High Yield Calendar: €6.02 billion deals being marketed

June 22 Week

OCCIDENTAL PETROLEUM CORP.: Senior notes (existing ratings Ba1/BB+/BB-) in three benchmark bullet tranches; Five-year notes, initial guidance high 7% area, seven-year notes, initial guidance 50 bps behind the five-year notes, and 10-year notes, initial guidance 50 bps behind the seven-year notes; Citigroup (lead books), JPMorgan, RBC, Wells Fargo, Barclays, BofA, HSBC, MUFG, SG, SMBC (joint books), BBVA, Mizuho, Scotia, Standard Chartered (senior co's), BNP Paribas, Credit Agricole, Credit Suisse, PNC, TD, US Bancorp, BNY Mellon, CIBC (co's); SEC registered; par call three months prior to maturity for five-year notes, six months prior to maturity for seven- and 10-year notes, all notes otherwise non-callable; to fund concurrent tender offers and refinance debt; Houston-based energy company; investor call 11 a.m. ET on Thursday; pricing expected on Friday.

CENTURION BIDCO SPA (ENGINEERING): €640 million two-part six-year senior secured notes (expected ratings B2/B/BB-); €240 million floating-rate notes callable after one year at 101, and €400 million fixed-rate notes callable after two years at par plus 50% of coupon; BNP Paribas (joint global coordinator, joint physical bookrunner bill and deliver), Credit Suisse (joint global coordinator, joint physical bookrunner), Banca IMI (joint global coordinator), BPM, Deutsche Bank, Nomura, UBI Banca, UniCredit (joint bookrunners); Rule 144A and Regulation S; to fund acquisition by Neuberger Berman and refinance debt; telephone roadshow June 23-25, pricing thereafter.

June 29 Week

THYSSENKRUPP ELEVATOR via VERTICAL MIDCO GMBH., VERTICAL U.S. NEWCO INC. and VERTICAL HOLDCO GMBH: €4.05 billion equivalent; Approximately $1.4 billion (€1.25 billion equivalent) senior secured notes due 2027 (B1/expected B/B+) callable after three years at par plus 50% of coupon; Approximately $450 million (€400 million equivalent) senior unsecured notes due 2028 (Caa1/expected CCC/CCC+) callable after three years at par plus 50% of coupon; €750 million senior secured notes due 2027 (B1/expected B/B+) callable after three years at par plus 50% of coupon; €1 billion floating-rate senior notes due 2027 (Caa1/expected CCC/CCC+) callable after one year at 101; €650 million senior notes due 2028 (Caa1/expected CCC/CCC+) callable after three years at par plus 50% of coupon; Goldman Sachs (global coordinator, bill and deliver for dollar-denominated notes), Barclays (global coordinator, bill and deliver for euro-denominated unsecured notes), Credit Suisse (global coordinator, bill and deliver for euro-denominated secured notes), Deutsche Bank, RBC, UBS (joint books); Rule 144A and Regulation S for life; proceeds, together with senior term facilities, private senior notes and equity contribution to fund the buyout of the company by Advent International, Cinven and RAG-Stiftung; Germany-based provider of elevator technology; roadshow June 25-July 1.

On The Horizon

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.

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.

Roadshows

June 25-July 1: THYSSENKRUPP €4.05 billion; Goldman Sachs, Barclays, Credit Suisse.

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