High Yield Calendar: $6.2 billion and £150 million deals being marketed

September 10 Week

PACIFIC DRILLING SA: $700 million five-year senior secured first lien notes; Credit Suisse Securities (USA) LLC (sole); Rule 144A and Regulation S; callable after two years at par plus 50% of coupon; two-year 35% equity clawback; 101% poison put; to refinance or repay a portion of the pre-petition debt and for general corporate purposes of the reorganized company; Luxembourg-based drillship operator; roadshow through Sept. 13, pricing thereafter (investor call 12:30 p.m. ET Sept. 7).

EI GROUP PLC: £150 million 5.5-year senior notes (S&P: expected B); Deutsche Bank (joint global coordinator, bookrunner, bill and deliver), BNP Paribas (joint global coordinator, bookrunner), Lloyds Bank, NatWest Markets (joint books); Regulation S only; callable after two years at par plus 50% of coupon; two-year 40% equity clawback at par plus coupon; 101% poison put; to fully or partially repay the convertibles, with any remaining proceeds to be retained as cash on balance sheet, intended to be applied toward repayment of the 2018 notes at maturity; Solihull, West Midlands, U.K.-based pub company; roadshow starts Sept. 7.

September 17 Week

THOMSON REUTERS FINANCIAL & RISK to be renamed REFINITIV: $5.5 billion equivalent four-part notes: $2 billion 7.5-year senior secured notes (B2/B/BB+), initial talk low 7% area, and $1 billion equivalent euro-denominated 7.5-year senior secured notes (B2/B/BB+), initial talk 5% area, also $1.8 billion eight-year senior unsecured notes (Caa2/B-/B+), price talk low 9% area, and $700 million equivalent euro-denominated eight-year senior unsecured notes Caa2/B-/B+), price talk 7% area; JPMorgan (global coordinator and sole physical bookrunner); notes in all tranches non-callable for three years; to help fund the acquisition of a 55% stake in the company by Blackstone, Canada Pension Plan Investment Board and GIC, and for general corporate purposes; New York City-based media and information company; roadshow started Sept. 5; pricing week of Sept. 17.

Expected September Business

ENVISION HEALTHCARE CORP.: $2.15 billion high-yield bonds backed by bridge loan; 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; expected early September business.

AKZONOBEL NV: Approximately €1.5 billion equivalent high-yield notes (including possible dollar-denominated tranche); Barclays, BofA Merrill Lynch, HSBC, JPMorgan, Credit Agricole, NatWest, SG; to fund the acquisition of AkzoNobel's specialty chemicals business by the Carlyle Group; Amsterdam-based paint, performance coatings and specialty chemicals producer; expected September business.

Expected Third Quarter Business

GARRETT MOTION INC.: $510 million equivalent senior notes due 2026 (B2/B); also $1.65 billion credit facilities via JPMorgan launching with bank meetings on Sept. 3 in London and Sept. 5 in New York; to help fund the spinoff of the company from Honeywell International Inc., Switzerland-based manufacturer of turbocharger and electric-boosting technologies for light and commercial vehicle original equipment manufacturers and the aftermarket.

GENERAL ELECTRIC DISTRIBUTED POWER: $600 million high-yield bonds; to help fund the acquisition of General Electric’s Distributed Power business for $3.25 billion by private equity investor Advent International, expected to close in fourth quarter of 2018; provider of gas engines, power equipment and services focused on power generation and gas compression; debt capital markets transactions expected in third quarter of 2018.

GETTY IMAGES INC.: Possible new notes, loans and preferred equity; to refinance its balance sheet in connection with its acquisition by the Getty family from the Carlyle Group; visual communications company.

LIFEPOINT HEALTH INC.: $1,575,000,000 of senior unsecured notes backed by bridge loan and $4.2 billion of senior secured credit facilities; Citigroup, Barclays, RBC, Credit Suisse, Deutsche Bank, UBS; to help fund its merger with RCCH HealthCare Partners, which is owned by Apollo Global Management LLC, expected to close in fourth quarter 2018; LifePoint and RCCH are both Brentwood, Tenn.-based health care providers; disclosed in Aug. 23 PREM14A filed with the SEC.

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 $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.

High Yield Bridges

DUN & BRADSTREET CORP. $1.05 billion bridge loans: $200 million senior secured 364-day bridge loan and $850 million senior unsecured bridge loan; also $3.53 billion of senior secured credit facilities; BofA Merrill Lynch, Citigroup, RBC; to fund the acquisition of Dun & Bradstreet by an investor group led by CC Capital, Cannae Holdings and Thomas H. Lee Partners LP; Short Hills, N.J.-based provider of commercial data and analytics; announced in Aug. 9 8-K filed with the Securities and Exchange Commission, acquisition expected to close within six months.

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.

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.

Nordic Deals

ODFJELL SE: Possible krone-denominated senior unsecured bond; Clarksons Platou Securities AS, Pareto Securities AS and Swedbank Norge; for general corporate purposes including refinancing of debt maturing in December 2018; Bergen, Norway-based provider of seaborne transportation, and chemicals and specialty bulk liquids storage services; announced Aug. 30

VERITAS PETROLEUM BV: Possible fixed income transaction; Arctic Securities AS and ABG Sundal Collier ASA to arrange investor meetings beginning Sept. 3; fuel testing and inspection services company headquartered in Barendrecht, the Netherlands; announced Aug. 30.

WOW AIR: Euro-denominated or Swedish krona-denominated three-year floating-rate senior secured notes; Pareto; proceeds to be used as bridge loan to IPO; Reykjavik, Iceland-based low-cost air carrier; expected late-summer, early fall business.

On The Horizon

ITALMATCH CHEMICALS SPA: €400 million high-yield bonds; Goldman Sachs; in late June Bain Capital announced a definitive agreement to acquire Italmatch from Ardian; Italmatch is a Genova, Italy-based specialty chemical additive manufacturer; expected fall 2018 business.

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.

STARWOOD PROPERTY TRUST, INC.: $300 million senior notes due August 2023 (Ba3/BB); Credit Suisse Securities (USA) LLC (left books), Citigroup Global Markets Inc. (joint books); Rule 144A and Regulation S with registration rights; par call 90 days prior to maturity, otherwise non-callable; three-year 40% equity clawback; 101% poison put; to repay secured debt and support purchase of GE Energy Project Finance debt business; commercial mortgage REIT; investor call Aug 14; initial guidance 5% to 5 1/8%.

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

Starts Sept. 7: EI GROUP £150 million; Deutsche Bank, BNP Paribas, Lloyds Bank, NatWest Markets.

Through Sept. 13: PACIFIC DRILLING $700 million; Credit Suisse.

Started Sept. 5: REFINITIV $5.5 billion; JPMorgan.

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