High Yield Calendar: $1.72 billion deals being marketed

December 9 Week

TERRIER MEDIA BUYER, INC. doing business as COX MEDIA GROUP: $1.165 billion senior notes due 2027 (Caa1/CCC+); JPMorgan; non-callable for three years; proceeds to fund acquisition of Northwest Broadcasting Inc. and Cox Enterprises Inc.’s TV and radio assets by an affiliate of Apollo Global Management, forming a new entity that will do business as Cox Media Group; Atlanta-based broadcasting company; pricing expected Dec. 9 week.

AMWINS GROUP, INC.: $250 million add-on to 7¾% senior notes due July 1, 2026 (existing ratings B3/B-); Goldman Sachs (left books), Barclays, JPMorgan, Morgan Stanley, Wells Fargo (joint books); Rule 144A and Regulation S for life; callable on July 1, 2021 at 105.813; proceeds, together with incremental term loans and cash on hand, to fund a $500 million dividend; Charlotte, N.C.-based specialty insurance broker; investor call Dec. 5; pricing Dec. 9 week; original $300 million issue priced in June 2018.

ENERSYS: $300 million senior notes due 2027 (expected ratings Ba3/BB+); JPMorgan; Rule 144A and Regulation S; non-callable; to pay down revolver; Reading, Pa.-based battery maker; initial guidance 4½% to 4¾%; expected to price Dec. 9 week.

Expected Fourth Quarter Business

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.

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.

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

Pricing Dec. 9 week: AMWINS $250 million; Goldman Sachs

Pricing Dec. 9 week: COX MEDIA $1.165 billion; JPMorgan

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