High Yield Calendar: $2.65 billion deals in the market

August 10 Week

ANGI GROUP, LLC a wholly owned subsidiary of ANGI HOMESERVICES INC.: $500 million senior notes due 2028 (Ba3/BB-); BofA, JPMorgan, BNP Paribas, Goldman Sachs, SG, Citigroup (joint), BMO, PNC (senior co's), Fifth Third, HSBC, Truist, Credit Suisse, Cowen, Blaylock Van, MFR (co's); Rule 144A and Regulation S for life; callable after three years at par plus 50% of coupon; for general corporate purposes including potential future acquisitions and return of capital; Denver-based digital marketplace for home services; investor call 10:30 a.m. ET on Wednesday; price talk 4% area; pricing Thursday.

VERITAS US INC. and VERITAS BERMUDA LTD.: $600 million five-year senior secured notes (B2/B); Morgan Stanley (left lead, bill and deliver), BofA, UBS, Barclays, Citigroup, Credit Suisse, Goldman Sachs, HSBC, Jefferies, Mizuho, SMBC (joint books); Rule 144A and Regulation S for life; callable after one year at par plus 50% of coupon; proceeds, together with new term loan and cash on hand, to repay debt under the existing term loan and revolver; Santa Clara, Calif.-based data management company; Zoom roadshow Monday to Wednesday; price talk 7½% to 7¾% (on top of initial guidance); pricing Thursday.

LOGAN MERGER SUB, INC. to be merged with and into LOGMEIN, INC.: $750 million seven-year senior secured notes (first-lien ratings B1/B-); Barclays (joint books, bill and deliver), RBC, Deutsche Bank, Jefferies, Mizuho (joint books); Rule 144A and Regulation S for life; callable after three years at par plus 50% of coupon (special call allows issuer to redeem 10% of notes annually at 103 during non-call period); to finance the acquisition of the LogMeIn, Inc. by Francisco Partners; Boston-based provider of software as a service and cloud-based remote connectivity services; investor call 1:30 p.m. ET on Tuesday; roadshow through Thursday, pricing thereafter.

PRA GROUP, INC.: $300 million senior notes due August 2025 (expected ratings Ba2/BB+); BofA (left books), Truist, Fifth Third, DNB, MUFG, Capital One (joint books), Citizens, Regions (co's); Rule 144A for life; callable after two years at par plus 50% of coupon; to repay debt under its North American revolver; Norfolk, Va.-based company, which acquires and collects on nonperforming loans; investor call Tuesday; initial talk high 7% area; pricing Thursday.

QVC, INC.: $500 million senior secured notes due 2028; BofA, JPMorgan, Credit Suisse, Truist, BNP Paribas, Goldman Sachs, Citigroup, Credit Agricole, TD, Mizuho (joint), Scotia, RBC, US Bancorp, UBS, Deutsche Bank, Morgan Stanley, MUFG, Wells Fargo (co's); SEC registered; par call three months prior to maturity, otherwise non-callable; proceeds, together with cash on hand, to repurchase approximately $500 million 2022 notes; West Chester, Pa.-based free-to-air television network and shopping channel; investor call noon ET on Wednesday; pricing Thursday.

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

Pricing Aug. 13: PRA GROUP $300 million; BofA.

Through Aug. 13: LOGMEIN $750 million; Barclays.

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