High Yield Calendar: $2.11 billion and €1.73 billion deals being marketed

Nov. 5 Week

HC2 HOLDINGS, INC.: $535 million five-year senior secured notes (Caa1/B-); Jefferies LLC (sole); Rule 144A and Regulation S for life; callable after two years at par plus 50% of coupon; to refinance 11% secured notes due 2019; New York-based diversified holding company; price talk 11½% coupon at 98.75 to yield 12%; pricing Thursday.

REGIONALCARE HOSPITAL PARTNERS HOLDINGS, INC. and LIFEPOINT HEALTH, INC.: $1,575,000,000 eight-year senior notes (Caa1/CCC+); Barclays (left lead), Citigroup Global Markets Inc., RBC Capital Markets LLC, Deutsche Bank Securities Inc., UBS Securities LLC (joint books); Rule 144A for life; non-callable for three years; finance the acquisition of LifePoint Health by Apollo Global Management LLC for its merger with RegionalCare; Brentwood, Tenn.-based owners and operators of hospitals and health care services; Nov. 6-9; initial price talk 9¼% area.

INTERNATIONAL DESIGN GROUP SPA €720 million two-part seven-year senior secured notes (B2/B/B+): fixed-rate notes with three years of call protection and floating-rate notes with one year of call protection; JPMorgan (joint global coordinator, bill and deliver), UniCredit, Goldman Sachs (joint global coordinators), DNB, HSBC (joint books), Natixis (manager); Rule 144A and Regulation S; to finance the buyout of the company by Investindustrial and the Carlyle Group, and repay debt; Italy-based lighting and furniture producer; roadshow Nov. 5-9.

VERISURE €1,012,000,000 loan and notes: VERISURE HOLDING AB: New term loan B (B1/B) with 101 soft call for six months (BofA Merrill Lynch, Nomura, joint global coordinators and physical books, Goldman Sachs, Morgan Stanley, joint books), and new Rule 144A and Regulation S 4.5-year senior secured notes (B1/B)with 1.5 years of call protection (Morgan Stanley lead books, BofA Merrill Lynch, Goldman Sachs, Nomura, joint books), also VERISURE MIDHOLDING AB: Add-on to Rule 144A and Regulation S 5¾% senior notes due Dec. 1, 2023 (expected ratings Caa1/CCC+) callable after Dec. 1, 2019 (Goldman Sachs lead books, BofA Merrill Lynch, Morgan Stanley, Nomura, joint books), tranche sizes to be determined; Barclays, Citigroup, JPMorgan, Nordea (joint books on all tranches); to refinance 6% senior secured notes due December 2022, repay revolver and fund distribution to shareholders; Malmo, Sweden-based provider of security systems; roadshow Nov. 6-9.

High Yield Bridges

DENBURY RESOURCES INC.: $400 million second-lien notes; J.P. Morgan Securities LLC; to help finance its $1.7 billion acquisition of Penn Virginia Corp., expected to close in first quarter of 2019 (financing also includes $1.2 billion revolver, plus equity issued to Penn Virginia shareholders and cash on hand; Plano, Texas, oil and natural gas company; expected fourth-quarter 2018 business.

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.

Nordic Deals

APC HOLDCO APS (APC FORSIKRINGSMAEGLERE A/S): Up to €42 million four-year senior secured notes; Pareto; make-whole call first two years, then callable at 101; to help fund purchase price for the shares in APC, refinance existing debt and general corporate purposes; Copenhagen-based pension broker; books opened Oct. 1.

BLUEWATER HOLDING BV: $225 million to $250 million five-year senior notes, pending market conditions; DNB Markets, Pareto Securities; also $200 million to $220 million revolver; to refinance balance sheet; Hoofdorp, Netherlands-based provider of equipment and services for offshore oil and gas exploration and production; investor meetings started Oct. 23.

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 based in Barendrecht, the Netherlands; announced Aug. 30.

On The Horizon

DIAMONDBACK ENERGY INC.: Expected high-yield notes; to help fund $9.2 billion acquisition of Energen Corp., expected to close in fourth quarter 2018; Citigroup Global Markets Inc. is financial adviser to Diamondback, J.P. Morgan Securities LLC and Tudor Pickering Holt are exclusive financial advisers to Energen.

EARTHSTONE ENERGY, INC.: $500 million senior notes backed by bridge loan; Wells Fargo Securities, LLC and RBC Capital Markets are acting as joint lead arrangers on the revolving credit facility. Wells Fargo Securities, RBC Capital Markets, SunTrust Robinson Humphrey, Inc. and Jefferies Finance LLC (joint); also $475 million revolver; proceeds, along with proceeds from a fully committed $225 million preferred stock issuance, will be used to finance the cash portion of Earthstone’s acquisition of Sabalo Energy, LLC and Sabalo Energy, Inc.; Earthstone is an oil and gas company based in the Woodlands, Texas; announced Oct. 17.

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.

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%.

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.

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

Nov. 5-9: INTERNATIONAL DESIGN GROUP SPA €720 million; JPMorgan, UniCredit, Goldman Sachs, DNB, HSBC.

Nov. 6-9: REGIONALCARE HOSPITAL PARTNERS and LIFEPOINT HEALTH $1,575,000,000; Barclays, Citigroup, RBC, Deutsche Bank, UBS.

Nov. 6-9: VERISURE €1,012,000,000; BofA Merrill Lynch, Nomura, Goldman Sachs, Morgan Stanley, Barclays, Citigroup, JPMorgan, Nordea.

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