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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, Ontarios pension plan for municipal employees, and C$2.1 billion brought subscription receipts offering launched on Jan. 25, 2017
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
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
RELX CAPITAL INC.:
Senior notes due 2024 with a make-whole call until one month prior to maturity, and then a par call
BofA Merrill Lynch, Citigroup Global Markets Inc., Morgan Stanley & Co. LLC and SMBC Nikko are the bookrunners; ABN Amro Inc. and RBC Capital Markets Corp. are the co-managers
Proceeds used for general corporate purposes
Amsterdam provider of information and analytics for professional and business customers
SYNGENTA AG:
Multi-tranche benchmark-sized dollar-denominated Rule 144A and Regulation S offering of senior notes with maturities up to 30 years
BNP Paribas, Citigroup, Credit Suisse, HSBC, MUFG and Santander (arrangers)
Proceeds to refinance bridge financing for ChemChinas acquisition of Syngenta and for general corporate purposes
Basel, Switzerland-based agribusiness company
TOYOTA INDUSTRIES CORP.:
Roadshow beginning March 5 in U.S., Europe and Asia
Benchmark dollar-denominated notes
BofA Merrill Lynch, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Mizuho Securities USA Inc., Morgan Stanley & Co. LLC, Nomura Securities International, Inc. and SMBC Securities America, Inc. (arrangers)
Rule 144A and Regulation S
Japanese machine maker based in Kariya, Aichi Prefecture, Japan
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
UNITED TECHNOLOGIES CORP.:
$14 billion of new debt to finance cash portion of acquisition of Rockwell Collins, Inc.
Proceeds along with cash on hand to finance acquisition of Rockwell Collins for $140 per share in cash and United Technologies stock
Deal includes assumption of $7 billion of Rockwell Collins debt
Transaction expected to close by third quarter of 2018
Hartford, Conn.-based company provides technology products and services to the building and aerospace industries
XEROX CORP:
New public debt issue
Also, $2.5 billion of committed bank bridge financing from Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC
Proceeds to fund planned joint venture with Fujifilm Holdings Corp., which will be called Fuji Xerox
Before deal closes, Xerox will seek permanent financing, including an amended revolver and public issuance of investment-grade debt
Merger expected to close in second half of 2018
Combined company to be rated high-grade and will retain debt of Fuji Xerox and Xerox
Norwalk, Conn.-based Xerox manufactures office machines
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