High Yield Calendar: $600 million deals being marketed

August 31 Week

SPIRIT AIRLINES, INC. via SPIRIT LOYALTY CAYMAN LTD. and SPIRIT IP CAYMAN LTD.: $600 million five-year first-lien senior secured notes (Fitch: BB+); Barclays, Citigroup, Deutsche Bank, Morgan Stanley (joint); Rule 144A and Regulation S for life; callable after three years at par plus 50% of coupon; for general corporate purposes and to fund the reserve account; Miramar, Fla.-based low-cost air carrier; investor call 11:30 a.m. ET on Monday; virtual roadshow Monday-Tuesday, price talk 8¼% to 8½% all-in yield, including OID (initial talk 8¾% area); books close Tuesday; pricing Wednesday morning.

Post-Labor Day

DELTA AIR LINES INC.: To-be-determined amount of secured bonds backed by SkyMiles frequent flyer program; Atlanta-based air carrier; expected post-Labor Day business.

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.

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%).

NRG ENERGY INC.: $2.361 billion secured and unsecured notes to help fund its acquisition of Direct Energy from Centrica plc for $3.625 billion in an all-cash transaction expected to close by the end of 2020; Citi and Credit Suisse are financial advisors to NRG, a power producer with headquarters in Princeton, N.J., and Houston; bonds expected to come to market prior to closing.

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