High Yield Calendar: $4.4 billion being marketed

October 4 Week

FRONTIER COMMUNICATIONS HOLDINGS, LLC/FRONTIER COMMUNICATIONS PARENT, INC.: $1 billion senior notes due 2030 (Caa2/CCC+); JPMorgan, Goldman Sachs, Morgan Stanley, Deutsche Bank, Barclays, Credit Suisse (joint); Rule 144A and Regulation S; non-callable for three years; to fund capital investments and operating costs arising from fiber buildout, and expansion of its fiber customer base, and general corporate purposes; Norwalk, Conn.-based telecom; pricing Tuesday; price talk 6% to 6¼% (initial talk 6¼% area).

GANNETT HOLDINGS LLC: $400 million five-year first-lien senior secured notes (B1//BB); Citigroup (left books), Apollo (joint books); Rule 144A and Regulation S; callable after two years at par plus 50% of coupon; 10% of notes callable annually at 103 during non-call period; proceeds plus new senior secured direct term loan to pay off existing senior secured term loan B; media and marketing company based in McLean, Va.; roadshow started Monday; investor call 10 a.m. ET on Monday; pricing expected Wednesday.

CASTLELAKE AVIATION FINANCE DAC (CASTLELAKE AVIATION LTD.): $420 million 5.5-year senior notes; Morgan Stanley (left books, bill and deliver), Citigroup, Barclays, BNP Paribas, Goldman Sachs, MUFG, RBC (joint books), Fifth Third, Natixis (co's); Rule 144A and Regulation S for life; callable after 2.5 years at par plus 50% of coupon; to repay debt and capitalize new corporate Castlelake entity; newly formed Ireland-based aircraft leasing company; roadshow Monday-Wednesday; investor call 10:30 a.m. ET on Monday; pricing later this week.

THOR INDUSTRIES, INC.: $400 million senior notes due 2029 (S&P: BB-); JPMorgan, Barclays, BMO, US Bancorp, BNP Paribas, KeyBanc, PNC (joint); Rule 144A and Regulation S; non-callable for three years; proceeds plus cash on hand to pay down asset-based revolver; Elkhart, Ind.-based recreational vehicle manufacturer; roadshow started Monday; pricing expected Wednesday.

ILIAD HOLDINGS SAS €3.6 billion equivalent four-part senior secured notes (expected ratings Ba3//BB): five-year notes callable after two years at par plus 50% of coupon, tranche sizes $500 million minimum, initial talk 6% area, and €500 million minimum, initial talk high 4% area, also seven-year notes callable after three years at par plus 50% of coupon, tranche sizes $500 million minimum, initial talk mid-6% area, and €500 million minimum, initial talk low-5% area; Credit Agricole (global coordinator), BNP Paribas (global coordinator, left lead bookrunner, bill and deliver for euro-denominated tranches), JPMorgan (global coordinator, left lead bookrunner, bill and deliver for dollar-denominated tranches), SG (global coordinator, joint bookrunner), BofA, CIC, Credit Suisse, Helaba, Natixis, RBI, SMBC, UCI (joint books); Rule 144A and Regulation S for life; to fund share purchases and debt refinancing; Paris-based telecom; roadshow Oct. 4-7.

HARBOUR ENERGY PLC: $500 million five-year senior notes (BB-/BB); JPMorgan; Rule 144A and Regulation S; non-callable for two years; to pay off the company’s Shell junior facility and repay cash drawn under the senior secured reserves-based lending facility; London-based oil and gas company; roadshow started Monday; pricing this week; initial talk low-to-mid 5% area.

OREGON TOOL: $350 million eight-year notes; JPMorgan; non-callable for three years; proceeds plus term loan B and sponsor equity to fund Platinum Equity's acquisition of the company from American Securities and P2 Capital Partners; Portland, Ore.-based cutting tool manufacturer (previously known as Blount International); initial talk high-6% area.

BROADSTREET: $325 million unsecured debt to launch later this week; also $332.5 million incremental term loan B to launch on Monday lender call, RBC arranger; proceeds to fund a new core agency partnership; Columbus, Ohio-based insurance brokerage.

Expected September-October Business

API GROUP CORP.: $400 million senior notes and $1.4 billion term loan to help fund its acquisition of the Chubb Fire & Security business from Carrier Global Corp.; Barclays and Citigroup provided financing commitment; APi is a New Brighton, Minn.-based business services provider of safety, specialty and industrial services; Chubb is a U.K.-based fire safety and security provider; disclosed in 8-K filed on Sept. 13 with SEC.

On The Horizon

AMERICAN TIRE DISTRIBUTORS: $1 billion unsecured notes; Goldman Sachs; 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.

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.

COOKE OMEGA INVESTMENTS INC. and COOKE OMEGA FINCO, INC.: $580 million senior notes due 2029 (Caa1/CCC+); BofA, DNB, BMO, HSBC (joint), Desjardins, CIBC (co's); Rule 144A and Regulation S; callable after three years at par plus 50% of coupon; proceeds plus new credit facilities to refinance debt and a distribution; Blacks Harbour, N.B.-based seafood producer; initial talk high 5% to 6% area.

COVANTA HOLDING CORP.: $1.5 billion senior unsecured bridge facility to be replaced by unsecured notes, also $1.94 billion credit facilities; debt commitment from Barclays, Credit Suisse, TD, BNP Paribas, Credit Agricole, Goldman Sachs, RBC, Citigroup, Stifel, MUFG, Fifth Third, Citizens; to help fund its acquisition by EQT Infrastructure, expected to close in fourth quarter of 2021; Covanta is a Morristown, N.J.-based provider of sustainable waste and energy solutions; disclosed in PREM14A filed with SEC on Aug. 19.

DIASORIN SPA: $500 million one-year bridge loan and $1.1 billion term loan due 2026 via Citigroup, BNP Paribas, Mediobanca and UniCredit; to help fund its acquisition of Luminex Corp., enterprise value approximately $1.8 billion, expected to close in third quarter of 2021; DiaSorin is an Italy-based producer of reagent kits used by diagnostic laboratories; Luminex is an Austin, Tex.-based provider of biological testing technologies and products; April 12 news release.

GRAY TELEVISION INC.: $1.475 billion bridge loan (increased from $1.35 billion), and $1.45 billion incremental term loan; Wells Fargo; funding for acquisition of Meredith Corp., expected to close fourth quarter of 2021, $2.7 billion total enterprise value; Gray Television is an Atlanta-based broadcast company; disclosed in 8-K filed on June 3 with SEC.

GROUP 1 AUTOMOTIVE INC.: $250 million unsecured bridge loan backing its acquisition of Prime Automotive Group for about $880 million; Wells Fargo committed to provide a portion of the debt financing; Group 1 is a Houston-based owner and operator of automotive dealerships and collision centers; Prime Automotive is a Westwood, Mass.-based owner and operator of automotive dealerships; disclosed in 8-K filed Sept. 13 with SEC.

HUNTINGTON INGALLS INDUSTRIES: $1 billion senior notes and $650 million term loan; to fund acquisition of Alion Science and Technology expected to close second half of 2021; Credit Suisse was financial advisor to Huntington Ingalls, Macquarie was financial advisor to Alion; Huntington Ingalls is a Newport News, Va.-based military shipbuilding company; details disclosed in July 9 8-K filed with SEC.

PRINCE INTERNATIONAL CORP.: $1.26 billion senior notes and $2.27 billion credit facilities, debt commitment from Barclays and Credit Suisse; proceeds plus $200 million of equity to help fund its acquisition of Ferro Corp., expected to close in the first quarter of 2022; Prince is a Houston-based supplier of specialty products for niche applications in the construction, electronics, consumer products, agriculture, automotive, oil & gas, industrial and other end markets; disclosed in PREM14A filed with SEC.

STANDARD INDUSTRIES HOLDINGS INC.: $955 million senior unsecured bridge, also $2.95 billion senior secured credit facilities; debt commitment from JPMorgan, BNP Paribas, Citigroup, Deutsche Bank; to help fund its acquisition of W.R. Grace & Co. in transaction valued at around $7 billion, expected to close in fourth quarter of 2021; Standard Industries is a New York-based industrial company; W.R. Grace is a Columbia, Md.-based specialty chemical company; details disclosed in PREM14A filed SEC on May 24.

Roadshows

Started Oct. 4: GANNETT $400 million; Citigroup

Started Oct. 4: CASTLELAKE AVIATION $420 million; Morgan Stanley

Started Oct. 4: THOR INDUSTRIES $400 million; JPMorgan, Barclays, BMO, US Bancorp, BNP Paribas, KeyBanc, PNC

Started Oct. 4: HARBOUR ENERGY $500 million; JPMorgan

Oct. 4-7: ILIAD €3.6 billion; Credit Agricole, BNP Paribas, JPMorgan

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