High Yield Calendar: $450 million deals in the market

August 24 Week

IPL PLASTICS INC. via INTELLIGENT PACKAGING LTD. FINCO INC. and INTELLIGENT PACKAGING LTD. CO-ISSUER , LLC: $450 million eight-year senior secured notes (B3); BofA, Barclays, Deutsche Bank, BMO, CIBC, Credit Suisse, MUFG, RBC, TD (joint); Rule 144A and Regulation S for life; non-callable for three years; proceeds, together with cash on hand, equity contributions from funds affiliated with Madison Dearborn and the reinvestment of certain proceeds by Caisse de depot et placement du Quebec are intended to fund acquisition of IPL Plastics; Montreal-based rigid plastic packaging manufacturer; roadshow Aug. 21-25; initial talk high 6% to 7% area.

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.

Roadshow

Aug. 21-24: IPL PLASTICS $450 million; BofA, Barclays, Deutsche Bank, BMO, CIBC, Credit Suisse, MUFG, RBC, TD.

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