High Yield Calendar: $3.5 billion deals being marketed

November 11 Week

MAXAR TECHNOLOGIES INC.: $1.25 billion senior secured notes due 2023; BofA (left books), RBC, BMO, CIBC, Wells Fargo, HSBC, Scotia, TD, NBFM, MUFG, ING, SMBC Nikko, Mizuho (joint books); Rule 144A for life; non-callable for two years; two-year 40% equity clawback at par plus coupon; 101% poison put; to pay off revolving credit facility, term loans A-1 and A-2, with any remaining proceeds for working capital, capital expenditures and other general corporate purposes; Westminster, Colo.-based space technology company; investor call Nov. 5; roadshow through Nov. 11 week; price talk 9% area; pricing Friday.

UNIVAR SOLUTIONS INC. via UNIVAR SOLUTIONS USA INC.: $400 million eight-year senior notes (B2/BB-); Deutsche Bank; Rule 144A and Regulation S; non-callable for three years; proceeds, in addition to proceeds from its new dollar-denominated term loan B, to fully redeem Univar Solutions USA's 6¾% senior notes due 2023 and to pay off its euro-denominated term loan B-2; Downers Grove, Ill.-based chemical company; roadshow started Nov. 12; price talk 5¼% to 5½% (initial talk 5¾% area); pricing expected Friday.

HOUGHTON MIFFLIN HARCOURT PUBLISHERS INC./HOUGHTON MIFFLINE HARCOURT PUBLISHING CO./HMN PUBLISHERS LLC: $350 million senior secured notes due February 2025 (current ratings B3/B); Morgan Stanley, Citigroup, BofA, Wells Fargo (joint), Citizens (co); Rule 144A for life and Regulation S; callable after 2.25 years at par plus 50% of coupon; proceeds, together with new term loan and cash on hand, to refinance existing term loan B; Boston-based publisher of education material and provider of related services; roadshow Nov. 12-14; guidance 8¼% to 8½%; pricing expected Friday.

November 18 Week

TEVA PHARMACEUTICAL INDUSTRIES (Ba2/BB/BB): $1.5 billion two-part notes due January 2025 in dollar-denominated notes, initial talk high 7% area, and euro-denominated notes, initial talk mid-to-high 6% area; BNP Paribas (active books, bill and deliver for euro-denominated tranche), Citigroup (active books, bill and deliver for dollar-denominated tranche), Goldman Sachs (active books), Barclays, BofA, Credit Suisse, HSBC, JPMorgan, Mizuho, Morgan Stanley, MUFG, SMBC Nikko (passive books), Banca IMI, PNC (co's); Rule 144A and Regulation S; non-callable; to partially repay dollar-denominated 2021 series and for general corporate purposes; Petah Tikva, Israel, pharmaceutical company; international roadshow Nov. 11-18.

Expected Fourth Quarter Business

CENTENE CORP.: $8.35 billion senior unsecured bridge loan; Barclays; to help fund acquisition of WellCare Health Plans Inc., expected to close in first half of 2020; Centene is a St. Louis-based provider of services to government sponsored and commercial health care programs; WellCare is a Tampa, Fla.-based provider of government-sponsored managed care services; a portion of the bridge expected to be taken out with bonds, in possible post-Labor Day transaction.

HESS MIDSTREAM PARTNERS LP: $500 million senior notes and $1.4 billion credit facilities; to help fund its acquisition of Hess Corp.’s and Global Infrastructure Partners’ ownership interests in Hess Infrastructure Partners LP, valued at about $6.2 billion, expected to close in fourth-quarter 2019; Houston-based midstream company; information disclosed in Oct. 4 8-K.

PRESIDIO INC.: $1,775,000,000 high-yield bonds and bank loans, includes $400 million of senior notes or an unsecured bridge facility and $1,375,000 of senior secured credit facilities; Citigroup, JPMorgan, RBC, BofA, MUFG; to help fund the buyout of Presidio by BC Partners; New York-based IT solutions provider; expected late September or early October business.

ZAYO GROUP HOLDINGS INC.: $2.775 billion senior unsecured bridge loan and $6.74 billion senior secured credit facilities; debt commitment from Credit Suisse, Morgan Stanley, Citigroup, Deutsche Bank, SunTrust, TD; to help fund LBO by Digital Colony Partners and the EQT Infrastructure IV fund, expected to close in the first half of 2020; Boulder, Colo.-based provider of mission-critical bandwidth to companies; possible post-Labor Day business.

High Yield Bridges

ADVISOR GROUP: $775 million secured bridge loan; UBS, BofA, Barclays, Deutsche Bank, Goldman Sachs (joint); to help fund its acquisition of Ladenburg Thalmann Financial Services Inc., expected to close in the first half of 2020; Advisor Group is a Phoenix-based network of independent financial advisors; Ladenburg is a Miami-based diversified financial services company.

ELANCO ANIMAL HEALTH INC.: $2.75 billion bridge loans and $3.75 billion credit facilities, debt commitment from Goldman Sachs; to help fund its acquisition of Bayer AG’s animal health business, targeted to close in mid-2020; Greenfield, Ind.-based animal health company; disclosed in 8-K document filed Aug. 20 with SEC.

ELDORADO RESORTS INC.: $1.8 billion senior notes due 2028 backed by bridge loan, via JPMorgan, Credit Suisse, Macquarie, priced at Libor plus 475 bps with a 0% Libor floor, spread increases by 50 bps every three months until a specified cap is reached; also $4 billion credit facilities, debt commitment from JPMorgan, Credit Suisse, Macquarie; to help fund its acquisition of Caesars Entertainment Corp.; Eldorado is a Reno, Nev.-based gaming company, expected to close in first half of 2020; Caesars is a Las Vegas-based gaming and entertainment company.

PENN NATIONAL GAMING INC.: $840 million senior unsecured bridge loan, also $1.14 billion in incremental senior secured term loans; debt commitment from BofA Securities, 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.

UGI ENERGY SERVICES LLC: $700 million bridge facility; Credit Suisse; to help fund its acquisition of Columbia Midstream Group LLC for about for about $1.28 billion, expected to close in fourth fiscal quarter of 2019; UGI is a King of Prussia, Pa.-based distributor and marketer of energy products and services; information disclosed in July 3, 2019 press release.

VICI PROPERTIES 1 LLC: $4,763,125,000 of bridge loans; Deutsche Bank; company intends to issue senior unsecured notes, obtain term loans, potentially in the form of an incremental term loan, and/or sell equity securities; to fund the acquisition of land and real estate assets associated with Harrah’s New Orleans, Harrah’s Laughlin, and Harrah’s Atlantic City and modify certain provisions of the existing Caesars Entertainment Corp.; New York-based experiential real estate investment trust; disclosed in June 24 8-K filed with SEC.

On The Horizon

ALPHA AUTO GROUP: $225 million five-year notes; JPMorgan; non-callable for two years; automotive group operates dealerships representing 14 automotive brands throughout Ontario, Alberta and Oregon.

ATLANTICA TENDER DRILLING LTD.: $140 million four-year second-lien notes; DNB, Pareto (global coordinators), Danske, SpareBank1 (joint books); also $100 million four-year first-lien term loan; to refinance bank and bond debt; Houston-based oil and gas drilling services provider; deal subject to market conditions, pre-marketing mid-to-late May.

DDM HOLDING AG via DDM DEBT AB: €100 million three-year secured floating-rate notes; Arctic Securities AS and ABG Sundal Collier ASA (joint lead managers); Stockholm-based investment services provider.

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 is financial adviser to Diamondback, JPMorgan and Tudor Pickering Holt are exclusive financial advisers to Energen.

INNOPHOS HOLDINGS INC.: $300 million senior secured notes and $540 million senior secured credit facilities; to help fund buyout by One Rock Capital Partners LLC, expected in the first quarter of 2020; Cranbury, N.J.-based producer of essential ingredients; disclosed in Nov. 14 PREM14A filed with SEC.

OBSIDIAN ENERGY LTD.: $100 million five-year senior notes; Pareto; to refinance Obsidian Energy’s existing $48 million secured notes maturing between 2020 to 2025 and for general corporate purposes; Calgary, Alta.-based oil and natural gas production company.

QMAX FINANCIAL HOLDINGS INC. (Q'MAX SOLUTIONS INC.): $225 million secured notes due 2024 (Caa2/B-); Pareto; Rule 144A and Regulation S; callable after two years at par plus 50% of coupon; two-year 35% equity clawback at par plus coupon; to help fund the upcoming acquisition of Mountain Mud, repay debt and buy out certain existing equipment leases; Houston-based multi-national oilfield services provider; roadshow mid-to-late May.

Roadshows

Through Nov. 11 week: MAXAR TECHNOLOGIES $1.25 billion; BofA

Nov. 11-18: TEVA PHARMACEUTICAL INDUSTRIES $1.5 billion; BNP Paribas, Citigroup, Goldman Sachs

Started Nov. 12: UNIVAR SOLUTIONS $400 million; Deutsche Bank

Nov. 12-14: HOUGHTON MIFFLIN $350 million; Morgan Stanley, Citigroup, BofA, Wells Fargo

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