US HY CLOSE-Two high-yield borrowers tap market for US$475m

By Mike Gambale

NEW YORK, June 25 (IFR) - Here's a recap of primary issuance in the US high-yield market on Thursday:

Number of deals priced today: 2

Amount that was raised today: US$475m

PRICED:

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 (KSE: 078935.KS - news) /NOM/RBC (Other OTC: RBCI - news) /UBS (NYSEArca: FBGX - news) .

First (Shanghai: 603806.SS - news) 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.

PRICED: US$450m. Cpn 8.75%. Due 7/15/23. Ip par. Yld 8.75%. +663bp vs. 1.875% 5/31/22 UST. US$101 COC put. Equity clawback 40% at 108.75% prior to 7/15/18. MWC T+50bp. Call schedule: 2018 at 104.375%, 2019 at 102.188%, 2020 and thereafter at par. First pay 1/15/16. Settlement date 6/30/15. Cusip # 68216PAA9.

SUMMIT MATERIALS (NYSE: SUM - news)

Summit Materials, Caa2/B, announced a US$25m add-on to its 6.125% 7/15/23 senior notes via BAML(left)/DB/GS/CITI/RBC/BARC. Co-manager Blackstone (NYSE: BX - news) . The add-on will be immediately fungible. MWC T+50bp. Call schedule: 2018 at 103.063%, 2019 at 101.531%, 2020 and thereafter at par. Equity clawback up to 40% at 106.125% prior to 7/15/18. US$101 COC put. 144a/RegS w/reg rights. UOP: Net proceeds from this offering, together with borrowings under our revolving credit facility, will be used to redeem US$25m in aggregate principal amount of the 2020 notes. BIZ: Summit Materials is a leading, vertically-integrated, geographically-diverse heavy-side building materials company.

PRICED: US$25m. Cpn 6.125%. Due 7/15/23. Ip par. Yld 6.125%. Settlement date 7/8/15. Cusip # 86614RAF4.

PIPELINE:

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.

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%

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 Natalie Harrison)