High Yield Calendar

Total amount of dollar-denominated high-yield bond offerings being marketed: $3.92 billion

WEEK OF MARCH 29

RADNET MANAGEMENT CO., INC. (PRIMEDEX): $150 million senior notes due 2012 (Caa1/B); Citigroup; Rule 144A/Regulation S; non-callable for four years; to repay debt; wholly owned subsidiary of Primedex Health Systems, Inc., a Los Angeles-based provider of diagnostic imaging outpatient services in California; price talk 11¼%-11½%; expected to price Monday.

CINEMARK, INC.: $360 million senior discount notes due 2014 (Caa1/B-); Lehman Brothers, Goldman Sachs & Co. (joint); Rule 144A/Regulation S; non-callable for five years; to help fund acquisition of Cinemark by Madison Dearborn Partners, LLC; theater chain owner operator based in Plano, Tex.; price talk 9¾%-10%; pricing Monday.

SEALY MATTRESS CO.: $490 senior subordinated notes due 2014 (Caa1/B-); Goldman Sachs & Co., JP Morgan (joint); Rule 144A/Regulation S; non-callable for five years; to help fund acquisition of 92% of Sealy Corp. by Kohlberg Kravis Roberts & Co.; direct subsidiary of High Point, N.C., bedding manufacturer Sealy Corp.; roadshow started March 22; expected to price March 30.

PORT TOWNSEND PAPER CORP: $125 million senior secured notes due 2014 (B3/B); JP Morgan, UBS Investment Bank; Rule 144A; non-callable for five years; repay $90 million of outstanding debt and redeem $24 million of preferred stock; pulp and paper company based in Port Townsend, Wash; pricing March 30.

PRESTIGE BRANDS: $210 million senior subordinated notes due 2012 (Caal); Citigroup, Banc of America Securities (joint); Rule 144A; non-callable for four years; also $500 million credit facility; to help fund acquisition of Prestige by an affiliate of GTCR Golder Rauner LLC's from MidOcean Partners; Bonita Springs, Fla. consumer products company; roadshow March 23-30; pricing March 31.

SERVICE CORP. INTERNATIONAL: $250 million senior notes due 2016 (expected B1/confirmed BB-); Merrill Lynch & Co. (books), JP Morgan, Banc of America Securities, Credit Lyonnais, Lehman Brothers, Raymond James; Rule 144A; Treasuries plus 50 basis points make-whole call; to fund partial tender for 6% notes due 2005, potential redemption of 6¾% convertible notes due 2008 and general corporate purposes; Houston-based funeral and cemetery company; roadshow March 29-20.

VICORP RESTAURANTS: $150 million senior notes due 2011 (B3/B); JP Morgan, CIBC World Markets (joint); Rule 144A; non-callalbe for three years; to fund dividend payment and repay debt; Denver-based owner-operator of Village Inn and Bakers Square restaurants; roadshow started March 23; pricing middle of March 29 week.

BOYD GAMING CORP.: $300 million senior subordinated notes due 2014 (B1/B+); Deutsche Bank Securities, Bank of America Securities, CIBC World Markets (joint), Bear Stearns & Co., Lehman Brothers, Wells Fargo Capital, Credit Lyonnais, Commerz, US Bancorp Piper Jaffrey, Scotia Capital (co's); Rule 144A; non-callable for five years; to repay debt and general corporate purposes; Las Vegas-based owner and operator of gaming entertainment properties in Nevada, Mississippi, Illinois, Indiana and Louisiana; roadshow March 29-30; pricing March 31.

WMG ACQUISITION CORP. (WARNER MUSIC GROUP): $800 million equivalent senior subordinated notes due 2014, non-callable for five years, in dollar and sterling tranches (B-), anticipated $615 million and £100 million tranche sizes; Deutsche Bank Securities, Bank of America Securities, Lehman Brothers, Merrill Lynch & Co.; Rule 144A/Regulation S; to help fund acquisition of Warner Music Group from Time Warner by Thomas H. Lee Partners, Edgar Bronfman's Music Capital Partners, Bain Capital, Providence Equity Partners; global music company headquartered in New York City; U.S. roadshow March 23-April 1; pricing expected April 1 or 2.

NTL CABLE PLC: £800 million equivalent senior notes due 2014 (expected ratings B3/B-), in sterling, dollar and euro tranches; Deutsche Bank Securities, Goldman Sachs & Co., Credit Suisse First Boston, Morgan Stanley (joint); Rule 144A/Regulation S; non-callable for five years; to repay existing senior credit facility, most of which is due 2005, redeem NTL Triangle debentures due 2007 and Diamond Holdings notes due 2008; corporate headquarters are in New York City; roadshows in Europe on March 24, U.S. to follow.

MISSION RESOURCES CORP.: $130 million senior notes due 2011 (Caa2/CCC); Guggenheim Capital Markets LLC; Rule 144A; non-callable for four years; to repay debt; Houston-based independent oil and gas exploration and production company; roadshow March 24-April 1; pricing expected on April 1.

CONSOLIDATED COMMUNICATIONS: $240 million senior notes due 2014 (B3/B-); Credit Suisse First Boston, Citigroup (joint), Deutsche Bank Securities (co); Rule 144A; non-callable for five years; to help fund acquisition of TXU Communications and repay bank debt; roadshow started March 25 and runs through March 29 week; rural local exchange carrier headquartered in Mattoon, Ill.

WEEK OF APRIL 5

MUELLER GROUP INC.: $415 million in two tranches: $100-200 million 7.5-year senior secured second priority floating-rate notes, non-callable for 18 months (B3/B-), $200-300 million eight-year senior subordinated notes, non-callable for four years (Caa1/B-); Credit Suisse First Boston; to repay bank debt and make a cash distribution of $396 million to DLJ Merchant Banking Partners II, LP and affiliated funds, owners of 94% of the stock of Muller's parent company, Mueller Holdings (NA), Inc.; Decatur, Ill.-based producer of flow control products; roadshow starts March 29; pricing week of April 5.

MEMBERWORKS INC.: $150 million senior notes due 2014; Lehman Brothers, UBS Investment Bank (joint), ABN Amro (co); Rule 144A/Regulation S; make-whole call for first five years, then callable at a premium; to help fund Lavalife Inc. acquisition, expected to close on April 1 and for general corporate purposes, including working capital, future acquisitions and purchases common stock; Stamford, Conn. provider of consumer service and discount programs; roadshow week of March 29; pricing during week of April 5.

SEAT PAGINE GIALLE SPA: €1.15 billion senior notes due 2014; Credit Suisse First Boston, Barclays Capital, BNP Paribas, Royal Bank of Scotland (joint); Rule 144A/Regulation S; non-callable for five years; to repay debt incurred to fund acquisition of a 61.5% stake in SEAT from Telecom Italia by a consortium of investors including BC Partners, CVC, Investitori Associati and Permira; Turin, Italy-based publisher of telephone directories and provider of directory assistance and marketing services in Italy, the U.K., Germany and Austria; roadshow starts March 30 in London, U.S. roadshow early in April 5 week; pricing mid-to-late in the week of April 5.

APRIL BUSINESS

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.

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.

ON THE HORIZON

AGCO CORP.: $250 million euro-denominated senior subordinated notes; also selling $250 million of common stock; to repay $100 million bridge facility, redeem $250 million 8½% senior subordinated notes due 2006 and repay bank debt; Duluth, Ga. manufacturer and distributor of agricultural equipment and parts.

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.

ARTEVA SPECIALTIES/INVISTA: $1.2 billion guaranteed unsecured notes due 2012 (B1); JP Morgan and others; also $1.8 billion credit facility; Koch will contribute $2.2 billion in equity; to fund $4.4 billion acquisition of Invista (formerly DuPont Textiles & Interiors) by subsidiaries of Koch Industries, KED Fiber Ltd and KED Fiber LLC.; Wichita Kansas company produces chemical intermediates, polymers and fibers for use in the manufacture of nylon, spandex, and polyester products.

VWR INTERNATIONAL: bonds to support acquisition of VWR by Clayton, Dubilier & Rice Inc. from Merck KGaA for $1.65 billion; Deutsche Bank Securities, Citigroup; also $540 million credit facility led by same banks; West Chester, Pa., distributor of laboratory supplies to the industrial, pharmaceutical, educational and government markets.

CABLECOM LUXEMBOURG SCA: €290 million senior notes due 2014 (Caa1); Deutsche Bank Securities, Goldman Sachs, JP Morgan (joint); Swiss cable operator.

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.

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.

SEA CONTAINERS LTD.: $150 million senior notes due 2014; Citigroup; 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.

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.

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 March 22: SEALY MATTRESS CO. $490; Goldman Sachs & Co., JP Morgan; Rule 144A/Regulation S; 10NC5

Started March 23: PRESTIGE BRANDS $210 million; Citigroup, Banc of America Securities; Rule 144A; 8NC4

Started March 23: VICORP RESTAURANTS $150 million; JP Morgan, CIBC World Markets; Rule 144A; 7NC3

Started March 23 in U.S.: WMG Acquisition Corp. (Warner Music Group) $800 million equivalent; Deutsche Bank Securities, Bank of America Securities, Lehman Brothers, Merrill Lynch & Co.; Rule 144A; 10-year

Started March 24 in Europe: NTL CABLE PLC £800 million; Deutsche Bank Securities, Goldman Sachs & Co.; Rule 144A/Regulation S; 10NC5

Started March 24: MISSION RESOURCES CORP. $130 million; Guggenheim Capital Markets Llc; Rule 144A; 7NC4

Started March 25: CONSOLIDATED COMMUNICATIONS $240 million; Credit Suisse First Boston, Citigroup; Rule 144A; 10NC5

Starts March 29: MUELLER GROUP INC. $415 million; Credit Suisse First Boston; 7.5NC18 months and 8NC4

Week of March 29: MEMBERWORKS INC. $150 million; Lehman Brothers, UBS Investment Bank; Rule 144A/Regulation S; 10-year

March 29-30: BOYD GAMING CORP. $300 million; Deutsche Bank Securities, Bank of America Securities, CIBC World Markets; Rule 144A; 10NC5

March 29-30: SERVICE CORPORATION INTERNATIONAL $250 million; Merrill Lynch & Co.; Rule 144A; 12NC

Starts March 30: SEAT PAGINE GIALLE SPA €1.15 billion; Credit Suisse First Boston; Rule 144A/Regulation S; 10NC5

RECENT SHELF FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION

ALLEGHENY TECHNOLOGIES INC.: $400 million shelf filed March 22 for common stock, preferred stock, warrants, depositary shares, purchase contracts, purchase units or debt securities; securities may be issued as convertibles; Pittsburgh specialty materials company will use proceeds for general corporate purposes.

http://www.sec.gov/Archives/edgar/data/1018963/000095015204002154/j0649601sv3.txt

ARMOR HOLDINGS, INC. (Symbol: AH): $500 million shelf filed March 23 for debt securities, preferred stock, common stock and warrants; securities may be issued as convertibles; Jacksonville, Fla. manufacturer of security products and vehicle armor will use proceeds for general corporate purposes.

http://www.sec.gov/Archives/edgar/data/1284377/000095013604000827/file001.txt

SI INTERNATIONAL, INC.: $100 million shelf filed March 22 for common stock, preferred stock, depositary receipts, warrants and debt securities; securities may be issued as convertibles; Reston, Va. provider of information technology to federal government will use proceeds for repayment of debt, acquisitions and working capital and general corporate purposes.

http://www.sec.gov/Archives/edgar/data/1143363/000104746904008877/a2131499zs-3.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.