Investment Grade Calendar

On The Horizon

ALTAGAS LTD.:

• Company to price offerings of senior debt, preferred shares and hybrid securities, as well as asset sales

• A $2 billion tranche of bridge facilities allocated to covering asset sales

• A $4.9 billion bridge financing facility arranged with JPMorgan Chase Bank, Toronto-Dominion Bank and Royal Bank of Canada

• Company to obtain permanent financing through C$400 million private placement of subscription receipts to Omers, Ontario’s pension plan for municipal employees, and C$2.1 billion brought subscription receipts offering launched on Jan. 25, 2017

• Proceeds to finance C$8.4 billion acquisition of energy infrastructure company WGL Holdings, Inc., a deal not contingent on financing

• Calgary, Alta.-based North American energy infrastructure company

HYDRO ONE LTD.:

• $2.4 billion of five-, 10- and 30-year notes

• Proceeds to help finance acquisition of Avista Corp.

• Closing expected in second half of 2018

• Toronto-based electric utility

SPRINT CORP.:

• $3,937,500,000 of fixed-rate senior unsecured notes (Baa2//BBB) in two tranches, due in 2025 and 2028, which feature a make-whole call at Treasuries plus 50 bps until one year prior to maturity

• One tranche of notes due in 2025 will have an amortization of 25%, or 6.25% per quarter, and a weighted average life of 5.12 years, and the other due in 2028 will have an amortization of 20%, or 5% per quarter, and a weighted average life of 7.62 years

• Goldman Sachs & Co. (left lead bookrunner), J.P. Morgan Securities LLC and Mizuho Securities USA Inc. (bookrunners)

• Proceeds for general corporate purposes

• Overland Park, Kan.-based wireless telecommunications services and internet carrier holding company

SYNGENTA AG:

• Multi-tranche benchmark-sized dollar-denominated Rule 144A and Regulation S offering of senior notes with maturities up to 30 years

• BNP Paribas, Citigroup, Credit Suisse, HSBC, MUFG and Santander (arrangers)

• Proceeds to refinance bridge financing for ChemChina’s acquisition of Syngenta and for general corporate purposes

• Basel, Switzerland-based agribusiness company

TWENTY-FIRST CENTURY FOX, INC.:

• Plans about $10 billion of new debt to fund cash offer to acquire Sky plc

• Company with subsidiary 21st Century Fox America, Inc. negotiated bridge credit agreement to borrow up to £12.2 billion, which will be replaced with the longer-dated permanent financing of $10 billion before acquisition closes

• Credit agreement arranged with joint lead arrangers and bookrunners Goldman Sachs & Co., Deutsche Bank Securities Inc. and JPMorgan Chase Bank, NA

• Closing expected by end of 2017

• New York-based company operates cable and broadcasting networks and properties

UNITED TECHNOLOGIES CORP.:

• $14 billion of new debt to finance cash portion of acquisition of Rockwell Collins, Inc.

• Proceeds along with cash on hand to finance acquisition of Rockwell Collins for $140 per share in cash and United Technologies stock

• Deal includes assumption of $7 billion of Rockwell Collins’ debt

• Transaction expected to close by third quarter of 2018

• Hartford, Conn.-based company provides technology products and services to the building and aerospace industries

XEROX CORP:

• New public debt issue

• Also, $2.5 billion of committed bank bridge financing from Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC

• Proceeds to fund planned joint venture with Fujifilm Holdings Corp., which will be called Fuji Xerox

• Before deal closes, Xerox will seek permanent financing, including an amended revolver and public issuance of investment-grade debt

• Merger expected to close in second half of 2018

• Combined company to be rated high-grade and will retain debt of Fuji Xerox and Xerox

• Norwalk, Conn.-based Xerox manufactures office machines

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