Investment Grade Calendar

On The Horizon

ALTAGAS LTD.:

• Company to price offerings of senior debt, preferred shares and hybrid securities, as well as asset sales.

• A $2 billion tranche of bridge facilities allocated to covering asset sales

• A $4.9 billion bridge financing facility arranged with JPMorgan Chase Bank, Toronto-Dominion Bank and Royal Bank of Canada

• Company to obtain permanent financing through C$400 million private placement of subscription receipts to Omers, Ontario’s pension plan for municipal employees, and C$2.1 billion brought subscription receipts offering launched on Jan. 25

• Proceeds to finance C$8.4 billion acquisition of energy infrastructure company WGL Holdings, Inc., a deal not contingent on financing

• Calgary, Alta.-based North American energy infrastructure company

BRITISH AMERICAN TOBACCO PLC:

• New bonds, new bank credit lines and cash resources to fund acquisition of Reynolds American Inc.

• A $25 billion acquisition facility has been arranged with a syndicate of banks and is comprised of $15 billion and $5 billion bridge loans with one- and two-year maturities, respectively, each with two six-month extensions available at British American Tobacco’s option

• British American Tobacco intends to refinance the bridge loans through capital market debt issuances

• Multinational tobacco company based in London

CARDINAL HEALTH, INC.:

• $4.5 billion new senior notes

• Proceeds to help finance $6.1 billion cash acquisition of Medtronic’s patient care, deep vein thrombosis and nutritional insufficiency businesses

• Company to issue notes prior to acquisition closing in first quarter of Cardinal Health’s fiscal year 2018

• Dublin, Ohio-based pharmaceuticals and medical products provider

COACH, INC.:

• $1 billion of senior notes

• $1.1 billion of term loans

• Term loans and notes to replace $2.1 billion committed bridge financing from BofA Merrill Lynch

• Proceeds along with bank term loans and $1.2 billion cash to finance $2.4 billion cash acquisition of Kate Spade & Co.

• Acquisition to close in third quarter of 2017

• New York-based luxury leather goods company

NOVA CHEMICALS CORP.:

• $2.1 billion senior bullet notes in two benchmark tranches (expected ratings Ba2/BB+/BBB-)

• $750 million minimum seven-year notes (HSBC bill and deliver) and $750 million minimum 10-year notes (Barclays bill and deliver)

• Barclays, HSBC (joint active books), TC, RBC, Scotia (joint books)

• Rule 144A and Regulation S for life

• Proceeds to fund acquisition of an 88.46% ownership interest in Williams’ Geismar, La., olefins plant

• Calgary, Alta.-based chemical company

• Roadshow May 22-24

THERMO FISHER SCIENTIFIC, INC.:

• $5.2 billion of debt to fund $7.2 billion acquisition of Pantheon NV

• Committed debt financing from Goldman Sachs Bank USA and Goldman Sachs Lending Partners LLC

• Acquisition to close by end of 2017

• Waltham, Mass.-based science technology company

TWENTY-FIRST CENTURY FOX, INC.:

• Plans about $10 billion of new debt to fund cash offer to acquire Sky plc

• Company with subsidiary 21st Century Fox America, Inc. negotiated bridge credit agreement to borrow up to £12.2 billion, which will be replaced with the longer-dated permanent financing of $10 billion before acquisition closes

• Credit agreement arranged with joint lead arrangers and bookrunners Goldman Sachs & Co., Deutsche Bank Securities Inc. and JPMorgan Chase Bank, NA

• Closing expected by end of 2017

• New York-based company operates cable and broadcasting networks and properties

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