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US HY CLOSE-Investors jump into Chemours high-yield debut

By Mike Gambale

NEW YORK, May 5 (IFR) - Here's a recap of primary issuance in the US high-yield market on Tuesday:

Number of deals priced: 2

Amount raised: US$2.35bn

PRICED:

VIKING CRUISES

Viking Cruises Ltd, expected ratings B3/B+, announced a US$250m 10-year nc5 senior note offering via WFS(left)/BAML/CS. 144a/RegS for life. UOP: General corporate purposes, including working capital, capital expenditures, repayment of outstanding indebtedness and acquisition of river vessels or ocean cruise ships. BIZ: Viking Cruises is an international company that operates a fleet of river cruising vessels along the rivers of Europe, Russia, Ukraine, China, Southeast Asia and Egypt.

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PRICE TALK: 6.25 - 6.50%.

PRICED: US$250m. Cpn 6.25%. Due 5/15/25 NC5. Ip par. Yld 6.25% +408bp vs. 2% 2/15/25 UST. MWC T+50bp. Equity clawback up to 35% at 106.25% prior to 5/15/18. Call schedule: 2020 at 103.125%, 2021 at 102.083%, 2022 at 101.042%, 2023 and thereafter at par. First (Other OTC: FSTC - news) pay 11/1/15. Settlement date 5/8/15. Cusip # 92676XAC1.

THE CHEMOURS COMPANY

The Chemours Company, rated B1/BB-, announced a US$2.5bn 3-part US$/Euro senior note offering via CS(left)/JPM/BAML/BARC/CITI/GS (KSE: 078935.KS - news) . Structure will consist of a US$1.125bn 8-year nc3, E350m 8-year nc3, US$1bn 10-year nc5. Make whole calls apply T+50bp, DBR+50bp, and nothing for the 3-tranche. 144a/RegS w/reg rights. US$101 COC put.

Equity Clawback up to 35% within the first 3 years| None Special Call, If the spin-off is not completed on or before 11/30/15, .redemption at 100% until 8/15/15, redemption at 101% thereafter.

UOP: Partially fund a dividend to DuPont and GCP. BIZ: After the Separation from DuPont, Chemours will be an independent, publicly traded company and a global provider of performance chemicals through three reporting segments: Titanium Technologies, Fluoroproducts and Chemical Solutions. Chemours delivers customized solutions with a wide range of industrial and specialty chemical products for markets including plastics and coatings, refrigeration and air conditioning, general industrial, mining and oil refining.

WHISPERS: US$ 8yr nc3 6.50% area, Euro 8yr nc3 50-75bp inside US$, US$10-year nc5 6.75% area

PRICED: US$1.35bn (upsized from US$1.125bn) Cpn 6.625%. Due 5/15/23. Ip par. Yld 6.625%. +458bp vs 1.750% 5/15/23 UST. Equity clawback 35% at 106.625% until 5/15/18. MWC T+50bp. First (Shanghai: 603806.SS - news) pay 11/15/15. Call schedule: 5/15/18 at 104.969%, 5/15/19 at 103.313%, 5/15/20 at 101.656%, 5/15/21 and thereafter at par. Settlement date 5/12/15. Cusip # 163851AA6.

EUR360m (upsized from EUR350m) Cpn 6.125%. Due 5/15/23. Ip par. Yld 6.125%. +581bp vs 1.500% 2/15/23 DBR. Equity clawback 35% at 106.125% until 5/15/18. MWC DBR+50. Call schedule: 5/15/18 at 104.594%, 5/15/19 at 103.063%, 5/15/20 at 101.531%, 5/15/21 and thereafter at par. Settlement date 5/12/15. ISIN #122630765.

US$750m (downsized from US$1bn) Cpn 7.000%. Due 5/15/25. Ip par. Yld 7.000%. +482bp vs 2.000% 5/15/25 UST. First pay 11/15/15. Call schedule: 5/15/20 at 103.500%, 5/15/21 at 102.333%, 5/15/22 at 101.167, 5/15/23 and thereafter at par. Settlement date 5/12/15. Cusip # 163851AC2.

PIPELINE:

PETRA DIAMONDS (LSE: PDL.L - news)

Petra Diamonds US$ Treasury Plc, issue ratings B2/B+, announced a US$300m 5-year nc2 senior secured 2nd lien notes via Royal Bank of Canada (Other OTC: RBKDF - news) (left) and Barclays (LSE: BARC.L - news) . Roadshows began April 27, with pricing expected week of May 4. First call at par plus 50% coupon. US$101 COC put. Equity clawback up to 35% during the first 2-year at par plus the coupon. 144a/RegS for life.

UOP: To repay borrowings under existing Senior Secured Term Loans and Credit Facilities, and for general corporate purposes, including funding the new plant at the Cullinan mine. BIZ: Leading independent diamond mining group with a controlling interest in a diversified portfolio of five producing diamond mines.

WHISPERS: Mid-8% area

UPDATE: IPTs: 8.50% area, Timing: U.S. books subject to at 5:00PM ET today, Tuesday, May 5th, Expected pricing on Wednesday, May 6th.

QUINTILES TRANSNATIONAL HOLDINGS INC

Quintiles Transnational Holdings Inc, expected ratings Ba3/BB, announced a US$800m 8yr nc3 senior unsecured note offering via BARC(left)/JPM/MS/CITI/GS/WFS. Co-managers are BNP (Paris: FR0000131104 - news) /STRH. Roadshow (HKSE: 0888.HK - news) schedule: Monday 5/4 - New York, Tuesday 5/5 - Boston, pricing thereafter. 144a/RegS for life. US$101 COC put.

Equity clawback 40% for the first 3-years at par plus coupon. UOP: , to refinance its existing credit facilities, as well as for general corporate purposes, including corporate transactions and equity repurchases. BIZ: provider of biopharmaceutical development and commercial outsourcing services.

WHISPERS: T+300-325bp

PRICE TALK: 5.00% area. Books close at 5pm today, pricing tomorrow.

BROOKFIELD RESIDENTIAL PROPERTIES INC

Brookfield Residential Properties Inc, expected ratings B2/BB-, announced a US$350m 10-year nc5 senior notes via JPM(left)/CITI/CS/DB/WFS. Co-managers are RBC (Other OTC: RBCI - news) /HSBC/TD/CIBC/SCOTIA. 144a/RegS for life. Pricing expected May 6. UOP: Along with concurrent C$250mm Sr Nts offering, to repay existing indebtedness and GCP. BIZ: Homebuilder.

WHISPER: Low to mid 6.00%

PBF LOGISTICS

PBF Logistics, ratings tbd, announced a US$300m 8-year nc3 senior note offering via DB(left)/CITI. Joint-bookrunners are BAML/MUFJ/RBC/WFS. Co-managers are BARC/BNP/CA (NasdaqGS: CA - news) /CS/MS/UBS (NYSEArca: FBGX - news) . Roadshows began 5/4), with pricing scheduled for the end of this week. 144a/RegS w/reg rights. US$101 COC put.

Equity clawback 35% during the first 3-years. UOP: Finance a portion of the Delaware City Logistics acquisition, refinance borrowings under Revolver and GCP. BIZ: Fee based MLP (Xetra: 656990 - news) developed to own or lease, operate, develop and acquire crude oil and refined petroleum products terminals, pipelines, storage facilities and similar logistics assets.

WHISPERS: 7.25 - 7.50%

TRANSDIGM INC

TransDigm Inc, CCC+ by S&P, announced a US$450m senior subordinated note offering due 2025 via CS. Expected to price later this week. UOP: to finance planned acquisitions and increase the cash on its balance sheet, which will slightly increase its leverage. BIZ: TransDigm Group Incorporated (NYSE: TDG - news) develops, distributes and manufactures commercial and military aerospace components such as mechanical actuators and ignition systems. Further details to follow. (Reporting by Michael Gambale; Editing by Natalie Harrison)