High Yield Calendar

Total amount of high-yield bond offerings being marketed: $3.295 billion and €2.605 billion

WEEK OF APRIL 19

INVISTA: $575 million (decreased from $1.2 billion) of eight-year senior note units (B1) in dollar and euro tranches, to be issued by KoSa Lux Finance B.V., Arteva Global Holdings B.V., KoSa UK Finance B.V. and KoSa Canada Co.; JP Morgan, Credit Suisse First Boston (joint), Citigroup ABN Amro, BNP Paribas, Credit Lyonnais, ING, Scotia Capital, SG Cowen, The Royal Bank of Scotland, Tokyo-Mitsubishi (co's); Rule 144A/Regulation S; non-callable for four years; also $2.05 billion (increased from $1.8 billion) credit facility; Koch will contribute $2.2 billion in equity; to make payments in connection with the previously announced acquisition of Invista, to prepay KoSa bank debt and general corporate purposes; Wilmington, Del. integrated fiber and intermediates business; price talk 9¼%-9½%; pricing end of April 19 week.

INMARSAT FINANCE PLC: $105 million add-on to 7 5/8% senior notes due June 30, 2012 (B2/B); Credit Suisse First Boston; Rule 144A; Callable after March 1, 2008 at 103.813, 102.542, 101.271, par on or after March 1, 2011; equity clawback for 35% at 107.625 until March 1, 2007; guaranteed on a senior subordinated basis by certain subsidiaries; to fund a dividend payment; London-based global satellite communications services company; original $375 million issue priced at par on Jan. 27, 2004; pricing Friday.

WEEK OF APRIL 26

WASTE SERVICES INC.: $160 million senior subordinated notes due 2014 (B-); Lehman Brothers (books) CIBC World Markets (co); non-callable for five years; proceeds along with borrowings under a planned new $160 million credit facility and private equity placement to repay its existing credit facilities and fund its previously announced acquisitions in Florida; integrated solid waste services company based in Burlington, Ontario; roadshow started April 16; expected to price April 26.

SEA CONTAINERS LTD.: $150 million senior notes due 2014 (B3/B); Citigroup (books), Lazard, Fortis, Scotia Capital (co's); registered; non-callable for five years; to retire $80 million 12½% debentures due Dec. 1, 2004 at par, acquisitions currently under negotiation, or other corporate purposes; marine container lessor, passenger and freight transport operator and leisure industry investor based in Hamilton, Bermuda; roadshow April 19-26.

TELE COLUMBUS: €475 million in senior floating-rate notes due 2010 (B1)and senior subordinated fixed rate notes due 2012 (B3), sizes to be determined; Merrill Lynch & Co.; Rule 144A/Regulation S; to refinance debt, refinance shareholder loan, and fund a small dividend payment; cable television and communications services company based in Hanover, Germany; roadshow started April 15 in Europe, one-day U.S. roadshow on Tuesday; pricing Tuesday or Wednesday.

EMMIS OPERATING CO.: $350 million senior subordinated notes due 2012 (expected B2/confirmed B-); Goldman Sachs & Co., Deutsche Bank Securities, Banc of America Securities, Credit Suisse First Boston (joint); Rule 144A; non-callable for four years; also new $1 billion senior credit facility; to repay bank debt, repurchase or redeem Emmis Operating Co. subordinated notes and all or a portion of the Emmis Communications senior discount notes; wholly owned subsidiary of Emmis Broadcasting Corp., Indianapolis-based diversified media firm with radio broadcasting, television broadcasting and magazine publishing operations; roadshow starts April 23; pricing expected April 28.

METRIS COS. INC.: $250 million senior secured notes due 2009; Goldman Sachs & Co., Deutsche Bank Securities, Banc of America Securities (joint); Rule 144A/Regulation S; non-callable for three years; to refinance bank debt, 10% senior notes due 2004, and part of 10 1/8% senior notes due 2006; Minnetonka, Minn.-based bankcard issuer; roadshow started April 21, pricing expected April 28.

GIANT INDUSTRIES INC. $150 million senior subordinated notes due 2014 (B3); Banc of America Securities (books), BNP Paribas (joint lead); registered; non-callable for five years; also selling three million common shares of stock; to tender and/or redeem its $150 million of 9% senior subordinated notes due 2007 at 103.25 and redeem 24% of its $195 million 11% senior subordinated notes due 2012 at 111 via the equity clawback; Scottsdale, Ariz.-based refiner and marketer of petroleum products; roadshow April 15-27; pricing expected April 27.

AMSCAN HOLDINGS INC.: $175 million senior subordinated notes due 2014 (B3/B-); Goldman Sachs & Co. (physical books), Credit Suisse First Boston (joint bookrunner); Rule 144A/Regulation S; non-callable for five years; to help fund acquisition of Amscan by Berkshire Partners and Weston Presidio from GS Capital Partners, including the tender for its $110 million 9 7/8% senior subordinated notes; Elmsford, N.Y. manufacturer and distributor of decorative party goods; roadshow started April 20; pricing during April 26 week.

VALMONT INDUSTRIES INC.: $150 million senior subordinated notes due 2014 (Ba3/B+); Credit Suisse First Boston (books), Banc of America Securities, BNY Securities, Wachovia Securities (co's); Rule 144A; non-callable for five years; also new $175 million credit facility; to fund acquisition of Newmark International, repay revolver and promissory note; Omaha, Neb.-based manufacturer of engineered support structures for irrigation equipment and a provider of coating services; roadshow started April 21, pricing April 29.

SENECA GAMING CORP.: $225 million senior notes due 2012 (BB-); Merrill Lynch & Co., Banc of America Securities (joint), Wells Fargo Capital (co); Rule 144A; non-callable for four years; to fund construction of a new hotel, land acquisition and acquisition and refurbishment of an existing hotel, repay debt and fund a dividend payment; Western N.Y. State tribal gaming company; roadshow April 21-30.

TUI AG: €350 million notes due 2011 (not rated); The Royal Bank of Scotland, Commerz, WestLB; Rule 144A/Regulation S with no registration rights; non-callable for life; 0.75% coupon step up if notes are not rated after 18 months; to refinance debt; diversified travel industry company headquartered in Hanover, Germany; European roadshow started April 22, U.S. to follow.

WISE METALS GROUP LLC/WISE ALLOYS FINANCE CORP.: $150 million senior secured notes due 2012 (B); Deutsche Bank Securities, Wachovia Securities; Rule 144A; non-callable for four years; guaranteed by a first lien on property, plant, and equipment, second lien on accounts receivable and inventory; to repay debt and redeem preferred shares; Linthicum, Md. producer of aluminum beverage cans stock; roadshow April 23-30.

APRIL BUSINESS

REGAL CINEMAS BONDS CORP.: $400 million subordinated notes; Credit Suisse First Boston; Rule 144A; also $1.35 billion senior secured credit facility; to fund tender for Regal Cinemas Corp.'s $350 million 9 3/8% senior subordinated notes due 2012 and pay an extraordinary dividend of $5.00 per share to holders of class A and class B common stock, and for general corporate purposes including potential acquisitions.

GUNDLE/SLT ENVIRONMENTAL INC.: $150 million high yield bonds; UBS Investment Bank; also $65 million credit facility; to back acquisition of Gundle/SLT Environmental Inc. by Code Hennessy & Simmons LLC; Houston manufacturer and marketer of geosynthetic lining solutions, products and services; expected in early April.

CONTINENTAL CHEMICAL HOLDINGS LTD.: $150 million notes due 2009 (B1/B+); UBS Securities; Rule 144A/Regulation S; Singapore-based maker of intermediate chemicals and specialty resin products; expected to price in April.

WEEK OF MAY 3

LABRANCHE & CO. INC.: $460 million senior notes due 2009 and 2012; Credit Suisse First Boston; Rule 144A; to fund tender for 9 ½% senior notes due August 2004 and 12% senior subordinated notes due March 2007; New York City-based financial specialist firm; roadshow starts April 26; pricing middle of May 3 week.

COGNIS: €745 million equivalent Rule 144A/Regulation S note offering in two parts (expected B): COGNIS KG €300 million second lien floating-rate notes due 2013 (9.5 year maturity), non-callable for one year, then at 104, 102, par, COGNIS GMBH: €445 million equivalent (in euros, with possible dollar tranche) fixed-rate senior secured notes due 2014, non-callable for five years; Goldman Sachs & Co., JP Morgan (joint); to fund recapitalization; specialty chemicals manufacturer formed by spin-off of Henkel's Chemical Products business to Permira and GS Capital Partners in 2001; Europe roadshow April 22-28, U.S. roadshow starts April 29; pricing expected during May 3 week.

POLYPORE INC.: $400 million equivalent senior subordinated unsecured notes due 2012 (Caa1/B-) in two tranches: $200 million and €165 million; JP Morgan (books), Bear Stearns & Co., Lehman Brothers, UBS Investment Bank (co's); Rule 144A/Regulation S; non-callable for four years; also $495 million credit facility; to help fund Warburg Pincus LLC's acquisition of Polypore from The InterTech Group Inc. and GTCR Golder Rauner LLC; North Charleston, S.C. manufacturer of specialized microporous filtration products; European roadshow during April 19 week, U.S. roadshow starts April 26; pricing expected during May 3 week.

RHODIA: €625 million equivalent senior notes due 2010 (expected ratings B3/B-) in dollars and euros, tranche sizes to be determined; Credit Suisse First Boston, BNP Paribas, Goldman Sachs & Co. (joint books) Credit Lyonnais (joint lead manager); Rule 144A/Regulation S; non-callable for four years; also €450 million equivalent rights issue; to pay down bank debt and address medium term liquidity issues; specialty chemical manufacturer headquartered in France; roadshow starts April 23 in Frankfurt and Paris, April 26-27 in London, global launch during week of May 3.

MAY BUSINESS

CIRSA FINANCE LUXEMBOURG SA: €260 million senior notes due 2014 (Ba3/B+); Deusche Bank Securities; Rule 144A/Regulation; non-callable for five years; senior guarantees from all material subsidiaries; to repay debt and fund gaming investments; Spanish leisure and gaming company; roadshow starts April 27.

LBC: €150 million notes; Deutsche Bank Securities, Lehman Brothers; to finance LBO of the company by One Equity Partners from Fimalac for €243 million; chemical storage company in Europe and U.S.; roadshow expected during week of April 26.

ONO: €350 million senior notes; BNP Paribas, Morgan Stanley, Banc of America Securities, Deutsche Bank Securities; to refinance debt; Spanish cable company; expected to price in May.

LEINER HEALTH PRODUCTS: $150 million bonds, also $290 million credit facility to be led by UBS Investment Bank and Morgan Stanley; to back NorthCaste and Golden Gate Capital's recapitalization of Leiner Health Products; Carson, Calif.-based Leiner is the largest manufacturer of private label VMS and diet aids and the second largest manufacturer of private label OTC pharmaceuticals in the U.S.; transaction expected to launch in early May.

BRENNTAG: €180 million; Goldman Sachs & Co.; to repay mezzanine debt and fund the acquisition of the company by Bain Capital; Mόlheim an der Ruhr, Germany-based distributor of specialty and industrial chemicals; possible May business.

UGS PLM SOLUTIONS: $1 billion split between high yield and bank transactions; bond deal to be led by Citigroup, JP Morgan, Morgan Stanley; to help support acquisition of UGS PLM by Bain Capital, Silver Lake Partners and Warburg Pincus from Electronic Data Systems Corp. for $2.05 billion in cash; Plano, Tex. provider of PLM software and related services; expected May business.

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.

THIRD QUARTER

ROCKWOOD SPECIALTIES INC.: €500-€600 million high yield notes; Credit Suisse First Boston, Goldman Sachs & Co., UBS Investment Bank; to finance the €2.25 billion aquisition of MG Technologies CeramTec, Chemetall, Sachtleben and DNES divisions; the divisions will be combined with Rockwood; Princeton, N.J. chemical manufacturer' transaction expected to close third quarter of 2004.

ON THE HORIZON

ADESA INC.: $125 million (downsized from $200 million) senior subordinated notes due 2011 (B1); also $375 million credit facility (upsized from $350 million) via UBS, Merrill Lynch & Co.; also an IPO of common shares; to finance Adesa's spin-off from Allete Inc., expected to be completed during second quarter of 2004; Carmel, Ind. operator of used vehicle and auto salvage auctions.

TRIAD HOSPITALS INC.: $650 million senior notes and/or senior subordinated notes; to fund tender for $600 million 8 ¾% senior notes due 2009, Citigroup and Merrill Lynch & Co. co-dealer managers, expires May 17, 2004; Plano, Tex.-based Triad manages hospitals and ambulatory surgery centers in small cities and selected larger urban markets.

REVLON CONSUMER PRODUCTS CORP.: $400 million new senior unsecured notes; Citigroup, JP Morgan; Rule 144A; also $680 million credit facility; to fund tender for 12% senior secured notes due 2005, the 8 1/8% senior notes due 2006, and 9% senior notes due 2006, offer expires May 14; subsidiary of Revlon, Inc.

TENNECO AUTOMOTIVE: $400 million senior subordinated notes; Rule 144A; also approximately $150 million issue of common stock via JP Morgan, Citigroup; to repurchase $500 million of 11 5/8% senior subordinated notes due 2009; Lake Forest, Ill. auto parts maker.

HOLLYWOOD ENTERTAINMENT: $600 million: $400 million senior notes $200 million senior subordinated notes; UBS Investment Bank; Rule 144A; to fund acquisition of Oscar by Carso Holdings Corp., a Delaware corporation formed by affiliates of Leonard Green & Partners, L.P.

HYUNDAI MOTOR CO.: $150-$200 million offshore floating-rate bonds (Ba1/BB), maturity to be determined; to repay debt; South Korean auto maker; pre-marketing.

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.

PANAMSAT CORP.: High yield bonds and new credit facility; hear Credit Suisse First Boston, Citigroup to lead both components; to finance $4.3 billion acquisition by Kohlberg Kravis Roberts & Co. from The DirecTV Group Inc., expected to be completed in second half of 2004; PanAmSat is a Wilton, Conn. satellite operator.

CABLECOM HOLDING AG: CHF450 million high yield bond issue (CCC+); 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.

LABRANCHE & CO. INC.: New senior notes; Rule 144A; to fund tender for 9 ½% senior notes due August 2004 and 12% senior subordinated notes due March 2007, Credit Suisse First Boston dealer manager, expires May 3, 2004; New York City-based financial specialist firm.

ADESA INC.: $150 million of high yield unsecured notes, Merrill Lynch & Co., UBS Investment Bank, also $500 million credit facility; to replace and repay the company's existing credit facility, pay a $100 million dividend to Allete, repay $200.2 million of outstanding debt owed to unaffiliated third parties and repay all outstanding intercompany debt owed to Allete and its subsidiaries, which totaled $136.1 million as of Dec. 31, 2003; Carmel, Ind. operator of used vehicle and auto salvage auctions; expected to launch early May.

ADELPHIA COMMUNICATIONS CORP.: $3.3 billion 10-year senior unsecured notes; non-callable for five years; part of $8 billion bond and bank loan exit financing from Chapter 11; Deutsche Bank Securities; Greenwood Village, Colo. cable television company.

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

SICPA: €150 million; BNP Paribas, Credit Suisse First Boston.

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.

US ONCOLOGY: $625 million high yield bonds to help fund LBO by Oiler Acquisition Corp., an affiliate of Welsh, Carson, Anderson & Stowe IX, LP; also $550 million senior secured credit facility via JPMorgan Chase Bank, Wachovia Bank and Citicorp North America Inc.

ROADSHOWS

Started April 15: TELE COLUMBUS €475 million; Merrill Lynch & Co.; Rule 144A/Regulation S; 6- and 7-year

April 15-27: GIANT INDUSTRIES INC. $150 million; Banc of America Securities; registered; 10NC5

Started April 16: WASTE SERVICES INC. $160 million; Lehman Brothers; 10NC5

April 19-26: SEA CONTAINERS LTD. $150 million; Citigroup; registered; 10NC5

Starts week of April 19: POLYPORE INC. $200 million; JP Morgan; Rule 144A; 8NC4

Starts late in April 19 week: REGAL CINEMAS BONDS CORP. $400 million; Credit Suisse First Boston; Rule 144A

Started April 20: AMSCAN HOLDINGS INC. $175 million; Goldman Sachs & Co.; Rule 144A/Regulation S; 10NC5

Started April 21: METRIS COS. INC. $250 million; Goldman Sachs & Co., Deutsche Bank Securities, Banc of America Securities; Rule 144A/Regulation S; 5NC3

Started April 21: VALMONT INDUSTRIES INC. $150 million; Credit Suisse First Boston; Rule 144A; 10NC5

Started April 22 in Europe: TUI AG €350 million; The Royal Bank of Scotland; Rule 144A/Regulation S; 7NC

Started April 22 in Europe: COGNIS: €745 million; Goldman Sachs & Co., JP Morgan; Rule 144A/Regulation S; 9.5NC1 and 10NC5

Starts April 23: EMMIS OPERATING CO. $350 million; Goldman Sachs & Co.; Rule 144A

Starts April 23: RHODIA: €625 million equivalent; Credit Suisse First Boston; Rule 144A/Regulation S; 6NC4

April 23-30: WISE METALS GROUP LLC/WISE ALLOYS FINANCE CORP. $150 million; Deutsche Bank Securities; Rule 144A; 8NC4

Starts April 26 week: LBC €150 million notes; Deutsche Bank Securities, Lehman Brothers

Starts April 26: LABRANCHE & CO. INC. $460 million; Rule 144A; five-year and eight-year

Starts April 27: CIRSA FINANCE LUXEMBOURG SA €260 million; Deusche Bank Securities; Rule 144A/Regulation S; 10NC5

RECENT SHELF FILINGS WITH THE SEC:

COEUR D'ALENE MINES CORP. (Symbol: CDE): $250 million shelf filed April 21 for debt securities, preferred stock, common stock and warrants; securities may be issued as convertibles; Coeur d'Alene, Ida. silver miner will use proceeds for general corporate purposes, expansion, possible acquisitions, working capital and repayment of debt.

http://www.sec.gov/Archives/edgar/data/215466/000095015004000441/a97618sv3.htm

FAIRFAX FINANCIAL HOLDINGS LTD. (Symbol: FFH): $750 million shelf filed April 20 for subordinated voting shares, preferred shares, debt securities, warrants, share purchase contracts and units; securities may be issued as convertibles; Toronto financial services company will use proceeds for general corporate purposes.

http://www.sec.gov/Archives/edgar/data/915191/000090956704000549/t12653fv10.htm

K2 INC. (Symbol: KTO): $175 million shelf filed April 20 for debt securities, common stock, preferred stock, warrants, purchase contracts and units; securities may be issued as convertibles; Carlsbad, Calif. sporting and recreational goods company will use proceeds for general corporate purposes.

http://www.sec.gov/Archives/edgar/data/6720/000119312504065347/ds3.htm

© 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.