion of senior secured credit facilities; Credit Suisse Securities (USA) LLC, RBC Capital Markets LLC, Barclays, Bank of America Merrill Lynch, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Morgan Stanley Senior Funding Inc. and Goldman Sachs Bank USA are the arrangers on the debt; to help fund the buyout by Apollo Global Management LLC, expected to close during the second half of 2017; Omaha-based provider of communication and network infrastructure services; announced in June 15 SEC filing.

Roadshows

July 27-Aug. 2: CORNERSTONE CHEMICAL $430 million; Goldman Sachs, Credit Suisse, KeyBanc.

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