High Yield Calendar: Two deals being marketed

In The Market

SHIP FINANCE INTERNATIONAL LTD.: Krone-denominated five-year senior unsecured bonds; Nordea plus others; Hamilton, Bermuda-based operator of tankers, bulkers, container vessels and offshore assets; investor meetings started Aug. 28.

WOW AIR: Euro-denominated or Swedish krona-denominated three-year floating-rate senior secured notes; Pareto; proceeds to be used as bridge loan to IPO; Reykjavik, Iceland-based low-cost air carrier; expected late-summer, early fall business.

Expected September Business

ELDORADO RESORTS INC.: $600 million high-yield notes; J.P. Morgan Securities LLC; to help fund its acquisition of Tropicana Entertainment Inc.; Reno, Nev.-based Eldorado Resorts and Las Vegas-based Tropicana Entertainment are casino entertainment companies; 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; expected early September business.

THOMSON REUTERS FINANCIAL & RISK to be renamed REFINITIV: $5.5 billion equivalent high-yield bonds: $2 billion and $1 billion equivalent euro-denominated 7.5-year senior secured notes, and $1.8 billion and $700 million equivalent euro-denominated eight-year senior unsecured notes; J.P. Morgan Securities LLC, BofA Merrill Lynch, Citigroup Global Markets Inc.; to help fund the acquisition of a 55% stake in the company by Blackstone, Canada Pension Plan Investment Board and general corporate purposes; expected to occur in the second half of 2018; media and information company is based in New York City; expected September business.

AKZONOBEL NV: Approximately €1.5 billion equivalent high-yield notes (including possible dollar-denominated tranche); Barclays, BofA Merrill Lynch, HSBC, JPMorgan, Credit Agricole, NatWest, SG; to fund the acquisition of AkzoNobel's specialty chemicals business by the Carlyle Group; Amsterdam-based paint, performance coatings and specialty chemicals producer; expected September business.

Expected Third Quarter Business

GENERAL ELECTRIC DISTRIBUTED POWER: $600 million high-yield bonds; to help fund the acquisition of General Electric’s Distributed Power business for $3.25 billion by private equity investor Advent International, expected to close in fourth quarter of 2018; provider of gas engines, power equipment and services focused on power generation and gas compression; debt capital markets transactions expected in third quarter of 2018.

LIFEPOINT HEALTH INC.: $1,575,000,000 of senior unsecured notes backed by bridge loan and $4.2 billion of senior secured credit facilities; Citigroup, Barclays, RBC, Credit Suisse, Deutsche Bank, UBS; to help fund its merger with RCCH HealthCare Partners, which is owned by Apollo Global Management LLC, expected to close in fourth quarter 2018; LifePoint and RCCH are both Brentwood, Tenn.-based health care providers; disclosed in Aug. 23 PREM14A filed with the SEC.

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.

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.

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.

STARWOOD PROPERTY TRUST, INC.: $300 million senior notes due August 2023 (Ba3/BB); Credit Suisse Securities (USA) LLC (left books), Citigroup Global Markets Inc. (joint books); Rule 144A and Regulation S with registration rights; par call 90 days prior to maturity, otherwise non-callable; three-year 40% equity clawback; 101% poison put; to repay secured debt and support purchase of GE Energy Project Finance debt business; commercial mortgage REIT; investor call Aug 14; initial guidance 5% to 5 1/8%.

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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