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

CROWN CASTLE INTERNATIONAL CORP.:

• $7.1 billion bridge loan

• $3.25 billion common stock and $1.5 billion series A mandatory convertible preferred stock

• Proceeds to finance acquisition of LTS Group Holdings LLC, also known as Lightower, for $7.1 billion in cash

• Permanent deal financing is expected from cash on hand and equity and debt financing, including borrowings under the company’s reviving credit facility

• Deal closing expected by end of 2017

• Houston-based provider of infrastructure for wireless carriers

HYDRO ONE LTD.:

• $2.4 billion of five-, 10- and 30-year notes

• Proceeds to help finance acquisition of Avista Corp.

• Closing expected in second half of 2018

• Toronto-based electric utility

MCCORMICK & CO. INC.:

• $3.7 billion of term loans and senior notes

• $500 million of equity through follow-on offering

• Proceeds to finance $4.2 billion acquisition of Reckitt Benckiser Group plc’s food division

• Sparks, Md.-based producer of spices, seasonings and condiments

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

© 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.