High Yield Calendar: $1.23 billion and €1.02 billion being marketed

June 23 Week

SAEXPLORATION HOLDINGS, INC.: $150 million five-year senior secured notes; Jefferies LLC (sole); Rule 144A and Regulation S with registration rights; callable after 2.5 years at par plus 75% of the coupon; to refinance debt and to fund the one-time purchase of equipment for the company’s Alaska operations; Houston-based oilfield services company; roadshow through the end of June 16 week.

ALTEGRITY, INC.: $550 million senior first-lien secured notes due 2019 (pro forma ratings B3/B-); Goldman Sachs & Co. (left books), Credit Suisse Securities (USA) LLC, Macquarie Capital (joint books); Rule 144A and Regulation S for life; non-callable for two years; to prepay the existing senior credit facility in full, to pay the cash portion of the consideration of the existing notes exchange offers; Falls Church, Va.-based risk and information services company; roadshow June 19-24.

AV HOMES INC.: $200 million five-year senior notes (expected ratings Caa1/B-); J.P. Morgan Securities LLC, Citigroup Global Markets, RBC Capital Markets, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. (joint); Rule 144A and Regulation S for life; non-callable for two years; for general corporate purposes including land purchase, land development, homebuilding and acquisitions; Kissimmee, Fla.-based homebuilder; roadshow started June 19; pricing June 24.

SUNSHINE OILSANDS LTD. $325 million senior secured notes due 2019; Imperial Capital (sole physical bookrunner), Morgan Stanley & Co., Scotiabank (joint bookrunners); Rule 144A and Regulation S; callable after two years at par plus 75% of the coupon; proceeds, together with concurrent $70 million equity offering, to fund expenditures necessary to complete phases one and two at the West Ells project and general corporate purposes, settle outstanding accounts payable and pre-fund 18 months of cash interest; Calgary, Alta.-based developer of oil sands leases in the Athabasca oil sands region; initial yield guidance 15%; official price talk expected early June 23 week.

NOVAFIVES SAS €580 million senior secured notes (high single B to low double B ratings expected): €380 million seven-year fixed-rate notes, non-callable for three years, and €200 million six-year floating-rate notes, non-callable for one year; JPMorgan (global coordinator, bill and deliver), Deutsche Bank (global coordinator), Barclays, BNP Paribas, HSBC, SG CIB (joint books); Rule 144A and Regulation S for life; to refinance debt; Paris-based industrial engineering group; European roadshow June 20-25, pricing thereafter.

SAMVARDHANA MOTHERSON AUTOMOTIVE SYSTEMS GROUP BV: €500 million senior secured notes due 2021; Deutsche Bank (joint books, bill and deliver), HSBC, ING, JPMorgan, Standard Chartered, State Bank of India (joint books); Rule 144A and Regulation S; non-callable for three years; to refinance debt; Noida, India-based supplier of automobile components; roadshow June 23-26.

DEBENHAMS PLC: £200 million seven-year senior notes; Barclays (physical books, bill and deliver), Royal Bank of Scotland, Lloyds (physical books); Regulation S only; non-callable; to refinance debt; London-based department store chain; roadshow June 23-25, pricing thereafter.

PFLEIDERER AG: €320 million five-year senior secured notes; Deutsche Bank (bill and deliver), Commerzbank, Goldman Sachs, BNP Paribas; non-callable for two years; to refinance debt; Dusseldorf, Germany-based wood products supplier; roadshow starts June 23; pricing June 27.

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.

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.

AMERICAN ENERGY PARTNERS LP: $1.4 billion senior unsecured bridge loan; Goldman Sachs & Co.; Oklahoma City-based American Energy is involved in onshore U.S. unconventional resource plays; investor call 4 p.m. ET June 10.

BIRCH COMMUNICATIONS, INC.: High-yield notes backing the acquisition of Cbeyond, Inc. in an all-cash transaction valued at $323 million, expected to close before the end of November 2014; Jefferies LLC to lead the bonds (PNC Capital Markets and Jefferies provided committed financing for the acquisition); Birch Communications is an Atlanta-based a provider of business focused communications, cloud and managed services; Cbeyond is an Atlanta-based IT infrastructure provider; timing of bond deal to be determined.

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.

CLEAVER-BROOKS, INC.: $40 million senior secured notes due 2019; private; proceeds, together with other capital sources, are expected to be used to fund the previously disclosed acquisition by Cleaver-Brooks of a related business; Thomasville, Ga.-based provider of boiler room products.

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.

IGLO GROUP: €750 million equivalent notes in euro- and sterling-denominated notes; also €1.1 billion maximum equivalent term loan via Deutsche Bank, Credit Suisse, Nomura, to launch at a June 24 bank meeting; to refinance debt; Bedfont, England-based frozen food company.

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.

LEVEL 3 COMMUNICATIONS INC.: $600 million senior notes and $2.4 billion term loan; Bank of America Merrill Lynch, Citigroup Global Markets Inc.; to help fund its purchase of tw telecom, a Littleton, Colo.-based provider of managed data, internet and voice networking services, expected to close in the fourth quarter of 2014; Broomfield, Colo.-based fiber-based communications services.

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.

NINE WEST HOLDINGS INC.: $455 million senior unsecured bridge loan or senior notes; also $720 million credit facility launched Feb. 14, including a $445 million term loan and $300 million unsecured term loan led by Morgan Stanley Senior Funding Inc., Jefferies Finance LLC and MCS Capital Markets LLC and $300 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.

NORTHERN FRONTIER CORP.: C$75 million senior secured second-lien notes due 2019 (/expected B-/); GMP Securities, BMO Capital Markets (joint); Rule 144A; non-callable for three years; to help finance acquisition of Central Water & Equipment Services Ltd., to repay bank debt, to fund capital expenditures and for general corporate purposes; Calgary, Alta.-based provider of industrial and environmental services; Toronto-based roadshow underway.

PROSPECTOR OFFSHORE DRILLING SA: $100 million five-year second-lien bonds via subsidiary Prospector Finance II Sarl; DNB Markets, Pareto Securities, Swedbank (joint); proceeds along with funds from $270 million loan to fully finance the delivery of Prospector 5 drilling rig, which is expected to occur in early June, to refinance existing debt secured by the Prospector 1 drilling rig and for general corporate purposes; Luxembourg-based drilling contractor.

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.

VALEANT PHARMACEUTICALS INTERNATIONAL INC. $12.35 billion notes: $2.75 billion senior secured notes backed by a one-year secured bridge lpriced at Libor plus 425 bps with a 1% Libor floor, and $9.6 billion senior unsecured notes backed by a one-year unsecured bridge priced at Libor plus 550 bps with a 1% Libor floor; also $7 billion term loans; Barclays, RBC, The Bank of Tokyo-Mitsubishi UFJ Ltd., Deutsche Bank Securities Inc., DNB Markets Inc. and HSBC Securities (USA) Inc. are joint lead arrangers and bookrunners on the term loans and bridge loans; to fund its proposed exchange offer for the common stock of Allergan Inc., expected to go before Allergan shareholders on Aug. 15, 2014; Valeant is a specialty pharmaceutical company with U.S. headquarters in Bridgewater, N.J., and international headquarters in Laval, Quebec; Allergan is an Irvine, Calif.-based pharmaceutical company.

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

June 16 week: SAEXPLORATION $150 million; Jefferies.

Started June 19: AV HOMES $200 million; JPMorgan, Citigroup, RBC, Credit Suisse, Deutsche Bank.

June 20-25: NOVAFIVES €580 million; JPMorgan, Deutsche Bank, Barclays, BNP Paribas, HSBC, SG CIB.

Starts June 23: PFLEIDERER €320 million; Deutsche Bank, Commerzbank, Goldman Sachs, BNP Paribas.

June 23-25: DEBENHAMS £200 million; Barclays, Royal Bank of Scotland, Lloyds.

June 23-26; MOTHERSON AUTOMOTIVE €500 million; Deutsche Bank, HSBC, ING, JPMorgan, Standard Chartered, State Bank of India.

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