US HY CLOSE-CNH raises US$600m; Summit to price later

By Mike Gambale

NEW YORK, June 23 (IFR) - Here's a recap of primary issuance in the US high-yield market on Tuesday:

Number of deals priced so far today: 1

Amount that was raised so far today: US$600m

Deals expected to price later today: 1

PRICED:

CNH INDUSTRIAL

CNH Industrial Capital LLC, expected ratings Ba1/BB, announced a US$ benchmark 3-year (7/16/18) NCL unsecured notes via MS(b&d)/BAML/JPM/SG. 144a/RegS w/reg rights. UOP: Working capital, payment of outstanding debt, and other general corporate purposes. BIS: Captive finance business for CNH Industrial North America.

Whisper 4.125% area

PRICE TALK: 4.00% area (+/-12.5bp). Books closed at 1:15pm

LAUNCH: US$600m at 3.875%cpn to yield 4%

PRICED: US$600m. Cpn 3.875%. Due 7/16/18. Ip US$99.642. Yld 4.00%. +293bp vs. 1.125% 6/15/18 UST. First pay 1/15/16. Settlement date 6/26/15. Cusip 12592BAC8.

EXPECTED TO PRICE LATER

SUMMIT MATERIALS (NYSE: SUM - news)

Summit Materials LLC, rated Caa2/B, announced a US$275m 8-year nc3 senior note offering via BAML(left)/DB/GS (KSE: 078935.KS - news) /CITI/RBC (Other OTC: RBCI - news) /BARC. Co-manager BLACKSTONE (NYSE: BX - news) . Investor call at 11am today, with pricing this afternoon. 144a/RegS w/reg rights. US$101 CoC put. plus accrued interest. First call at par plus 50% of coupon.

UOP: Summit Materials LLC plans to acquire, through its subsidiary Continental Cement Co. L.L.C., Lafarge North America Inc.'s Davenport, Iowa, cement plant and seven cement distribution terminals. Summit will pay $450 million in cash and convey its Bettendorf, Iowa, cement distribution terminal as consideration.

The transaction is expected to close in July 2015 and is contingent on final regulatory approval and the closing of the Lafarge (Paris: FR0000120537 - news) Holcim (Other OTC: HCMLF - news) merger.To finance the acquisition, Summit is seeking to obtain a $650 million seven-year term loan and issue $275 million eight-year senior unsecured notes. Summit also intends to use proceeds to refinance its existing term loan and to redeem a portion of its 10.5% senior notes due 2020.

BIZ: Denver-based vertically integrated construction materials company that supplies aggregates, cement, ready-mixed concrete and asphalt in the United States and western Canada.

Whisper low 6.00%

PRICE TALK: 6.25% area. Books closed at 2:30pm

PIPELINE:

ENDO INTERNATIONAL (NasdaqGS: ENDP - news)

Endo International, rated B1/B(exp), announced a US$1.435bn senior unsecured note offering via BARC(left)/DB/CS/CITI. Co-managers are BAML/DNB (Other OTC: DNBHF - news) /MS/RBC/SMBC. Roadshows Monday 6/22 - New York (Group Lunch), Tuesday 6/23 - Conference Calls, Wednesday 6/24 - Conference Calls, Pricing thereafter. 144a/RegS for life. US$101 COC put. Covenants same as existing 2025 notes. Special Redemption: If acquisition is not consummated prior to Feb 12, 2016, Issuers will redeem Notes at 100% plus accrued interest.

UOP: together with the proceeds of new senior secured credit facilities and cash on hand, to fund the purchase price of the previously announced acquisition of Par Pharmaceutical Holdings, Inc. ("Par"), as well as for repayments of indebtedness of Par and certain transaction expenses. Endo intends to use any remaining proceeds for general corporate purposes, including acquisitions and debt repayments. BIZ: global specialty healthcare company, Headquarters Dublin, Ireland (Other OTC: IRLD - news) and Malvern, Pennsylvania, U.S.

WHISPER: Low-to-mid 6.00%

TI AUTOMOTIVE (OMEGA US SUB)

TI Automotive (Omega US Sub), Caa1/B, announced a US$550m 8-year nc3 senior notes via CITI(left)/JPM/BARC/MIZ/GS/NOM/RBC/UBS (NYSEArca: FBGX - news) .

Roadshow schedule: Wednesday(6/17): NYC 1:1's, with 12pm Group Investor Lunch, Thursday (6/18): Boston 1:1's, with 12pm Group Investor: Lunch, Friday (6/19): NJ / NYC 1:1's, Monday (6/22): LA area 1:1's, Tuesday (6/23): Investor Calls, Wednesday (6/24). Investor Call: 12:00pm Eastern, Wednesday, June 17th, NYC Investor Lunch: 12:00pm Eastern, Wednesday, June 17th, Boston Investor Lunch: 12:00pm Eastern, Thursday, June 18th. Expected pricing on Wednesday (24Jun).

First call at Par + 75% coupon, stepping down thereafter). Equity clawback 40% of aggregate principal amount at Par plus the coupon for the first 3 years. US$101 COC put. 144a/RegS for life. UOP: Partially fund the acquisition of TI Automotive. BIZ: TI Automotive develops, manufactures and supplies automotive fluid storage, carrying and delivery systems.

WHISPER: 7.75 - 8.00%

DAE AVIATION

DAE Aviation Holdings Inc, rated Caa2/CCC, announced a US$485m 8yr nc3 senior unsecured note offering via JEFF(left)/KKR/MCS. Roadshow through Monday (6/29) pricing afterwards. Wednesday - June 24th - New York Group Lunch - 12:30 PM.Thursday - June 25th - Boston Group Lunch -12:30 PM. 144a/RegS w/o reg rights.

UOP: Veritas Capital plans to acquire engine maintenance provider DAE Aviation Holdings Inc. in a leveraged buyout. Veritas is paying approximately US$2.1bn for the company and will finance the transaction with a US$925m term loan, $485 million of unsecured notes, $20 million of borrowings from a new $150 million asset-based lending (ABL) revolver, and US$845m of sponsor equity. BIZ: Dubai Aerospace Enterprise (DAE), a global aerospace manufacturing and services corporation.

Whisper: High 8s to 9.00%

UNIVAR USA INC

Univar USA Inc, rating tbd, announced a US$400m 8-year nc3 senior unsecured note offering via BAML(left). Roadshow begins on Friday, June 19th, Friday - New Jersey, Monday - New York, Tuesday - Boston, Wednesday - Pricing. US$101 COC put. Equity clawback: For the first 3 years, up to 40% at par plus the coupon. 144a for life. UOP: Net proceeds from this offering, together with the borrowings under the New Senior Credit Facilities, will be used to refinance certain existing indebtedness under the existing senior secured credit facilities. BIZ: Univar (NYSE: UNVR - news) is a leading global chemical distributor and provider of innovative value-added services.

INTREPID AVIATION

Intrepid Aviation Group Holdings, LLC., Not rated, announced a US$125m 2-year nc1 (first par call +50%) senior notes 144a/RegS without registration rights offering via JEFF (sole) books. Roadshow through Thursday. Expected to price sometime this week. UOP: General corporate purposes including the purchase of aircraft. BIZ: Global leasing company that acquires and leases primarily wide body commercial passenger aircraft under long-term leases to a diverse group of airlines throughout the world.

GLOBO MOBILE INC

Globo Mobile Inc (Globo Plc (LSE: GBO.L - news) ), rated BB- by S&P, announced a US$180m 5-year nc2 senior secured note offering via sole-bookrunner Imperial Capital. International co-manager is ISM Capital LLP. Roadshows Starts Friday, June 19th in London, London breakfast on Tuesday, June 23rd NYC luncheon on Thursday, June 25th. 144a/RegS w/o reg rights. Call schedule: NC2. Thereafter callable at 3/4 coupon declining ratably every six months. UOP: To refinancing existing debt and for general corporate purposes. BIZ: U.K.-based Globo PLC, an international provider of enterprise mobility management and telecommunications software solutions.

MY ALARM CENTER

My Alarm Center announced a US$265m 5-year nc2 senior secured second lien note offering via sole-book Imperial Capital (Other OTC: CGHC - news) . Road shows begin Tuesday (09Jun) in New York, NYC luncheon on Thursday, June 11th. 144a/RegS w/o reg rights. Call: NC2. Thereafter callable at 3/4 coupon declining ratably every six months. UOP: the credit facility will be used to refinance existing debt, pay fees, and fund general corporate purposes. BIZ: Leading provider of security alarm and home automation solutions for primarily residential households in the United States with a high quality subscriber portfolio of 185,000 subscribers.

UPDATE: Rated B3/B-.

UPDATE #2: Whisper 9.00% area. Pricing expected this week (Reporting By Michael Gambale; editing by Shankar Ramakrishnan)