High Yield Calendar: $250 million deals being marketed

SEPT. 19 WEEK

AL ESCROW CORP. to be assumed by AVIS BUDGET CAR RENTAL LLC and AVIS BUDGET FINANCE, INC.: $250 million senior notes due March 2020; Morgan Stanley & Co. LLC, Citigroup Global Markets Inc., Credit Agricole CIB, RBS Securities Inc., Scotia Capital (USA) Inc.; Rule 144A with registration rights; non-callable for four years; proceeds primarily to partially fund the Avis Europe acquisition and to repay Avis Europe debt; Parsippany, N.J.-based Avis Budget and Bracknell, England-based Avis Europe are vehicle rental companies; investor call 10:30 a.m. ET Sept. 15; pricing late Sept. 19 week.

EXPECTED SEPTEMBER BUSINESS

EMDEON INC.: $750 million senior notes; Barclays Capital Inc., Bank of America Merrill Lynch, Citigroup Global Markets Inc.; also $1.325 billion senior secured credit facility; to fund the approximately $3 billion acquisition of the company by Blackstone Capital Partners VI LP, expected to close in the second half of 2011; Nashville, Tenn.-based provider of revenue and payment cycle management solutions, connecting payers, providers and patients in the U.S. health care system; bridge loan syndication expected in September.

KINETIC CONCEPTS INC. $2.15 billion: $1.25 billion senior second-lien notes and $900 million senior unsecured notes; Bank of America Merrill Lynch, Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC (joint); to help fund the buyout of the company by Apax Partners, Canada Pension Plan Investment Board and the Public Sector Pension Investment Board; financing also includes $2.8 billion credit facility and $1.75 billion sponsor equity; San Antonio-based medical technology company; expected September business.

SEALED AIR CORP.: $1.5 billion equivalent senior notes expected to be split into $1 billion and €500 million offerings, and $3 billion equivalent credit facilities; Citigroup Global Markets Inc., Bank of America Merrill Lynch, BNP Paribas Securities Corp. and RBS Securities Inc.; to help fund Sealed Air's acquisition of Diversey Holdings Inc. from the Johnson family and Clayton, Dubilier & Rice LLC for $2.1 billion in cash and an aggregate of 31.7 million shares of Sealed Air common stock, in a transaction valued at $4.3 billion, expected to close during 2011 ($1.4 billion Diversey debt to be refinanced); Sealed Air is an Elmwood Park, N.J.-based manufacturer of packaging systems for food, industrial, medical, and consumer applications; Diversey is a Sturtevant, Wis.-based provider of cleaning, sanitization and hygiene products; mid-September non-deal roadshow expected to be followed by quick-to-market transaction.

ON THE HORIZON

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.

CKX ENTERTAINMENT, INC.: $360 million senior secured second-lien notes due 2019 (/B-/); Goldman Sachs & Co. (left books), Macquarie Group Ltd. (joint books); Rule 144A and Regulation S; non-callable for four years; to fund the purchase of common stock and repay existing credit facility; New York City-based owner and developer of entertainment content.

DATATEL INC.: High-yield bonds via J.P. Morgan Securities LLC, Bank of America Merrill Lynch, Barclays Capital Inc., Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC; to help fund the acquisition of SunGard Higher Education by Hellman & Friedman LLC and the concurrent merger with Datatel, for $1.775 billion in cash; SunGard Higher Education is a Malvern, Pa.-based provider of software and services to higher education; Datatel is a Fairfax, Va.-based provider of technology products and services to higher education; expected 2011 business.

DIAMOND FOODS INC.: $300 million notes; also $1.75 million credit facility; Bank of America Merrill Lynch; to help fund the merger with Pringles Co., expected to close by the end of 2011; Diamond Foods is a San Francisco-based packaged food company. Pringles is a potato crisp brand.

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.

DPL INC.: $1.25 billion senior notes, also $1.05 billion term loan via Bank of America Merrill Lynch, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC; part of overall $3.3 billion of debt financing backing the acquisition of DPL, the parent of Dayton Power & Light Co., by AES, expected to close in late 2011 or early 2012; DPL is a Dayton, Ohio-based generator and distributor of electricity.

ENERGY TRANSFER EQUITY, LP: $3.2 billion high-yield bonds to help complete the $7.9 billion merger of Energy Transfer and Southern Union Co., including repayment of $3.7 billion of Southern Union debt, expected to close in the first quarter of 2012; Energy Transfer is a Dallas-based oil and gas pipeline company.

JELD-WEN ESCROW CORP., INC. to be merged with and into JELD-WEN, INC.: $575 million senior secured notes due 2018 (B3/CCC+); Bank of America Merrill Lynch, Wells Fargo Securities LLC, Barclays Capital Inc., KeyBanc Capital Markets Inc. (joint); Rule 144A for life; callable in three years at par plus 75% of coupon (special call allows issuer to redeem up to 15% of notes annually at 103 in any 12-month period during years two and three); 101% poison put; proceeds, along with an investment by Onex Corp. and its affiliates, to refinance debt and for general corporate purposes; Klamath Falls, Ore.-based door and window manufacturer; roadshow ran in early August.

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).

M&G FINANCE CORP.: $500 million senior notes due 2018 (expected ratings B3//BB); J.P. Morgan Securities LLC (sole); Rule 144A and Regulation S for life; non-callable for four years; to fund capital expenditures, to repay debt, to provide liquidity and for working capital; Houston-based Mossi & Ghisolfi (M&G) produces polyethylene terephthalate (PET) resin for packaging applications.

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.

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.

SELWYN RESOURCES LTD.: $30 million senior secured bonds, expected to be issued with warrants for common shares; First Securities AS; for the purposes of restarting the ScoZinc Mine, a past producing zinc-lead mine located in Nova Scotia, which Selwyn recently acquired; Vancouver, B.C.-based zinc and lead exploration and development company.

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.

SIAG SCHAAF INDUSTRIE AG: Up to €50 million five-year notes (/CCC+/); IKG (lead manager), Steubing (co-lead); manufacturer of steel components for onshore and offshore wind turbines.

SPIE: Expected €300 million to €400 million notes; Morgan Stanley, HSBC, SG CIB, Credit Agricole CIB, Deutsche Bank; proceeds along with approximately €1 billion of bank debt to help fund the LBO of the company by Clayton Dubilier & Rice, Axa Private Equity and Caisse de Depot et Placement du Quebec from PAI Partners from PAI Partners; France-based mechanical engineering firm; LBO closed on Aug. 30; bridge loan funded as leads await opportunity to sell the bonds.

WII COMPONENTS, INC.: New subordinated notes and new credit facility; to fund a tender offer and consent solicitation for its $105.85 million of 10% senior notes due 2012, consent deadline July 7, 2011; St. Cloud, Minn., cabinet manufacturer.

ROADSHOW

AL ESCROW CORP. to be assumed by AVIS BUDGET CAR RENTAL LLC and AVIS BUDGET FINANCE, INC.: $250 million senior notes due March 2020; Morgan Stanley & Co. Inc., Citigroup Global Markets Inc., Credit Agricole CIB, RBS Securities Inc., Scotia Capital (USA) Inc.; Rule 144A with registration rights; non-callable for four years; proceeds primarily to partially fund the Avis Europe acquisition and to repay Avis Europe debt; Parsippany, N.J.-based Avis Budget and Bracknell, England-based Avis Europe are vehicle rental companies; investor call 10:30 a.m. ET Sept. 15; pricing late Sept. 19 week.

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