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High Yield Calendar: $240 million deals being marketed
July 13 Week
GC EOS BUYER, INC., doing business as BBB INDUSTRIES: $240 million five-year senior secured notes (Caa1/CCC+); UBS (left lead), BMO, Credit Suisse (joint books); Rule 144A and Regulation S for life; callable after two years at par plus 50% of coupon (10% of notes callable annually at 103 during non-call period); to repay funded bridge facility and fully repay funded ABL draw; Daphne, Ala.-based re-manufacturer of alternators and starters; price talk 9¼% coupon at a discount to yield 10¼% to 10½% (initial talk low-to-mid 10% area at a discount); pricing Friday morning.
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.
GRAHAM PACKAGING CO. INC.: $1.9 billion split among unsecured notes, term loan and revolver; to repay existing debt at parent company Reynolds Group Holdings Ltd.; Graham Packaging is a York, Pa.-based supplier of food, beverage, household and automotive containers; disclosed in July 9 news release.
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