HIGHYIELD CLOSE-Four issuers set to raise US$2.72bn on Thursday

* Teck Resources upsized to US$1.25bn

* Herc 7.5% 2022s most actively traded

* No trades expected on Friday

By Mike Gambale

NEW YORK, May 26 (IFR) - Below is a recap of primary issuance activity in the US high-yield market on Thursday:

Number of deals priced: 2

Deals expected to price later Thursday: 2

Total (LSE: 524773.L - news) expected issuance: US$2.72bn

EMI MUSIC PUBLISHING

EMI Music Publishing Group North America Holdings, rated B3/B , announced a US$350m 8-year nc3 senior unsecured note offering via GS(left)/UBS (LSE: 0QNR.L - news) . 144a/RegS.

UOP: Issuer issued a notice of redemption for any and all of outstanding 12.5% senior notes due 2020, which is conditional upon the closing of this offering. Net (LSE: 0LN0.L - news) proceeds from this offering and cash on hand to redeem the existing unsecured notes and to pay related fees and expenses associated with this offering and the redemption. BIZ: A multinational music publishing company headquartered in London, United Kingdom.

PRICE TALK: 7.50-7.75%

PRICED: US$350m. Cpn 7.625%. Due 6/15/24 NC3. Ip par. Yld 7.625%. +590bp vs. 2.5% 5/15/24 UST. MWC T+50bp. Equity clawback up to 40% at 107.625% prior to 6/15/19. Call schedule: 2019 at 105.719%, 2020 at 103.8143%, 2021 at 101.906%, 2022 and thereafter at par. First (Other OTC: FSTC - news) pay 12/15/16. Settlement date 6/3/16. Cusip # 268698AB3.

TECK RESOURCES

Teck Resources Limited (NYSE: TCK - news) , rated B1/BB-, announced a US$1bn 144A/RegS 2-part (5NC2 & 8NC3) senior unsecured note offering via joint book managers JPM/BAML/GS. Joint books: Barc/BMO/CIBC/C/DB/MS/RBC (Other OTC: RBCI - news) /Scotia/TD. UOP: Tender for the 3.15% Nts (Oslo: NTS.OL - news) due 2017, 3.85% Nts due 2017, 2.5% Nts due 2018, and 3% Nts due 2019.

BIZ: diversified resource company committed to responsible mining and mineral development with major business units focused on copper, steelmaking coal, zinc and energy. Headquartered in Vancouver, Canada.

PRICE TALK: 5-year nc2 8.25-8.50%, 8-year nc3 8.75-9.00%.

PRICED: US$1.25bn (upsized from US$1bn) 2-part. MWC T+50bp. US$101 COC put. First pay 12/1/16. Settlement date 6/7/16.

- US$650m. Cpn 8.00%. Due 6/1/21 NC2. Ip par. Yld 8.00%. +663bp vs. 1.375% 5/31/21. Equity clawback uip to 35% at 108% until 6/1/18. Call schedule: 2018 at 104%, 2019 at 102%, 2020 and thereafter at par. Cusip # 878742BA2.

- US$600m. Cpn 8.50%. Due 6/1/24 NC3. Ip par. Yld 8.50%. +678bp vs. 2.50% 5/15/24 UST. Equity clawback up to 35% at 108.50% until 6/1/19. Call schedule: 2019 at 106.375%, 2020 at 104.25%, 2021 at 102.125%, 2022 and thereafter at par. Cusip # 878742BC8.

EXPECTED TO PRICE LATER THURSDAY:

REALOGY HOLDINGS (NYSE: RLGY - news)

Realogy Holdings, expected ratings B2/B, announced a US$500m 7yr NCL senior note offering via JPM(left)/CS/GS. 144a/RegS for life. Investor (LSE: 0NC5.L - news) call at 11am, with pricing later this afternoon. Par call 3-months prior to maturity.

UOP: A portion of the net proceeds from this offering to reduce outstanding borrowings under its revolving credit facility and the remaining proceeds for general corporate purposes, which may include additional debt transactions. BIZ: Realogy Holdings Corp. (NYSE: RLGY) is a global leader in residential real estate franchising and brokerage with many of the best-known industry brands including Better Homes and Gardens.

PRICE TALK: 5.00% area. Books close at 1pm, pricing thereafter.

CENGAGE LEARNING

Cengage Learning Inc, Caa1/CCC+, announced a US$740m 8-year nc3 senior unsecured notes via MS(left)/CS/BMO/CITI/GS/WFS/DB/KKR. Investor call at 12pm on Monday, with pricing expected later this week. 144a for life. Optional redemption: NC 3, Par + 75% of Coupon declining to Par 2 years prior to maturity.

UOP: Refinance existing term loan debt, fund a distribution to existing shareholders of the Issuer's parent and pay related fees & expense. BIZ: An educational content, technology, and services company for the higher education and K-12, professional and library markets.

PRICE TALK: 9.25 - 9.50%. Downsized to US$620m from US$740m. Books close at 3pm, pricing thereafter.

PIPELINE:

YUM! BRANDS

Yum! Brands is readying a US$2.3bn unsecured note offering via GS(left). Rated BB by S&P.

UOP: To fund a cash distribution to shareholders, refinance existing credit facility, and for other general corporate purposes.

BIZ: Yum! Brands, Inc., or Yum! and formerly Tricon Global Restaurants, Inc., is an American fast food company. The Fortune 500 corporation operates the licensed brands Taco Bell, KFC, Pizza Hut, and WingStreet worldwide.

UDPATE: Rated B1 by Moody's. (Reporting by Mike Gambale; Editing by Shankar Ramakrishnan)