High Yield Calendar: $570 million in the market

March 14 Week

REDWOOD STAR MERGER SUB. INC. (SPX FLOW INC): $570 million eight-year non-call three-year senior notes (Caa2/CCC); BofA (lead left), Citigroup, BNP Paribas, Deutsche Bank, RBC, Truist Securities and UBS; Rule 144A and Regulation S; to help fund buyout by Lone Star Funds; Charlotte, N.C.-based provider of process solutions for the nutrition, health and industrial markets; roadshow through March 17; early guidance high 8% to 9%.

OWENS & MINOR INC.: $500 million senior notes with expected maturity of eight years or less; JPMorgan; to help fund the acquisition of Indianapolis-based home health care equipment and services provider Apria Inc.; Richmond, Va.-based health care solutions company; possible March 14 launch; 6%-plus yield expected.

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.

MONEYGRAM INTERNATIONAL INC.: $500 million unsecured bridge loan and $800 million senior secured credit facilities, debt commitment from Goldman Sachs, Deutsche Bank and Barclays; proceeds plus $810 million equity to fund the buyout of MoneyGram, a Dallas-based digital P2P payments company, by Madison Dearborn Partners LLC; disclosed in 8-K filed with the SEC on Feb. 16.

VIASAT INC.: $1.6 billion senior notes (assumed pricing 5½%), also $700 million term loan; debt commitment from BofA, JPMorgan, Barclays, Credit Suisse; proceeds to support the acquisition of Inmarsat, expected to close during second half of 2022; Carlsbad, Calif.-based Viasat and London-based Inmarsat are satellite telecommunications companies.

Roadshows

Started March 7: SPX FLOW $570 million; BofA

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