High Yield Calendar: $3.16 billion deals being marketed

May 4 Week

UNITED AIRLINES INC. $2.25 billion two-part senior secured notes (Ba2/BB-/BB+) with blended initial price talk in the low 9% area: $1 billion three-year notes, initial talk 9% area, and $1.25 billion five-year notes, initial talk 9½% area; JPMorgan; Rule 144A and Regulation S; non-callable; to repay the $2 billion outstanding under the term loan facility entered into on March 9, 2020, with any remaining proceeds for general corporate purposes; Chicago-based air carrier; pricing expected Thursday.

POWERTEAM SERVICES, LLC: $587 million senior secured notes due December 2025; Credit Suisse (left lead), BNP Paribas, UBS, BMO, MUFG, Deutsche Bank, Mizuho, BofA (joint books); Rule 144A and Regulation S; non-callable until February 2023, then at par plus 50% of coupon; to repay bridge notes used along with sponsor equity to fund purchase of MVerge; Plymouth, Mich.-based provider of services to electric and gas utilities; investor call Tuesday; roadshow through Friday.

AZEK BUILDING PRODUCTS, INC. via CPG INTERNATIONAL LLC: $320 million senior notes due May 15, 2025; Barclays, BofA, Deutsche Bank, Jefferies (joint); Rule 144A and Regulation S; callable after two years at par plus 50% of coupon; to redeem 8% senior notes due 2021 at par; Skokie, Ill.-based building products supplier; investor calls Thursday; pricing Friday.

High Yield Bridges

CINCINNATI BELL INC.: $493 million senior bridge loans, commitment from Goldman Sachs; also $1.6 billion credit facilities via Goldman Sachs, Regions, SG; to help fund acquisition of Cincinnati Bell by Macquarie Infrastructure Partners in transaction valued at $2.9 billion, expected to close first half of 2021; Cincinnati-based provider of integrated communications solutions; details from March 19 PRER14A filed with SEC.

ELANCO ANIMAL HEALTH INC.: $2.75 billion bridge loans and $3.75 billion credit facilities, debt commitment from Goldman Sachs; to help fund its acquisition of Bayer AG’s animal health business, targeted to close in mid-2020; Greenfield, Ind.-based animal health company; disclosed in 8-K document filed Aug. 20 with SEC.

ELDORADO RESORTS INC.: $1.8 billion senior notes due 2028 backed by bridge loan, via JPMorgan, Credit Suisse, Macquarie, priced at Libor plus 475 bps with a 0% Libor floor, spread increases by 50 bps every three months until a specified cap is reached; also $4 billion credit facilities, debt commitment from JPMorgan, Credit Suisse, Macquarie; to help fund its acquisition of Caesars Entertainment Corp.; Eldorado is a Reno, Nev.-based gaming company, expected to close in first half of 2020; Caesars is a Las Vegas-based gaming and entertainment company.

On The Horizon

ALPHA AUTO GROUP: $225 million five-year notes; JPMorgan; non-callable for two years; automotive group operates dealerships representing 14 automotive brands throughout Ontario, Alberta and Oregon.

INTL FCSTONE: $350 million senior secured notes; to fund the acquisition of GAIN Capital Holdings, Inc. for approximately $236 million, expected to close mid-2020 (GAIN Capital's $60 million convertibles due 2020 to be repaid with cash on hand prior to closing; offer to redeem Gain Capital's $92 million convertible notes due 2022 to be made at closing); financing commitment from Jefferies; INTL FCStone is a New York City-based financial services provider; GAIN Capital Holdings is a Bedminster, N.J.-based financial services provider; details disclosed in Feb. 27 8-K document filed with SEC and Feb. 27 press release.

MARTIN MIDSTREAM PARTNERS LP: $400 million senior secured notes due 2025; Rule 144A and Regulation S; to refinance 7¼% senior notes due 2021 and for general partnership purposes; Kilgore, Tex.-based master limited partnership focused on marine transportation, terminalling, distribution and logistical services for producers and suppliers of hydrocarbon products, specialty chemicals and other liquids, primarily operating in the Gulf Coast region of the United States; announced in March press release.

Roadshow

Through May 8: POWERTEAM SERVICES $587 million; Credit Suisse.

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