High Yield Calendar: No deals being marketed

High Yield Bridges

CINCINNATI BELL INC.: $493 million senior bridge loans, commitment from Goldman Sachs; also $1.6 billion credit facilities via Goldman Sachs, Regions, SG; to help fund acquisition of Cincinnati Bell by Macquarie Infrastructure Partners in transaction valued at $2.9 billion, expected to close first half of 2021; Cincinnati-based provider of integrated communications solutions; details from March 19 PRER14A filed with SEC.

ELANCO ANIMAL HEALTH INC.: $2.75 billion bridge loans and $3.75 billion credit facilities, debt commitment from Goldman Sachs; to help fund its acquisition of Bayer AG’s animal health business, targeted to close in mid-2020; Greenfield, Ind.-based animal health company; disclosed in 8-K document filed Aug. 20 with SEC.

ELDORADO RESORTS INC.: $1.8 billion senior notes due 2028 backed by bridge loan, via JPMorgan, Credit Suisse, Macquarie, priced at Libor plus 475 bps with a 0% Libor floor, spread increases by 50 bps every three months until a specified cap is reached; also $4 billion credit facilities, debt commitment from JPMorgan, Credit Suisse, Macquarie; to help fund its acquisition of Caesars Entertainment Corp.; Eldorado is a Reno, Nev.-based gaming company, expected to close in first half of 2020; Caesars is a Las Vegas-based gaming and entertainment company.

T-MOBILE USA INC.: $19 billion 364-day senior secured covenant-light bridge facility, $8 billion credit facilities; Barclays, Credit Suisse, Deutsche Bank, Goldman Sachs, Morgan Stanley, RBC (joint lead arrangers and joint bookrunners on credit facilities, bridge loan) BNP Paribas, Commerzbank, Credit Agricole, TD, Wells Fargo (joint bookrunners on revolver and bridge loan, co-managers for the term loan), Banco Santander, Societe Generale, SunTrust, NatWest, U.S. Bank (co-managers on credit facilities, bridge loan); to fund merger with Sprint Corp., refinance certain T-Mobile and Sprint debt, and for post-closing working capital for combined company; combined company will be called T-Mobile and will be based in Bellevue, Wash.; details appeared in March 19 press release.

On The Horizon

ALPHA AUTO GROUP: $225 million five-year notes; JPMorgan; non-callable for two years; automotive group operates dealerships representing 14 automotive brands throughout Ontario, Alberta and Oregon.

CULLIGAN: $500 million debt financing (senior secured cash flow revolver, a senior secured term loan and/or senior unsecured notes) via Morgan Stanley, Ares, PSP, RBC, BofA and Credit Suisse; to help fund acquisition of AquaVenture Holdings Ltd. valued at about $1.1 billion, including AquaVenture’s net debt; Culligan is a Rosemont, Ill.-based provider of sustainable water solutions and services; AquaVenture is a British Virgin Islands-based developer and provider of sustainable Water-as-a-Service solutions; disclosed in 8-K filed on Dec. 26 with SEC.

INTL FCSTONE: $350 million senior secured notes; to fund the acquisition of GAIN Capital Holdings, Inc. for approximately $236 million, expected to close mid-2020 (GAIN Capital's $60 million convertibles due 2020 to be repaid with cash on hand prior to closing; offer to redeem Gain Capital's $92 million convertible notes due 2022 to be made at closing); financing commitment from Jefferies; INTL FCStone is a New York City-based financial services provider; GAIN Capital Holdings is a Bedminster, N.J.-based financial services provider; details disclosed in Feb. 27 8-K document filed with SEC and Feb. 27 press release.

MARTIN MIDSTREAM PARTNERS LP: $400 million senior secured notes due 2025; Rule 144A and Regulation S; to refinance 7¼% senior notes due 2021 and for general partnership purposes; Kilgore, Tex.-based master limited partnership focused on marine transportation, terminalling, distribution and logistical services for producers and suppliers of hydrocarbon products, specialty chemicals and other liquids, primarily operating in the Gulf Coast region of the United States; announced in March press release.

WESCO INTERNATIONAL INC.: $2.2 billion to $2.4 billion long-term debt securities; to finance the cash portion of its acquisition of Anixter International Inc.; Barclays left lead on debt financing; company has a commitment for a $1.2 billion asset-based revolver and a $3.215 billion unsecured bridge loan; Pittsburgh-based Wesco is a distributor and provider of supply chain management services to the aerospace industry; Anixter is a Glenview, Ill.-based distributor of network & security solutions, electrical & electronic solutions and utility power solutions; disclosed in March 9 press release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.