HIGHYIELD CLOSE-Two issuers raise US$2.25bn in HY primary market

(Corrects Navient bond yield pricing to 7.25%)

* Kinetic prices in-line with expectations

* IMS Health (NYSE: IMS - news) talk US$1bn 5% area, 500m 3.50% area

* PDC deal priced late on Monday

* HY pipeline continues to grow

By Mike Gambale

NEW YORK, Sept 13 (IFR) - Below is a recap of primary issuance activity in the US high-yield market on Tuesday:

Number of deals priced: 2

Total (LSE: 524773.L - news) issuance: US$2.25bn

KINETIC CONCEPTS

Kinetic Concepts, ratings Caa1/B-, announced a US$1.75bn 5-year nc2 senior secured 2nd lien notes offering via GS(left)/BAML/CS/NOMURA/STRH/RBC (Other OTC: RBCI - news) /UBS (LSE: 0QNR.L - news) . 144A/Reg S.

UOP: Gross proceeds from the offering, together with proceeds of an equity contribution and cash on hand (including borrowings under the revolving credit facility), will be used to redeem all of the existing second lien notes and pay fees and expenses related to the transactions. BIZ: Global medical technology firm.

WHISPER: Mid 9%

PRICE TALK: 9.50% area.

PRICED: US$1.75bn. Cpn 9.625%. Due 10/1/21 NC2. Ip par. Yld 9.625%. First (Other OTC: FSTC - news) pay 4/1/17. Call schedule: 2018 at 104.813%, 2019 at 102.406%, 2020 and thereafter at par. Equity clawback up to 40% at 109.625% prior to 10/1/18. MWC T+50bp. Settlement date 9/20/16. Cusip # 49461BAG9.

NAVIENT CORP

Navient Corp, rated Ba3/BB-/BB (s/n/s), announced a US$500m (no grow) 7-year (9/25/2023) SEC (Shanghai: 603988.SS - news) -Reg senior unsecured notes via Bank of America (Swiss: BAC.SW - news) , JP Morgan and Royal Bank of Canada (Other OTC: RBCDF - news) . UOP: GCP. Settlement date 9/16/2016.

IPT: 7.375% area.

PRICE TALK: 7.25-7.375%.

LAUNCH: US$500m at 7.25%

PRICED: US$500m. Cpn 7.25%. Due 9/25/2023. Ip US$99.997. Yld 7.25%. T+571.1bp

PDC ENERGY INC (NasdaqGS: PDCE - news) (Priced on Sept 12)

PDC Energy Inc announced a US$400m 8-year senior unsecured note offering via JPM(left)/BMO/BAML/WFS. 144A/Reg S. UOP: To fund a portion of the cash consideration payable in the previously announced acquisition of two privately held companies managed by Kimmeridge Energy Management Company, pay related fees and expenses and for general corporate purposes. BIZ: PDC Energy, Inc. is an independent exploration and production company that produces, develops, acquires and explores for crude oil, natural gas and NGLs. The company has operations in the Wattenberg Field in Colorado and in the Utica Shale in southeastern Ohio.

PRICE TALK: 6.25 - 6.50%.

PRICED: US$400m. Cpn 6.125%. Due 9/15/24 NC3. Ip par. Yld 6.125%. T+457bp. Settlement date 9/15/16.

ANNOUNCED PIPELINE:

LANDRY'S INC

Landry's Inc, ratings tbd, announced a US$575m 8-year senior notes offering via JEFF(left)/CITI/DB/RAB/FT. Timing: Bank Meeting / Investor Lunch - Monday (9/12) 2:00pm EDT Registration - 2:30pm EDT Start. Roadshow (HKSE: 0888-OL.HK - news) - September 12 - 16. Pricing expected late September 19 week.

UOP: Together with cash on hand, and a new US$1.5bn senior secured credit facility consisting of a US$200m revolving credit facility and a US$1.3bn term loan that Landry expects to enter into concurrently with the closing of the notes offering, the company expects to (i) refinance existing indebtedness, including a redemption of all of its outstanding 9 3/8% senior unsecured notes due 2020 and refinance the existing senior secured credit facility, and (ii) make a distribution to its indirect parent to redeem all of its outstanding 10.25% senior unsecured notes due 2018. BIZ: Landry's, Inc., indirectly wholly-owned by Tilman J. Fertitta, is a national, diversified restaurant, hospitality and entertainment company.

UPDATE: US$575m 8NC3. Timing: New York Bank Meeting / Investor Lunch Monday (Sept 12); Boston Wednesday (Sept 14); Roadshow Sept 12-16; Commitments due 9/22.

CAMELOT FINANCE

Camelot Finance S.A. , rated Caa2/B+, announced a US$600m 8-year nc3 senior notes offering via BAML(left)/CS/RBC/C/BARC/GS/GUGG. 144A for life. Pricing late this week. UOP: To fund Onex and Baring Private Equity Asia's LBO of Thomson Reuters (Dusseldorf: TOC.DU - news) ' intellectual property and scientific information business. BIZ: Camelot Finance S.A. is a Luxembourg-based holding company.

CINCINNATI BELL INC (NYSE: CBB - news)

Cincinnati Bell Inc, ratings TBD, announced a US$425m 144A/Reg S for life 8-year non-call 3-year senior notes deal via MS, Citi and GS. Co-managers : PNC, Regions, BARC, Citizens (NYSE: CIA - news) . Marketing: Investor Conference Call Tuesday (Sept 13) at 12:00PM ET; New York Group Lunch Tuesday (Sept 13) at 12:00PM ET; Boston Group Breakfast Wednesday (Sept 14) at 8:00AM ET. Timing: Pricing expected end of this week. UOP: To refinance the existing 8.375% Senior Notes due 2020.

BRINKER INTERNATIONAL (NYSE: EAT - news)

Brinker International Inc, rated BB+ by S&P, announced a US$350m 8yr bullet senior notes offering via JPM(left)/BAML/WFS. 144A for life. Pricing expected next week (w/c Sept 19). UOP: To repurchase up to US$300m of common stock and repay up to US$50m of outstanding indebtedness under the revolving credit facility. Any remaining proceeds is expected to be used for general corporate purposes. BIZ: Brinker International, Inc. is a leading casual dining restaurant company that was founded in 1975 and is based in Dallas, Texas. As of June 29 2016, the company owned, operated, or franchised 1,660 restaurants under the Chili's() Grill & Bar and Maggiano's Little Italy brands.

VERSUM MATERIALS

Versum Materials Inc (the planned Electronic Materials division spin-off company from Air Products), expected ratings Ba3/BB-, announced a US$425m 8-year nc5 senior notes offering via DB(left)/CITI/HSBC/WFS. Co-managers are BAML/MIZ/MUFG. US$101 COC put. Equity clawback up to 40% of the notes at par plus coupon for the first 3-years. Timing: Roadshow Sept 12-21; pricing thereafter. Conference Call: Monday (Sept 19) at 12:30pm ET (details to follow). Netroadshow: Details to follow. UOP: The deal is being launched in anticipation of Air Products' proposed pro rata distribution of Versum common stock to its stockholders, and Versum's expected distribution of the notes and approximately US$550m in cash to Air Products prior to the separation. BIZ: Versum Materials is comprised of two primary business segments, Materials (74% of fiscal 2015 revenues) and Delivery Systems and Services (26% of fiscal 2015 revenues).

WHISPER: Low 6%

GREAT WESTERN PETROLEUM

Great Western Petroleum LLC and Great Western Finance Inc. announced a US$300m 5-year nc2 senior notes offering via CS(left)/MUFG/CITI/RBC. 144A/Reg S for life. US$101 COC put. Call protection NC2 then par plus 1/2 coupon. Equity clawback up to 35% for the first 2-years. Roadshows began Monday (Sept 12), with pricing expected later this week. UOP: Refinance existing bank debt and general corporate purposes. BIZ: Private exploration and production company with a pure play position in the Wattenberg region of the DJ basin.

UPDATE: Caa1 by Moody's

IMS HEALTH HOLDINGS INC

IMS Health Holdings Inc announced a US$1.5bn (US$/Euro equiv) 2-tranche senior notes offering via GS(left)/JPM/BARC/BAML/HSBC/WFS. Co-managers are BBVA (LSE: 931474.L - news) /CITI/FITB/HUNT/MIZ/MUFG/PNC/STRH/TDS/WILL. 144A/Reg S. The company is planning to issue two separate tranches of notes, one in US dollars, due 2026 NC5, and another in euros, due 2024 NC3. Timing: Monday (Sept 12) - London, Tuesday (Sept 13) - London Breakfast, Investor Calls, Global Investor Call Wednesday (Sept 14) - Europe Only Investor Calls. Pricing Thereafter. London Group Breakfast Details, Date: Tuesday (Sept 13) Time (Xetra: 17T.DE - news) : 8:30AM - 10:00AM BST UK Time. Global Investor Call Details: Date: Tuesday (Sept 13) Time: 4:00PM - 5:00PM BST UK Time (11:00AM - 12:00PM EST.

UOP: Together with proceeds from additional term loans and other available cash), proceeds will primarily be used to extinguish certain of the issuer's and Quintiles' existing indebtedness in connection with the previously announced proposed merger between IMS Health and Quintiles. The consummation of the notes offering is subject to market and other conditions and is mandatorily redeemable if the merger does not occur. BIZ: IMS Health (NYSE:IMS) is a leading global information and technology services company.

WHISPER: Low 3% EUR, High 4-5% on USD

PRICE TALK: US$1bn 5% area, 500m 3.50% area. US$ books close at the end of day, Euro books close late morning in UK (09/14). Pricing scheduled for Wednesday (Sept 14).

CALLON PETROLEUM

Callon Petroleum Company (NYSE: CPE - news) , rated B3/B, announced a US$350m 8yr nc3 senior unsecured note offering via JPM(left)/CS/CITI/RBC/CAPONE. Co-managers are BARC/KEY/REGIONS/SCOTIA/SEAPORT/STRH/BOKF/IBERIA. 144A/Reg S w/reg rights. Roadshow schedule Sept 12-16, pricing expected Friday (Sept 16). First call at par plus 75% coupon. UOP: To repay amounts borrowed under a second lien term loan and for general corporate purposes, including for a potential increase in drilling activity. BIZ: Callon is an independent energy company focused on the acquisition, development, exploration, and operation of oil and gas properties in the Permian Basin in West Texas.

WHISPER: Mid 6%

ALLEGIANT TRAVEL COMPANY (NasdaqGS: ALGT - news)

Allegiant Travel Company, ratings tbd, announced a US$300m 7yr nc3 senior note offering via sole-bookrunner Morgan Stanley (Xetra: 885836 - news) . Investor (LSE: 0NC5.L - news) call on Wednesday (14Sept) at 12pm, with pricing expected Friday. UOP: for general corporate purposes including financing of capital expenditures such as aircraft acquisitions, pre-delivery deposits, purchase prices of twelve newly manufactured CFM powered A320 aircraft expected to be delivered in 2017 and 2018, share repurchases or repayment of indebtedness. BIZ: Las Vegas-based Allegiant (NASDAQ (NasdaqGS: NDAQ - news) : ALGT) is focused on linking travelers in small cities to world-class leisure destinations.

EXTENDED PIPELINE:

ALLISON TRANSMISSION (NYSE: ALSN - news)

Allison Transmission Inc, rated Ba3 by Moody's, announced a US$750m senior unsecured note offering. UOP: To repay the company's existing US$2.4bn term loan. BIZ: Manufacturer of fully automatic transmissions for medium- and heavy-duty commercial vehicle. Further details to follow.

MONITRONICS

Monitronics announced a US$400m 8yr senior secured note offering. Rated B2/B-. UOP: Proceeds from the new senior secured debt, as well US$26m in drawings under a new, unrated US$295m super-priority revolver (which will replace the company's existing US$315m revolver) will be used to pay down US$943m of existing term loan debt and US$154m of revolver borrowings, and to cover fees and expenses. The Caa2 rating on Monitronics' existing US$585m unsecured notes was also affirmed. The outlook was changed to stable, from negative. BIZ: Monitronics provides home security systems, home security monitoring, alarm systems, smart home automation and video surveillance. (Reporting by Mike Gambale; Editing by Varghese Joseph)