High Yield Calendar: $350 million and €7.3 billion deals being marketed

Oct. 23 Week

WARRIOR MET COAL, INC.: $350 million senior secured notes due 2024; Goldman Sachs & Co. (left books), Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC, BMO Securities, RBC Capital Markets LLC (joint books), Apollo, Blackstone, KKR (co's); Rule 144A and Regulation S for life; callable after three years at par plus 50% of coupon (special call allows issuer to redeem 10% of notes annually at 103 during the non-call period); proceeds, together with about $260 million cash on hand, to pay a special cash dividend of about $600 million during 2017; Brookwood, Ala.-based producer and exporter of metallurgical coal; roadshow Oct. 20-26, pricing thereafter.

WIND TRE SPA: €7.3 billion equivalent senior secured notes (B1/BB-/BB) in five benchmark-sized tranches: Euro-denominated fixed-rate notes due January 2023, non-callable for two years, initial guidance 3% area; euro-denominated fixed-rate notes due January 2025, non-callable for three years, initial guidance 3½% area; dollar-denominated fixed-rate notes due January 2026, non-callable for three years, initial guidance low-to-mid 5% area; euro-denominated floating-rate notes due January 2024, non-callable for six months, initial guidance Euribor plus 300 bps to 325 bps at par; and dollar-denominated floating-rate notes due 2023, non-callable for one year, initial guidance Libor plus 300 bps to 325 bps at 99.5; Deutsche Bank (joint global coordinator, bill and deliver for euro-denominated notes), BofA Merrill Lynch (joint global coordinator, bill and deliver for dollar-denominated notes), HSBC (joint global coordinator), Banca IMI, Barclays, BNP Paribas, Citigroup, Credit Agricole, Credit Suisse, Goldman Sachs, ING, JPMorgan, Mediobanca, Mizuho, MUFG, Natixis, Nomura, SMBC, SG, UniCredit (joint books); Rule 144A and Regulation S for life; proceeds, along with drawings under the new senior credit facilities, to redeem existing notes, and repay existing senior credit facilities; Rome-based telecom; European roadshow Oct. 18-20, U.S. roadshow Oct. 23-25.

On The Horizon

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.

ITRON INC.: $350 million notes backed by bridge loan initially priced at Libor plus 500 bps with 1% Libor floor, and $400 million term loan via Wells Fargo as lead arranger and bookrunner; to fund its acquisition of San Jose, Calif.-based internet connectivity platforms and services company Silver Spring Networks Inc.; Liberty Lake, Wash.-based technology and services company; disclosed in 8-K document filed on Sept. 18 with Securities and Exchange Commission.

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.

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.

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.

VANTIV LLC: $1.13 billion senior notes backed by one-year bridge at Libor plus 425 bps, 1% Libor floor, and $3.08 billion incremental bank debt; Morgan Stanley, Credit Suisse and MUFG are the lenders under the incremental loans and joint lead arrangers and joint bookrunners on the bridge loan; to help fund Vantiv’s merger with Worldpay Group plc, to refinance existing Worldpay debt and for general corporate purposes; Vantiv is a Cincinnati-based merchant and PIN debit acquirer; Worldpay is a London-based payments company (combined company will be named Worldpay and have global and corporate headquarters in Cincinnati and international headquarters in London); announced in Aug. 16 8-K.

WINDSTREAM HOLDINGS, INC.: $250 million senior secured notes; to pay down revolver; Little Rock-based telecom; announced Oct. 18 in conjunction with exchange offers and consent solicitation (exchange offers expire Nov. 14).

Roadshows

Oct. 18-23 (Europe), Oct. 23-25 (US): WIND TRE €7.3 billion; Deutsche Bank, BofA Merrill Lynch, HSBC, Banca IMI, Barclays, BNP Paribas, Citigroup, Credit Agricole, Credit Suisse, Goldman Sachs, ING, JPMorgan, Mediobanca, Mizuho, MUFG, Natixis, Nomura, SMBC, SG, UniCredit.

Oct. 20-26: WARRIOR MET COAL $350 million; Goldman Sachs, Citigroup, Credit Suisse, Morgan Stanley, BMO, RBC.

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