High Yield Calendar: $800 million deals being marketed

June 8 Week

HILLENBRAND, INC.: $400 million five-year senior notes (expected ratings Ba1/BB+/BB+) upsized from $300 million; HSBC, Citizens, JPMorgan, PNC (joint), BMO, Commerz, SMBC, US Bancorp, Wells Fargo, Fifth Third, SunTrust, CJS, D.A. Davidson, Santander / SEB (co's); SEC registered; non-callable for two years; for general corporate purposes, including debt repayment; Batesville, Ind.-based diversified industrial company; price talk 6% area (initial talk low-to-mid 6% area); pricing Tuesday.

PG&E CORP./PACIFIC GAS AND ELECTRIC CO.: New high-yield bonds and bank loan via JPMorgan and investment-grade bonds via BofA; to finance its exit from Chapter 11 bankruptcy; San Francisco-based electric and natural gas utility; expected June 8 week.

REALOGY GROUP LLC/REALOGY CO-ISSUER CORP.: $400 five-year senior secured second lien notes (B3); joint bookrunners J.P. Morgan Securities LLC, Barclays, BofA Securities Inc., Capital One Securities Inc., Citizens Bank, Credit Agricole CIB, Goldman Sachs & Co., SunTrust Robinson Humphrey Inc., BMO Capital Markets Corp., Scotia Capital (USA) Inc., TD Securities (USA) LLC, Santander Investment Securities Inc. and Credit Suisse Securities (USA) LLC; talked to yield 8% to 8¼%; proceeds to redeem a portion of 5¼% senior notes due December 2021; Madison, N.J.-based residential real estate services provider; pricing Tuesday.

On The Horizon

CINCINNATI BELL INC.: $493 million senior bridge loans, commitment from Goldman Sachs; also $1.6 billion credit facilities via Goldman Sachs, Regions, SG; to help fund acquisition of Cincinnati Bell by Macquarie Infrastructure Partners in transaction valued at $2.9 billion, expected to close first half of 2021; Cincinnati-based provider of integrated communications solutions; details from March 19 PRER14A filed with SEC.

ELANCO ANIMAL HEALTH INC.: $2.75 billion bridge loans and $3.75 billion credit facilities, debt commitment from Goldman Sachs; to help fund its acquisition of Bayer AG’s animal health business, targeted to close in mid-2020; Greenfield, Ind.-based animal health company; disclosed in 8-K document filed Aug. 20 with SEC.

ELDORADO RESORTS INC.: $1.8 billion senior notes due 2028 backed by bridge loan, via JPMorgan, Credit Suisse, Macquarie, priced at Libor plus 475 bps with a 0% Libor floor, spread increases by 50 bps every three months until a specified cap is reached; also $4 billion credit facilities, debt commitment from JPMorgan, Credit Suisse, Macquarie; to help fund its acquisition of Caesars Entertainment Corp.; Eldorado is a Reno, Nev.-based gaming company, expected to close in first half of 2020; Caesars is a Las Vegas-based gaming and entertainment company.

MARTIN MIDSTREAM PARTNERS LP: $400 million senior secured notes due 2025; Rule 144A and Regulation S; to refinance 7¼% senior notes due 2021 and for general partnership purposes; Kilgore, Tex.-based master limited partnership focused on marine transportation, terminalling, distribution and logistical services for producers and suppliers of hydrocarbon products, specialty chemicals and other liquids, primarily operating in the Gulf Coast region of the United States; announced in March press release.

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