High Yield Calendar

Pending Deals

SLM CORP. (Ba1/BB+/BB+): Possible deal pending market conditions; pre-marketed Oct. 22-23 via investor calls arranged by JPMorgan, RBC; Newark, Del.-based banking company.

TOTAL PLAY TELECOMMUNICACIONES, SA de CV: Possible inaugural dollar-denominated Rule 144A and Regulation S unsecured notes offering (expected ratings B2//BB-), pending market conditions, high-yield accounts expected to be involved; Jefferies (joint global coordinator, lead joint bookrunner, bill and deliver), Barclays, Credit Suisse (joint global coordinators, lead joint bookrunners); Mexico City-based telecom; pre-marketing began Oct. 22.

ADVANTAGE SALES & MARKETING INC.: $500 million eight-year senior secured notes (B2/B); BofA; non-callable for three years; to refinance debt in connection with the acquisition by Conyers Park II Acquisition Corp.; Irvine, Calif.-based provider of outsourced sales and marketing services; price talk 6¼% area.

MULTI-COLOR CORP. via LABL INTERMEDIATE HOLDING CORP.: $500 million five-year senior PIK toggle notes; BofA, Deutsche Bank, Guggenheim, BMO, Barclays, Credit Suisse, Morgan Stanley; Rule 144A and Regulation S; callable after one year at par plus 50% of coupon (after the non-call period, in connection with (but not prior to) an initial public offering or company sale, the notes may be redeemed at 50% of the applicable redemption premium); to fund a dividend; Batavia, Ohio-based label producer; initial guidance low 12% area cash coupon, 75 bps increase for PIK.

SIZZLING PLATTER, LLC and SIZZLING PLATTER ISSUER CORP.: $325 million five-year senior secured notes (B3//B-); UBS (joint books, bill and deliver), Mizuho (joint books); Rule 144A and Regulation S for life; callable after two years at par plus 50% of coupon; to refinance debt; Murray, Utah-based parent company of restaurant chains; price talk 7¾% to 8% (initial talk 7¾% area).

On The Horizon

ADTALEM: $1.65 billion first-lien term loan/senior secured notes; Morgan Stanley; also $400 million revolver; to help fund its acquisition of Walden University from Laureate Education Inc., expected to close first quarter of fiscal year 2022; Adtalem is a Chicago-based workforce solutions provider. Walden University is an online health care education provider.

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.

EMPIRE RESORTS INC.: $475 million senior secured notes (B+/B+); BNP Paribas (joint books, bill and deliver), Citigroup, DBS Bank; Rule 144A and Regulation S; non-callable for two years; to enhance liquidity; Monticello, N.Y.-based gaming, lodging and entertainment company indirectly owned by Malaysia-based Kien Huat Realty III Ltd. (51%) and Genting Malaysia Bhd. (49%).

NRG ENERGY INC.: $2.361 billion secured and unsecured notes to help fund its acquisition of Direct Energy from Centrica plc for $3.625 billion in an all-cash transaction expected to close by the end of 2020; Citi and Credit Suisse are financial advisors to NRG, a power producer with headquarters in Princeton, N.J., and Houston; bonds expected to come to market prior to closing.

PROVIDENCE SERVICE CORP.: $600 million 364-day senior unsecured bridge term loan at Libor plus 525 bps, 1% Libor floor, rate increases by 50 bps every three months up to specified cap, to be replaced with high yield debt possibly including senior notes, revolver, term loans, bridge loans or any combination; also $30 million five-year revolver; debt commitment from Jefferies and Deutsche Bank; to help fund acquisition of Simplura Health Group; Providence is an Atlanta-based manager of non-emergency medical transportation programs disclosed in Sept. 29 8-K.

VIRTUSA CORP.: $300 million unsecured notes; also $725 million of senior secured credit facilities; BofA, Barclays, Goldman Sachs, Deutsche Bank, HSBC and Nomura provided the debt commitment; to help fund acquisition of the company by Baring Private Equity Asia in a transaction valued at approximately $2 billion, expected to close during first half of 2021; Southborough, Mass.-based provider of digital strategy, digital engineering, and IT services; disclosed in Oct. 7 PREM14A filed with the SEC.

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