High Yield Calendar: $1.1 billion deals being marketed

January 14 Week

ENERGIZER HOLDINGS, INC.: $600 million eight-year senior notes (B2/B+); Citigroup Global Markets Inc. (lead bookrunner), Barclays, J.P. Morgan Securities LLC, BofA Merrill Lynch, MUFG (joint books), Standard Chartered, TD Securities (USA) LLC (co's); Rule 144A and Regulation S for life; callable after three years at par plus 50% of coupon; three-year 40% equity clawback at par plus 40% of coupon; 101 poison put; to help fund the acquisition of Spectrum Brands’ Global Auto Care business; St. Louis-based manufacturer and distributor of consumer products; roadshow Jan. 16-17.

ACRISURE LLC and ACRISURE FINANCE INC.: $500 million senior secured notes due 2024 (B3/B) J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, RBC Capital Markets LLC, SunTrust Robinson Humphrey Inc. (joint); Rule 144A and Regulation S for life; to fund bolt-on acquisitions and for general corporate purposes; insurance brokerage based in Grand Rapids, Mich.; pricing Jan. 18.

Expected Late January/Early February Business

COMMSCOPE INC.: Approximately $1 billion eight-year senior unsecured debt backed by one-year bridge at Libor plus 475 bps, stepping up by 50 bps every three months until hitting a specified cap, 0% Libor floor, also up to $5.5 billion new seven-year secured debt; commitment from JPMorgan, BofA Merrill Lynch and Deutsche; to help fund its acquisition of Arris International plc for about $7.4 billion, including the repayment of debt; financing includes $800 million five-year ABL facility, $900 million in combined cash on the balance sheet and about $1 billion of convertible preferred equity from the Carlyle Group; CommScope is a Hickory, N.C.-based provider of infrastructure services for communication networks; Arris is a Suwanee, Ga.-based telecommunications company; expected late January/early February business.

DUN & BRADSTREET CORP. $850 million senior notes, Citigroup left lead; also $3.53 billion of senior secured credit facilities via BofA Merrill Lynch, Citigroup, RBC, expected to launch late January/early February; 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.

GREIF INC.: $700 million senior unsecured notes backed by a bridge loan and $1.2 billion senior secured term loan to fund its acquisition of Caraustar Industries Inc. from H.I.G. Capital for $1.8 billion, expected to close in the first quarter of 2019, and to take out Greif's existing senior notes due 2019; financing commitments from Wells Fargo, Goldman Sachs and JPMorgan; Greif is a Delaware, Ohio-based producer of industrial packaging products and services; Caraustar is an Austell, Ga.-based producer of uncoated recycled paperboard and coated recycled paperboard; expected late January/early February business.

High Yield Bridges

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.

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.

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

CALPINE CORP.: $1.4 billion bonds and $600 million bank loan; to fund capital expenditures related to the Geysers geothermal renewable energy project in northern California; San Jose, Calif.-based power generator; heard Dec. 11, 2018 from market sources.

DIAMONDBACK ENERGY INC.: Expected high-yield notes; to help fund $9.2 billion acquisition of Energen Corp., expected to close in fourth quarter 2018; Citigroup Global Markets Inc. is financial adviser to Diamondback, J.P. Morgan Securities LLC and Tudor Pickering Holt are exclusive financial advisers to Energen.

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.

NEXSTAR MEDIA GROUP INC. New bonds and loan to fund the cash consideration of its acquisition of Tribune Media Co., expected to close in the third quarter of 2019; BofA Merrill Lynch, Credit Suisse and Deutsche Bank committed to $6.4 billion financing; Nexstar is an Irving, Texas-based diversified media company; Tribune is a Chicago-based owner of television and digital properties; disclosed in Dec. 3 8-K.

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.

Nordic Deals

HAVILAFJORD AS: NOK 750 million add-on to Nibor plus 500 bps floating-rate notes due June 19, 2023; Fearnley Securities AS, SpareBank 1 Markets AS; Fosnavaag, Norway-based marine transport services provider; announced in Jan. 10 press release.

Roadshows

Jan. 16-17: ENERGIZER HOLDINGS, INC. $600 million; Citigroup, Barclays, JPMorgan, BofA Merrill Lynch, MUFG.

Pricing Jan. 18: ACRISURE $500 million; JPMorgan, Morgan Stanley, RBC, SunTrust.

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