High Yield Calendar: $5.41 billion and €370 million deals being marketed

DECEMBER 14 WEEK

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, England-based oilfield services provider Expro International Group Ltd.; price talk 9¼% area.

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; price talk expected Monday; pricing expected Tuesday.

CLEAR CHANNEL WORLDWIDE HOLDINGS INC. $750 million senior notes due 2017: $600 million series A notes and $150 million series B notes; Goldman Sachs & Co., Citigroup Global Markets Inc., Credit Suisse, Deutsche Bank Securities Inc., Morgan Stanley & Co. (joint); Rule 144A; non-callable for three years; proceeds to be loaned to Clear Channel Outdoor Holdings Inc., which will use funds to repay debt owed to Clear Channel Communications; San Antonio-based media company; pricing early Dec. 14 week.

MCJUNKIN RED MAN CORP.: $1 billion senior secured notes due 2016; Goldman Sachs & Co. (left books), Barclays Capital Inc. (joint books), J.P. Morgan Securities Inc., Bank of America Merrill Lynch (joint leads), Raymond James & Associates, SunTrust Robinson Humphrey Inc., 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.

EDGEN MURRAY CORP.: $465 million seven-year senior secured first-lien notes (existing and expected ratings Caa1/B); J.P. Morgan Securities Inc., Jefferies & Co. (joint), Barclays Capital Inc., HSBC Securities (co's); Rule 144A/Regulation S with registration rights; non-callable for four years; to repay bank debt; Baton Rouge, La.-based industrial distributor of steel products; roadshow Dec. 9-15; pricing Dec. 15.

NOVASEP HOLDING SAS: €370 million equivalent of dollar- and euro-denominated seven-year senior secured notes (expected B3/B); JPMorgan 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 Dec. 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.

GXS WORLDWIDE, INC.: $750 million 5.5-year senior secured notes; Barclays Capital Inc., J.P. Morgan Securities Inc., Citigroup Global Markets Inc., Wells Fargo Securities (joint); Rule 144A; non-callable for 2.5 years; to repay bank debt, general corporate purposes, fund cash portion of the merger with Inovis and refinance Inovis debt; Gaithersburg, Md.-based e-commerce and integration services company; roadshow starts Dec. 10; investor call 12:30 p.m. ET Dec. 10.

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.

FORMATION METALS INC.: $100 million and C$60 million via up to 102,041 units comprised of senior secured note and 150 common share warrants; Jennings Capital Inc. (lead agent), Blackmont Capital Inc., Acumen Capital Finance Partners Ltd. (agents); notes to bear interest at 10% for first two years and 12% thereafter (first four interest payments to be held in escrow); offering price is 98.00; to fund construction at the Idaho Cobalt Project and the Big Creek Hydrometallurgical Complex, for bonding requirements, for general corporate purposes; Vancouver, B.C.-based metals mining and refining company; offering price is 98.00; to close on or about Dec. 22.

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 based 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.

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 early Dec. 14 week: CLEAR CHANNEL WORLDWIDE HOLDINGS INC. $750 million; Goldman Sachs & Co., Citigroup Global Markets Inc., Credit Suisse, Deutsche Bank Securities Inc., Morgan Stanley & Co.

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

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

Dec. 9-15: EDGEN MURRAY CORP. $465 million; J.P. Morgan Securities Inc., Jefferies & Co.

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

Starts Dec. 10: GXS WORLDWIDE, INC. $750 million; Barclays Capital Inc., J.P. Morgan Securities Inc., Citigroup Global Markets Inc., Wells Fargo Securities

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.

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