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, Ontario’s pension plan for municipal employees, and C$2.1 billion brought subscription receipts offering launched on Jan. 25, 2017

• 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

ASSURANT INC.:

• Two tranches of fixed-rate senior notes due 2023 and 2028 and one tranche of fixed-to-floating rate subordinated notes due 2048

• Investor calls March 15-16

• Fixed-to-floaters are non-callable; fixed-rate notes have make-whole and par calls

• Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC, Wells Fargo Securities LLC and U.S. Bancorp Investments Inc. (bookrunners)

• Proceeds used with the proceeds from the March 12 sale of mandatory convertible preferred stock, available cash on hand and common stock to finance acquisition of TWG Holdings Ltd. and refinance $350 million of 2.5% senior notes due 2018

• New York-based provider of risk management products and services

HYDRO ONE LTD.:

• $2.4 billion of five-, 10- and 30-year notes

• Proceeds to help finance acquisition of Avista Corp.

• Closing expected in second half of 2018

• Toronto-based electric utility

SYNGENTA AG:

• Multi-tranche benchmark-sized dollar-denominated Rule 144A and Regulation S offering of senior notes with maturities up to 30 years

• BNP Paribas, Citigroup, Credit Suisse, HSBC, MUFG and Santander (arrangers)

• Proceeds to refinance bridge financing for ChemChina’s acquisition of Syngenta and for general corporate purposes

• Basel, Switzerland-based agribusiness 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

UNITED TECHNOLOGIES CORP.:

• $14 billion of new debt to finance cash portion of acquisition of Rockwell Collins, Inc.

• Proceeds along with cash on hand to finance acquisition of Rockwell Collins for $140 per share in cash and United Technologies stock

• Deal includes assumption of $7 billion of Rockwell Collins’ debt

• Transaction expected to close by third quarter of 2018

• Hartford, Conn.-based company provides technology products and services to the building and aerospace industries

XEROX CORP:

• New public debt issue

• Also, $2.5 billion of committed bank bridge financing from Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC

• Proceeds to fund planned joint venture with Fujifilm Holdings Corp., which will be called Fuji Xerox

• Before deal closes, Xerox will seek permanent financing, including an amended revolver and public issuance of investment-grade debt

• Merger expected to close in second half of 2018

• Combined company to be rated high-grade and will retain debt of Fuji Xerox and Xerox

• Norwalk, Conn.-based Xerox manufactures office machines

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