High Yield Calendar: $840 million and €500 million deals being marketed

July 9 Week

ENTERPRISE DEVELOPMENT AUTHORITY: $440 million senior secured notes due 2023 (S&P: expected B-); Wells Fargo Securities LLC; Rule 144A for life; callable after two years at par plus 50% of coupon; to fund project development and construction, to provide liquidity for working capital and for general corporate purposes; tribal gaming enterprise; roadshow June 19-26.

KONGSBERG AUTOMOTIVE ASA: €275 million senior secured notes due 2025 (Ba3/B+); non-callable for two years; to refinance $172 million and €182 million revolving credit facilities; Kongsberg, Norway-based automotive parts manufacturer; expected to price during July 9 week.

K+S AG: Expected €300 million minimum notes with six- or seven-year maturity; Deutsche Bank, DZ Bank, Goldman Sachs, HSBC; Kassel, Germany-based chemical company.

July 16 Week

MAGNOLIA OIL & GAS OPERATING LLC and MAGNOLIA OIL & GAS FINANCE CORP.: $400 million eight-year senior notes; Citigroup (left books), Deutsche Bank, Credit Suisse (joint books); Rule 144A and Regulation S for life; Make-whole call at Treasuries plus 50 bps for first three years then callable at par plus 50% of coupon; three-year 40% equity clawback; 101% poison put; to partially fund the cash consideration in connection with TPGE's business combination with EnerVest and any redemptions of Class A common stock by TPGE's public stockholders in connection with the combination, and general corporate purposes; independent oil and natural gas company; roadshow July 11-17; pricing expected July 17.

Expected July Business

BMC SOFTWARE (BANFF MERGER SUB INC.) $1.825 billion senior notes (Caa2); also $4.78 billion equivalent credit facilities via Credit Suisse, Goldman Sachs, Jefferies, KKR, Macquarie, Mizuho, Barclays, commitments due June 27; to help fund the buyout by KKR; Houston-based provider of software solutions for the digital enterprise; expected late June, early July business.

High Yield Bridges

ENVISION HEALTHCARE CORP.: $2.15 bridge loan to high-yield bonds; Citigroup; $8.05 billion in debt financing to help fund its acquisition by KKR (also to include term loan debt being led by Credit Suisse); Nashville, Tenn.-based provider of physician-led services and post-acute care, and ambulatory surgery services; acquisition expected to close in fourth quarter of 2018.

THOMSON REUTERS FINANCIAL & RISK $5.5 billion bridge loans leading to high yield: $3 billion equivalent 7.5-year secured bridge, price talk in dollars and euros, price talk Libor/Euribor plus 400 bps, leading to 7.5-year senior secured notes ($1 billion equivalent in euro-denominated notes expected), and $2.5 billion equivalent eight-year senior unsecured bridge in dollars and euros, price talk Libor/Euribor plus 625 bps, leading to eight-year senior unsecured notes ($700 million equivalent in euro-denominated notes expected); JPMorgan (joint books, administrative agent), BofA Merrill Lynch, Credit Suisse (joint books); to help fund the acquisition of a 55% stake in the company by Blackstone, Canada Pension Plan Investment Board and GIC; media and information company is based in New York City; commitments due July 9.

T-MOBILE USA INC.: $27 billion bridge loans to be replaced with secured notes, unsecured notes or other financing in connection with merger of T-Mobile and Sprint Corp.: $19 billion 364-day senior secured covenant-light bridge facility (low triple B ratings expected) and $8 billion one-year senior unsecured covenant-light bridge facility ($4 billion expected to convert into eight-year debt, and $4 billion expected to convert to 10-year debt) (mid-to-high double B ratings expected), also $11 billion credit facilities; Barclays, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs Bank USA, Morgan Stanley Senior Funding Inc. and RBC Capital Markets, joint lead arrangers and bookrunners on the debt (Goldman Sachs agent on the secured bridge, agent for unsecured bridge not named in the commitment letter); to refinance certain T-Mobile and Sprint debt, and for post-closing working capital for combined company; combined company will be called T-Mobile and will be based in Bellevue, Wash.; announced in April 30 8-K filing with Securities & Exchange Commission.

On The Horizon

CEVA LOGISTICS: Approximately $350 million senior secured notes; also $400 million term loan via global coordinators Credit Suisse and HSBC, launches July 10; proceeds, together with cash on hand, to repay all $580 million term loans due 2021, to fund tender offer for around $438 million of 9% first-lien senior secured notes due 2020 and for general corporate purposes; Switzerland-based third-party logistics company.

COMSTOCK RESOURCES INC.: New senior notes and a new revolver; to refinance its senior secured toggle notes due 2020, 7¾% convertible secured PIK notes due 2019 and 9½% convertible secured PIK notes due 2020, associated with Arkoma investment in Comstock and related acquisitions, expected to become effective April 1; Frisco, Texas-based oil and gas acquisitions, exploration and development company.

DOMETIC GROUP AB: Benchmark euro-denominated five-year senior notes (Ba3/BB); Deutsche Bank; to repay debt and for general corporate purposes; Stockholm-based manufacturer/supplier climate, hygiene, sanitation, food and beverage applications for the RV, marine, and automotive industry.

FINCANTIERI SPA: €300 million minimum fixed-rate senior notes with a five-year to seven-year maturity; Banca IMI, BNP Paribas, Deutsche Bank, Goldman Sachs International, HSBC and UniCredit; Regulation S; Trieste, Italy-based shipbuilder.

PENN NATIONAL GAMING INC.: $840 million senior unsecured bridge loan, also $1.14 billion in incremental senior secured term loans; debt commitment from Bank of America Merrill Lynch, Goldman Sachs Bank USA, Fifth Third Bank, U.S. Bank, Wells Fargo Securities LLC, Citizens Bank, SunTrust Robinson Humphrey Inc. and TD Securities (USA) LLC; to finance the acquisition of Pinnacle Entertainment Inc., expected to close in the second half of 2018; Penn National is a Wyomissing, Pa.-based owner and manager of gaming and racing facilities and video gaming terminal operations; Pinnacle is a Las Vegas-based owner and operator of gaming entertainment properties.

SINCLAIR BROADCAST GROUP INC.: Commitment for $5.6 billion in debt financing, including a $785 million bridge loan, to help fund acquisition of Tribune Media Co.; expected 50:50 mix of fixed- and floating-rate debt; JPMorgan Chase Bank, RBC and Deutsche Bank Securities Inc. leads; Hunt Valley, Md.-based television broadcasting company.

SS&C TECHNOLOGIES HOLDINGS INC.: $1.25 billion bridge loan to be taken out with high-yield bonds and/or IPO of common shares, Credit Suisse, Morgan Stanley; proceeds, along with about $7.15 billion of bank debt, to help fund its acquisition of DST Systems Inc. and to refinance existing debt; SS&C is a Windsor, Conn.-based provider of financial services software and software-enabled services; targeted to close in third quarter of 2018; announced in Jan. 11 press release.

TECHEM ENERGY METERING SERVICE GMBH: €465 million eight-year notes; Credit Suisse, Credit Agricole, Deutsche Bank, others; also €2.34 billion term loan, in syndication as of July 5; to fund the buyout of Techem by a consortium of investors led by Partners Group, and including Caisse de depot et placement du Quebec and Ontario Teachers' Pension Plan, as well as Techem's management team; Baar-Zug, Switzerland-based provider of utility metering products and related services; expected second half of 2018.

TWINSET SPA: €170 million five-year senior secured floating-rate notes; private; to redeem the €150 million senior Euribor plus 587.5 bps secured floating rate notes due 2019, partially repay a shareholder loan and cancel the existing hedging arrangement; Capri, Italy-based supplier of luxury women's apparel and accessories.

Roadshows

July 11-17: MAGNOLIA OIL & GAS $400 million; Citigroup, Deutsche Bank, Credit Suisse.

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