High Yield Calendar: $11.17 billion and €4.57 billion being marketed

April 21 Week

NUMERICABLE GROUP AG €8.8 billion equivalent first-lien notes (Ba3/B+), upsized from €6.04 billion equivalent: $1.8 billion five-year notes, callable in two years at par plus 75% of the coupon, price talk 5% area (upsized from $920 million; proposed €500 million tranche withdrawn); Eight-year notes, callable in three years at par plus 75% of the coupon: €1.6 billion (increased from €1 billion), price talk 5½% to 5¾%, and $4.2 billion (increased from $2 billion), price talk 6% to 6¼%; 10-year notes, non-callable for five years: €915 million (decreased from €1 billion) and $2 billion, price talk 3/8% behind the eight-year tranches; JPMorgan (global coordinator, bill and deliver), Deutsche Bank, Goldman Sachs (global coordinators), Barclays, BNP Paribas, Credit Agricole CIB, Credit Suisse, Morgan Stanley, ING, Banca IMI, Natixis (bookrunners for the euro-denominated tranches), Barclays, BNP Paribas, Credit Agricole CIB, Credit Suisse, Morgan Stanley, ING (bookrunners for the dollar-denominated tranches); Rule 144A and Regulation S for life; to finance the purchase of SFR; Numericable is a cable operator; SFR is a mobile phone company; pricing Wednesday.

ALTICE: €4.15 billion equivalent senior notes due 2022 (B3/B) $2.9 billion, price talk 7¾% (revised from 8% area; downsized from $3.15 billion), and €2.05 billion, price talk 7¾% (revised from 7½% area; upsized from €1.9 billion); Goldman Sachs (left joint global coordinator), Deutsche Bank, JPMorgan (joint global coordinators), Barclays, BNP Paribas, Credit Agricole CIB, Credit Suisse, Morgan Stanley, ING, Natixis; Rule 144A and Regulation S; non-callable for three years; to help fund the acquisition of Numericable and repay debt; Altice is a Luxembourg-based cable and telecommunications company. Numericable is a cable operator; pricing Wednesday.

HEARTHSIDE FOOD SOLUTIONS: $270 million senior notes due 2022 (Caa1/CCC+); Goldman Sachs & Co., Barclays, Deutsche Bank Securities Inc., Fifth Third, KeyBanc Capital Markets (joint), SMBC Nikko (co); Rule 144A and Regulation S; non-callable for three years; to help fund buyout by Goldman Sachs and Vestar Capital Partners from Wind Point Partners; Downers Grove, Ill., bakery and contract food manufacturer; roadshow April 22-24.

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.

DFC GLOBAL CORP.: $750 million senior secured notes backed by a bridge loan via Jefferies Finance LLC and Credit Suisse Securities (USA) LLC; also $125 million credit facility; to help the acquisition of DFC Global by Lone Star Funds, expected to close during the third quarter of 2014; Berwyn, Pa.-based financial services company.

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.

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.

MALLINCKRODT PLC: Up to $500 million new senior notes backed by a bridge loan and $1.35 billion term loan; Barclays; to help fund the acquisition of Questcor Pharmaceuticals Inc., an Anaheim Hills, Calif.-based biopharmaceutical company, expected to close in the third quarter of 2014; Mallinckrodt is a Dublin, Ireland-based pharmaceuticals company.

MEN'S WEARHOUSE: $600 million senior notes and a $1.6 billion credit facility; BofA 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.

SAFEWAY INC.: $1,625,000,000 senior secured notes and $9.45 billion credit facility; Bank of America Merrill Lynch, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Morgan Stanley Senior Funding Inc., Barclays, Deutsche Bank Securities Inc., PNC Capital Markets LLC, US Bank, SunTrust Robinson Humphrey Inc.; to fund the buyout of Safeway, expected to close in the fourth quarter of 2014; Pleasanton, Calif.-based food and drug retailer.

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.

ZEBRA TECHNOLOGIES CORP.: $3.25 billion bonds and bank debt; Morgan Stanley; to fund the acquisition of Motorola Solutions, Inc.'s enterprise business; Lincolnshire, Ill.-based printing technologies company.

Roadshows

April 22-24: HEARTHSIDE FOOD SOLUTIONS $270 million; Goldman Sachs, Barclays, Deutsche Bank, Fifth Third, KeyBanc.

© 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.