High Yield Calendar: $2.35 billion deals being marketed

Aug. 13 Week

GRATON ECONOMIC DEVELOPMENT AUTHORITY (GRATON RESORT & CASINO): $450 million senior secured notes due 2019; Bank of America Merrill Lynch, Wells Fargo Securities LLC, Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC (joint), Jefferies & Co. (co-lead manager), Citigroup Global Markets Inc. (co-manager); Rule 144A for life; callable in three years at par plus 75% of coupon; 101% poison put; proceeds, together with borrowings under the term loan, will be used to fund the costs associated with designing, developing, constructing, and opening the casino, and to repay certain debt owed to the developer; Federated Indians of Graton Rancheria which plans to develop and operate a casino and entertainment facility located in Sonoma County, Calif.; price talk 9¾% area; pricing expected Tuesday morning.

LEGEND ACQUISITION SUB, INC. to be merged with and into M*MODAL INC.: $250 million senior notes due 2020 (Caa1/B-); Bank of America Merrill Lynch, RBC Capital Markets LLC (joint), SunTrust Robinson Humphrey Inc. (lead manager), ING, SMBC (co's); Rule 144A for life; callable in three years at par plus 75% of coupon; 101% poison put; proceeds, along with credit facility, cash on hand and cash and equity investments by One Equity Partners to finance the proposed acquisition of M*Modal and repay existing debt; Franklin, Tenn.-based provider of clinical documentation services and speech understanding services; price talk 10¼% to 10½%; books close 1 p.m. ET Tuesday; pricing thereafter.

DAVITA INC.: $1 billion senior notes due 2022; J.P. Morgan Securities LLC, Barclays, Bank of America Merrill Lynch, Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., Morgan Stanley & Co. LLC, SunTrust Robinson Humphrey, Inc., Wells Fargo Securities, LLC (joint), Credit Agricole Securities (USA) Inc., Mitsubishi UFJ Securities (USA), Inc., Scotia Capital (USA) Inc., SMBC Nikko Capital Markets Ltd. (co's); SEC registered; non-callable for five years; proceeds, together with amended credit facilities and available cash, to finance the acquisition of HealthCare Partners Holdings, LLC; DaVita is a Denver-based provider of kidney care services; pricing expected Tuesday.

TRONOX FINANCE LLC (TRONOX LTD.): $650 million senior notes due 2020 (expected ratings B1/BB-); Goldman Sachs & Co., Credit Suisse Securities (USA) LLC, UBS Investment Bank (joint); Rule 144A and Regulation S with registration rights; non-callable for three years; approximately $400 million of the proceeds to return shareholder capital, including share buybacks, with the remainder to be used for general corporate purposes and possible returns of capital to shareholders from time to time; Stamford, Conn.-based producer and marketer of titanium dioxide pigment; roadshow Aug. 14 in New York City, Aug. 15 in Boston, pricing thereafter.

Expected August Business

CEQUEL COMMUNICATIONS HOLDINGS LLC: $500 million senior unsecured bridge loan priced at Libor plus 700 bps with a 1.25% Libor floor and a par, with 50 bps step-ups every 90 days after closing, subject to a cap of 11% plus 25 bps on Nov. 15 if closing has not occurred; Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Goldman Sachs & Co. and RBC Capital Markets LLC; to be replaced with an equivalent amount of high-yield debt securities; to help fund the buyout of the company by BC Partners and CPP Investment Board, expected to close in the fourth quarter of 2012; St. Louis-based provider of television, high-speed internet and telephony services.

PETAQUILLA MINERALS LTD.: $210 million senior secured notes due 2017; Global Hunter Securities; non-callable for three years; to finance capital expenditures related to the Lomero-Poyatos mine in Spain and Molejon mine in Panama, to fund a cash investment in Panama Desarrollo de Infraestructuras, SA in connection with the spin-off of PDI, to terminate its obligations under its existing prepaid forward minerals contracts, with Deutsche Bank, to repay a portion of its existing debt and for general corporate purposes; Vancouver, B.C.-based Petaquilla Copper is a copper exploration company; roadshow to start early to mid-August.

On The Horizon

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; possible business for the first quarter of 2012.

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; Energy Transfer is a Dallas-based oil and gas pipeline company.

FRESENIUS SE & CO. KGAA: Approximately €2.1 billion in bonds and €2.7 billion credit facility; Deutsche Bank, JPMorgan, Societe Generale, Credit Suisse and UniCredit; to fund the acquisition of Rhon-Klinikum AG, expected to close during the third quarter of 2012; financing also includes approximately €1 billion through equity instruments; Fresenius is a Bad Homburg, Germany-based provider of dialysis services and products.

GLOBALIVE WIRELESS MANAGEMENT CORP.: Up to $1 billion equivalent in U.S. dollar- and Canadian dollar-denominated notes; Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC, BMO Capital Markets Corp.; Rule 144A; to fund expansion of its wireless network and for general corporate purposes; Toronto-based wireless communications services provider; expected during first quarter of 2012.

GREENFIELD ETHANOL INC.: C$175 million of five-year senior second-lien notes (/B+//DBRS: B); Scotia Capital Inc. (lead); Macquarie Capital Markets Canada Ltd., Societe Generale (Canada) and TD Securities Inc. (co-managers); non-callable for three years, 101% change-of-control put; equity clawback for up to 35% in first three years; Canada call at 50 bps over Canadian government benchmark; guarantors GreenField Ethanol (Johnstown) Inc.; GreenField Ethanol (Hensall) Inc.; GreenField Hensall LP; GreenField Hensall GP Inc.; Pharmco Products Inc.; Aaper Alcohol and Chemical Co., Aaper Holdings Inc.; GreenField Ethanol of Quebec Inc. and all future restricted subsidiaries of GreenField.; proceeds to repay debt, to terminate existing interest rate swap agreements and for general corporate purposes; Ontario-based GreenField Ethanol is Canada's largest ethanol company.

M&G FINANCE CORP.: $200 million to $300 million senior secured notes due 2019 (expected B3//BB), downsized from $500 million; J.P. Morgan Securities LLC (sole); Rule 144A and Regulation S for life; non-callable (call protection increased from four years); to finance construction of new PET and PTA production facilities, pay back intercompany debt and fund working capital; Houston-based Mossi & Ghisolfi (M&G) produces polyethylene terephthalate (PET) resin for packaging applications; price talk 10% coupon to yield 12% at an issue price of approximately 90.

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.

OPI INTERNATIONAL: $160 million first-lien senior secured notes due 2017; Global Hunter Securities; non-callable for three years; to help fund the acquisition of offshore construction vessels and refinance debt; Houston-based services provider to the offshore oil and gas industry; expected May business.

PPG COMMODITY CHEMICALS: $660 million notes and $240 million term loan in connection with its spin-off from PPG Industries and merger with Georgia Gulf Corp., expected to occur in late 2012 or early 2013; Barclays and J.P. Morgan Securities LLC have provided the debt commitment; PPG Commodity Chemicals is a producer of chlorine, caustic soda and related chemicals; PPG is Pittsburgh-based coatings and specialty products company.

Roadshow

Pricing early Aug. 13 week: GRATON RESORT & CASINO $450 million; Bank of America Merrill Lynch, Wells Fargo, Deutsche Bank, Credit Suisse.

Started Aug. 8: M*MODAL $250 million; Bank of America Merrill Lynch, RBC.

Aug. 14-15: TRONOX $650 million; Goldman Sachs, Credit Suisse, UBS.

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