High Yield Calendar: $4.42 billion deals being marketed

September 7 Week

RADIATE HOLDCO LLC and RADIATE FINANCE INC.: $1.75 billion notes (downsized from $3.25 billion): $750 million six-year senior secured notes (B1) with three years of call protection, downsized from $2.25 billion (proceeds shifted to loan), price talk 4½% to 4¾% (initial talk 5% area), and $1 billion eight-year senior unsecured notes (Caa1) with three years of call protection, price talk 6½% to 6¾% (initial price talk 6½% to 6¾%); JPMorgan, Credit Suisse, Barclays, Goldman Sachs, Morgan Stanley, SG, UBS (joint); Rule 144A and Regulation S for life; to refinance debt including credit facilities, to fund a dividend to equity holders and for general corporate purposes; special purpose vehicles used by TPG Capital to finance acquisitions of RCN Telecom Services, LLC and Grande Communications Networks LLC; roadshow Tuesday-Friday; pricing Friday.

AVAYA HOLDINGS CORP.: $750 million senior first-lien notes due 2028 (B2/B/BB-); JPMorgan; Rule 144A and Regulation S; non-callable for three years; to repay bank debt; Santa Clara, Calif.-based business communications services provider; initial talk mid-6% area; roadshow started Tuesday; price talk 6¼% area; pricing expected Friday.

NEW RESIDENTIAL INVESTMENT CORP.: $550 million five-year notes; Credit Suisse (left lead books), JPMorgan, Citigroup (joint books), BTIG, RBC (co's); Rule 144A and Regulation S; callable after two years at par plus 50% of coupon; to repay term loan; REIT primarily focused on originating and servicing mortgages and investing in residential mortgage related assets; investor call 11:30 a.m. ET on Thursday; initial talk low 6% area; telephone roadshow Thursday-Friday, pricing thereafter.

TALLGRASS ENERGY PARTNERS, LP and TALLGRASS ENERGY FINANCE CORP.: $500 million senior notes due 2025 (expected ratings B1/BB-/BB-); RBC (left books, bill and deliver), Blackstone, BofA, Capital One, Citizens, Goldman Sachs, Morgan Stanley, Scotia, US Bancorp, Wells Fargo (joint books), Raymond James (co); Rule 144A for life; callable after two years at par plus 75% of coupon; to pay down revolver; Leawood, Kan.-based midstream energy company; roadshow Thursday-Friday; investor call noon ET on Thursday; initial talk 7¾% area; pricing Friday.

September 14 Week

CABLEVISION LIGHTPATH LLC: $865 million two-part notes: $450 million senior secured notes due 2027, callable after three years at par plus 50% of coupon, and $415 million senior unsecured notes due 2028, callable after three years at par plus 50% of coupon; Goldman Sachs (left books), RBC, Deutsche Bank, Morgan Stanley (joint books); Rule 144A and Regulation S for life; proceeds, along with the gross proceeds from term loan, to fund the distribution to Altice USA and cash to balance sheet; Jericho, N.Y.-based telecom; investor call 9:30 a.m. ET on Sept. 10; telephone roadshow Sept. 10-15.

Post-Labor Day

DELTA AIR LINES INC.: To-be-determined amount of secured bonds backed by SkyMiles frequent flyer program; Atlanta-based air carrier; expected post-Labor Day business.

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

Sept. 8-11: RADIATE $3.25 billion; JPMorgan, Credit Suisse, Barclays, Goldman Sachs, Morgan Stanley, SG, UBS

Pricing expected Sept. 11: AVAYA $750 million; JPMorgan

Sept. 10-11: NEW RESIDENTIAL INVESTMENT CORP. $550 million; Credit Suisse

Sept. 10-11: TALLGRASS ENERGY PARTNERS $500 million; RBC

Sept. 10-15: CABLEVISION LIGHTPATH $865 million; Goldman Sachs.

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