High Yield Calendar

Total amount of high-yield bond offerings being marketed: $1.350 billion

WEEK OF FEB. 20

CNH GLOBAL NV: $350 million of senior notes due 2014 (Ba3/BB-); UBS Investment Bank; Rule 144A with registration rights/Regulation S; non-callable for four years; to refinance term debt maturing in 2006; wholly owned subsidiary of Case New Holland Inc., Lake Forest, Ill.-based agricultural equipment maker; roadshow Feb. 22-24; pricing expected Feb. 24.

WEEK OF FEB. 27

QUEBECOR WORLD INC.: $300 million senior notes due 2016 (existing Ba3/confirmed BB-); Citigroup (books), Banc of America Securities LLC plus others to be announced (co's); Rule 144A/Regulation S; non-callable for five years; to repay in full Quebecor World Capital Corp.'s $250 million 7.2% senior notes due March 28, 2006 and for general corporate purposes; Montreal-based commercial printer; roadshow Feb. 22-28, pricing thereafter.

BON-TON STORES INC.: $525 million senior notes due 2014 (B2/B-); Banc of America Securities, Citigroup; Rule 144A with registration rights; help fund acquisition of Saks Inc.'s Northern Department Store Group; York, Pa., regional department store chain; roadshow Feb. 22-March 2.

DAVE & BUSTERS INC.: $175 million senior unsecured notes due 2014 (B3/CCC+); JP Morgan; Rule 144A with registration rights; non-callable for four years; also $100 million in term loans; proceeds along with a $108 million equity contribution from Wellspring, will be used to fund the LBO of the company by Wellspring Capital Management LLC; Dallas-based operator of upscale restaurant/entertainment complexes; roadshow Feb. 22-March 2; pricing expected March 3.

FIRST QUARTER 2OO6

BALL CORP.: New senior notes due 2016 and credit facilities; to fund acquisition of U.S. Can Corp. U.S. and Argentinean operations for about 1.1 million shares of Ball common stock and the repayment of $550 million of U.S. Can's debt; Ball Corp. is a supplier of high-quality metal and plastic packaging products and owns Ball Aerospace & Technologies Corp., which develops sensors, spacecraft, systems and components for government and commercial customers, headquarters in Broomfield, Colo.; transaction expected to close by the end of the first quarter of 2006.

BURLINGTON COAT FACTORY WAREHOUSE CORP. $500 million: $200 million senior unsecured notes, $300 million senior subordinated notes; part of $2.075 billion in debt financing to fund LBO by Bain Capital Partners LLC; Bank of America and Bear Stearns; also up to $500 million equity from Bain; Burlington, N.J., retailer of branded apparel at discount prices.

SERENA SOFTWARE INC.: $255 million unsecured senior subordinated notes (CCC+); also $450 million senior secured credit facility via Lehman Brothers, Merrill Lynch and UBS Securities, launches Feb. 14; 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.

ON THE HORIZON

ANGIOTECH PHARMACEUTICALS INC.: $300 million subordinated notes; also $375 million credit facility and $200 million cash on hand, in connection with the acquisition of American Medical Instruments Holdings Inc. (Credit Suisse and Merrill Lynch have provided the company with $600 million total debt commitment; company anticipates final capital structure comprised of half term debt and half bonds); acquisition expected to close early in the second quarter of 2006, subject to customary closing conditions.

PT DAVOMAS ABADI TBK: $150 million senior unsecured notes due 2011 (B2/B+); Lehman Brothers; Rule 144A/Regulation S; non-callable for three years; to refinance all existing debt, fund capital expenditures and for general corporate purposes; Jakarta, Indonesia-based producer and exporter of cocoa butter and cocoa powder; roadshow started Jan. 23 in Singapore, Jan. 24 in London, Jan. 25 in Boston, Jan. 26 in Los Angeles, Jan. 27 in New York; price talk 11% (revised from 10¼%-10½%).

DUNKIN' BRANDS INC.: High-yield bonds and new credit facility; to help back 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 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.

NEG INC.(to be renamed National Energy Group Inc.): $200 million senior notes; also $460 million common stock IPO via Bear, Stearns & Co., Citigroup; $125 million to repay a portion of NEG Oil & Gas revolver, $245 million to repay debt owed to American Real Estate Partners, LP (AREP) by National Energy Group, National Onshore and National Offshore, subsidiaries of NEG Oil & Gas, to fund $194 million distribution to AREP; independent oil and gas exploration, development and production company based in Dallas.

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

SILGAN HOLDINGS INC.: New subordinated notes and/or borrowings under senior secured credit facility; to fund €230 million acquisition of Amcor Ltd.'s White Cap closures business, expected to close during second quarter of 2005; Silgan is a Stamford, Conn., manufacturer of consumer goods packaging products

TEXAS INSTRUMENTS INC.'S SENSORS & CONTROLS: $2 billion of debt including bonds and new credit facility; Morgan Stanley, Bank of America and Goldman Sachs to lead debt financing; to help fund its leveraged buyout by Bain Capital LLC; Sensors & Controls is an Attleboro, Mass., supplier of engineered sensors and controls to the appliance, climate control, industrial, automotive, lighting and aircraft markets; first half of 2006 pending regulatory approvals.

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.

ROADSHOWS

Feb. 22-24: CNH GLOBAL NV $350 million; UBS Investment Bank

Feb. 22-28: QUEBECOR WORLD INC. $300 million; Citigroup

Feb. 22-March 2: BON-TON STORES INC. $525 million; Banc of America Securities, Citigroup

Feb. 22-March 2: DAVE & BUSTERS INC. $175 million; JP Morgan

© 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.