High Yield Calendar

Total amount of high-yield bond offerings being marketed: $3.090 billion

WEEK OF DEC. 12

PAXSON COMMUNICATIONS CORP. $1.130 billion: $700 million floating-rate first-priority senior secured notes due 2012 (B2/CCC+) and $430 million floating-rate second-priority senior secured notes due 2013 (B3/CCC-); Citigroup, Bear Stearns & Co., CIBC World Markets, Goldman Sachs & Co., UBS Investment Bank (joint); Rule 144A; both tranches non-callable for 18 months; to fund tender for $365 million senior secured floating-rate notes due 2010, approximately $496.3 million 12¼% senior subordinated discount notes due 2009 and $200 million 10¾% senior subordinated notes due 2008; West Palm Beach, Fla., company owns and operates the nation's largest broadcast television station group; to be marketed Dec. 7-9; pricing expected late Dec. 12 week or early Dec. 15 week.

SPANSION INC.: $400 million senior unsecured notes due 2015 (Caa1/B/B-); Citigroup, Credit Suisse First Boston (joint books), Deutsche Bank Securities (co); Rule 144A; non-callable for five years; to repay debt; flash memory producer based in Sunnyvale, Calif., a unit of Advanced Micro Devices; price talk 11% area; pricing expected on Friday.

EUROFRESH INC. $195 million in two parts: $170 million senior notes due 2013 (B3/B-), non-callable for four years, price talk 11¼%-11½%, and $25 million senior subordinated discount notes 2014 (Caa2/CCC+), non-callable for four years, pay-in-kind for four years, price talk 300 basis points area behind the senior notes; Banc of America Securities; Rule 144A; proceeds, along with proceeds from new credit facility and sale of stock, to fund the recapitalization of the company; greenhouse tomato producer based in Willcox, Ariz., pricing expected Friday.

COMSTOCK HOMEBUILDING COS. INC.: $150 million five-year (due 2011) senior subordinated notes (B3/B-); Friedman Billings Ramsey (books), BB&T Capital Markets (co-lead); Rule 144A with registration rights, Regulation S; non-callable; for general corporate purposes and real estate development projects; homebuilder operating in the Washington, D.C. area and Raleigh, N.C., markets, develops single-family homes and townhouses; price talk 11%-11¼%; pricing expected Friday.

NATIONAL COAL CORP.: $80 million senior secured notes due 2012; Jefferies & Co.; Rule 144A; non-callable for four years; to repay existing debt and for general corporate purposes; coal producer operates in eastern Tennessee and southeastern Kentucky, headquarters in Knoxville, Tenn.; roadshow started Nov. 28; price talk 10½% with warrants for common stock.

WEEK OF DEC. 19

MIRANT NORTH AMERICA LLC: $850 million senior notes due 2013 (B1/B-); JP Morgan, Deutsche Bank Securities, Goldman Sachs & Co. (joint); Rule 144A with registration rights; non-callable for four years; to make distributions as part of plan of reorganization to fund exit from bankruptcy; independent power producer based in Atlanta; roadshow started Dec. 12; price talk 7½%-7¾%; pricing expected early in Dec. 19 week.

MAJESTIC STAR CASINO $285 million: MAJESTIC STAR CASINO LLC, via Rule 144A with registration rights: $200 million senior notes due Jan. 15, 2011 (B3), non-callable for three years and $30 million add-on to the 9½% senior secured notes due Oct. 15, 2010 (B2), callable on or after Oct. 15, 2007 at 104.75, equity clawback until Oct. 15, 2006 for up to 35% at 109.5, $260 million priced at par in September 2003; also MAJESTIC HOLDCO LLC $55 million proceeds senior discount notes due Oct. 15, 2011 (Caa2), Rule 144A, non-callable for three years; Jefferies & Co.; to finance the purchase of all Trump Indiana Inc. stock, refinance $17.4 million Buffington Harbor Parking Associates, LLC debt and $0.3 million Buffington Harbor Riverboats, LLC debt, defease Majestic Investor Holdings $16.3 million 11.653% senior notes; roadshow started Dec. 7; expected to price Dec. 19 or Dec. 20.

ON THE HORIZON

AMADEUS GLOBAL TRAVEL DISTRIBUTION SA: €1 billion (approximate); Credit Suisse First Boston; to fund the LBO of the company by BC Partners and Cinven; travel reservations firm based in Madrid, Spain; expected during first half of 2005.

THE BON-TON STORES INC: $600 million senior notes; to partially finance the proposed acquisition of the Northern Department Store Group from Saks Inc.; Rule 144A/Regulation S; York, Pa., operator of department stores and furniture stores.

BRASKEM SA: $100 million perpetual senior notes (/BB-/BB-); Banco Itau; Rule 144A/Regulation S; non-callable for five years; Sao Paulo, Brazil, petrochemical company.

DAVE & BUSTERS INC.: $175 million of senior unsecured debt securities, also $100 million in term loans; proceeds from the debt, along with a $108 million equity contribution from Wellspring, will be used to fund the LBO of the company by Wellspring Capital Management LLC, and refinance any debt that may become due as a result of the LBO; JP Morgan Securities Inc. lead arranger for the financing; Dallas-based operator of upscale restaurant/entertainment complexes; transaction expected in second quarter of 2006.

R.H. DONNELLEY CORP.: $1.842 billion senior notes; DEX MEDIA INC.: $250 million senior notes; to fund the acquisition of Dex Media by R.H. Donnelley; Cary, N.C.-based R.H. Donnelley is a Yellow Pages publisher and directional media company. Englewood, Colo.-based Dex provides print directories and internet-based local search services; expected to be completed during the first quarter of 2006.

DRS TECHNOLOGIES INC. $700 million: $500 million senior notes and $200 million senior subordinated notes; also new bank debt and convertible notes; to help fund its acquisition of Engineered Support Systems Inc., a St. Louis-based diversified supplier of integrated military electronics, support equipment and technical services; committed financing from Bear Stearns & Co.; DRS Technologies is Parsippany, N.J.-based provider of technology products and services to defense, government intelligence and commercial customers; transaction expected to close by March 2006.

DUNKIN' BRANDS INC.: High-yield bonds and new credit facility; to help back its leveraged buyout by Bain Capital Partners, The Carlyle Group and Thomas H. Lee Partners; Canton, Mass., quick service restaurant franchisor; LBO expected to close in the first quarter of 2006.

INTELSAT LTD.'s $7 billion acquisition of PANAMSAT HOLDING CORP.: $4 billion (approximate) minimum: PANAMSAT OPERATING CO. $572.9 million senior notes with the option to issue additional $663.57 million if PanAmSat 9% notes are refinanced, PANAMSAT HOLDING CO. $721.2 million in senior notes with option to issue additional $301.9 million if PanAmSat 10 3/8% notes are refinanced, INTELSAT OPERATING CO. up to $557 million of senior notes, INTELSAT HOLDING CO. up to $1.4155 billion in senior notes; also approximately $2.88 billion aggregate bank debt; financing provided by Deutsche Bank, Citigroup, Credit Suisse First Boston and Lehman Brothers; PanAmSat is a Wilton, Conn.-based satellite network operator; Intelsat is a Pembroke, Bermuda, satellite communications company; expected to be completed in 2006.

LINENS 'N THINGS INC.: $650 million of high-yield bonds; also $600 million revolver, via UBS and Bear Stearns; also $633.4 million of equity; to fund the approximately $1.2 billion LBO of the company by Apollo Management, expected to close in the first or early second quarter of 2006; Clifton, N.J., retailer of home textiles, housewares and home accessories.

MEGASTEEL HARTA (L): $450 million senior secured notes (B1/B+) due 2010, non-callable for three years, price talk high-10%-range and due 2015, non-callable for five years, price talk high-11% range; Credit Suisse First Boston; Rule 144A/Regulation S; both notes carry make-whole call; steel producer Megasteel Sdn. Bhd. and its subsidiary Secomex will guarantee; Kuala Lumpur-based Megasteel is a subsidiary of conglomerate Lion Corp. Bhd.; 2006 first quarter business.

NRG ENERGY INC: $3.6 billion senior unsecured notes via Rule 144A; also $4.8 billion of bank facilities and $1.5 billion of equity or equity-linked securities; commitment for the bank facilities plus a $5.1 billion bridge loan Morgan Stanley, Citigroup; to help finance $5.8 billion acquisition of Houston-based Texas Genco; NRG is a Princeton, N.J.-based independent power producer.

NTL INC./TELEWEST GLOBAL INC.: £1.8 billion high-yield debt; to help fund NTL'S acquisition of Telewest Global, Inc. for about $6 billion; Goldman Sachs advised NTL, Deutsche Bank Securities advised Telewest, the U.K.'s second largest cable provider; expected to close in the first quarter of 2006.

PER-SE TECHNOLOGIES INC.: $250 million senior subordinated notes; also $460 million credit facility, financing commitment from Bank of America; proceeds in addition to $240 million of Per-Se stock and cash on hand to help fund its acquisition of NDCHealth Corp.; Per-Se is an Alpharetta, Ga., provider of connective health care solutions to physicians and hospitals; transaction expected to be completed late 2005 or early 2006

PETROHAWK ENERGY CORP.: $170 million notes due 2013; BNP Paribas expected bookrunner; non-callable for four years; to back the consolidation of the bank debt of Petrohawk and soon-to-be-acquired Mission Resources Corp.; bank group includes BNP Paribas; Petrohawk is a Houston-based energy company; Mission Resources is a Houston-based independent exploration and production company.

SERENA SOFTWARE INC.: $255 million unsecured senior subordinated notes; also $450 million senior secured credit facility via Lehman Brothers, Merrill Lynch and UBS Securities expected to be 2006 business; to help fund the acquisition of Serena by Silver Lake Partners for about $1.2 billion; San Mateo, Calif., provider of software products for managing process and controlling change across the information technology environment.

TRANSMERIDIAN EXPLORATION INC.: 250,000 units consisting of $250 million senior secured notes due 2010 and detachable five-year warrants to purchase approximately 17.3 million shares of the company's common stock at an exercise price of $4.31 per share; private placement; to fund the pending acquisition of Bramex Management Inc., to repay existing debt and for general corporate purposes; Houston-based independent energy company.

VALOR COMMUNICATIONS GROUP/ALLTEL CORP.: $800 million of senior notes; also up to $4.2 billion credit facility via JP Morgan and Merrill Lynch; to fund the merger of Valor with Alltel; new entity expected to be based in Central Arkansas; expected second quarter of 2006.

VENETIAN MACAU LTD.: $300 million floating-rate notes; Goldman Sachs

CATASTROPHE BONDS

CHAMPLAIN LTD. $150 million catastrophe bonds with an initial maturity of Jan. 7, 2009, which is extendable quarterly up to June 7, 2009: $75 million class A bonds (/B/B-), initial guidance three-month Libor plus 1250-1300 basis points, linked to risk of Japanese and U.S. earthquakes, and $75 million class B bonds (/B+/B-) linked to risk of U.S. earthquakes and U.S. hurricanes, initial guidance three-month Libor plus 1,150-1,200 basis points; Goldman Sachs (books), Lehman Brothers (co); Rule 144A; special purpose vehicle for Montpelier Re, a reinsurance company based in Hamilton, Bermuda; roadshow through Dec. 12; expected to price Dec. 12 week.

ROADSHOWS

Dec. 7-9: PAXSON COMMUNICATIONS CORP. $1.13 billion; Citigroup, Bear Stearns & Co., CIBC World Markets, Goldman Sachs & Co., UBS Investment Bank

Started Dec. 7: MAJESTIC STAR CASINO $285 million; Jefferies

© 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.