E-mail us: service@prospectnews.com Or call: 212 374 2800
Bank Loans - CLOs - Convertibles - Distressed Debt - Emerging Markets
Green Finance - High Yield - Investment Grade - Liability Management
Preferreds - Private Placements - Structured Products
 
Published on 12/8/2009 in the Prospect News High Yield Daily.

High Yield Calendar: $6.615 billion, €1.37 billion, £275 million deals being marketed

DECEMBER 7 WEEK

SANDRIDGE ENERGY, INC.: $400 million senior notes due Jan. 15, 2020; Bank of America Merrill Lynch, Deutsche Bank Securities Inc., J.P. Morgan Securities Inc., Mitsubishi, RBC Capital Markets Corp. (joint), Barclays Capital Inc., Calyon Securities, Credit Suisse, Morgan Stanley & Co., UBS Investment Bank, BBVA Securities Inc., BMO Nesbitt Burns, Scotia Capital, US Bancorp (co's); Rule 144A with registration rights; non-callable for five years; 101 change-of-control put; to finance a portion of the acquisition of oil and gas properties in the Permian Basin from Forest Oil Corp. and one of its subsidiaries; Oklahoma City-based oil and gas exploration and production company; investor call 11 a.m. ET Wednesday, pricing thereafter.

PINNACLE FOODS GROUP LLC: $300 million add-on to senior notes due April 1, 2015 (current ratings Caa2/CCC; pro forma ratings for acquisition Caa2/CCC+); Credit Suisse, Barclays Capital, Bank of America Merrill Lynch, HSBC, Macquarie Capital (joint); Rule 144A with registration rights; callable April 1, 2011 at 104.625; to help finance the $1.3 billion acquisition of Birds Eye Foods Inc.; Pinnacle Foods is a Cherry Hill, N.J.-based manufacturer and distributor of branded packaged foods; original $325 million issue priced at par in March 2007; investor call 10:30 a.m. ET, Wednesday; pricing expected Wednesday afternoon.

WIND ACQUISITION HOLDINGS FINANCE SA: €500 million equivalent senior PIK notes due July 15, 2017, in euro and dollar denominations; Morgan Stanley, Banca IMI, Calyon Securities, Citigroup, JPMorgan, Natixis Bleichroeder (joint); Rule 144A/Regulation S for life; PIK until Jan. 15, 2014, then cash-pay; non-callable for 3.5 years; to fund cash distribution to Weather Group; Italian telecommunications company; expected to price Dec. 9 or Dec. 10.

AMERICAN AXLE & MANUFACTURING, INC.: $400 million seven-year senior secured first-lien notes (existing first-lien ratings B3/B-); J.P. Morgan Securities Inc., Bank of America Merrill Lynch (joint), Comerica Investments, KeyBanc Capital Markets Inc., US Bancorp; Rule 144A/Regulation S for life; non-callable for four years (10% of the notes callable immediately at 103.0); to repay term loan debt; Detroit-based automotive supplier; books close Wednesday; pricing expected Thursday morning.

BIRCH COMMUNICATIONS, INC.: $100 million senior secured notes due 2015 (B3/CCC+); Knight Libertas Capital Group; Rule 144A/Regulation S; non-callable for four years; to repay outstanding debt, to purchase outstanding warrants for its common stock and for general corporate purposes, including future acquisitions; Atlanta-based telecommunications carrier; expected to price middle of Dec. 7 week.

BUMBLE BEE FOODS, LLC/CONNORS BROS. CLOVERLEAF SEAFOODS CO./BUMBLE BEE CAPITAL CORP.: $220 million senior secured notes due 2015 (B2/B+); Wells Fargo Securities, LLC and Jefferies & Co. Inc. (joint books); Rule 144A/Regulation S; San Diego-based canned and packaged fish products company; proceeds to refinance debt; investor call Dec. 7; pricing expected late in Dec. 7 week.

DUPONT FABROS TECHNOLOGY, LP: $550 million eight-year senior notes (Ba2); Jefferies & Co. Inc., Barclays Capital Inc. and Macquarie Capital Advisors (joint books); Rule 144A, Registration S; non-callable for four years; Washington, D.C.-based owner, developer and operator of large-scale data centers; proceeds to repay secured bank debt and for working capital, including project completion costs; roadshow through Dec. 11.

EXPRO FINANCE LUXEMBOURG SCA: $1.35 billion seven-year senior secured notes (expected: B1/B+); Goldman Sachs & Co. and Deutsche Bank Securities, Inc. (joint books), J.P. Morgan Securities Inc., HSBC Securities (USA) Inc. and Lloyds TSB Bank plc (joint leads), Natixis Capital Markets and RBC Capital Markets Corp. (co's); Rule 144A for life, Regulation S; non-callable for three years other than a make-whole call; also option to call up to 10% of the outstanding amount at 103; unit of Reading, U.K.-based oilfield services provider Expro International Group Ltd.; proceeds to repay existing senior secured term loans; roadshow Nov. 30 and Dec. 7 weeks.

NATIONAL MONEY MART CO. (DOLLAR FINANCIAL CORP.): $350 million senior notes due December 2016 (maturity will be shortened to Nov. 30, 2012 if greater than $50 million of existing convertible notes remain outstanding on Oct. 30, 2012); Credit Suisse, Wells Fargo Securities; Rule 144A/Regulation S with registration rights; non-callable for four years; to fund acquisition of Military Financial Services, LLC, to prepay $100 million of term loan debt and for general expenses, possibly including a portion of the convertible notes; Berwyn, Pa.-based financial services company primarily serving unbanked and under-banked consumers; pricing mid-to-late Dec. 7 week.

PRIMUS TELECOMMUNICATIONS HOLDING, INC.: $130 million senior secured notes due 2016, to come as 130,000 units, each one comprised of $653.85 of Primus Telecommunications Holding, Inc. notes (confirmed Caa1/expected B) and $346.15 Primus Telecommunications Canada, Inc. notes (confirmed B3/expected B); Jefferies & Co., UBS Investment Bank (joint); Rule 144A/Regulation S for life; non-callable for four years; to repay U.S. and Canadian term loans; integrated facilities-based communications service provider, based in Washington, D.C.; pricing late Dec. 7 week.

GOODMAN GLOBAL GROUP, INC.: $320 million proceeds via five-year senior discount notes; J.P. Morgan Securities Inc. (books), Barclays Capital Inc. (co); Rule 144A/Regulation S for life; callable in the first year at 102.0, second year at 104.0, third year at 102.0, par thereafter; to fund a dividend to shareholders; Houston-based manufacturer of HVAC products; roadshow Dec. 7-11; pricing Dec. 11.

GEORGIA GULF CORP.: $500 million seven-year senior secured first-lien notes (mid-single B ratings expected); J.P. Morgan Securities Inc. (books), Wells Fargo Securities, Barclays Capital Inc. (co's); Rule 144A/Regulation S for life; non-callable for four years; to repay debt; Atlanta-based chemical company; roadshow Dec. 8-11; pricing Dec. 11.

AQUILEX HOLDING: $225 million seven-year notes; Credit Suisse, Morgan Stanley & Co., RBC Capital Markets Corp.; non-callable for four years; to refinance existing debt; Atlanta-based chemical company; presently in market.

INFINIS PLC: £275 million senior notes due December 2014 (expected ratings B1/B+); Deutsche Bank Securities, JPMorgan (joint); Rule 144A/Regulation S; callable at 103 for first six months, then callable at 101 in 2.5 years; to refinance debt, shareholder loans and for general corporate purposes; U.K. renewable energy generating company; roadshow started Dec. 8; pricing expected before the end of the Dec. 7 week.

REXEL: €500 million senior notes due 2016; Calyon Securities, RBS Securities, Bank of America Merrill Lynch (global coordinators and bookrunners), BNP Paribas, HSBC, Natixis Bleichroeder (joint books); Regulation S-only; non-callable for four years; to refinance existing debt; Paris-based manufacturer of low voltage electrical products; roadshow Dec. 8-11.

DECEMBER 14 WEEK

MCJUNKIN RED MAN CORP.: $1 billion senior secured notes due 2016; Goldman Sachs & Co. (left books), Barclays Capital (joint books), JP Morgan, Bank of America Merrill Lynch (joint leads), Raymond James, SunTrust Robinson Humphrey, TD Securities (co-managers); Rule 144A with registration rights; non-callable for three years; to repay bank debt; Tulsa-based manufacturer of pipes, valves and fittings; roadshow Dec. 9-15, pricing thereafter.

NOVASEP HOLDING SAS: €370 million equivalent of dollar- and euro-denominated seven-year senior secured notes (expected B3/B); JP Morgan Securities Inc. and BNP Paribas; Rule 144A/Regulation S without registration rights; non-callable for four years; Nancy, France-based producer of active pharmaceutical ingredients and purification technologies for the life science industries; proceeds to refinance senior secured debt; U.S. and European roadshow Dec. 7 to Dec. 15.

UNITED MARITIME GROUP LLC: $200 million seven-year senior secured notes (expected B3/B-); Jefferies & Co. Inc., Bank of America Merrill Lynch and Wells Fargo Securities LLC (joint books); Rule 144A/Regulation S; non-callable for four years; proceeds to repay bank debt; Tampa, Fla.-based provider of ocean and inland maritime transportation of dry-bulk commodities like grain and coal; roadshow Dec. 4 to 15; pricing after.

VISKASE COS. INC.: $160 million eight-year senior secured notes (B2); Jefferies & Co. Inc.; Rule 144A, Regulation S without registration rights; Chicago maker of non-edible cellulose, fibrous and plastic casings used in the meat packing industry, proceeds to repay substantially all existing debt, including $90 million of 11½% senior secured notes due 2011, and for general corporate purposes; roadshow Dec. 7 through Dec. 14.

GEOKINETICS HOLDINGS, INC.: $275 million senior secured notes due 2014; RBC Capital Markets (lead books), Bank of America Merrill Lynch (joint books); Rule 144A/Regulation S with registration rights; non-callable for two years (10% of issue callable at 103.0 during each 12-month period up to the first call date); to finance the cash portion of the PGS Onshore acquisition and repay debt; Houston-based provider of seismic data acquisition and seismic data processing and interpretation services; roadshow starts Dec. 11; pricing late Dec. 14 week.

P2021 RIG CO.(VANTAGE DRILLING CO.): $135 million senior secured notes due 2013; Jefferies & Co. (books), Pareto Securities, Johnson Rice & Co. LLC (co's); Rule 144A/Regulation S; callable from June 2010 until December 2011, at par, then 102, 105, 107, 107, 105, 103, par, at six-month intervals; to fund completion of the acquisition of Topaz Driller; Houston-based drilling company; roadshow in Europe and Asia during Dec. 7 week, U.S. roadshow Dec. 14-17.

EXPECTED DECEMBER BUSINESS

MOMENTIVE PERFORMANCE MATERIALS INC.: $500 million first-lien senior secured notes due 2017 (B2); J.P. Morgan Securities Inc.; Rule 144A; to pay down bank debt and for general corporate purposes; silicone producer headquartered in Albany, N.Y.; expected to kick off during Nov. 30 week.

ON THE HORIZON

CDW CORP.: $1.94 billion notes: $890 million senior unsecured cash-pay notes due 2015 (Caa1/CCC+), $300 million senior unsecured PIK toggle notes due 2015 (Caa1/CCC+) and $750 million senior subordinated notes due 2017 (Caa2/CCC+); J.P. Morgan Securities Inc., Deutsche Bank Securities Inc., Morgan Stanley & Co. Inc.; to refinance bridge loan related to LBO; Vernon Hills, Ill., provider of technology products and services.

CWI: $1 billion of new bonds and credit facilities; to replace existing debt facilities and meet medium-term debt maturities; deal is related to separation of CWI and Worldwide into two companies separately listed on the London Stock Exchange, targeted for completion by March 31, 2010; CWI is a London-based telecommunications business.

IMS HEALTH INC.: $1 billion of senior unsecured notes; Goldman Sachs & Co.; to help fund buyout by TPG Capital and the CPP Investment Board, expected to close first quarter of 2010, subject to approval of IMS shareholders, regulatory approvals and customary closing conditions; Norwalk, Conn.-based provider of market intelligence to the pharmaceutical and health care industries.

INFORMA GLOBAL MARKETS: High-yield notes (Ba2/BB), size to be determined; JPMorgan; London-based real-time capital markets information services provider; originally scheduled as early September business, pending market conditions.

INTCOMEX INC.: $120 million senior secured notes due 2014 (B3/B-); Bank of America Merrill Lynch; Miami-based aggregator of IT products serving Latin American and Caribbean markets.

NORTH AMERICAN ENERGY PARTNERS, INC: C$200 million (approximate) notes; Edmonton, Alta.-based gas and oil field services provider.

RIVERDEEP INTERACTIVE LEARNING USA: $820 million senior subordinated notes; Credit Suisse, Citigroup (joint); proceeds along with $1.87 billion senior bank debt, $750 million mezzanine debt and $1.5 billion equity to fund the acquisition of Houghton Mifflin by Riverdeep from Thomas H. Lee Partners, Bain Capital Partners, LLC and Blackstone Group for $3.4 billion; Riverdeep, based in Dublin, Ireland, is a publisher of interactive products for the consumer and school markets.

SOLARGY SYSTEMS INC.: Rule 144A secured bonds; GCI Capital Holdings; Fort Lauderdale, Fla.-based systems integrator of alternative energy technologies; expected 2010 business.

ROADSHOWS

Pricing mid-Dec. 7 week: BIRCH COMMUNICATIONS, INC. $100 million; Knight Libertas Capital Group

Pricing mid-to-late Dec. 7 week: NATIONAL MONEY MART CO. (DOLLAR FINANCIAL CORP.) $350 million; Credit Suisse, Wells Fargo Securities

Pricing late Dec. 7 week: PRIMUS TELECOMMUNICATIONS HOLDING, INC. $130 million; Jefferies & Co., UBS Investment Bank

Dec. 7 to Dec. 14: VISKASE COS. INC.: $160 million eight-year senior secured notes; Jefferies & Co. Inc.

Through Dec. 11: DUPONT FABROS TECHNOLOGY, LP: $550 million eight-year senior notes; Jefferies & Co. Inc., Barclays Capital Inc. and Macquarie Capital Advisors

Nov. 30 and Dec. 7 weeks: EXPRO FINANCE LUXEMBOURG SCA: $1.35 billion seven-year senior secured notes; Goldman Sachs & Co. and Deutsche Bank Securities, Inc.

Dec. 4 to 15: UNITED MARITIME GROUP LLC: $200 million seven-year senior secured notes; Jefferies & Co. Inc., Bank of America Merrill Lynch and Wells Fargo Securities LLC

Dec. 7-11: GOODMAN GLOBAL GROUP, INC. $320 million; J.P. Morgan Securities Inc.

Dec. 7 to Dec. 15: NOVASEP HOLDING SAS: €370 million equivalent of dollar- and euro-denominated seven-year senior secured notes; J.P. Morgan Securities Inc. and BNP Paribas Securities Corp.

Started Dec. 8: INFINIS PLC £275 million; Deutsche Bank Securities, JPMorgan

Dec. 8-11: GEORGIA GULF CORP. $500 million; J.P. Morgan Securities Inc.

Dec. 8-11: REXEL: €500 million; Calyon Securities, RBS Securities Inc., Bank of America Merrill Lynch

Dec. 9-15: MCJUNKIN RED MAN CORP. $1 billion; Goldman Sachs & Co.

In the market: AQUILEX HOLDING $225 million; Credit Suisse, Morgan Stanley & Co., RBC Capital Markets Corp.

Starts Dec. 11: GEOKINETICS HOLDINGS, INC. $275 million; RBC Capital Markets Corp.

Through Dec. 17: P2021 RIG CO. (VANTAGE DRILLING CO.) $135 million; Jefferies & Co.


© 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.