High Yield Calendar: $6.4 billion deals being marketed

Jan. 13 Week

COMMUNITY HEALTH SYSTEMS INC. issuing via FWCT-2 ESCROW CORP. $4 billion, decreased from $4.58 billion: $1 billion senior secured notes due 2021 (Ba2/BB/), non-callable for three years (unofficial talk in the low 5% area), downsized from $1,705,000,000, and $3 billion senior unsecured notes due 2022 (B3/B-/B), non-callable for four years (unofficial talk in the high 6% area), upsized from $2,875,000,000; BofA Merrill Lynch, Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC, RBC Capital Markets, SunTrust Robinson Humphrey Inc., UBS Investment Bank, Wells Fargo Securities LLC (joint), BBVA, Credit Agricole CIB, Deutsche Bank Securities Inc., Fifth Third Securities, Mitsubishi UFJ, Scotia Capital (co's); Rule 144A and Regulation S; to help fund the merger with Health Management Associates Inc.; Community Health is a Nashville-based hospital company. Health Management is a Naples, Fla.-based owner and manager of hospitals and ambulatory surgery centers; roadshow started Jan. 13; pricing Jan. 13 week.

SECONDARY OFFERING: First Data Holdings Inc. 14½% (100% non-cash interest) notes due 2019 being sold by funds affiliated with Goldman Sachs & Co., which will receive all proceeds (no proceeds to First Data, a Greenwood Village, Colo. provider of electronic commerce and payment services); investor lunch Wednesday; pricing Wednesday or Thursday.

CBS OUTDOOR AMERICAS INC. $800 million senior notes due 2022, non-callable for three years (unofficial talk 5¼% to 5 3/8%, down from early guidance is high 5% range), and due 2024, non-callable for five years (unofficial talk 5 5/8% to 5¾%, down from early guidance is low 6% range); Deutsche Bank Securities Inc., Citigroup Global Markets Inc., Wells Fargo Securities LLC (active books), BofA Merrill Lynch, Goldman Sachs & Co., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC (joint books); Rule 144A and Regulation S; to make a payment to CBS for the contribution of the entities comprising the Outdoor Americas operating segment, and for general corporate purposes and ongoing cash needs; New York-based lessor of advertising space on out-of-home advertising structures and sites and a wholly owned subsidiary of CBS Corp.; roadshow Jan. 8-16.

BLUELINE RENTAL FINANCE (VOLVO RENTS): $760 million five-year second-lien notes (B3/expected B); BofA Merrill Lynch, Goldman Sachs & Co., Morgan Stanley & Co. LLC, Barclays (joint); non-callable for two years; to fund the acquisition of Volvo Construction Equipment Rents by Platinum Equity; Shippensburg, Pa.-based construction equipment rental company; unofficial talk in the 7½% area; roadshow Jan. 13 week; pricing late Jan. 13 week.

VTR FINANCE BV $1.4 billion senior secured notes (expected ratings B1/B+) in two tranches: Eight-year notes with four years of call protection and 10-year notes with five-years of call protection, tranche sizes to be determined; J.P. Morgan Securities (USA) LLC, BNP Paribas, Goldman Sachs & Co., Morgan Stanley & Co. (joint); Rule 144A and Regulation S for life; both tranches feature special calls for 10% of the notes annually at 103 during the non-call periods; to fund the split off of VTR GlobalCom, SpA and VTR Wireless, SpA from Liberty Global plc and general corporate purposes; Santiago, Chile-based cable and internet company; roadshow started Jan. 13; pricing expected Jan. 17.

STENA AB: $400 million senior notes due 2024 (expected ratings B2/BB); J.P. Morgan Securities LLC, Citigroup Global Markets, BNP Paribas, HSBC (joint), RBS Securities (co); Rule 144A and Regulation S for life; non-callable; to repay revolver; Gothenburg, Sweden-based company has operations in shipping and offshore oil and gas exploration; roadshow started Jan. 13; pricing Jan. 17.

CAMAC ENERGY INC.: $300 million five-year senior secured notes; Arctic Securities; Rule 144A and Regulation S; to further develop the Oyo Field located offshore Nigeria in OML Block 120; Houston-based independent oil and gas exploration and production company; roadshow Jan. 13 in Connecticut, Jan. 14 in Boston; Jan. 14-15 in London, Jan. 16 in Johannesburg, Jan. 17 in Cape Town.

Jan. 20 Week

WATERJET HOLDINGS INC.: $200 million senior secured notes due 2020 (B2); Goldman Sachs & Co., Morgan Stanley & Co. LLC (joint); Rule 144A and Regulation S for life; non-callable for three years; proceeds, together with sponsor equity and proceeds from the Advanced Systems transaction, to finance the Flow acquisition, pay off Flow's revolver, and repay all existing Waterjet debt; waterjet cutting technology company formed by the combination of Kent, Wash.-based Flow International Corp. and Baxter Springs, Kan.-based KMT Group AB; roadshow starts Jan. 16; pricing expected at the end of the Jan. 20 week.

Expected January Business

HARLAND CLARKE HOLDINGS CORP. $865 million notes: $275 million senior secured notes (B1/B+/) and $590 million unsecured notes (Caa1/B-/); Credit Suisse Securities (USA) LLC, BofA Merrill Lynch, Citigroup Global Markets Inc., Deutsche Bank Securities Inc. (joint), PNC Capital Markets, Union Bank (co's); Rule 144A and Regulation S; to help fund its acquisition of Valassis; Harland Clarke is a San Antonio-based provider of payment, marketing and security services. Valassis is a Livonia, Mich.-based provider of media solutions.

PLY GEM INDUSTRIES, INC. a subsidiary of PLY GEM HOLDINGS, INC.: $550 million senior notes due 2022 (Caa1/CCC+/); Credit Suisse Securities (USA) LLC; proceeds, together with cash on hand, to repurchase or redeem $756 million 8¼% senior secured notes due 2018 and $96 million 9 3/8% senior notes due 2017; Cary, N.C.-based manufacturer of exterior building products; preliminary guidance 6% to 6½%; deal announcement expected late Jan. 13 week.

On The Horizon

ACTUANT ELECTRICAL: $60 million senior subordinated notes; also $150 million credit facility led by RBC Capital Markets and NXT Capital; to help fund the buyout of the company by Sentinel Capital Partners from Actuant Corp.; Actuant Electrical is a Menomonee Falls, Wis.-based provider of products for the retail do-it-yourself, marine, industrial OEM and wholesale electrical markets.

AERCAP HOLDINGS NV: Long-term bonds, approximately 40% secured and 60% unsecured; also $1 billion revolver; UBS Investment Bank, Citigroup Global Markets; to fund its purchase of International Lease Finance Corp. from American International Group Inc., expected to close during the second quarter of 2014; AerCap is a Netherlands-based aircraft leasing company. ILFC is a Los Angeles-based commercial aircraft lessor.

ALBEA: $150 million five-year senior secured PIK toggle notes (expected ratings Caa2/CCC+); JPMorgan, BofA Merrill Lynch (joint); non-callable for one year; to fund a dividend; Gennevilliers, France-based personal care products company.

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.

FOREST LABORATORIES INC.: $1.6 billion to $1.9 billion bonds, backed by a bridge loan; to fund the acquisition of Aptalis, acquisition expected in the first half of 2014; Morgan Stanley acted as financial adviser to Forest Laboratories, J.P. Morgan Securities LLC acted as financial adviser to Aptalis; Forest Laboratories is a New York-based specialty pharmaceutical company. Aptalis is a Bridgewater, N.J.-based specialty pharmaceutical company.

FRONTIER COMMUNICATIONS CORP.: $1.9 billion unsecured bridge loan expected to be taken out with debt financing in the second or third quarter of 2014; J.P. Morgan Securities LLC; to help fund its $2 billion acquisition of AT&T Inc.'s wireline business and statewide fiber network in Connecticut; Stamford, Conn.-based wireline telecommunications provider.

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.

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.

GOOD SAM ENTERPRISES LLC: New high-yield notes; to fund the tender for the 11½% senior secured notes due 2016, via dealer manager Goldman Sachs & Co., early deadline Nov. 19; Lincolnshire, Ill.-based specialty retailer of RV-related products and a member-based direct marketing organization targeting recreational vehicle owners and outdoor enthusiasts.

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; 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.

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.

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.

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%.

VISANT CORP.: Up to $100 million senior notes and $260 million credit facility; Credit Suisse Securities (USA) LLC; to help fund its acquisition of American Achievement Group Holding Corp., expected to close no later than the second quarter of 2014; Visant is an Armonk, N.Y.-based marketing and publishing company. Jostens is a Minneapolis-based yearbook and scholastic affinity company.

WEYERHAEUSER REAL ESTATE CO. (WRECO): $800 million new senior unsecured notes; to help fund the merger with TRI Pointe Homes in a transaction valued at about $2.7 billion, anticipated to close in the second quarter of 2014 (a portion of the proceeds to be paid to Weyerhaeuser at closing); homebuilding subsidiary of Federal Way, Wash.-based Weyerhaeuser Co.

Roadshows

Started Jan. 7: CAMAC ENERGY $300 million; Arctic Securities.

Jan. 8-16: CBS OUTDOOR AMERICAS $800 million; Deutsche Bank, Citigroup, Wells Fargo, BofA Merrill Lynch, Goldman Sachs, JPMorgan, Morgan Stanley.

Started Jan. 13: COMMUNITY HEALTH SYSTEMS INC. $4 billion; BofA Merrill Lynch, Credit Suisse, Citigroup, Goldman Sachs, JPMorgan, RBC, SunTrust, UBS, Wells Fargo.

Started Jan. 13: VTR FINANCE $1.4 billion; JPMorgan, BNP, Goldman Sachs, Morgan Stanley.

Started Jan. 13: STENA AB $400 million; JPMorgan, Citigroup, BNP, HSBC.

Jan. 13 week: VOLVO RENTS $720 million; BofA Merrill Lynch, Goldman Sachs, Morgan Stanley, Barclays.

Starts Jan. 16: WATERJET $200 million; Goldman Sachs, Morgan Stanley.

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