High Yield Calendar: $400 million, £950 million and €300 million deals being marketed

July 20 Week

MASTEC, INC.: $400 million senior notes due 2028 (unsecured ratings Ba3/BB); BofA (left books), SunTrust, JPMorgan, Morgan Stanley, Barclays (joint books), Wells Fargo, BMO, BBVA, PNC, Capital One, Credit Suisse (co's); Rule 144A and Regulation S for life; callable after three years at par plus 50% of coupon; to pay off 4 7/8% senior notes due 2023; infrastructure construction company; investor call noon ET on Monday; pricing expected on Tuesday.

STONEGATE via STONEGATEPUB CO. FINANCING 2019 PLC (ENG. and WALES): £950 million five-year senior secured fixed-rate notes (expected ratings B3/B+), non-callable for two years, and €300 million five-year senior secured floating-rate notes (expected ratings B3/B+), non-callable for one year; Barclays (left global coordinator and bookrunner), Goldman Sachs, Nomura (joint global coordinators and bookrunners), Deutsche Bank, Lloyds, Rabobank (joint bookrunners); Rule 144A and Regulation S; to repay £950 million under bridge facilities and £275 million under senior term facilities; largest pub company in United Kingdom, based in Luton, England (sponsor TDR Capital); global investor call Monday; one-on-one investor calls Tuesday through Thursday; pricing on Friday.

On The Horizon

EMPIRE RESORTS INC.: Expected benchmark five-year senior secured notes (expected /B+/B+) subject to market conditions; BNP Paribas (joint books, bill and deliver), Citigroup, DBS Bank; Rule 144A and Regulation S; non-callable for two years; Monticello, N.Y.-based gaming, lodging and entertainment company indirectly owned by Malaysia-based Kien Huat Realty III Ltd. (51%) and Genting Malaysia Bhd. (49%); mandate announced July 20.

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.

Roadshow

July 20-23: STONEGATE £950 million and €300 million; Barclays.

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