E-mail us: service@prospectnews.com Or call: 212 374 2800
Bank Loans - CLOs - Convertibles - Distressed Debt - Emerging Markets
Green Finance - High Yield - Investment Grade - Liability Management
Preferreds - Private Placements - Structured Products
 
Published on 3/14/2014 in the Prospect News High Yield Daily.

High Yield Calendar: $2.38 billion being marketed

March 17 Week

AURICO GOLD INC.: $300 million senior secured second-lien notes due 2020; maturity reduced to six years from eight years, ranking on the capital structure was changed to senior secured second lien from senior unsecured; RBC Capital Markets Corp. (bill and deliver, joint global coordinator, joint bookrunner), Credit Suisse Securities (USA) LLC (joint global coordinator, joint bookrunner), Scotia Capital (joint bookrunner), CIBC World Markets, TD Securities (co's); Rule 144A and Regulation S for life; non-callable for three years; to repurchase convertible notes via a tender offer, to repay bank debt and for general corporate purposes, which may include funding capital expenditures to support organic growth; Toronto-based gold exploration and mining company; price talk 8½% to 8¾% with about 3 to 4 points of OID; books close at 10 a.m. ET Friday, pricing thereafter.

MPH MERGER SUB LLC (MULTIPLAN, INC.): $1 billion senior notes due 2020 (Caa1/CCC+); J.P. Morgan Securities LLC, Barclays (joint); Rule 144A and Regulation S for life; callable after three years at par plus 75% of the coupon; also $2.28 billion credit facility; to help fund the buyout of the company by Starr Investment Holdings and Partners Group from Silver Lake and BC Partners and to refinance existing debt; New York-based provider of health care cost management solutions; roadshow stared March 14; pricing expected Tuesday.

H.I.G. BBC INTERMEDIATE HOLDINGS, LLC and H.I.G BBC HOLDINGS CORP., holding companies of CORNERSTONE CHEMICAL CO.: $75 million senior PIK toggle notes due 2018 (non-rated); Imperial Capital (sole); Rule 144A and Regulation S for life; callable after March 15, 2015 at 102; to pay a cash dividend to shareholders and fund a debt service reserve account; Waggaman, La.-based specialty chemical company; roadshow started March 11.

BCP (SINGAPORE) VI CAYMAN FINANCING CO. LTD. (PACTERA TECHNOLOGY INTERNATIONAL LTD.): $275 million senior secured notes due 2021 (expected Ba3); BofA Merrill Lynch (lead left books), Citigroup Global Markets, HSBC (joint books); Rule 144A and Regulation S; non-callable for three years (special call allows the issuer to redeem 10% of the notes annually at 103 during the non-call period); three-year 40% equity clawback; to finance the proposed acquisition of Pactera by the Blackstone Group; Beijing-based consulting and technology services provider; roadshow started March 13.

IGATE CORP.: $325 million senior notes due 2019 (existing ratings B2/B+); RBC Capital Markets (left books), Deutsche Bank Securities Inc., UBS Investment Bank (joint books); Rule 144A and Regulation S with registration rights; non-callable for two years; two-year 40% equity clawback at par plus the coupon; 101% poison put; to fund the redemption of the 9% senior notes due 2019; Fremont, Calif.-based integrated technology and operations company with most of its operations in India; roadshow starts March 17; pricing during the middle part of the March 17 week.

OCEAN RIG UDW INC.: $500 million senior notes due 2019; Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. (joint); Rule 144A and Regulation S for life; callable after 2.5 years at par plus 75% of the coupon; 35% 2.5-year equity clawback; 101% poison put; proceeds, together with other available funds, to repurchase or redeem the 9½% senior notes due 2016; Nicosia, Cypress-based offshore drilling contractor; roadshow starts March 17; pricing late March 17 week.

March 24 Week

SUNGARD AVAILABILITY SERVICES: $400 million to $500 million senior notes due 2022 (Caa1/B-); Deutsche Bank Securities, Citigroup Global Markets Inc., BofA Merrill Lynch; non-callable for five years; to help fund the spinoff of SunGard Availability Services from SunGard Data Systems; expected March business.

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 senior notes backed by bridge; J.P. Morgan Securities LLC; to fund the acquisition of AT&T Inc.'s wireline business and statewide fiber network in Connecticut; Stamford, Conn.-based wireline telecommunications provider; expected during the second or third quarter of 2014.

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.

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.

INDUSTRIAL PACKAGING GROUP: $850 million bridge loan to be replaced with bonds; Goldman Sachs Bank USA, J.P. Morgan Securities LLC, Bank of America Merrill Lynch, Barclays, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC; to help fund the buyout of the company by Carlyle Group from Illinois Tool Works, Inc.; Glenview, Ill.-based manufacturer of strap, stretch and protective packaging for consumables, tools and equipment; lender call Feb. 27.

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.

THE MEN'S WARHOUSE: $600 million senior notes and a $1.6 billion credit facility; Bank of America Merrill Lynch and J.P. Morgan Securities LLC; to help fund its purchase of Jos. A. Bank Clothiers expected to close in the third quarter of 2014; Men's Wearhouse is a Houston-based specialty retailer of men's apparel. Jos. A. Bank is a Hampstead, Md.-based designer, manufacturer and retailer of men's apparel, footwear and accessories.

NINE WEST HOLDINGS INC.: $455 million senior unsecured bridge loan or senior notes; also $720 million credit facility scheduled to launch Feb. 14, including a $470 million term loan led by Morgan Stanley Senior Funding Inc., Jefferies Finance LLC and MCS Capital Markets LLC and $250 million asset-based revolver led by Wells Fargo Securities LLC and Bank of America Merrill Lynch; to help fund the buyout of parent company Jones Group Inc. by Sycamore Partners; marketer and wholesaler of apparel, footwear and accessories.

ORTHO-CLINICAL DIAGNOSTICS: $1.15 billion high-yield notes backed by a bridge loan led by Goldman Sachs & Co., Barclays, Credit Suisse, UBS and Nomura; also $2.175 billion term loan B and $1.025 billion equity; to help fund the buyout of Ortho-Clinical Diagnostics by the Carlyle Group from Johnson & Johnson; Raritan, N.J.-based provider medical diagnostic testing services; expected second-quarter 2014 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.

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 March 7: AURICO GOLD $300 million; RBC, Credit Suisse, Scotia.

Started March 11: CORNERSTONE CHEMICAL $75 million; Imperial Capital.

Started March 13: PACTERA $275 million; BofA Merrill Lynch, Citigroup, HSBC.

Started March 14: MULTIPLAN $1 billion; JPMorgan, Barclays.

Starts March 17: IGATE $325 million; RBC, Deutsche Bank, UBS.

Starts March 17: OCEAN RIG $500 million; Credit Suisse, Deutsche Bank.


© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.