High Yield Calendar: $3.5 billion deals being marketed

JUNE 16 WEEK

LENDER PROCESSING SERVICES: $400 million senior notes due 2016 (Ba2/BB+); J.P. Morgan Securities Inc., Banc of America Securities LLC, Wachovia Securities (joint); Rule 144A with registration rights; to fund the spinoff; company provides outsourced information services to mortgage lenders; roadshow started June 9; possibly pricing June 17.

EXPEDIA INC. $500 million senior unsecured notes due 2016 (Ba2/BB); J.P. Morgan Securities Inc., Banc of America Securities LLC, Rule 144A with registration rights; non-callable for four years; for general corporate purposes and repay bank debt; Bellevue, Wash., online travel services company; roadshow started June 12; pricing expected June 19.

SOURCE INTERLINK COS. INC.: $465 million senior notes due 2015 (Caa2/CCC+); Citigroup, J.P. Morgan Securities Inc.; Rule 144A with registration rights; non-callable for four years; to refinance bridge loan incurred in the $1.178 billion acquisition of Primedia's Enthusiast Media division (funded by Citigroup and JPMorgan); Bonita Springs, Fla., provider of merchandising and fulfillment services for home entertainment products; roadshow starts June 17; pricing late June 16 week or early June 23 week.

TELESAT CANADA: $910 million notes (Caa1): $693 million senior notes and $217 million senior subordinated notes; Morgan Stanley, UBS Investment Bank, J.P. Morgan Securities Inc.; to refinance bridge loan related to acquisition of Telesat by a joint venture company formed by Loral Space & Communications Inc. and the Public Sector Pension Investment Board; Ottawa-based telecommunications satellite operator.

RITE AID CORP.: $425 million senior secured second-lien notes due 2016 (B3/B+); to partially fund tender of its $360 million 8 1/8% senior secured notes due 2010, $200 million 7½% senior secured notes due 2015 and $150 million 9¼% senior notes due 2013, Citigroup dealer-manager; also new $350 million six-year senior secured term loan; Camp Hill, Pa., national drugstore chain; possible business for week of June 16.

JUNE 23 WEEK

LINN ENERGY LLC: $400 million senior notes due 2018 (expected B3/confirmed B+); Lehman Brothers (lead), BNP Paribas, Credit Suisse, Deutsche Bank Securities, RBC Capital Markets (joint books); Rule 144A/Regulation S with registration rights; non-callable for five years; three-year 35% equity clawback; change-of-control put at 101.0; to repay bank debt; Houston-based independent oil and gas company; roadshow June 16-24, pricing thereafter.

ANNOUNCED

SENSATA TECHNOLOGIES BV: €141 million 11¼% senior subordinated notes due 2016; Morgan Stanley, Goldman Sachs & Co.; Rule 144A; proceeds, along with cash, to repay senior subordinated term loan, originally issued as bridge financing for the acquisition of Airpax Holdings, Inc. in July 2007; Attleboro, Mass.-based designer and manufacturer of sensors and controls.

ON THE HORIZON

ABBOT GROUP PLC: $615 million equivalent notes due 2018 in possible dollar- and euro-denominated tranches; The Royal Bank of Scotland, Goldman Sachs & Co.; part of $2.16 billion LBO financing in which company will be acquired by First Reserve; Aberdeen, Scotland-based oilfield equipment and services provider; originally scheduled for April, pending market conditions.

AGILE PROPERTY HOLDINGS LTD.: Up to $400 million senior notes (Ba3/BB) in fixed-rate and floating-rate tranches; HSBC; Rule 144A/Regulation S; to finance new and existing projects; Hong Kong-based property developer.

ALLIS-CHALMERS ENERGY INC.: $350 million bridge loan, which could be taken out by high-yield bonds (backed by $350 million senior unsecured bridge facility arranged by RBC Capital Markets and GSCP); to help fund the acquisition of Bronco Drilling Co., Inc. for about $437.8 million and to repay assumed Bronco Drilling debt, RBC Capital Markets exclusive financial adviser to Allis-Chalmers, a Houston-based multi-faceted oilfield company; acquisition expected to occur mid-2008.

AVAYA INC.: $1.45 billion senior unsecured notes (CCC+): $700 million cash-pay notes and $750 million PIK toggle notes; Morgan Stanley, Citigroup, J.P. Morgan Securities Inc. (joint); also $4.335 billion credit facilities; to fund LBO by Silver Lake and TPG Capital; Basking Ridge, N.J., provider of communication systems, applications and services; expected first-half 2008 business.

BCE INC.: C$11.3 billion U.S. dollar equivalent bonds: up to $7.5 billion senior notes and $3.8 billion subordinated notes; also C$23.05 billion credit facility; Citigroup, Deutsche Bank, RBS Securities, TD Securities lead banks on financing; to fund LBO by Teachers Private Capital, Providence Equity Partners Inc. and Madison Dearborn Partners, LLC, expected to be completed first half of 2008; Montreal-based communications company.

BIL HOLDINGS (LYONDELL-BASELL FINANCE CO. LTD.): $8 billion equivalent: $5.5 billion equivalent senior secured second-lien notes (B2/B+) and $2.5 billion equivalent senior unsecured notes (B3/B-) both in dollar and euro tranches; Citigroup, Goldman Sachs, Merrill Lynch, ABN Amro, UBS Investment Bank; to finance acquisition of Houston-based Lyondell Chemical Co.; Basell is a Netherlands-based producer of polypropylene and polyethylene; expected first half 2008 business.

CATALINA MARKETING CORP.: $490 million notes (Caa1/B-): $330 million senior PIK toggle notes and $160 million senior subordinated notes; Bear Stearns, Goldman Sachs & Co., Morgan Stanley; Rule 144A; to fund the acquisition of the company by Hellman & Friedman Capital partners VI; St. Petersburg, Fla., provider of promotional marketing services; expected first half 2008 business.

CDW CORP.: $1.94 billion notes: $890 million senior unsecured cash-pay notes due 2015 (Caa1/CCC+), $300 million senior unsecured PIK toggle notes due 2015 (Caa1/CCC+) and $750 million senior subordinated notes due 2017 (Caa2/CCC+); J.P. Morgan Securities Inc., Lehman Brothers, Deutsche Bank Securities, Morgan Stanley; to refinance bridge loan related to LBO; Vernon Hills, Ill., provider of technology products and services.

CLEAR CHANNEL COMMUNICATIONS INC.: $2.31 billion of notes: $980 million of 10¾% senior cash pay notes due 2016 and $1.33 billion 11% (11¾% if PIK) senior PIK toggle notes due 2016; Deutsche Bank Securities Inc., Morgan Stanley & Co. Incorporated, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Greenwich Capital Markets, Inc. and Wachovia Capital Markets, LLC; Rule 144A; LBO financing; San Antonio media and entertainment company.

EMPLOYERS HOLDINGS INC.: $150 million senior notes due 2018; Rule 144A; to fund a portion of the $193.9 million acquisition of AmCOMP Inc., expected to close during the second quarter of 2008; Reno, Nev.-based provider of worker compensation insurance to U.S. small businesses; pro forma interest rate is 8%.

FIRST DATA CORP.: $6.75 billion: $1.5 billion senior cash-pay notes, $2.75 billion senior PIK notes, $2.5 billion senior subordinated notes; Citigroup plus others; to help repay bridge financing for LBO of the company by Kohlberg Kravis Roberts & Co.; Greenwood Village, Colo., check and credit card transaction services provider.

GENERAL MOLY: $540 million to $700 million debt financing including high-yield bonds, leveraged loans and possibly convertibles; underwriter to be determined; to fund the Mt. Hope molybdenum project, located in central Nevada; also $240 million to $400 million of equity; formerly Idaho General Mines, General Moly is a Lakewood, Colo.-based molybdenum mineral development, exploration and mining company; possible late 2008-early 2009 business.

INTELSAT HOLDINGS LTD.: $5.1 billion in senior notes, senior subordinated notes and possibly PIK notes; Credit Suisse, Banc of America Securities LLC, Morgan Stanley; to help fund LBO by BC Partners and certain other investors, including about $860 million of existing debt at Intelsat (Bermuda), Ltd. and to defease or retire the $400 million Intelsat, Ltd. 5¼% senior notes due 2008; Pembroke, Bermuda, provider of fixed satellite services; LBO completed on Feb. 5, 2008.

NORTH AMERICAN ENERGY ALLIANCE: $325 million senior unsecured notes; Barclays Capital; also $545 million credit facility (BB+); to help back the roughly $1.477 billion acquisition of 1,706 megawatts of generation projects by Industry Funds Management from Consolidated Edison Inc.

PENN NATIONAL GAMING INC.: High-yield bonds and new credit facility via Deutsche Bank Securities and Wachovia Securities; to fund LBO by Fortress Investment Group LLC and Centerbridge Partners LP, valued at about $8.9 billion, including repayment of $2.8 billion of outstanding Penn National debt; Wyomissing, Pa., gaming company.

RIVERDEEP INTERACTIVE LEARNING USA: $820 million senior subordinated notes; Credit Suisse, Citigroup (joint); proceeds along with $1.87 billion senior bank debt, $750 million mezzanine debt and $1.5 billion equity to fund the acquisition of Houghton Mifflin by Riverdeep from Thomas H. Lee Partners, Bain Capital Partners, LLC and Blackstone Group for $3.4 billion; Riverdeep, based in Dublin, Ireland, is a publisher of interactive products for the consumer and school markets.

UNITED TEST AND ASSEMBLY CENTER LTD. (UTAC): $475 million senior notes due 2015: $275 million senior cash-pay notes and $200 million senior PIK notes; J.P. Morgan Securities Inc., Merrill Lynch, ABN Amro; non-callable for four years; to finance LBO; Singapore-based semiconductor testing and assembly company.

UNIVAR NV: $600 million senior subordinated notes; also $1.375 billion credit facility via Bank of America and Deutsche Bank; to fund the acquisition of the company by CVC Capital Partners; to help fund the acquisition of Univar; Netherlands-based distributor of industrial chemicals and provider of related specialty services.

ROADSHOWS

Started June 9: LENDER PROCESSING SERVICES $400 million; J.P. Morgan Securities Inc., Banc of America Securities LLC, Wachovia Securities

Started June 12: EXPEDIA INC. $500 million; J.P. Morgan Securities Inc., Banc of America Securities LLC

Started June 16: LINN ENERGY LLC $400 million; Lehman Brothers

Starts June 17: SOURCE INTERLINK COS. INC. $465 million; Citigroup, J.P. Morgan Securities Inc.

Expected to price June 16 week: TELESAT CANADA $910 million; Morgan Stanley, UBS Investment Bank, J.P. Morgan Securities Inc.

Possibly pricing June 16 week: RITE AID CORP. $425 million

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.