High Yield Calendar: $2.02 billion, €1.16 billion and £240 million deals being marketed

November 27 Week

TERRAFORM POWER OPERATING, LLC: $1 billion non-callable senior notes (existing ratings B2/BB-) due January 2023 (initial guidance low to mid 4% area) and January 2028 (initial guidance low 5% area); RBC (joint books, bill and deliver), BMO, HSBC, Natixis, Scotia, SMBC (joint books); Rule 144A and Regulation S for life; par call three months prior to maturity on 2023 notes, six months prior to maturity on 2028 notes, otherwise non-callable; 101% poison put; to redeem notes due 2023; Bethesda, Md.-based owner and operator of a renewable power portfolio of solar and wind assets; launched Monday; investor call 10 a.m. ET Tuesday; pricing Tuesday.

CLEAVER-BROOKS, INC.: $395 million five-year senior secured notes (S&P: B); RBC Capital Markets LLC (joint books, bill and deliver), SunTrust Robinson Humphrey Inc., Credit Suisse Securities (USA) LLC (joint books); Rule 144A for life; non-callable for two years; two-year 40% equity clawback; 101% poison put; to refinance existing secured notes; designer and manufacturer of boiler room systems; roadshow Nov. 27-30; pricing late Nov. 27 week.

MOUNTAIN PROVINCE DIAMONDS INC.: $325 million senior secured second lien notes due 2022; Credit Suisse, Scotia (joint); Rule 144A and Regulation S for life; callable after two years at par plus 50% of coupon; two-year 40% equity clawback; 101% poison put; to refinance bank debt; Canadian diamond mining company; roadshow started Nov. 27; pricing late Nov. 27 week.

MATTHEWS INTERNATIONAL CORP.: $300 million senior notes due 2025; J.P. Morgan Securities LLC; Rule 144A and Regulation S; non-callable for three years; to repay revolver debt; Pittsburgh-based designer, manufacturer and marketer of memorialization products and brand services; pricing late Nov. 27 week.

ADLER REAL ESTATE AG: Dual-tranche euro-denominated senior notes (BB+); Goldman Sachs International (global coordinator, joint books), Deutsche Bank, JPMorgan and Morgan Stanley (joint books); Regulation S; Berlin-based residential property management company; roadshow started Nov. 23.

PINEWOOD STUDIOS: £240 million six-year senior secured notes (expected ratings Ba3/B+/BB); Credit Suisse, Goldman Sachs, Barclays, HSBC, Lloyds; non-callable for two years; to refinance debt, fund an equity release and general corporate purposes; Buckinghamshire, England-based film and television studio; roadshow Nov. 27-30.

CERAMTEC: €406 million eight-year senior notes; BofA Merrill Lynch, Morgan Stanley, Deutsche Bank, Nomura, UBS; non-callable for three years; to help fund the buyout of CeramTec by BC Partners from Cinven; Plochingen, Germany-based developer and manufacturer of advanced ceramic components; roadshow Nov. 27-29.

LOWEN PLAY GMBH: €350 million five-year senior secured notes (B2/B); JPMorgan, ING; non-callable for two years; to repay existing notes and shareholder loan; Bingen am Rhein, Germany-based casino operator; roadshow Nov. 28-Dec. 1.

THOMAS COOK FINANCE 2 PLC: €400 million guaranteed senior notes due 2023; Rule 144A and Regulation S; non-callable for two years; to redeem guaranteed senior notes due June 2021; London-based travel company; announced in Nov. 27 press release.

On The Horizon

AMERICAN MIDSTREAM PARTNERS, LP: Bonds; to refinance about $654 million of debt issued by Southcross Holdings and Southcross Energy Partners, LP in connection with its planned purchase of the company; Houston-based owner, operator, developer and acquirer of natural gas midstream energy assets.

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.

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.

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.

Roadshows

Started Nov. 27: MOUNTAIN PROVINCE DIAMONDS $325 million; Credit Suisse, Scotia.

Nov. 27-29: CERAMTEC €406 million; BofA Merrill Lynch, Morgan Stanley, Deutsche Bank, Nomura, UBS.

Nov. 27-30: CLEAVER-BROOKS $395 million; RBC, SunTrust, Credit Suisse.

Nov. 27-30: PINEWOOD STUDIOS £240 million; Credit Suisse, Goldman Sachs, Barclays, HSBC, Lloyds.

Nov. 28-Dec. 1: LOWEN PLAY €350 million; JPMorgan, ING.

Pricing late Nov. 27 week: MATTHEWS INTERNATIONAL $300 million; JPMorgan.

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