High Yield Calendar: $2.67 billion deals being marketed

August 4 Week

WESTERN GLOBAL AIRLINES LLC: $420 million five-year senior notes (B3/B-/B+); RBC (left lead, bill and deliver), SunTrust (joint books), Regions (co); Rule 144A and Regulation S for life; callable after two years at par plus 50% of coupon; to establish an employee stock ownership plan; Estero, Fla.-based cargo airline; investor call 2 p.m. ET on Wednesday; virtual roadshow begins Wednesday; initial price talk 8¼% to 8½%; pricing expected early Aug. 4 week.

LEVIATHAN BOND LTD.: $2.25 billion four-part senior secured notes (Ba3/BB-/BB) due 2023 (initial talk 5 7/8% area), 2025 (initial talk 6 3/8% area), 2027 (initial talk 6¾% area) and 2030 (initial talk 7¼% area) $500 million minimum tranche sizes expected; JPMorgan (lead left books), HSBC, BNP Paribas, Goldman Sachs (joint books); all tranches non-callable; to repay Leviathan capital expenditures facility, to repay Delek drilling term loan, to fund debt payment fund required balance and for general corporate purposes; special purpose vehicle for natural gas project off Israel's Mediterranean coast owned by Delek Group, Noble Energy and Ratio Oil Exploration Co.; expected to price Aug. 4 week following global roadshow.

HURRICANE FINANCE PLC (PAYMENTSENSE LTD.): £290 million five-year senior secured notes (B3//B+); JPMorgan; non-callable for two years; to repay debt; London-based merchant services provider; investor calls until July 31, pricing thereafter; initial talk 8¾% area (deal underwent leverage neutral change from €320 million).

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.

EMPIRE RESORTS INC.: $475 million senior secured notes (B+/B+); BNP Paribas (joint books, bill and deliver), Citigroup, DBS Bank; Rule 144A and Regulation S; non-callable for two years; to enhance liquidity; 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%).

NRG ENERGY INC.: $2.361 billion secured and unsecured notes to help fund its acquisition of Direct Energy from Centrica plc for $3.625 billion in an all-cash transaction expected to close by the end of 2020; Citi and Credit Suisse are financial advisors to NRG, a power producer with headquarters in Princeton, N.J., and Houston; bonds expected to come to market prior to closing.

Roadshows

Started July 27: LEVIATHAN $2.25 billion; JPMorgan.

Started July 29: WESTERN GLOBAL AIRLINES $420 million; RBC.

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