High Yield Calendar: No deals being marketed

EXPECTED JANUARY BUSINESS

ASHLAND DISTRIBUTION: $600 million high-yield bonds and bank debt; Bank of America Merrill Lynch; to fund LBO by TPG Capital, expected to close by end of March 2011; also $400 million equity.

DEL MONTE FOODS CO.: $1.6 billion senior notes and $3 billion credit facility; J.P. Morgan Securities LLC, Barclays Capital Inc., Morgan Stanley & Co. Inc., Bank of America Merrill Lynch, KKR Capital Markets to lead debt financing; to fund LBO by Kohlberg Kravis Roberts & Co. LP, Vestar Capital Partners and Centerview Partners, expected to be completed by the end of March 2011; San Francisco-based branded pet and consumer products company; expected early 2011 business.

POLYMER GROUP INC.: Possible $545 million secured notes via public or Rule 144A offering (financing could alternatively take the form of $545 million increasing-rate loans under the existing senior secured credit facility); also $50 million ABL facility and $260 million of sponsor equity; debt commitments from Citigroup Global Markets Inc., Morgan Stanley Senior Funding, Inc., Barclays Bank plc, Barclays Capital, Royal Bank of Canada, RBC Capital Markets; to help fund $326 million buyout by the Blackstone Group; Charlotte, N.C., producer of non-wovens for the hygiene, wipes, medical, and industrial markets; expected early 2011 business.

EXPECTED EARLY 2011 BUSINESS

AFREN PLC: Dollar-denominated senior secured notes; to repay debt and for general corporate purposes; Deutsche Bank Securities, Goldman Sachs & Co., BNP Paribas; London-based independent oil and gas exploration and production company; expected early 2011 business.

COMMSCOPE (CTV) $2.25 billion senior secured notes; J.P. Morgan Securities LLC (sole); to help fund $3.9 billion LBO by Carlyle; financing also includes a $400 million ABL facility; Hickory, N.C.-based provider of infrastructure services for communication networks; expected early 2011 business.

GALA CORAL GROUP, LTD.: Up to £600 million senior notes with minimum seven-year tenor; Goldman Sachs & Co. and the Royal Bank of Scotland expected to be involved; to repay senior secured bank loans; Nottingham, England-based gaming and off-track betting company; expected early 2011 business.

GRIFOLS SA: $1.1 billion senior notes; also $3.4 billion credit facility (Ba3/BB) via Deutsche Bank, Nomura, BBVA, BNP Paribas, HSBC and Morgan Stanley; to help fund the company's acquisition of Talecris Biotherapeutics Holdings Corp.; Grifols is a Barcelona, Spain-based health care company and producer of plasma protein therapies. Talecris is a Research Triangle Park, N.C.-based biotherapeutics products company; roadshow held in December; early 2011 business.

J. CREW GROUP INC.: $600 million senior notes; Goldman Sachs & Co., Bank of America Merrill Lynch (joint); proceeds, along with $1 billion term loan and $250 million ABL revolver, to fund the approximately $3 billion LBO of the company by TPG Capital and Leonard Green & Partners LP; also $1.1 billion in equity financing; New York-based retailer of clothing and accessories; expected early 2011 business.

THE SI ORGANIZATION INC.: $175 million senior subordinated notes; J.P. Morgan Securities LLC; to help fund $815 million to help fund Veritas Capital's acquisition of Lockheed Martin Corp.'s Enterprise Integration Group; Valley Forge, Pa.-based provider of engineering, integration services, modeling, simulation, analysis and risk mitigation services to the U.S. intelligence community; possible early 2011 business.

VIKING RIVER CRUISES: Expected $200 million high-yield notes; Credit Suisse; Los Angeles-based river cruise line; possible January business.

ON THE HORIZON

ARMSTRONG WORLD INDUSTRIES INC.: $800 million debt financing to include possible senior notes and bank loan; Bank of America Merrill Lynch, Barclays Capital Inc., J.P. Morgan Securities LLC to lead the bank loan; to help fund a dividend to shareholder; Lancaster, Pa.-based designer and manufacturer of floors, ceilings and cabinets.

CANADIAN SATELLITE RADIO HOLDINGS INC.: (parent company of XM CANADA): about C$130 million of senior notes; to help fund the all-stock merger of equals of XM Canada with Sirius Canada Inc., with a combined enterprise value of about $520 million, transaction subject to approval by CSR's shareholders (other than Sirius XM and its affiliates) at a special meeting anticipated to be held in February 2011.

CPI INTERNATIONAL INC.: $215 million notes and $178 million credit facility; UBS Investment Bank; to fund LBO of the company by Veritas Capital; Palo Alto, Calif.-based provider of microwave, radio frequency, power and control solutions for critical defense, communications, medical, scientific and other applications.

LODGENET INTERACTIVE CORP.: Possible debt financing that could include bonds; to repay bank debt; Sioux Falls, S.D.-based provider of interactive media and connectivity solutions to the hospitality industry and interactive patient education, information and entertainment systems to health care facilities; ($435 million six-year senior secured second-lien notes, B3/B/, via Bank of America Merrill Lynch, J.P. Morgan Securities LLC, put on hold Sept. 28 as company announced it is seeking alternatives).

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