High Yield Calendar: $350 million deal being marketed

August 13 Week

FRONTDOOR INC.: $350 million eight-year senior notes (B2/B-); J.P. Morgan Securities LLC, Capital One Securities Inc., FTN Financial Securities Corp., Regions Securities Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., RBC Capital Markets LLC (joint); Rule 144A for life; callable after three years at par plus 75% of coupon; part of debt refinancing plan in conjunction with the spinoff of American Home Shield from ServiceMaster Global Holdings, Inc.; issuer is a wholly owned subsidiary of ServiceMaster, a Memphis, Tenn.-based provider of commercial and residential services; roadshow started Aug. 7; initial price talk low 7% area; pricing expected Aug. 14.

Expected Early September Business

ENVISION HEALTHCARE CORP.: $2.15 billion high-yield bonds backed by bridge loan; 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.

High Yield Bridges

DUN & BRADSTREET CORP. $1.05 billion bridge loans: $200 million senior secured 364-day bridge loan and $850 million senior unsecured bridge loan; also $3.53 billion of senior secured credit facilities; BofA Merrill Lynch, Citigroup, RBC; to fund the acquisition of Dun & Bradstreet by an investor group led by CC Capital, Cannae Holdings and Thomas H. Lee Partners LP; Short Hills, N.J.-based provider of commercial data and analytics; announced in Aug. 9 8-K filed with the Securities and Exchange Commission, acquisition expected to close within six months.

FOREST CITY REALTY TRUST INC.: $2.6 billion bridge loan and $1.6 billion credit facilities; BofA Merrill Lynch, Barclays, BMO, Citigroup, Deutsche Bank, RBC and TD are the leads on the financing; to help fund its acquisition by Brookfield Asset Management Inc., expected to close in fourth quarter of 2018; Forest City is a Cleveland-based real estate company; financing announced in July 31 8-K.

THOMSON REUTERS FINANCIAL & RISK to be renamed REFINITIV: $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, expected to occur in the second half of 2018; media and information company is based in New York City.

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

ITALMATCH CHEMICALS SPA: €400 million high-yield bonds; Goldman Sachs; in late June Bain Capital announced a definitive agreement to acquire Italmatch from Ardian; Italmatch is a Genova, Italy-based specialty chemical additive manufacturer; expected fall 2018 business.

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.

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 $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.

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.

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