High Yield Calendar: $750 million deals in the market

August 10 Week

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; price talk 5½% to 5¾%; pricing expected 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.

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.

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