High Yield Calendar: $2.68 billion deals being marketed

July 30 Week

KEN GARFF AUTOMOTIVE GROUP: $350 million five-year notes (B1/B); J.P. Morgan Securities LLC; Rule 144A for life; non-callable for two years; to fund the acquisition of Leucadia National Corp’s share of jointly owned Garcadia Auto Services; Salt Lake City-based auto sales group with dealerships in Utah, Texas, Iowa, Nevada, Michigan, and California; price talk 7½% area (initial talk 7¼% to 7½%); books close 11 a.m. ET on Friday, pricing thereafter.

FS ENERGY, LLC: $500 million senior secured notes due 2023 (BB-); J.P. Morgan Securities LLC, SG CIB, BMO Capital Markets (joint); Rule 144A for life; non-callable; to refinance debt and general corporate purposes; New York-based provider of energy efficiency services; roadshow started July 1; price talk 8% area.

August 6 Week

BMC SOFTWARE (BANFF MERGER SUB INC.) $1,825,000,000 equivalent senior notes due August 2026, in tranches of dollar-denominated notes, early guidance 9¾%, and euro-denominated notes, split to be determined (Caa2/CCC+); Goldman Sachs (left books), Credit Suisse, KKR, Jefferies, Macquarie, Mizuho, Barclays (joint books); Rule 144A and Regulation S for life; non-callable for three years; proceeds, along new credit facilities, PIK preferred equity, sponsor equity and cash on hand, to help fund the buyout by KKR, and retire certain existing debt; Houston-based provider of software solutions for the digital enterprise; roadshow Aug. 1-8, pricing thereafter.

High Yield Bridges

ENVISION HEALTHCARE CORP.: $2.15 bridge loan to high-yield bonds; Citigroup; $8.05 billion in debt financing to help fund its acquisition by KKR (also to include term loan debt being led by Credit Suisse); Nashville, Tenn.-based provider of physician-led services and post-acute care, and ambulatory surgery services; acquisition expected to close in fourth quarter of 2018.

FOREST CITY REALTY TRUST INC.: $2.6 billion bridge loan and $1.6 billion credit facilities; BofA Merrill Lynch, Barclays, BMO, Citigroup, Deutsche Bank, RBC and TD are the leads on the financing; to help fund its acquisition by Brookfield Asset Management Inc., expected to close in fourth quarter of 2018; Forest City is a Cleveland-based real estate company; financing announced in July 31 8-K.

THOMSON REUTERS FINANCIAL & RISK to be renamed REFINITIV: $5.5 billion bridge loans leading to high yield: $3 billion equivalent 7.5-year secured bridge, price talk in dollars and euros, price talk Libor/Euribor plus 400 bps, leading to 7.5-year senior secured notes ($1 billion equivalent in euro-denominated notes expected), and $2.5 billion equivalent eight-year senior unsecured bridge in dollars and euros, price talk Libor/Euribor plus 625 bps, leading to eight-year senior unsecured notes ($700 million equivalent in euro-denominated notes expected); JPMorgan (joint books, administrative agent), BofA Merrill Lynch, Credit Suisse (joint books); to help fund the acquisition of a 55% stake in the company by Blackstone, Canada Pension Plan Investment Board and GIC, expected to occur in the second half of 2018; media and information company is based in New York City.

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.

On The Horizon

DOMETIC GROUP AB: Benchmark euro-denominated five-year senior notes (Ba3/BB); Deutsche Bank; to repay debt and for general corporate purposes; Stockholm-based manufacturer/supplier climate, hygiene, sanitation, food and beverage applications for the RV, marine, and automotive industry.

MARRIOTT VACATIONS WORLDWIDE CORP.: $750 million new senior notes; to help fund acquisition of ILG, Inc., transaction to close at the end of August 2018; funding will also include a $900 million term loan and $600 million revolver which are currently in the market via JPMorgan, BofA Merrill Lynch, SunTrust, Deutsche Bank, Wells Fargo and Credit Suisse; Marriott Vacations is an Orlando, Fla.-based vacation ownership company; ILG is a Miami-based operator of vacation resorts and clubs.

PENN NATIONAL GAMING INC.: $840 million senior unsecured bridge loan, also $1.14 billion in incremental senior secured term loans; debt commitment from Bank of America Merrill Lynch, Goldman Sachs Bank USA, Fifth Third Bank, U.S. Bank, Wells Fargo Securities LLC, Citizens Bank, SunTrust Robinson Humphrey Inc. and TD Securities (USA) LLC; to finance the acquisition of Pinnacle Entertainment Inc., expected to close in the second half of 2018; Penn National is a Wyomissing, Pa.-based owner and manager of gaming and racing facilities and video gaming terminal operations; Pinnacle is a Las Vegas-based owner and operator of gaming entertainment properties.

SS&C TECHNOLOGIES HOLDINGS INC.: $1.25 billion bridge loan to be taken out with high-yield bonds and/or IPO of common shares, Credit Suisse, Morgan Stanley; proceeds, along with about $7.15 billion of bank debt, to help fund its acquisition of DST Systems Inc. and to refinance existing debt; SS&C is a Windsor, Conn.-based provider of financial services software and software-enabled services; targeted to close in third quarter of 2018; announced in Jan. 11 press release.

TWINSET SPA: €170 million five-year senior secured floating-rate notes; private; to redeem the €150 million senior Euribor plus 587.5 bps secured floating rate notes due 2019, partially repay a shareholder loan and cancel the existing hedging arrangement; Capri, Italy-based supplier of luxury women's apparel and accessories.

Roadshows

Pricing July 30 week: KEN GARFF AUTO $350 million; JPMorgan

Aug. 1-8: BMC SOFTWARE $1,825,000,000; Goldman Sachs, Credit Suisse, KKR, Jefferies, Macquarie, Mizuho, Barclays

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