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Published on 2/11/2014 in the Prospect News High Yield Daily.

High Yield Calendar: $685 million and €340 million deals being marketed

Feb. 10 Week

INNOVIA GROUP (FINANCE) PLC: €340 million senior secured floating-rate notes due 2020 (expected ratings B2/B); Deutsche Bank (joint books, bill and deliver), Barclays, HSBC (joint books); Rule 144A and Regulation S; callable after one year at 101; to refinance debt and repay shareholder loans; Wigton, England-based manufacturer of specialty films; roadshow Feb. 10-12.

CEC ENTERTAINMENT, INC. (CHUCK E. CHEESE): $305 million senior notes due 2022; Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC, UBS Investment Bank, Apollo (joint); Rule 144A and Regulation S for life; callable after three years at par plus 75% of the coupon; three-year 40% equity clawback; 101% poison put; to fund the LBO by Apollo Global Management; Irving, Texas-based operator of Chuck E. Cheese's family dining and entertainment stores; roadshow started Feb. 10; pricing late Feb. 10 week.

DIAMOND FOODS, INC.: $230 million senior notes due 2019 (Caa2/CCC+); Credit Suisse Securities (USA) LLC, Wells Fargo Securities LLC, Barclays, BMO Securities, SunTrust Robinson Humphrey Inc. (joint); Rule 144A and Regulation S for life; callable after two years at par plus 50% of the coupon; three-year 35% equity clawback; 101% poison put; to refinance debt; San Francisco-based packaged food company; roadshow started Feb. 10; pricing late Feb. 10 week.

NORSHORE ATLANTIC BV: $150 million five-year senior secured bonds; Arctic Securities ASA, ABG Sundal Collier (joint lead managers); Rule 144A in the United States; non-callable for three years; to repay financing related to the vessel Norshore Atlantic; drilling contractor based in Bergen, Norway.

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.

ENTEGRIS INC.: $360 million of senior notes and $545 million senior secured credit facility, in a financing being led by Goldman Sachs & Co.; to help fund its acquisition of ATMI Inc., expected to close in the second quarter of 2014; Entegris is a Billerica, Mass.-based provider of products for purifying, protecting and transporting critical materials used in processing and manufacturing in semiconductor and other high-tech industries.

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.

JONES GROUP INC.: $525 million senior bridge intended to be taken out with the issuance of senior notes via Rule 144A; Morgan Stanley & Co., Jefferies LLC, MCS Corporate Lending LLC, BofA Merrill Lynch, Wells Fargo Securities LLC also $650 million credit facility; to help fund the buyout of the company by Sycamore Partners, expected to close in the second quarter of 2014; New York-based designer, marketer and wholesaler of apparel, footwear, jeanswear, jewelry and handbags.

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 Feb. 10: CHUCK E. CHEESE $305 million; Credit Suisse, Deutsche Bank, Morgan Stanley, UBS, Apollo.

Started Feb. 10: DIAMOND FOODS $230 million; Credit Suisse, Wells Fargo, Barclays, BMO, SunTrust.

Feb. 10-12: INNOVIA €340 million; Deutsche Bank, Barclays, HSBC.


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