Investment Grade Calendar

July 13

JAPAN BANK FOR INTERNATIONAL COOPERATION:

• Four-tranche offering of dollar-denominated guaranteed bonds

• Three-year fixed-rate notes talked at mid-swaps plus 43 bps area

• Three-year floating-rate notes talked at Libor plus a spread

• Five-year notes talked at mid-swaps plus 57 bps area

• 10-year notes talked at mid-swaps plus 72 bps area

• BofA Merrill Lynch, Daiwa Capital Markets Europe, J.P. Morgan Securities LLC and Nomura (bookrunners)

• Tokyo-based financial institution

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, Ontario’s 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 Tobacco’s option

• British American Tobacco intends to refinance the bridge loans through capital market debt issuances

• Multinational tobacco company based in London

GOVERNMENT PROPERTIES INCOME TRUST:

• Plans to use funds from a stock sale, additional debt, including senior notes, mortgage financing and bank debt or proceeds from the sale of properties to fund $1.4 billion acquisition of First Potomac Realty Trust

• Acquisition expected to close before end of 2017

• Will acquire First Potomac for $11.15 per share in cash plus repayment or assumption of First Potomac debt with cash considering amounting to about $683 million

• Government Properties to repay about $418 million of First Potomac debt and assume about $232 million of First Potomac mortgage debt

• Government Properties is a Newton, Mass.-based real estate investment trust

• First Potomac is a Bethesda, Md.-based real estate investment trust that focuses on industrial properties and business parks in the Washington, D.C., metropolitan area

MITSUI FUDOSAN CO., LTD.:

• Benchmark sized dollar-denominated offering of 10-year notes

• BofA Merrill Lynch and Nomura (lead)

• Tokyo-based real estate development company

THERMO FISHER SCIENTIFIC, INC.:

• $5.2 billion of debt to fund $7.2 billion acquisition of Pantheon NV

• Committed debt financing from Goldman Sachs Bank USA and Goldman Sachs Lending Partners LLC

• Acquisition to close by end of 2017

• Waltham, Mass.-based science technology company

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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