High Yield Calendar

Total amount of dollar-denominated high-yield bond offerings being marketed: $4.070 billion

WEEK OF FEB. 23

INVENSYS: £650 million equivalent senior notes due 2011 (B3/B-) in dollar and euro tranches; Deutsche Bank Securities; non-callable for four years; part of £2.7 billion refinancing plan; new five-year £1.6 billion credit facility; British engineering company based in London; price talk 9½%-9¾% on both tranches; pricing Friday.

NEBRASKA BOOK CO., INC. (operating company): $190 million senior subordinated notes due 2012 (Caa1/CCC+), non-callable for four years, three-year 40% equity clawback; JP Morgan, Citigroup (joint), Fleet Securities (co), price talk 8 ½% area. NBC ACQUISITION CORP. (holding company): $50 million proceeds senior discount notes due 2013 (Caa2/CCC+), non-callable four years, three-year 40% equity clawback; ; JP Morgan, Citigroup (joint), Fleet Securities (co), price talk 10 ½% area. Both Rule 144A with registrations rights offerings: proceeds to fund recapitalization, including repayment of bank debt and funding of tenders for 8¾% senior subordinated notes due 2008 and 10¾% senior discount notes due 2009 (Weston Presidio, which currently holds approximately 32.1% of the capital stock of NBC Acquisition Corp., will acquire control over substantially all of the rest of the outstanding capital stock of the company not held by management); Lincoln, Neb.-based wholesale distributor of used college text books; pricing Friday

AMH HOLDINGS INC.: $258 million proceeds senior discount notes due 2014 (Caa1/B-); UBS Investment Bank; Rule 144A; to redeem $177.5 million of holding company preferred stock, pay $59 million cash dividend to shareholders and $15 million special bonus to management; parent of Cuyahoga Falls, Ohio-based Associated Materials Inc., maker of vinyl, aluminum and steel siding, vinyl windows, fencing, decking and railings; price talk 11%-11¼%; pricing Friday

THE READER'S DIGEST ASSOCIATION, INC.: $300 million of senior notes due 2011 (Ba3/BB-); JP Morgan; Rule 144A/Regulation S; non-callable for four years; to repay bank debt; Pleasantville, N.Y.-based publisher of the Reader's Digest; price talk 6½%-6¾%; pricing Friday.

PINNACLE ENTERTAINMENT, INC.: $200 million senior subordinated notes due 2012 (Caa1/existing CCC+/B-); Lehman Brothers, Bear Sterns & Co. (joint), Deutsche Bank Securities, SG Cowen, Hibernia, UBS Investment Bank (co's); Rule 144A/Regulation S; non-callable for four years; to repurchase or redeem part of 9¼% senior subordinated notes due 2007; Las Vegas-based gaming company; price talk 8¼%-8 3/8%; pricing Friday.

AINSWORTH LUMBER CO.: $200 million senior notes due 2014 (B1/B+); Goldman Sachs & Co. (books), Deutsche Bank Securities (co); Rule 144A; non-callable for five years; proceeds together with the excess cash, to fund tender for $89.085 million of 13 7/8% senior secured notes due July 15, 2007, and $184.6 million 12½% senior secured notes due July 15, 2007; Vancouver, B.C.-based forest products company; price talk 6¾%-7%; pricing Friday.

GOODYEAR TIRE & RUBBER CO.: $650 million senior secured notes due 2011 (B3); JP Morgan, Citigroup, Credit Suisse First Boston (placement agents); Regulation D; non-callable for four years; secured by junior liens on certain of the collateral securing the company's senior secured U.S. credit facilities; to repay bank debt and general corporate purposes; Akron, Ohio tire maker; price talk 11% area.

WEEK OF MARCH 1

GOLD KIST INC.: $200 million senior notes due 2014 (B2); Credit Suisse First Boston; Rule 144A/Regulation S; non-callable for five years; to repay bank debt and for general corporate purposes; Atlanta-based chicken processor; roadshow started Feb. 23; pricing during March 1 week.

KNOLOGY, INC.: $280 million senior notes due 2014 (Caa2/CCC-); UBS Investment Bank, Morgan Stanley (joint), Jefferies & Co. (co); Rule 144A/Regulation S; non-callable for five years; to repay bank debt and general corporate purposes; West Point, Ga. provider of interactive communications and entertainment services in the Southeast; roadshow Feb. 23-March 2.

GLOBAL CASH ACCESS, LLC: $235 million senior subordinated notes due 2012 (Caa1/B-); Banc of America Securities; Rule 144A with registration rights; non-callable for four years; to finance M&C's purchase of First Data's 67% equity interest in Global Cash Access; concurrent $280 million senior secured credit facility; Las Vegas-based provider of transaction-processing services and products that dispense cash to casino customers; roadshow started Feb. 23; pricing middle of March 1 week.

GRANDE COMMUNICATIONS HOLDINGS INC.: $125 million senior notes due 2014 (CCC); Bear Stearns & Co. (books), Deutsche Bank Securities (co); Rule 144A; non-callable for five years; to refinance existing debt, fund capital expenses and general corporate purposes; San Marcos, Tex.-based internet, local and long-distance telephone and cable TV company; roadshow Feb. 24-March 3; price guidance 11%; expected to price March 3.

FRIENDLY ICE CREAM CORP.: $175 million senior unsecured notes due 2012 (B2/B-); Goldman Sachs (books), Banc of America Securities (joint lead), SG Cowen (co); Rule 144A/Regulation S with registration rights; non-callable for four years; to help fund tender for $176 million 10½% senior notes due December 2007; Wilbraham, Mass.-based ice cream company; roadshow started Feb. 25; pricing March 3.

CELLU TISSUE HOLDINGS: $160 million senior secured notes due 2010 (expected ratings B2/B); JP Morgan; Rule 144A; non-callable for three years; to repay bank debt and fund a dividend payment; Hartford, Conn. manufacturer of specialty tissues and machine-glazed paper products; roadshow started Feb. 25; pricing expected March 3.

WH HOLDINGS/WH CAPITAL CORP. (HERBALIFE): $275 million senior notes due 2011 (B3/B); UBS Investment Bank; Rule 144A; non-callable for four years; to refinance the capital structure of WH Holdings; Century City, Calif.-based marketer of weight management and nutrition products; roadshow Feb. 25-March 3; pricing March 3 or 4.

TRUE TEMPER SPORTS INC.: $125 million senior subordinated notes due 2011 (B3/B-); Credit Suisse First Boston (books), Goldman Sachs & Co. (co); Rule 144A; non-callable for four years; to help support LBO by management and Gilbert Global Equity Partners from Cornerstone Equity Investors, including the repayment of a $14.2 million bank loan, $106.1 million of 10 7/8% senior subordinated notes, and $82.8 million of preferreds; Memphis, Tenn., manufacturer of sporting goods products; roadshow started Feb. 25; pricing middle of March 1 week.

J.B. POINDEXTER & CO.: $125 million senior notes due 2014 (B1); JP Morgan; Rule 144A; non-callable for five years; to redeem 12½% senior secured notes due 2007, repay other debt and for general corporate purposes; Houston-based manufacturer of truck bodies and other truck-related products; roadshow started Feb. 25; pricing expected March 4.

NEWARK GROUP: $200 million senior subordinated notes due 2014 (B-); Wachovia Securities; Rule 144A; non-callable for five years; concurrent $125 million revolver via Wachovia; refinance bank debt; Cranford, N.J. paper and cardboard recycler; roadshow started Feb. 26; expected to price late in the week of March 1.

WEEK OF MARCH 9

ESCHELON TELECOM: $100 million ($85 million proceeds) senior notes due 2010 (CCC+); Jefferies & Co., Wachovia Securities; non-callable for three years; to repay bank debt; Minneapolis-based voice, data and internet services provider; notes to be offered at a discount price of 85; roadshow started Feb. 25; pricing March 8.

AMERICAN ROCK SALT CO. LLC: $100 million senior secured notes due 2014 (B3/B-); Jefferies & Co.; Rule 144A; non-callable for five years; to repay debt; Mount Morris, N.Y. highway de-icing rock salt mine; roadshow Feb. 24-March 9; pricing expected on March 9.

SECOND QUARTER

B&G FOODS HOLDINGS CORP.: senior debt offering, likely high yield bonds; Lehman Brothers; also common stock and subordinated notes IPO via RBC Capital Markets, Credit Suisse First Boston, Merrill Lynch & Co., Lehman Brothers and Piper Jaffray; registered deal; to repay bank debt, call $220 million 9 5/8% senior subordinated notes due 2007 at 103.208% and repurchase preferred stock and a significant portion of outstanding class B common stock; Parsippany, N.J. company manufacturer of shelf-stable food products across the U.S., Canada and Puerto Rico.

MRS. FIELDS FAMOUS BRANDS LLC/MRS. FIELDS FINANCING CO. INC.: up to $121.7 million senior secured notes due 2011 (B3); Jefferies & Co.; Rule 144A; non-callable for four years; three-year 35% equity clawback; to repay debt; Salt Lake City-based franchisor in snack food industry; expected to price late February or early March.

SOFTBANK CORP. €350 million or more senior notes due March 15, 2011 (B1/BB-); Deutsche Bank AG London; non-callable for four years; to reduce short term debt; settles March 3, 2004; to be listed on Luxembourg exchange; Tokyo-based internet company incubator; European roadshow started early Feb. 23 week.

ON THE HORIZON

NTL INC.: £1 billion bond offering; also £2.2 billion credit facility; Credit Suisse First Boston, Deutsche Bank Securities, Goldman Sachs & Co., Morgan Stanley; to refinance debt; New York City-based company provides cable TV services in U.K.

CABLECOM HOLDING AG: CHF450 million high yield bond issue; CHF1.4 billion credit facility via BNP Paribas, Credit Suisse First Boston, Deutsche Bank Securities, Goldman Sachs & Co., JP Morgan; to refinance debt; Swiss cable TV company.

OMEGA HEALTHCARE INVESTORS, INC.: $200 million unsecured notes; Deutsche Bank Securities, UBS Investment Bank; Rule 144A; $125 million new senior credit facility, to repay senior secured credit facility due 2007, to redeem 9¼% series A preferred stock and for general corporate purposes; Timonium, Md.-based real estate investment trust investing in long-term care industry.

TEAM HEALTH: bonds plus $350 million credit facility led by Banc of America, JP Morgan, Merrill Lynch & Co.; to refinance existing senior debt, help fund the tender for 12% senior subordinated notes callable at 108, redeem preferred shares that carry a 10% PIK, and possible cash dividend to shareholders; Knoxville, Tenn. provider of outsourced physician services.

ADELPHIA COMMUNICATIONS CORP.: High yield bonds as part of $8 billion bond and bank loan exit financing from Chapter 11; Deutsche Bank Securities; Greenwood Village, Colo. cable television company.

AMERICAN ACHIEVEMENT CORP.: high yield bonds; Goldman Sachs & Co., Deutsche Bank Securities; to help fund acquisition sponsored by Fenway Partners from Castle Harlan Inc.; Austin, Tex. manufacturer and seller of high school and college class rings and yearbooks.

CELANESE AG: High yield bonds; Morgan Stanley Dean Witter, Deutsche Bank Securities; to help fund €3.1 billion LBO by Blackstone; Frankfurt, Germany industrial chemical company.

SEITEL, INC.: $180 million high-yield bonds to help fund exit from Chapter 11; Houston seismic information and technology company.

GLOBAL MOTORSPORT GROUP INC.: $85 million senior secured notes due 2008 (B-); Jefferies & Co.; Rule 144A; non-callable for three years; to repay bank debt; Morgan Hill, Calif.-based aftermarket supplier of motorcycle parts.

LOEWS CINEPLEX THEATRES: senior subordinated notes; Rule 144A; coming with senior credit facility and IPO; IPO via Goldman Sachs, Citigroup, Credit Suisse First Boston and Merrill Lynch; to repay debt and for general corporate purposes; motion picture exhibitor headquartered in New York City.

SEAT PAGINE GIALLE: €1.2 billion bonds; to help fund €6 billion LBO by BC Partners, CVC, Investitori Associati and Permira.

EMERGING MARKETS OFFERINGS IN THE MARKET

NATIONAL THERMAL POWER CORP.: $200 million seven-year bond offering (Ba2/BB/BB+); Merrill Lynch & Co., ABN Amro; Regulation S only; largest power generating utility in India; roadshow started Feb. 26 in Singapore, then Hong Kong on Feb. 27, London on March 1; pricing March 2 or 3.

KOREA FIRST BANK: $300 million notes due 2034; Lehman Brothers and UBS Warburg; Price talk 300-325 bps over Treasuries; Seoul-based financial institution; Expected to price in early March.

EMERGING MARKETS OFFERINGS ON THE HORIZON

RELIANCE INDUSTRIES: $750 million bond due 2008 (existing ratings Ba2/BB); Credit Suisse First Boston; Regulation S; diversified Indian company.

COLVIS FINANCE LTD. (Yuzhmash): $107.5 million bond issue due 2011 (B1/B); JP Morgan; Regulation S; for capex and working capital purposes relating to the Sea Launch project; Dnepropetrovsk, Ukraine rocket manufacturer.

PT BANK MANDIRI: up to $400 million of new debt securities; expected first quarter of 2004.

ROADSHOWS

Started Feb. 23: GOLD KIST INC. $200 million; Credit Suisse First Boston; Rule 144A/Regulation S; 10NC5

Feb. 23-March 2: KNOLOGY, INC. $280 million; UBS Investment Bank, Morgan Stanley; Rule 144A/Regulation S; 10NC5

Started early Feb. 23 week: SOFTBANK CORP. €350 million or more; Deutsche Bank AG London; 7NC4

Started Feb. 23: GLOBAL CASH ACCESS, LLC $235 million; Banc of America Securities; Rule 144A; 8NC4

Feb. 24-March 3: GRANDE COMMUNICATIONS HOLDINGS INC. $125 million; Bear Stearns & Co.; Rule 144A; 10NC5

Feb. 24-March 9: AMERICAN ROCK SALT CO. LLC $100 million; Jefferies & Co.; Rule 144A; 10NC5

Started Feb. 25: CELLU TISSUE HOLDINGS $160 million; JP Morgan; Rule 144A; 6NC3

Started Feb. 25: ESCHELON TELECOM $100 million ($85 million proceeds); Jefferies & Co., Wachovia Securities; 6NC3

Started Feb. 25: J.B. POINDEXTER & CO. $125 million; JP Morgan; Rule 144A; 10NC5

Started Feb. 25: FRIENDLY ICE CREAM CORP. $175 million; Goldman Sachs; Rule 144A/Regulation S; 8NC4

Started Feb. 25: TRUE TEMPER SPORTS INC. $125 million; Credit Suisse First Boston; Rule 144A; 7NC4

Started Feb. 26: NEWARK GROUP $200 million; Wachovia Securities; Rule 144A; 10NC5

Started Feb. 26: NATIONAL THERMAL POWER CORP. $200 million; Merrill Lynch & Co., ABN Amro; Regulation S; seven-year

© 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.