High Yield Calendar: $1.36 billion deals being marketed

February 3 Week

IRIS MERGER SUB 2019, INC. (INNOPHOS HOLDINGS INC.): $300 million senior notes due Feb. 10, 2028 (Caa1/B-); RBC (lead left books, bill and deliver), KeyBanc, Barclays (joint books); Rule 144A and Regulation S; callable after three years at par plus 50% of coupon; to fund the buyout of Innophos Holdings Inc., a Cranbury, N.J.-based producer of food additives, by One Rock Capital, and repay debt; roadshow started Jan. 28; investor call Jan. 29; pricing Feb. 5.

ARCONIC ROLLED PRODUCTS CORP.: $400 million second-lien secured notes due 2028; Goldman Sachs (left books), JPMorgan, Citigroup (joint books); Rule 144A and Regulation S for life; callable after three years at par plus 50% of coupon; substantial portion of proceeds to make a payment to ParentCo to fund the transfer of certain assets from ParentCo to the issuer in connection with the separation and distribution, with remaining proceeds for general corporate purposes; Pittsburgh-based producer of aluminum sheet and plate products for the aerospace, automotive, commercial transportation, brazing and industrial markets; roadshow started Jan. 28; pricing Feb. 6.

ALLEN MEDIA, LLC and ALLEN MEDIA CO-ISSUER, INC.: $300 million eight-year senior notes (S&P: B-); RBC (lead left books, bill and deliver); Rule 144A and Regulation S; callable after three years at par plus 50% of coupon; to help fund the acquisition of 11 broadcast television stations from USA Television Holdings LLC and USA Television MidAmerica Holdings LLC, and to refinance existing debt; media content and technology company; roadshow Jan. 29 through middle part of Feb. 3 week; investor call Jan. 30; initial guidance low-to-mid 10% area.

BANIJAY €1.25 billion equivalent three-part notes: €525 million five-year non-call two-year secured notes (B1/B), initial guidance low 4% area, $363 million five-year non-call two-year secured notes (B1/B), initial guidance low-to-mid 6% area, €400 million six-year non-call 2.5-year unsecured notes (Caa1/CCC+), initial guidance 250 bps over euro-denominated secured notes; Deutsche Bank; Rule 144A and Regulation S; to redeem Banijay 2022 notes and repay its senior secured credit facilities, fund acquisition of Endemol Shine and finance the Bear Grylls acquisition, and repay debt related to that acquisition; Paris-based independent production and distribution company; dollar-denominated books close Feb. 3, euro-denominated books close Feb. 4.

High Yield Bridges

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.

ELDORADO RESORTS INC.: $1.8 billion senior notes due 2028 backed by bridge loan, via JPMorgan, Credit Suisse, Macquarie, priced at Libor plus 475 bps with a 0% Libor floor, spread increases by 50 bps every three months until a specified cap is reached; also $4 billion credit facilities, debt commitment from JPMorgan, Credit Suisse, Macquarie; to help fund its acquisition of Caesars Entertainment Corp.; Eldorado is a Reno, Nev.-based gaming company, expected to close in first half of 2020; Caesars is a Las Vegas-based gaming and entertainment company.

T-MOBILE USA INC.: $27 billion bridge loans to be replaced with secured notes, unsecured notes or other financing in connection with merger of T-Mobile and Sprint Corp.: $19 billion 364-day senior secured covenant-light bridge facility (low triple B ratings expected) and $8 billion one-year senior unsecured covenant-light bridge facility ($4 billion expected to convert into eight-year debt, and $4 billion expected to convert to 10-year debt) (mid-to-high double B ratings expected), also $11 billion credit facilities; Barclays, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs Bank USA, Morgan Stanley Senior Funding Inc. and RBC Capital Markets, joint lead arrangers and bookrunners on the debt (Goldman Sachs agent on the secured bridge, agent for unsecured bridge not named in the commitment letter); to refinance certain T-Mobile and Sprint debt, and for post-closing working capital for combined company; combined company will be called T-Mobile and will be based in Bellevue, Wash.; announced in April 30 8-K filing with Securities & Exchange Commission.

TALLGRASS ENERGY LP: Possible $575 million senior notes backed by $575 million one-year senior secured bridge loan priced at Libor plus 425 bps with 50 bps step-ups every three months to a specified cap, 0% Libor floor, Credit Suisse, Citigroup, Jefferies (joint bookrunners and lead arrangers) or $575 million senior secured term loan; to help fund its acquisition by Blackstone Infrastructure Partners, Enagas, GIC, NPS and USS, expected to close second quarter of 2020; Leawood, Kan.-based growth-oriented midstream energy infrastructure company; disclosed in Dec. 17 SC 13D/A filed with SEC.

WESCO INTERNATIONAL INC.: $3.125 billion senior unsecured bridge facility in connection with Wesco’s planned acquisition of Anixter, expected to close during the second or third quarter of 2020; commitment from Barclays; Wesco is a Pittsburgh-based MRO and OEM; Anixter is a Glenview, Ill.-based distributor of electrical and utility power products.

On The Horizon

ALPHA AUTO GROUP: $225 million five-year notes; JPMorgan; non-callable for two years; automotive group operates dealerships representing 14 automotive brands throughout Ontario, Alberta and Oregon.

ATLANTICA TENDER DRILLING LTD.: $140 million four-year second-lien notes; DNB, Pareto (global coordinators), Danske, SpareBank1 (joint books); also $100 million four-year first-lien term loan; to refinance bank and bond debt; Houston-based oil and gas drilling services provider; deal subject to market conditions, pre-marketing mid-to-late May.

CULLIGAN: $500 million debt financing (senior secured cash flow revolver, a senior secured term loan and/or senior unsecured notes) via Morgan Stanley, Ares, PSP, RBC, BofA and Credit Suisse; to help fund acquisition of AquaVenture Holdings Ltd. valued at about $1.1 billion, including AquaVenture’s net debt; Culligan is a Rosemont, Ill.-based provider of sustainable water solutions and services; AquaVenture is a British Virgin Islands-based developer and provider of sustainable Water-as-a-Service solutions; disclosed in 8-K filed on Dec. 26 with SEC.

DDM HOLDING AG via DDM DEBT AB: €100 million three-year secured floating-rate notes; Arctic Securities AS and ABG Sundal Collier ASA (joint lead managers); Stockholm-based investment services provider.

MATCH GROUP: $500 million new debt to help fund its separation from IAC, expected to close second quarter of 2020; Dallas-based provider of dating products.

OBSIDIAN ENERGY LTD.: $100 million five-year senior notes; Pareto; to refinance Obsidian Energy’s existing $48 million secured notes maturing between 2020 to 2025 and for general corporate purposes; Calgary, Alta.-based oil and natural gas production company.

QMAX FINANCIAL HOLDINGS INC. (Q'MAX SOLUTIONS INC.): $225 million secured notes due 2024 (Caa2/B-); Pareto; Rule 144A and Regulation S; callable after two years at par plus 50% of coupon; two-year 35% equity clawback at par plus coupon; to help fund the upcoming acquisition of Mountain Mud, repay debt and buy out certain existing equipment leases; Houston-based multi-national oilfield services provider; roadshow mid-to-late May.

ZAYO GROUP HOLDINGS INC.: $2.775 billion senior unsecured bridge loan and $6.74 billion senior secured credit facilities; debt commitment from Credit Suisse, Morgan Stanley, Citigroup, Deutsche Bank, SunTrust, TD; to help fund LBO by Digital Colony Partners and the EQT Infrastructure IV fund, expected to close in the first half of 2020; Boulder, Colo.-based provider of mission-critical bandwidth to companies; possible post-Labor Day business.

Roadshows

Started Jan. 28: INNOPHOS $300 million; RBC.

Started Jan. 28: ARCONIC ROLLED PRODUCTS $400 million; Goldman Sachs.

Started Jan. 29: ALLEN MEDIA $300 million; RBC.

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