High Yield Calendar: $400 million deals being marketed

July 6 Week

CARPENTER TECHNOLOGY CORP.: $400 million eight-year senior notes (existing Ba3/confirmed BBB-); BofA, JPMorgan, US Bancorp, Wells Fargo, PNC (joint); SEC registered; callable after three years at par plus 50% of coupon; $250 million proceeds to pay off 5.2% senior notes due 2021, with remainder for general corporate purposes, including working capital, capital expenditures, debt repayment, financing acquisitions, joint ventures and other business combination opportunities or stock repurchases; Philadelphia-based supplier of stainless steels and corrosion-resistant alloys; investor call 11 a.m. ET on Thursday; initial price talk high 6% area to 7%; pricing early Friday.

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.

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.

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