High Yield Calendar: $2.22 billion, £900 million and €300 million being marketed

MAY 23 WEEK

GALA CORAL GROUP, LTD. £625 million notes (downsized from £650 million, term loan B upsized to £825 million from £800 million): £350 million senior secured notes due 2018 (B2/B+/BB), non-callable for three years, price talk 8¾% area, upsized from £250 million, and £275 million senior unsecured notes due 2019 (Caa2/CCC+/CCC) , non-callable for four years, price talk 11½% area, downsized from £400 million; Credit Suisse AG, Barclays plc (global coordinators), Deutsche Bank AG, Goldman Sachs International, Morgan Stanley, HSBC; to repay senior secured bank loans; Nottingham, England-based gaming and off-track betting company; books close 10 a.m. ET on Monday, pricing thereafter.

INTEGRA TELECOM HOLDINGS, INC.: $260 million senior notes due 2016 (expected ratings Caa2/CCC); J.P. Morgan Securities LLC, Morgan Stanley & Co. (joint); Rule 144A and Regulation S for life; non-callable for two years; to repay existing credit facility and general corporate purposes; Portland, Ore., fiber-based telecommunications carrier; roadshow started May 17; pricing expected May 23.

FORBES ENERGY SERVICES LTD.: $255 million senior notes due 2019; Jefferies & Co. (sole); Rule 144A with registration rights; non-callable for four years; to repay existing debt, including the 11% senior secured notes due 2015, and for general corporate purposes; Alice, Texas-based oilfield services company; roadshow May 16-24.

EXOPACK HOLDING CORP.: $225 million senior notes due 2018 (Caa1/CCC+); Goldman Sachs & Co., Bank of America Merrill Lynch (books); Rule 144A and Regulation S with registration rights; non-callable for three years; proceeds, along with proceeds from concurrent term loan, to fund tender for 11¼% senior notes due 2014 and pay a dividend to stockholders; Spartanburg, S.C.-based full-service paper and plastic flexible packaging products manufacturer; East Coast roadshow May 16 week, West Coast roadshow May 23 week, pricing thereafter.

TFS CORP.: $175 million senior secured notes due 2018 (B3/B/); Global Hunter Securities, Clarkson Capital Markets, Knight Securities; non-callable for four years; to fund land acquisitions and general corporate purposes; Nedlands, Western Australia-based owner and operator of sandalwood plantations; price talk 11¾% area (earlier guidance was 10% to 10¾%); possibly pricing Thursday.

HOUSE OF FRASER (FUNDING) PLC: £250 million senior secured notes due 2018 (expected ratings B2/B+); Barclays Capital Inc., Deutsche Bank Securities Inc. (global coordinators and joint bookrunners), HSBC, Lloyds TSB (joint bookrunners); Rule 144A and Regulation S; non-callable for three years; 101% poison put; to refinance bank debt and general corporate purposes; London-based department store group; roadshow May 19 in London, May 20 in London and Edinburgh, May 23 in Paris.

OIL STATES INTERNATIONAL, INC.: $600 million senior notes due 2019; Credit Suisse Securities (USA) LLC, RBC Capital Markets, Wells Fargo Securities LLC (joint); Rule 144A and Regulation S with registration rights; callable in three years at par plus 75% of coupon; three-year 35% equity clawback; 101% poison put; to repay revolver and for general corporate purposes; Houston-based diversified oilfield services company; roadshow started May 19; pricing May 23 week.

EAGLE ROCK ENERGY PARTNERS LP and EAGLE ROCK ENERGY FINANCE CORP.: $300 million senior notes due 2019 (/B-/); Wells Fargo Securities LLC (left books), Bank of America Merrill Lynch, BNP Paribas, RBS Securities Inc. (joint books), BBVA Securities, Citigroup Global Markets Inc., Comerica Investments, ING, Morgan Keegan, RBC Capital Markets, Scotia Capital (senior co's), Capital One South Coast (co); Rule 144A with registration rights; non-callable for four years; to repay revolver borrowings and debt assumed in the Crow Creek acquisition, and for general corporate purposes; Houston-based natural gas company; roadshow started May 18; pricing May 23 week.

INTERNATIONAL AUTOMOTIVE COMPONENTS GROUP: $300 million senior secured notes due 2018; Deutsche Bank Securities Inc., Bank of America Merrill Lynch, J.P. Morgan Securities LLC; Rule 144A for life; non-callable for four years (10% callable annually at 103 during non-call period); to repay debt and fund a distribution to shareholders; Krefeld, Germany-based automotive components company; roadshow starts May 20; pricing expected May 23 week.

SUNSTATE EQUIPMENT CO. LLC and SUNSTATE EQUIPMENT CO. INC.: $170 million senior secured second-lien notes due 2017 (expected ratings Caa2/CCC+); Bank of America Merrill Lynch (sole); Rule 144A for life; non-callable for three years; 101% poison put; proceeds, together with proceeds from new credit facility, to refinance 10½% second-lien notes due 2013 and repay a portion of the existing credit facility; Phoenix-based company provides construction, industrial, and special event companies with rental tools and equipment; roadshow started May 20; pricing mid-to-late May 23 week.

XEFIN LUX SCA (XELLA): €300 million senior secured notes due 2018; Goldman Sachs International, JPMorgan, Credit Agricole CIB; non-callable for three years; to refinance debt; Duisburg, Germany-based building materials manufacturer; roadshow starts May 23 in London.

FLINT ENERGY SERVICES LTD.: C$200 million senior notes due 2019; Credit Suisse Securities (USA) LLC, BMO Capital Markets (joint); Rule 144A for life; non-callable for four years; three-year 35% equity clawback; 101% poison put; to refinance bank debt and for general corporate purposes; Calgary, Alta.-based provider of products and services to the oil and gas industries; roadshow started May 17; pricing during May 23 week.

GULF OFFSHORE LOGISTICS, LLC: $110 million senior secured notes due 2016; Global Hunter Securities, Knight Capital; non-callable for three years; to repay debt and for general corporate purposes; Raceland, La.-based provider of marine transportation and logistical services to the oil and gas industry; roadshow May 16 week.

EXPECTED MAY BUSINESS

NEWLEAD HOLDINGS LTD.: $120 million senior secured bonds due 2016; Rule 144A and Regulation S; to finance certain vessel purchase commitments, to refinance the debt of certain vessels and for general corporate purposes; Piraeus, Greece-based international, vertically integrated mixed fleet shipping company.

NORCRAFT FINANCE CORP./NORCRAFT COS., LP: $60 million add-on to 10½% senior secured second-lien notes due 2015; Rule 144A and Regulation S; proceeds, together with cash on hand, to fund a consent solicitation, to fund the purchase of the Norcraft Holdings, LP's 9¾% senior discount notes due 2012; Egan, Minn.-based cabinet maker.

RURAL/METRO CORP.: New high-yield bonds and credit facility; Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc. and Jefferies & Co. are leading the financing; to help fund the acquisition of the company by Warburg Pincus; Scottsdale, Ariz.-based provider of emergency and non-emergency ambulance services and private fire protection services.

SARATOGA RESOURCES INC.: $150 million first-lien senior secured notes; to refinance substantially all of the company's debt; oil & gas development and exploration company with operations in Southern Louisiana and offices in Houston and Covington, La.

EXPECTED JUNE BUSINESS

AMC NETWORKS INC. (RAINBOW MEDIA HOLDINGS LLC): $750 million senior notes; Bank of America Merrill Lynch, J.P. Morgan Securities LLC; also $2.175 million new bank debt; to finance the spin-off from Cablevision Systems Corp., refinance existing debt at Rainbow Media as well as to repay $1.25 billion of Cablevision and/or CSC Holdings LLC debt, and for general corporate purposes; Bethpage, N.Y.-based telecommunications, media and entertainment company; expected June business.

INC RESEARCH LLC: $250 million bonds backed by $250 million Libor plus 750 bps bridge loan (1.25% Libor floor), commitments due late May 2011; Morgan Stanley; also $425 million credit facility; to help fund its purchase of Kendle International Inc.; INC Research is a Raleigh, N.C.-based therapeutically focused contract research organization; Kendle is a Cincinnati-based clinical research organization.

ON THE HORIZON

AES CORP.: $1 billion of senior notes and DPL INC.: $1.25 billion senior notes; also $1.05 billion bank debt led by Bank of America Merrill Lynch, J.P. Morgan Securities LLC and Morgan Stanley & Co. Inc., commitments due May 23; to help fund the acquisition of DPL Inc., the parent company of the Dayton Power & Light Co.; AES is an Arlington, Va.-based generator and distributor of electricity. DPL is a Dayton, Ohio-based power supplier.

AMERICAN TOWER CORP.: Expected issue of high-yield notes, as part of a refinancing of bank debt maturing in 2012; Boston-based wireless and broadcast communications infrastructure company.

CAPSUGEL: €325 million bridge loan backing a proposed €325 million notes; also $1.07 billion credit facility to be led by UBS Securities LLC, Barclays Capital Inc., Deutsche Bank Securities Inc., KKR Capital Markets and Mizuho Securities USA Inc.; to help fund the buyout of the company by Kohlberg Kravis Roberts & Co LP from Pfizer Inc. for $2.375 billion in cash, expected to close in the third quarter of 2011; Peapack, N.J.-based manufacturer of hard capsules and drug-delivery systems.

DNO INTERNATIONAL ASA: $200 million to $300 million senior secured bonds due 2016; Pareto Securities AS, ABG Sundal Collier ASA and Fearnley Fonds ASA; for general corporate purposes; Oslo, Norway, oil and gas exploration and production company.

DUOCOMMUN INC.: $200 million senior notes; UBS Securities LLC and Credit Suisse Securities (USA) LLC (joint); also $240 million credit facility; to fund its acquisition of LaBarge Inc., expected to close in the second quarter of 2011, and repay debt; Ducommun is a Carson, Calif.-based provider of engineering and manufacturing services to the aerospace and defense industry.

ENDO PHARMACEUTICALS: New bonds and bank debt via Morgan Stanley and Bank of America Merrill Lynch; to help fund its acquisition of American Medical Systems, expected to close in third quarter of 2011; Endo is a Chadds Ford, Pa.-based specialty health care company.

GGC SOFTWARE HOLDINGS INC.: $560 million senior notes and $1.115 billion credit facility; Credit Suisse Securities (USA) LLC, Bank of America Merrill Lynch, Morgan Stanley Senior Funding, Inc., Royal Bank of Canada, Deutsche Bank Securities Inc. are leading the financing; to fund the LBO of Lawson Software by Golden Gate Capital and Infor Global Solutions, expected to close in third quarter of 2011; St. Paul, Minn.-based enterprise software developer.

INTERNATIONAL WIRE GROUP, INC.: $110 million senior secured notes due 2015; to fund one-time distribution to stockholders and option holders; consent solicitation via Wells Fargo Securities, LLC expires on April 1; Camden, N.Y.-based electrical wire manufacturer.

KRUGER INC.: Up to C$210 million PIK toggle notes (upsized from C$200 million); GMP Securities; project finance; Montreal-based paper products manufacturer.

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 services 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).

NAL OIL & GAS: C$150 million to C$250 million notes; RBC Capital Markets, BMO Nesbitt Burns; Calgary, Alta., trust acquires interests in Canada's upstream conventional oil and gas industry.

PREMIER FOODS PLC (Ba2/BB/BB): New high-yield bonds; to settle swap agreements, diversify sources of funding and reduce reliance on bank debt; St. Albans, England-based food producer; possibly launching during Feb. 21 week.

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.

SILGAN HOLDINGS INC.: $400 million senior subordinated notes (with the ability to issue $500 million senior notes) and $4 billion credit facility; Bank of America Merrill Lynch; to help fund the acquisition of Graham Packaging Co. Inc., expected to close in the third quarter of 2011; Silgan is a Stamford, Conn.-based manufacturer of consumer goods packaging products.

ROADSHOWS

May 16 week: GULF OFFSHORE LOGISTICS, LLC $110 million; Global Hunter Securities, Knight Capital.

May 16-19: GALA CORAL GROUP, LTD. £650 million; Credit Suisse AG, Barclays plc, Deutsche Bank AG, Goldman Sachs International, Morgan Stanley, HSBC.

May 16-24: FORBES ENERGY SERVICES LTD. $255 million; Jefferies & Co.

Started May 17: INTEGRA TELECOM HOLDINGS, INC. $260 million; J.P. Morgan Securities LLC, Morgan Stanley & Co. Inc.

Started May 17: EXOPACK HOLDING CORP. $225 million; Goldman Sachs & Co., Bank of America Merrill Lynch.

Started May 17: FLINT ENERGY SERVICES LTD. C$200 million; Credit Suisse Securities (USA) LLC, BMO Capital Markets.

Started May 18: EAGLE ROCK ENERGY PARTNERS LP and EAGLE ROCK ENERGY FINANCE CORP. $300 million; Wells Fargo Securities LLC, Bank of America Merrill Lynch, BNP Paribas, RBS Securities Inc.

Started May 19: HOUSE OF FRASER (FUNDING) PLC £250 million; Barclays Capital Inc., Deutsche Bank Securities Inc., HSBC, Lloyds TSB.

Started May 19: OIL STATES INTERNATIONAL, INC. $600 million; Credit Suisse Securities (USA) LLC, RBC Capital Markets, Wells Fargo Securities LLC.

Started May 20: INTERNATIONAL AUTOMOTIVE COMPONENTS GROUP $300 million; Deutsche Bank Securities Inc., Bank of America Merrill Lynch, J.P. Morgan Securities LLC.

Started May 20: SUNSTATE EQUIPMENT CO. LLC and SUNSTATE EQUIPMENT CO. INC. $170 million; Bank of America Merrill Lynch.

Starts May 23: XEFIN LUX SCA (XELLA) €300 million; Goldman Sachs International, JPMorgan, Credit Agricole CIB.

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