High Yield Calendar: $5 billion in the market

January 31 Week

SCIENTIFIC GAMES HOLDINGS LP: $880 million senior notes due 2030 (Caa2/B/B); Barclays (bill and deliver), Deutsche Bank, BNP Paribas, Credit Agricole, Macquarie, RBC, BMO, Citigroup, Goldman Sachs, HSBC, Morgan Stanley, MUFG, SG, Wells Fargo (joint); Rule 144A and Regulation S for life; callable after three years at par plus 50% of coupon; to finance the buyout of the company by Brookfield Business Partners LP; Las Vegas-based supplier of gambling products and services; pricing Thursday; price talk 6½% to 6¾% (initial guidance 7% area).

PMHC II, INC. (PRINCE INTERNATIONAL CORP.): $756 million senior notes due 2030 (Caa2/CCC+); Barclays (lead books, bill and deliver), Credit Suisse, Goldman Sachs, Jefferies, KeyBanc, Deutsche Bank, HSBC, BofA (joint books); Rule 144A and Regulation S for life; notes in both tranches callable after three years at par plus 50% of coupon; to help fund acquisition of Ferro Corp. and repay debt (proceeds to be escrowed pending acquisition; mandatory par call if acquisition not consummated by Aug. 11, 2022); Houston-based supplier of mineral-based products, engineered additives, and specialty coatings; books close Thursday, pricing Friday; price talk 8¾% to 9% (initial talk low-8% area); formerly $1.256 billion two-part notes offer was downsized Thursday, with the elimination of $500 million secured notes tranche, proceeds shifted to concurrent term loan.

PROMONTORIA HOLDING 264 BV (WORLDWIDE FLIGHT SERVICES GROUP): Three-part five-year senior secured notes (expected ratings B3/B): Fixed-rate notes: $400 million (initial talk 8% to 8¼%) and €340 million (initial talk 6¾% to 7%), both tranches non-callable for two years; also €250 million floating-rate notes (initial talk three-month Euribor plus 650 bps area, 0% floor, at par) non-callable for one year; Barclays (global coordinator, physical bookrunner, bill and deliver, left bookrunner for dollar-denominated notes), Goldman Sachs (global coordinator, physical bookrunner), BofA, Citigroup, HSBC, ING, Morgan Stanley, MUFG, RBC (joint bookrunners); Rule 144A and Regulation S; to refinance debt and fund cash to balance sheet; Austin, Tex.-based aircraft ground support services provider; roadshow through Wednesday.

CONDOR MERGER SUB, INC. to be merged with an into MCAFEE CORP.: $2.32 billion senior notes due 2030 (Caa2/CCC+); BofA (left books), Credit Suisse, JPMorgan, Barclays, Citigroup, HSBC, RBC, UBS, BMO, KKR, Macquarie, Mizuho, MUFG, Nomura, Wells, BNP, CIBC, Citizens, Credit Agricole, Fifth Third, IMI, KeyBanc, Natixis, Scotia, SG, SMBC, Standard Chartered, Stifel, TD (joint books) Rule 144A and Regulation S; callable after three years at par plus 50% of coupon; proceeds plus new credit facilities, preferred stock offering and equity contributions from investors acquisition by an investor group led by Advent International Corp., Permira Advisers LLC, Crosspoint Capital Partners, Canada Pension Plan Investment Board, GIC Private Ltd. and Abu Dhabi Investment Authority, expected to close in first half of 2022, to repay substantially all debt of the company and subsidiaries and for general corporate purposes; San Jose, Calif.-based provider of online protection for consumers; roadshow through Thursday; initial talk low-7% area; notes offer downsized from $3.32 billion with the elimination of $1 billion senior secured notes tranche, proceeds shifted to bank loans.

COVIS FINCO SARL (COVIS PHARMA): $350 million equivalent five-year senior secured notes (B2/B) initial talk 7% area, downsized from $375 million equivalent (overall bond offer decreased from $850 million equivalent, $475 million dollar-denominated notes eliminated, proceeds shifted to concurrent bank loans); Barclays (left books), HSBC, Mizuho, MUFG, BNP Paribas, RBC (joint books); Rule 144A and Regulation S for life; non-callable for two years; proceeds plus upsized $850 million term loans to refinance debt, including debt incurred to finance products acquired from AstraZeneca; Zug, Switzerland-based specialty pharmaceutical company; pricing expected Jan. 31 week (debut issuer).

INNOVATIVE INDUSTRIAL PROPERTIES, INC.: $300 million senior notes due 2027; BTIG (books); public; to invest in specialized industrial real estate assets used in the regulated cannabis industry that are consistent with its investment strategy, and for general corporate purposes; San Diego-based real estate investment trust focused on the acquisition, ownership and management of specialized industrial properties leased to experienced, state-licensed operators for their regulated cannabis facilities; disclosed in Feb. 1 press release.

On The Horizon

ACURIS FINANCE US, INC. and ACURIS FINANCE SARL, doing business as ION ANALYTICS: $850 million equivalent eight-year senior secured notes (expected ratings B2/B) in tranches of dollar-denominated notes, price talk 6% area (initial talk low-to-mid 6% area), and euro-denominated notes, price talk 4¾% area (initial talk mid-to-high 4% area) tranche sizes to be determined (expected $500 million and $350 million equivalent euro); UBS (left books), BNP Paribas (joint books); Rule 144A and Regulation S for life; notes in both tranches callable after two years at par plus 50% of respective coupons; to refinance debt incurred in the Backstop acquisition, to fund a dividend for repurchase of shares from certain minority shareholders in one or more parent companies, to partially prepay amounts drawn under the credit facility and for general corporate purposes; London-based market analytics and data provider (delayed as of Jan. 28).

ENTEGRIS INC.: Up to $895 million 364-day senior unsecured bridge loan, and up to $4 billion term loan B; Morgan Stanley; proceeds plus cash on hand to fund the cash portion of the acquisition of CMC Materials Inc., expected to close in the second half of 2022, also refinance certain CMC and Entegris debt, to fund working capital and for general corporate purposes; Billerica, Mass.-based Entegris and Aurora, Ill.-based CMC Materials supply products and services to the semiconductor industry; financing disclosed in 8-K filed with SEC on Dec. 16.

SPX FLOW INC.: $570 million senior unsecured bridge loan expected to be replaced by senior notes issue; also $1.74 billion senior secured credit facilities; debt commitment from Citigroup, BofA, RBC, Truist, BNP Paribas, Deutsche Bank; to help fund buyout by Lone Star Funds, expected to close in first half of 2022, to refinance debt and for general corporate purposes; Charlotte, N.C.-based provider of process solutions for the nutrition, health and industrial markets; disclosed in PREM14A filed on Jan. 11 with SEC.

Roadshows

Started Jan. 28: PRINCE INTERNATIONAL $1.256 billion; Barclays

Started Jan. 31: WORLDWIDE FLIGHT SERVICES $400 million and €590 million; Barclays

Started Jan. 31: SCIENTIFIC GAMES $880 million; Barclays

Started Jan. 31: MCAFEE $2.32 billion; Credit Suisse, BofA

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