High Yield Calendar: $2.080 billion, €4.50 billion and £275 million deals being marketed

WEEK OF SEPT. 25

AMERICAN ENTERTAINMENT PROPERTIES CORP.: $250 million senior floating-rate notes due 2014 (Caa1/B-); Bear Stearns & Co.; Rule 144A; non-callable for two years; three-year 35% equity clawback; proceeds, together with cash and cash equivalents, to pay a dividend to a newly formed corporation that will become the company's parent; parent of Las Vegas-based American Casino & Entertainment Properties (ultimate parent is American Real Estate Partners, LP); brief roadshow began Tuesday; expected to price early Sept. 25 week.

ACE CASH EXPRESS: $175 million senior unsecured notes due 2014 (Caa1/B-); Bear Stearns & Co.; Rule 144A; non-callable for four years; also $400 million credit facility; to finance acquisition of the company by JLL Partners, Inc., which will provide $178 million in equity financing; Dallas-based retail check cashing services provider; pricing expected early Sept. 25 week.

FTI CONSULTING: $215 million senior notes due 2016; Deutsche Bank Securities (books), Goldman Sachs & Co.; non-callable for five years; to fund an acquisition; Baltimore-based provider of restructuring, corporate finance and economic consulting services; roadshow Sept. 19-26.

SERVICE CORP. INTERNATIONAL $500 million unsecured senior notes (existing Ba3/confirmed BB-): $250 million due 2014 and $250 million due 2018; JP Morgan, Merrill Lynch & Co. (joint books), Banc of America Securities LLC, Lehman Brothers, Raymond James, Morgan Keegan (co's); Rule 144A/Regulation S; make-whole call at Treasuries plus 50 bps on both tranches; proceeds, together with cash and other financings, to fund the acquisition of Alderwoods Group, Inc. and refinance debt; Service Corp. is a Houston-based operator of funeral homes and cemeteries; roadshow started Sept. 20; pricing Sept. 27.

GEORGIA GULF CORP. $750 million in tranches of senior notes due 2014, non-callable for four years, and senior subordinated notes due 2016, non-callable for five years; Merrill Lynch & Co. (physical books), Lehman Brothers, Banc of America Securities LLC (joint books), JP Morgan, Wachovia Securities, Mitsubishi UFJ Securities, ABN Amro, Mizuho International Scotia Capital (co's); Rule 144A with registration rights and Regulation S; to help fund the acquisition of Toronto-based home improvement and building products producer Royal Group Technologies Ltd. and repay some existing debt of Royal Group and Georgia Gulf; Atlanta-based Georgia Gulf is chemical company; roadshow started Sept. 19; pricing on Sept. 28.

GRUPO SENDA AUTOTRANSPORTE SA de CV: $200 million senior guaranteed notes due 2016 (/B+/B); Citigroup; Rule 144A/Regulation S; non-callable for five years; three-year 35% equity clawback; to refinance existing debt; transport company based in Nuevo Leon, Mexico; roadshow during Sept. 18 week; pricing is expected during Sept. 25 week.

BRAKE BROS PLC: £275 million 5.5-year senior PIK loans/notes; JP Morgan, Credit Suisse, Deutsche Bank Securities (joint); will be distributed as a loan and also as notes via a repackaging, details to be determined; to fund a dividend and make a pension-deficit payment; U.K.-based food supplier and distributor, headquarters in Ashford, England; roadshow starts Sept. 25 in London; pricing late Sept. 25 week.

WEEK OF OCT. 2

NXP BV/NXP FUNDING LLC (Philips Semiconductor) €4.5 billion equivalent in multiple tranches: €3 billion equivalent senior secured floating-rate notes due 2013 (Ba2/BB+) in dollars and euros, and dollar-denominated senior secured fixed-rate notes due 2014 (Ba2/BB+), non-callable for four years, also €1.5 billion equivalent senior unsecured fixed-rate notes due 2015 (B2/B+), non-callable for five years, in dollars and euros, tranche sizes to be determined; Morgan Stanley, Deutsche Bank Securities, Merrill Lynch & Co. (joint), Banc of America Securities LLC, ABN Amro, Mizuho, HSBC (joint leads), BNP Paribas, Rabo (co-managers); Rule 144A/Regulation S; to refinance $4.5 billion bridge loan incurred to fund the acquisition of 80.1% of Philips Semiconductors by Kohlberg Kravis Roberts & Co. with Bain Capital, Silver Lake Partners, Apax and AlpInvest Partners; microchip manufacturer based in Eindhoven, the Netherlands; European roadshow Sept. 19-25, U.S. roadshow afterwards; expected to price late in the week of Oct. 2.

EXPECTED FALL BUSINESS

MICHAELS STORES INC.: Approximately $1.4 billion expected to be split equally between senior notes and senior subordinated notes; Deutsche Bank Securities, JP Morgan, Banc of America Securities LLC; also $3.4 billion credit facility; to help back leveraged buyout by Bain Capital and The Blackstone Group; Irving, Texas, specialty retailer of arts, crafts, and decor merchandise; expected September business.

ENERGY PARTNERS LTD.: $730 million senior unsecured notes; Banc of America Securities LLC; to fund $2.2 billion acquisition of Stone Energy by Energy Partners, Ltd.; Stone Energy is an independent oil and gas company based in Lafayette, La.; Energy Partners is an independent oil and natural gas exploration and production company based in New Orleans; expected September business.

MEDIMEDIA: $150 million senior subordinated notes; Goldman Sachs & Co.; also $250 million credit facility; to help fund acquisition of the company by Vestar from Cinven, The Carlyle Group and Apax Partners; Chatham, N.J.-based specialty health care communications company, expected fall 2006 business.

ON THE HORIZON

ARAMARK CORP.: $2.470 billion bonds including $770 million senior subordinated notes and $1.7 billion senior cash pay and/or senior PIK notes, with 50% of the principal having to come in the form of PIK notes, also $4.605 billion credit facilities led by JP Morgan and Goldman Sachs; to fund the approximately $8.3 billion LBO of the company by chairman and chief executive officer Joseph Neubauer together with funds managed by sponsors by Thomas H. Lee Partners LP, Warburg Pincus LLC, JPMorgan Partners, GS Capital Partners and CCMP Capital Advisors, expected to close late 2006 or early 2007; Philadelphia-based professional food, hospitality and facility management services company.

BUFFETS INC. (via a subsidiary): New senior subordinated debt, also bank debt, debt financing committed by Credit Suisse Securities and UBS Investment Bank; also real estate financing committed by affiliates of Fortress Investment Group; to fund $876 million acquisition of Greer, S.C.-based Ryan's Restaurant Group, Inc. by an investment partnership organized by Caxton-Iseman Capital, Inc. and senior management of Buffets, transaction expected to be completed in fourth quarter 2006; Buffets is an Eagan, Minn.-based owner and operator of buffet-style restaurants.

ENCORE MEDICAL CORP.: $215 million senior subordinated notes and $325 million senior credit facility; Bank of America, Credit Suisse to lead debt financing transactions; to help fund about $870 million LBO by Blackstone Capital Partners V LP; Austin, Texas, orthopedic device company.

HANESBRANDS INC.: $500 million of senior notes; Morgan Stanley, Merrill Lynch & Co.; also $2.6 billion senior secured credit facility; substantial portion of the proceeds from the term loan and the bond offering to pay a dividend to Sara Lee prior to the spinoff; following the spinoff, Winston-Salem, N.C.-based Hanesbrands will operate as a publicly traded apparel company; expected third-quarter business.

HCA INC.: Up to $5.70 billion senior secured second-lien notes; also $16.80 billion credit facility via Bank of America, Citigroup, JPMorgan, Merrill Lynch, Deutsche Bank, Wachovia Securities; to help fund LBO by Bain Capital, Kohlberg Kravis Roberts & Co., Merrill Lynch Global Private Equity and company founder Thomas F. Frist Jr.; Nashville health care services company; expected fourth quarter of 2006.

INFOR GLOBAL SOLUTIONS: High-yield notes (Caa2) to refinance a $1.425 billion senior subordinated bridge facility; also $2.4 billion credit facility via JP Morgan, Credit Suisse and Merrill Lynch & Co. joint bookrunners; part of financing to help fund the acquisitions of Systems Union Group and SSA Global, finance the combination of Infor and Extensity - both currently Golden Gate Capital portfolio companies - and to refinance debt at all four companies; Infor is an Alpharetta, Ga.-based software provider.

KINDER MORGAN INC.: $14.5 billion of funded debt including senior and/or subordinated notes; to help fund proposed $22 billion buyout of the company by management and equity investors led by Goldman Sachs, Citigroup, Deutsche Bank, Wachovia, Merrill Lynch, expected to be completed by early 2007; Houston-based energy infrastructure provider.

NCO GROUP INC.: $365 million of senior subordinated notes; also $550 million credit facility; Morgan Stanley and JP Morgan are the lead banks on the debt financing; to help fund $1.26 billion LBO of the company by chairman and chief executive officer Michael J. Barrist in partnership with One Equity Partners II LP, expected to be completed in the fourth quarter; Horsham, Pa., provider of business process outsourcing services.

NEG OIL & GAS LLC: $200 million eight-year senior notes; Bear Stearns & Co., Citigroup (joint books); non-callable for four years; registered; proceeds, together with the concurrent initial public offering by NEG, Inc., will be used to repay part of the revolver, repay debt owed to American Real Estate Partners, LP and fund a distribution to American Real Estate Partners; Dallas independent oil and natural gas exploration production company; expected in September or October.

PEABODY ENERGY CORP.: New bond debt to help fund acquisition of Australian coal company Excel Coal Ltd. for $1.34 billion plus assumed debt of about $190 million, targeted to close in the fourth quarter; St. Louis-based coal company.

PT POLYFIN CANGGIH: $75 million senior secured notes due 2011 and 250 warrants to purchase shares; Jefferies & Co.; private placement and Regulation S; non-callable for two years; two-year 35% equity clawback; to repay existing debt, for working capital and general corporate purposes; producer of polyester chips and synthetic yarn in Indonesia, to be incorporated in The Netherlands (guarantors are incorporated in Indonesia, Singapore and the British Virgin Islands; the company's registered office is in Bandung, Indonesia); September business.

RITE AID CORP: Six-year notes and term loan debt to fund the acquisition of Jean Coutu Group USA Inc., transaction expected to close late 2006 or early 2007; Rite Aid is a Camp Hill, Pa., national drugstore chain.

SALLY BEAUTY CO. $710 million: $430 million senior unsecured notes and $280 million senior subordinated unsecured notes; also $1.54 billion credit facility led by Merrill Lynch, JPMorgan, Bank of America and Morgan Stanley; proceeds to help fund the special cash dividend that Sally Beauty will be paying Alberto-Culver as part of the spinoff, transaction expected fourth quarter; Melrose Park, Ill., beauty supplies distribution business.

TROPICANA ENTERTAINMENT: $975 million in high-yield bonds; also $2.175 billion in credit facilities; Credit Suisse is the lead bank on the debt transactions; in connection with acquisition of Aztar Corp.; a newly formed subsidiary of Columbia Entertainment, a Fort Mitchell, Ky., owner, developer and operator of hotel properties and casinos; expected to close by the end of 2006.

UNIVISION COMMUNICATIONS INC.: $2 billion high-yield bonds via Credit Suisse (Deutsche Bank, Bank of America Securities and Wachovia expected to be involved), also new $8.25 billion credit facility; to help back leveraged buyout by Madison Dearborn Partners, Providence Equity Partners, Texas Pacific Group, Thomas H. Lee Partners and Saban Capital Group; expected to close in spring 2007; Los Angeles-based Spanish-language media company.

VERIZON DIRECTORIES DISPOSITION CORP. (VERIZON COMMUNICATIONS INC.): $3 billion to $4 billion of high-yield bonds as part of $8 billion overall debt financing to fund spinoff of directories business; New York City-based telecommunications company.

WEST CORP.: $3.2 billion to $3.3 billion (approximate) of new debt including high-yield bonds; Deutsche Bank Securities, Lehman Brothers; also new credit facility; to fund LBO of the company by an investor group led by Thomas H. Lee Partners and Quadrangle Group; Omaha, Neb.-based provider of outsourced communication solutions; transaction expected to close in the fourth quarter.

ROADSHOWS

Expected to start Sept. 18 week: ACE CASH EXPRESS $175 million; Bear Stearns & Co.

Sept. 19-26: FTI CONSULTING $215 million; Deutsche Bank Securities

Week of Sept. 18: GRUPO SENDA AUTOTRANSPORTE SA de CV $200 million; Citigroup

Started Sept. 19: GEORGIA GULF CORP. $750 million; Merrill Lynch & Co.

Started Sept. 19: NXP BV/NXP FUNDING LLC (Philips Semiconductor) €4.5 billion equivalent; Morgan Stanley, Deutsche Bank Securities, Merrill Lynch & Co.

Started Sept. 20: SERVICE CORP. INTERNATIONAL $500 million; JP Morgan, Merrill Lynch & Co.

Started Sept. 20: AMERICAN ENTERTAINMENT PROPERTIES CORP. $250 million; Bear Stearns & Co.

Starts Sept. 25: BRAKE BROS PLC £275 million 5.5-year senior PIK loans/notes; JP Morgan, Credit Suisse, Deutsche Bank Securities

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