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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
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
BRITISH AMERICAN TOBACCO PLC:
New bonds, new bank credit lines and cash resources to fund acquisition of Reynolds American Inc.
A $25 billion acquisition facility has been arranged with a syndicate of banks and is comprised of $15 billion and $5 billion bridge loans with one- and two-year maturities, respectively, each with two six-month extensions available at British American Tobaccos option
British American Tobacco intends to refinance the bridge loans through capital market debt issuances
Multinational tobacco company based in London
CARDINAL HEALTH, INC.:
$4.5 billion new senior notes
Proceeds to help finance $6.1 billion cash acquisition of Medtronics patient care, deep vein thrombosis and nutritional insufficiency businesses
Company to issue notes prior to acquisition closing in first quarter of Cardinal Healths fiscal year 2018
Dublin, Ohio-based pharmaceuticals and medical products provider
COACH, INC.:
$1 billion of senior notes
$1.1 billion of term loans
Term loans and notes to replace $2.1 billion committed bridge financing from BofA Merrill Lynch
Proceeds along with bank term loans and $1.2 billion cash to finance $2.4 billion cash acquisition of Kate Spade & Co.
Acquisition to close in third quarter of 2017
New York-based luxury leather goods company
HYUNDAI CAPITAL SERVICES INC.:
Roadshow in U.S. and Europe week of May 15
Roadshow in Australia week of May 22
ANZ Securities, Inc., BofA Merrill Lynch and BNP Paribas Securities Corp. (arrangers)
Seoul, South Korea-based unit of the Hyundai Motor Co.
KOMMUNINVEST I SVERIGE AB:
Global investor calls May 15
Four-year green bond
Rule 144A, Regulation S
Credit Agricole Corporate and Investment Bank, HSBC and J.P. Morgan (arrangers)
Orebro-based company that offers funding to municipalities of Sweden
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
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