High Yield Calendar: $1.63 billion and €850 million deals being marketed

October 1 Week

RESIDEO FUNDING INC. (HONEYWELL HOME): $400 million senior notes due 2026 (B1/BB+); Goldman Sachs & Co. LLC (left books), J.P. Morgan Securities LLC, Barclays, BofA Merrill Lynch (joint books); Rule 144A and Regulation S for life; callable after three years at par plus 75% of coupon; proceeds, along with term loan, to repay an approximately $1.2 billion intercompany note to Honeywell or a subsidiary of Honeywell, with any remaining proceeds for general corporate purposes; Morris Plains, N.J.-based provider of critical comfort and security solutions primarily in residential environments; roadshow Sept. 27-Oct. 3, pricing thereafter; initial price talk high 6% area.

ENPRO INDUSTRIES, INC.: $350 million eight-year senior notes (existing ratings B1/BB); BofA Merrill Lynch, Wells Fargo Securities LLC, Fifth Third Securities, KeyBanc Capital Markets; Rule 144A with registration rights; non-callable for three years; proceeds, together with a draw on senior secured revolver, to redeem all outstanding 5 7/8% senior notes due 2022; Charlotte, N.C.-based highly engineered components producer; investor call Oct. 2; roadshow Oct. 2-3.

W&T OFFSHORE, INC.: $625 million five-year second-lien notes; Morgan Stanley & Co. LLC plus others; Rule 144A and Regulation S for life; non-callable for two years; to refinance debt; Houston-based oil and natural gas exploration and production company; roadshow starts Oct. 1; initial price talk 10% area; pricing late Oct. 1 week.

INTERTAPE POLYMER GROUP INC.: $250 million senior notes due 2026 (B2/B+); BofA Merrill Lynch, BMO Securities, J.P. Morgan Securities LLC, NBC Securities, RBC Capital Markets LLC (joint); Rule 144A for life; non-callable for three years; to pay down $600 million credit facility due June 2023 and for general corporate purposes; plastic and paper packaging maker based in Montreal and Sarasota, Fla.; roadshow starts Oct. 1; initial price talk high 6% area to 7%.

BILFINGER SE (S&P: BB): €300 million five-year senior notes; BNP Paribas, Deutsche Bank, HSBC (joint); Regulation S; Mannheim, Germany-based civil and industrial construction engineering services provider; initial yield talk 3¼% to 3½%; pricing Oct. 1 week.

PLAYTECH PLC: €530 million five-year senior secured notes (expected ratings Ba2/BB); UBS (active books, bill and deliver), NatWest, Santander (active books), Bank of Ireland, Goodbody (co's); Regulation S; non-callable for two years; to repay bank debt and redeem the outstanding Snaitech high-yield bonds; Isle of Man-based gaming technology company; roadshow Oct. 2-4.

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.

Nordic Deals

VERITAS PETROLEUM BV: Possible fixed income transaction; Arctic Securities AS and ABG Sundal Collier ASA to arrange investor meetings beginning Sept. 3; fuel testing and inspection services company headquartered in Barendrecht, the Netherlands; announced Aug. 30.

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.

APC HOLDCO APS (APC FORSIKRINGSMAEGLERE A/S): Up to €42 million four-year senior secured notes; Pareto; make-whole call first two years, then callable at 101; to help fund purchase price for the shares in APC, refinance existing debt and general corporate purposes; Copenhagen-based pension broker; books opened Oct. 1.

On The Horizon

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.

GETTY IMAGES INC.: Possible new notes, loans and preferred equity; to refinance its balance sheet in connection with its acquisition by the Getty family from the Carlyle Group; visual communications company.

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.

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%.

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.

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

Sept. 27-Oct. 3: RESIDEO $400 million; Goldman Sachs, JPMorgan, Barclays, BofA Merrill Lynch.

Oct. 1-4: W&T OFFSHORE $625 million; Morgan Stanley.

Starts Oct. 1: INTERTAPE POLYMER GROUP $250 million; BofA Merrill Lynch, BMO, JPMorgan, NBC, RBC.

Oct. 2-3: ENPRO INDUSTRIES $350 million; BofA Merrill Lynch, Wells Fargo, Fifth Third, KeyBanc.

Oct. 2-4: PLAYTECH €530 million; UBS, NatWest, Santander.

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