Investment Grade Calendar

October

GAMING & LEISURE PROPERTIES, INC.: $2.05 billion senior notes in five-year, seven-year and 10-year tranches (Ba1/BBB-); BofA Merrill Lynch will lead a syndicate of banks expected to included J.P. Morgan Securities LLC and Wells Fargo Securities LLC; also $1.15 billion credit facility; to refinance about $2.7 billion of Penn National Gaming Inc.'s existing debt, redeem about $417.5 million of conversion shares from Fortress Investment Group, and fund an approximately $487 million dividend; the deal is coming in connection with the spinoff of Gaming & Leisure from Penn National; Wyomissing, Pa.-based gaming and entertainment company; expected during the first half of October.

On The Horizon

AIR PRODUCTS AND CHEMICALS INC.: Public or private bond issuance in United States or Europe; to refinance €300 million 3.75% eurobond due in November 2013; Allentown, Pa.-based industrial gas and chemical maker.

ENTERGY CORP.: $575 million of bonds in connection with merger of electric transmission business with ITC Holdings Corp.; transmission subsidiaries Entergy Transco Subs to borrow additional $1.2 billion from capital markets to pay down debt; Dallas-based integrated energy company.

FARMERS INSURANCE EXCHANGE, FIRE INSURANCE EXCHANGE, TRUCK INSURANCE EXCHANGE: At least $350 million surplus notes; to fund tender offers; Citigroup Global Markets Inc., RBS Securities Inc. are dealer managers for tender offers which have an early tender deadline of Oct. 3 and expire on Nov. 6; Farmers Insurance Exchange offering to buy back $300 million 8.625% notes due 2024; three exchanges will buy back up to $550 million less amount of 8.625% notes accepted of 7.05% and 7.2% surplus trust securities; insurance group based in Los Angeles.

FIDELITY NATIONAL FINANCIAL INC.: $1.4 billion of debt, including longer-term bonds; to fund majority of cash portion of acquisition of majority of common shares of Lender Processing Services, Inc., expected to close in Q4 of 2013; Jacksonville, Fla.-based provider of title service, mortgage and diversified services.

REGENCY CENTERS CORP.: $300 million of forward starting interest rate swaps for new debt issuances occurring through Aug. 1, 2016; Jacksonville, Fla.-based real estate investment trust with a focus on shopping centers.

2013

MOSAIC CO.: Long-term debt in second half of 2013; to fund potential share repurchase; Plymouth, Minn.-based agricultural chemical maker.

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