US HY CLOSE-Three HY issuers tap the market for US$2.135bn

By Mike Gambale

NEW YORK, June 24 (IFR) - Here's a recap of primary issuance in the US high-yield market on Wednesday:

Number of deals priced today: 3

Amount that was raised today: US$2.135bn

PRICED:

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 (Other OTC: RBCI - news) /SMBC. Roadshows Monday 6/22 - New York (Group Lunch), Tuesday 6/23 - Conference Calls, Wednesday 6/24 - Conference Calls. 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%

PRICE TALK: 6.00-6.25%.

UPDATE: Deal upsized by US$200m to US$1.635bn. Term Loan B is being upsized by US$300m to US$2.8bn. Additional proceeds will be used to redeem all of the outstanding 7.00% Senior Notes due 2019.

PRICED: US$1.635bn. Cpn 6.00%. Due 7/15/23 NC3. Ip par. Yld 6.00%. +372bp vs. 2.50% 8/15/23 UST. Call schedule: 2018 at 104.5%, 2019 at 103%, 2020 at 101.5%, 2021 and thereafter at par. MWC t+50bp prior to 7/15/18. Equity clawback up to 35% at 106% prior to 7/15/18. First (Shanghai: 603806.SS - news) pay 1/15/16. Settlement date 7/9/15. Cusip # 29273EAC2.

Special mandatory redemption: In the event that the acquisition of Par Pharmaceutical Holdings, Inc. (the "Acquisition") is not consummated on or prior to February 12, 2016 or we determine to abandon or terminate the Acquisition at any time prior thereto, the Issuers will be required to redeem $1,435.0 million aggregate principal amount of the Notes (the "Redeemable Notes Amount") at a special mandatory redemption price equal to 100.000% of the issue price of the Notes, plus accrued and unpaid interest on the principal amount of the Notes to, but not including, the special redemption date.

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.

PRICE TALK: 6.75% area

PRICE TALK: US$104.00 area

PRICED: US$400m. Cpn 6.75%. Due 7/15/23 NC3 (7/15/18). Ip par. Yld 6.75%. +451bp vs. 1.75% 5/15/23 UST. Call schedule: 2018 at 103.375%, 2019 at 101.688%, 2020 and thereafter at par. Equity clawback up to 40% at 106.75% prior to 7/15/18. MWC T+50bp. US$101 COC put. First pay 1/15/16. Settlement date 7/1/15. Cusip # 91336RAA2.

CYRUSONE (NasdaqGS: CONE - news)

CyrusOne LP/CyrusOne Finance Corp, expected ratings B1/B+, announced a US$100m add-on to its existing 6.375% 11/15/22 notes via BARC/RBC/TDS/CITI/DB/GS (KSE: 078935.KS - news) /JPM/KEY/MS/STRH. Co-managers include PNC/STIFEL/RJ. 144a/RegS w/reg rights. Will be fungible upon registration. US$101 COC put. UOP: To fund the acquisition of Cervalis and GCP. BIZ: Owner, operator and developer of enterprise-class data centers.

The original US$525m deal was sold on November 6, 2012 via BARC/CITI/RBS (LSE: RBS.L - news) /UBS (NYSEArca: FBGX - news) at T+467bp.

PRICE TALK: US$104.00 area

PRICED: US$100m. Cpn 6.375%. Due 11/15/22. Reoffer price US$103.00. YTW 5.717%. +358bp vs. 1.625% 8/15/22 UST. MWC T+50bp. Equity clawback up to 35% at 106.375% prior to 11/15/15. Call schedule: 2017 at 103.188%, 2018 at 102.125%, 2019 at 101.063%, 2020 and thereafter at par. US$101 COC put. First pay 11/15/15. Settlement date 7/1/15. Cusip # 23283PAC8.

PIPELINE:

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.

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%

PRICE TALK: 8.50 - 8.75%. Deal size downsized to US$450m from US$550m. Term Loan B to be increased by $100 million. Order books close today, Wednesday (6/24), at 5:30pm EST, with pricing tomorrow, Thursday (6/25).

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%

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

SS&C TECHNOLOGIES (NasdaqGS: SSNC - news)

SS&C Technologies Inc., rated B3/B+, announced a US$500m 8yr nc3 senior note offering via MS(left)/DB/BAML. Co-managers are BARC/CS/JEFF. Investor (Stockholm: INVE-A.ST - news) call 12pm on 25Jun, NY Group lunch 12pm on 25Jun, Boston Breakfast 8am on 26Jun. Pricing expected early next week. 144a w/reg rights.

UOP: SS&C Technologies Inc. announced an agreement to acquire Advent Software Inc (NasdaqGS: ADVS - news) . for a total purchase price of $2.7 billion on Feb. 2, 2015. The acquisition is being primarily funded through the proposed issuance of a $2.63 billion senior secured credit facility, $500 million of senior unsecured notes, and $645 million of equity issuance.

BIZ: Headquartered in Windsor, CT, SS&C provides software products and software-enabled services mainly to customers in the institutional asset management, alternative asset management, alternative investment management and financial institutions vertical markets. (Reporting By Michael Gambale; editing by Shankar Ramakrishnan)