High Yield Calendar: $1.51 billion, £950 million and €300 million deals being marketed

July 20 Week

STONEGATE via STONEGATEPUB CO. FINANCING 2019 PLC (ENG. and WALES): £950 million five-year senior secured fixed-rate notes (B3/B+), non-callable for two years, price talk 8% to 8¼%, and €300 million five-year senior secured floating-rate notes (expected ratings B3/B+), non-callable for one year, price talk 7¼% to 7½% yield; Barclays (left global coordinator and bookrunner), Goldman Sachs, Nomura (joint global coordinators and bookrunners), Deutsche Bank, Lloyds, Rabobank (joint bookrunners); Rule 144A and Regulation S; to repay £950 million under bridge facilities and £275 million under senior term facilities; largest pub company in United Kingdom, based in Luton, England (sponsor TDR Capital); global investor call Monday; one-on-one investor calls Tuesday through Thursday; pricing on Friday.

DIAMOND RESORTS INTERNATIONAL INC.: $525 million six-year senior secured notes (B3/B-); RBC (left lead, bill and deliver), Barclays (joint books), Apollo, Natixis (co's); Rule 144A and Regulation S for life; callable after two years at par plus 50% of coupon; to repay a portion of the 7¾% first-lien secured notes and a portion of the term loan B both due September 2023, and fund cash to balance sheet; Las Vegas-based timeshare company; revised price talk 9¾% coupon at 98.889 to yield 10% (from 9½% area).

EMPIRE RESORTS INC.: $475 million senior secured notes (B+/B+); BNP Paribas (joint books, bill and deliver), Citigroup, DBS Bank; Rule 144A and Regulation S; non-callable for two years; to enhance liquidity; Monticello, N.Y.-based gaming, lodging and entertainment company indirectly owned by Malaysia-based Kien Huat Realty III Ltd. (51%) and Genting Malaysia Bhd. (49%); early guidance 8% to 8¼%.

July 27 Week

GPC MERGER SUB INC. to be merged with and into GRAHAM PACKAGING CO. INC.: $510 million eight-year senior notes; Credit Suisse (left lead), HSBC (joint books); Rule 144A and Regulation S for life; callable after three years at par plus 50% of coupon; proceeds, together with borrowings under the credit agreement that will govern the senior facilities, to settle balances with- and to make distributions to RGHL Group; York, Pa.-based supplier of plastic packaging solutions; investor call July 23; pricing July 29.

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.

Roadshow

Started July 23: GRAHAM PACKAGING CO. $510 million; Credit Suisse.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.