High Yield Calendar: $3.2 billion deals being marketed

Sept. 23 Week

DENALI BORROWER LLC to be merged into DELL INTERNATIONAL LLC at the close of the merger: $2 billion seven-year first-lien notes (Ba2/BB+); Credit Suisse Securities (USA) LLC (bill and deliver), Barclays, BofA Merrill Lynch, RBC Capital Markets, UBS Investment Bank (joint); Rule 144A and Regulation S for life; callable in three years at par plus 75% of the coupon; special call features allow the issuer to redeem 10% of the notes annually at 103 during the non-call period; three-year 40% equity clawback; 101% poison put; to help fund the acquisition of the company and refinance debt; Round Rock, Texas-based provider of technology and business products and services; price talk 5½% to 5¾% ($1.25 billion notes withdrawn, and full amount to come in the form of a term loan); books close at noon ET on Monday, pricing thereafter; pricing expected Sept. 23.

CPG MERGER SUB LLC to be merged with and into CPG INTERNATIONAL INC.: $315 million eight-year senior notes (expected ratings Caa2/CCC+); J.P. Morgan Securities LLC, Barclays, Deutsche Bank Securities Inc., Citigroup Global Markets Inc., RBS Securities Inc., UBS Investment Bank (joint); Rule 144A and Regulation S for life; callable in three years at par plus 75% of the coupon; proceeds, along with the senior secured credit facilities and sponsor equity, to finance the CPG acquisition and refinance long-term debt; Scranton, Pa.-based building materials manufacturer; roadshow started Sept. 18; pricing expected Sept. 24.

SPCM SA (SNF FLOERGER): $250 million senior notes due Jan. 15, 2022 (expected ratings Ba3/BB+); BofA Merrill Lynch (left books), BNP Paribas (joint books), Credit Agricole CIB, HSBC, Natixis (co's); Rule 144A for life: non-callable for four years; to repay debt under a revolver and for general corporate purposes; Andrezieux, France, producer of specialty chemicals, such as water-soluble polymers; roadshow Sept. 23-25; investor call 12:30 p.m. ET on Sept. 23.

SOTHERLY HOTELS LP the operating partnership of SOTHERLY HOTELS INC.: Up to $25 million $25 par senior notes due 2018; Sandler O'Neill + Partners, LP (sole books) Boenning & Scattergood, Inc., Incapital LLC, J.J.B. Hilliard, W.L. Lyons LLC, Ladenburg Thalmann & Co. Inc.; public; non-callable for three years; a portion of the proceeds to take out the 12% series A cumulative redeemable preferred stock, with the remaining proceeds, if any, for general corporate purposes; Williamsburg, Va.-based lodging real estate investment trust (REIT); pre-marketing underway; pricing expected middle part of Sept. 23 week.

HOWARD HUGHES CORP.: $500 million senior notes due 2021; Credit Suisse Securities (USA) LLC (sole); Rule 144A for life; callable in three years at par plus 75% of the coupon; three-year 35% equity clawback; 101% poison put; general corporate purposes; property developer; roadshow starts Sept. 23; pricing late Sept. 23 week.

BEAZER HOMES USA, INC.: $200 million eight-year senior notes (expected ratings Caa2/CCC); Goldman Sachs & Co., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., UBS Investment Bank (joint books); Rule 144A and Regulation S; non-callable for three years; for general corporate purposes including potential land acquisitions; Atlanta-based homebuilder; price talk 7¼% area; pricing was expected on Sept. 16.

Expected September Business

CAESARS ENTERTAINMENT RESORT PROPERTIES $1.85 billion secured notes: $500 million of first-lien notes (/B+/) and $1.35 billion of second-lien notes (/CCC/); also $3,269,500,000 senior secured credit facility via Citigroup Global Markets Inc., to launch at a Sept. 19 bank meeting; to help refinance about $4.4 billion of CMBS debt and the $450 million senior secured credit facility entered into by Octavius Linq Holding Co. LLC, an indirect subsidiary of Caesars; Las Vegas-based diversified casino-entertainment company.

DOMESTIC & GENERAL GROUP LTD. £500 million: £200 million seven-year senior secured fixed-rate notes, £150 million six-year senior secured floating-rate notes; £150 million eight-year senior unsecured notes; Goldman Sachs, Barclays, Credit Suisse, BNP, Morgan Stanley, SG CIB, UBS; proceeds, along with an £80 million revolver, to fund the LBO of the company by CVC Capital Partners Ltd. from Advent International Corp.; Bedworth, England-based home-appliance warranty provider; expected September business.

ORIONSTONE PTY LTD.: $200 million seven-year secured notes (B3/B); non-callable for three years; Rule 144A for life; Morgan Stanley & Co. LLC bookrunner; proceeds to repay debt; Mackay, Australia-based supplier of heavy earthmoving rental equipment to the infrastructure, oil, gas and mining industries; expected September business.

On The Horizon

BUENA VISTA GAMING AUTHORITY: $220 million eight-year senior secured notes; Credit Suisse Securities (USA) LLC, BofA Merrill Lynch (joint); Rule 144A and Regulation S for life; callable in four years at par plus 50% of the coupon; annual mandatory redemption offer of 50% of available funds starting at 103; 101% poison put; to fund construction of the Buenavue Casino; Ione, Calif.-based tribal gaming firm.

COMMUNITY HEALTH SYSTEMS INC. $4.58 billion bridged debt: $2.205 billion senior secured and $2.375 billion senior unsecured; BofA Merrill Lynch, Credit Suisse Securities (USA) LLC; to help fund its acquisition of Health Management Associates Inc., expected to close in the first quarter of 2014; Community Health is a Nashville, Tenn.-based hospital company. Health Management is a Naples, Fla.-based owner and manager of hospitals and ambulatory surgery centers.

DOLE FOOD CO. INC.: $325 million senior notes backed by $325 million senior unsecured bridge loan priced at Libor plus 725 bps with a 1% Libor floor and 50 bps spread increases every three months until it hits a cap; also $825 million credit facility; Deutsche Bank Securities Inc., Bank of America Merrill Lynch, Scotia Capital; to help fund the purchase of the company by chairman and chief executive officer David H. Murdock, expected to close during the fourth quarter of 2013; Westlake Village, Calif.-based fruit and vegetables company.

FTS INTERNATIONAL, INC.: $400 million secured notes to repay term loan; company is soliciting consents from holders of its 7 1/8% notes due 2018 to amendments to the indenture governing the notes; BofA Merrill Lynch and Citigroup Global Markets Inc. are the solicitation agents; provider of well completion services for the oil and gas industry with corporate offices in Fort Worth and Cisco, Texas.

GAMING AND LEISURE PROPERTIES INC.: $2.05 billion senior notes and $1.15 billion credit facility; to refinance about $2.7 billion of Penn National Gaming Inc.'s existing debt, redeem about $417.5 million of conversion shares from Fortress Investment Group, pay a roughly $487 million earnings and profits dividend in cash and pay around $125 million in transaction expenses related to the spinoff of Penn; Wyomissing, Pa.-based owner, acquirer, developer, manager and leaser of gaming and related facilities.

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.

HUDSON'S BAY CO.: $400 million senior notes and $1.9 billion term loan (expected blended rate in the mid-5% range); Bank of America Merrill Lynch, RBC Capital Markets; to fund the acquisition of Saks, Inc., expected to close by the end of 2013; Hudson's Bay is an Ontario-based department store operator; Saks is a New York-based retailer.

INTEGRATED MISSION SOLUTIONS LLC: $340 million senior secured notes backed by a $340 million senior secured bridge loan led by Jefferies LLC; also $70 million revolver; to fund the buyout of Michael Baker Corp., expected to close in the late in the third quarter or early in the fourth quarter; Integrated Mission Solutions, an affiliate of DC Capital Partners LLC, is a government contractor that provides engineering, construction, technical services, strategic consulting and other mission-critical services and solutions; Michael Baker is a Moon Township, Pa.-based provider of engineering, design, planning and construction services.

IONA ENERGY CO. (UK) LTD. (IONA ENERGY INC.): $250 million to $300 million callable senior secured bonds; Pareto Securities; to refinance credit facility, of which approximately $139 million is drawn, and to partially retire its existing structured energy derivative transaction, also to fund the delivery of its Orlando and Kells projects to first oil, as well as mature and accelerate its other pipeline of development opportunities; Calgary, Alta.-based oil and gas exploration, development and production company focused on oil and gas development in the United Kingdom's North Sea.

JARDEN CORP.: $795 million bonds and bank loans, sizes to be determined; to help fund its acquisition of Yankee Candle Investments LLC from Madison Dearborn Partners LLC for $1.75 billion in cash, expected to close early in the fourth quarter of 2013; Jarden is a Rye, N.Y.-based provider of consumer products; Yankee Candle is a South Deerfield, Mass.-based designer, manufacturer, wholesaler and retailer of scented candles.

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.

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.

NIELSEN HOLDINGS NV: $1.3 billion bridge, most or all to be taken out with high-yield bonds, to fund its acquisition of Arbitron Inc.; J.P. Morgan Securities LLC; Nielsen is a New York and Netherlands-based provider of information and insights into what consumers watch and buy; Arbitron is a Columbia, Md.-based media and marketing research firm.

RUE 21 INC.: $250 million senior notes backed by a bridge loan via J.P. Morgan Securities LLC, BofA Merrill Lynch, Goldman Sachs Bank USA; also $680 million facility; to help fund the purchase of the company by Apax Partners, expected to close by the end of 2013; Warrendale, Pa.-based retailer of girls' and guys' apparel and accessories.

SILVERLEAF RESORTS, INC.: $175 million senior secured notes due 2019; Deutsche Bank Securities Inc.; non-callable for three years; to pre-fund development of vacation ownership inventory, to refinance a portion of the company's existing debt, to pay a dividend to the sponsor; Dallas-based resort operator.

TMS INTERNATIONAL CORP.: $300 million senior notes and $575 million senior secured credit facility; J.P. Morgan Securities LLC and Goldman Sachs Bank USA; to help fund the buyout of the company by certain members of the Pritzker family, expected to close in the fourth quarter of 2013; Glassport, Pa.-based provider of outsourced industrial services to steel mills.

U.S. XPRESS ENTERPRISES, INC.: $250 million senior secured second-lien notes due 2020 (Caa1/B-); Wells Fargo Securities LLC (left books), Morgan Stanley & Co. LLC (joint books), Regions Securities LLC (co); Rule 144A and Regulation S with registration rights; callable in three years at par plus 75% of the coupon; to repay the existing senior secured credit facility, receivable securitization facility and other debt; Chattanooga, Tenn.-based truckload carrier and a diversified provider of truckload, intermodal and logistics services; price talk 9½% to 9¾%.

Roadshows

Started Sept. 17: DELL $2 billion; Credit Suisse, Barclays, BofA Merrill Lynch, RBC, UBS.

Started Sept. 18: CPG INTERNATIONAL $315 million; JPMorgan, Barclays, Deutsche Bank, Citigroup, RBS, UBS.

Pricing mid-Sept. 23 week: SOTHERLY HOTELS $25 million; Sandler O'Neill.

Sept. 23-25: SNF FLOERGER $250 million; BofA Merrill Lynch, BNP.

Starts Sept. 23: HOWARD HUGHES CORP $500 million; Credit Suisse.

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