Convertibles Calendar: Dynegy to price $400 million tangible equity units

June 15

DYNEGY INC.:

• $400 million of tangible equity units

• $60 million greenshoe

• Maturity July 1, 2019

• Bookrunners Morgan Stanley & Co. LLC, RBC Capital Markets LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Mitsubishi UFJ Securities (USA) Inc., BNP Paribas Securities Corp., Credit Agricole Securities (USA) Inc. and SunTrust Robinson Humphrey Inc.

• Concurrent financing including $2 billion term loan and $75 million revolving credit facility

• Talked 6.625%-7.125%, up 22.5%-27.5%

• Registered

• Non-callable

• No investor puts

• Proceeds to fund a previously announced acquisition of ownership interests in certain North American power generation assets from International Power, SA, an indirect subsidiary of Engie SA and to pay related fees and expenses

• Houston-based electric power producer

• NYSE: DYN

June 16

PAR PACIFIC HOLDINGS INC.:

• $100 million of convertible senior notes

• $15 million greenshoe

• Maturity June 15, 2021

• Bookrunner BofA Merrill Lynch

• Co-managers Imperial Capital and Sterne Agee

• Talked 4.5%-6% coupon, up 15%-25%

• Rule 144A

• Call provision at 102% of par in cash if Hermes Consolidated LLC acquisition is terminated

• Non-callable for three years, then provisionally callable at 140% price hurdle

• No investor puts

• Takeover and dividend protection

• Net share settlement

• Hedging restriction as a condition to purchase that holders will not hedge exposure to shares until mid August

• Proceeds to finance a portion of the purchase price of Hermes Consolidated, to repay $5 million of a term loan and for general corporate purposes

• Houston-based electric power producer NYSE: DYN

• Nasdaq: PARR

On The Horizon

GREAT PLAINS ENERGY INC.:

• $750 million of mandatorily convertible preferreds

• Ontario Municipal Employees Retirement System commits to the convertible

• Three-year maturity

• Talked 7.25%, up 20%

• Concurrent $7.5 billion bridge loan and $500 million term loan by Goldman Sachs

• Closing seen spring of 2017

• Proceeds to fund part of the cost of its acquisition of Westar Energy Inc.

• Kansas City, Mo.-based holding company of regulated electric power

• NYSE: GXP

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