High Yield Calendar: $5.7 billion deals being marketed

March 8 Week

SYNAPTICS INC.: $400 million senior notes due June 2029 (expected ratings Ba3/BB-/BB-); Wells Fargo (left books), BMO, MUFG, Barclays, HSBC (joint books); Rule 144A and Regulation S for life; callable after three years at par plus 50% of coupon; to repay revolver borrowings and general corporate purposes; San Jose, Calif.-based developer of human interface hardware and software; investor call 11:30 a.m. ET Monday; pricing Tuesday.

AMERICAN AIRLINES, INC. and AADVANTAGE LOYATLY IP LTD.: $5 billion non-callable senior secured notes (Ba2/BB): $2.5 billion notes due 2026 (two-year interest-only period, amortizes at 33% annually beginning in year three, expected weighted average life 3.7 years), also $2.5 billion eight-year senior notes (five-year interest-only period, amortizes at 33% annually beginning in year six, expected weighted average life 6.7 years); Goldman Sachs (sole structuring agent, left lead books), Barclays, Citigroup (joint lead books), BofA, Credit Suisse, Deutsche Bank, ICBC, JPMorgan, Morgan Stanley, SMBC, BNP Paribas, Credit Agricole, HSBC, MUFG, Standard Chartered, US Bancorp, BOK (joint books); Rule 144A and Regulation S for life; proceeds plus new term loan to fund reserve accounts for the notes and loan, make inter-company loan to American which will be used to pay off Treasury term loan with any remaining proceeds for general corporate purposes; frequent flyer program of Fort Worth-based American Airlines; roadshow Monday to Wednesday, pricing thereafter; investor call 1 p.m. ET Monday.

CROCS, INC.: $300 million eight-year senior notes (expected ratings B1/BB-); Citigroup (lead books), BofA, Morgan Stanley, PNC (joint books), KeyBanc, HSBC, US Bancorp (co's); Rule 144A and Regulation S; callable after three years at par plus 50% of coupon; to repay revolver, and general corporate purposes, which may include working capital, capital expenditures, stock repurchases and acquisitions; Boulder, Colo.-based footwear supplier; investor call 10 a.m. ET Monday; pricing expected Wednesday.

On The Horizon

AMERICAN TIRE DISTRIBUTORS: $1 billion unsecured notes; Goldman Sachs; to finance exit from bankruptcy; Huntersville, N.C.-based tire distribution business; non-deal roadshow during Feb. 8 week; offering expected to launch Feb. 15 week; initial yield expectation 8½%.

CARDTRONICS: $450 million senior notes backed by $450 million one-year bridge loan and $1.5 billion credit facility to help fund the acquisition of the company by Apollo Global Management Inc. and Hudson Executive Capital LP, with an enterprise value of $2.3 billion, including net debt, expected to close during first half of 2021; RBC, Barclays, Deutsche Bank and Mizuho are the joint lead arrangers on the credit facilities and bridge loan; Houston-based ATM owner/operator; disclosed in Jan. 7 SC 13E3 filed with SEC.

CETERA: $525 million unsecured bridge facility; Goldman Sachs, UBS; to fund the acquisition of certain assets related to the independent financial planning channel of Voya Financial Advisors and to repay an existing second-lien term loan; El Segundo, Calif.-based financial advice firm; disclosed by market source on Feb. 17, 2021.

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.

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%).

JAZZ PHARMACEUTICALS: $2.2 billion senior secured bridge loan and $3.65 billion senior secured credit facilities; debt commitment provided by BofA and JPMorgan; proceeds plus cash on hand to fund the acquisition of GW Pharmaceuticals plc, expected to close in the second quarter of 2021; Dublin, Ireland-based Jazz and Cambridge, U.K.-based GW are biopharmaceutical companies; information disclosed in Feb. 4, 2021 8-K filed with SEC.

VERISURE HOLDING AB €2.42 billion notes: €1.15 billion secured notes and up to €1.27 billion unsecured notes; proceeds to fund redemption of 5¾% senior notes due 2023; announced on Jan. 7 in connection with consent solicited from holders of €700 million senior secured floating-rate notes due 2025 and fixed-rate notes due 2023, Goldman Sachs and JPMorgan solicitation agents, expires Jan. 13; Linkoping, Sweden-based supplier of commercial and home security systems.

VICI PROPERTIES INC.: $4 billion 364-day first-lien secured bridge facility (bridge to be taken out by means of senior unsecured notes and/or equity securities and/or term loan); Deutsche Bank, Morgan Stanley (joint lead arrangers and joint books); pricing Libor plus 200 bps, 1% Libor floor, spread steps up to 225 bps 90 days after closing, 250 bps 180 days after closing, 275 bps 270 days after closing, duration fees 50 bps 90 days after closing, 75 bps 180 days after closing, 100 bps 270 days after closing; to support its acquisition of all land and real estate assets associated with Venetian Resort Las Vegas and Sands Expo and Convention Center, located in Las Vegas, expected to close by year-end 2021; New York-based real estate investment trust that owns gaming, hospitality and entertainment destinations.

Roadshow

March 8-10: AADVANTAGE LOYATLY $5 billion; Goldman Sachs.

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