High Yield Calendar: $1.49 billion, £610 million and €490 million being marketed

July 21 Week

ASTON ESCROW CORP. (TRANSWORLD SYSTEMS INC.): $440 million senior secured notes due 2021 (B3/B); BofA Merrill Lynch, Credit Suisse Securities (USA) LLC, BMO Securities, Macquarie Capital, Nomura (joint); Rule 144A and Regulation S for life; callable after three years at par plus 75% of the coupon; to help fund the acquisition of Transworld Systems by Platinum Equity; Santa Rosa, Calif.-based business process outsourcing and account receivable management services provider; price talk 8½% to 8¾%; books were scheduled to close at 4 p.m. ET Monday.

HP PELZER HOLDING GMBH (ADLER PELZER): €230 million seven-year senior secured notes (//BB); JPMorgan (joint books, bill and deliver), UniCredit (joint books); Rule 144A and Regulation S for life; non-callable for three years; to refinance debt, general corporate purposes, and to fund the purchase of Adler's foreign subsidiaries; Milan, Italy-based manufacturer of acoustic and thermal components and systems for the automotive sector; price talk 7¼% to 7½%; books close 6 a.m. ET Tuesday, pricing thereafter.

CITGO PETROLEUM CORP.: $650 million senior secured notes due 2022 (B1/BB-/); Deutsche Bank Securities Inc. (left books), RBS Securities Inc. (joint books), ABN Amro, BNP Paribas Securities Corp., Credit Agricole CIB, Mizuho Securities, Natixis, SMBC Nikko (co's); 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; proceeds, along with term loan, to refinance debt and fund a distribution to parent company Petroleos de Venezuela SA; Houston-based refiner and marketer of transportation fuels, lubricants, petrochemicals and other industrial products; roadshow July 16-22.

ROOSTER ENERGY LTD.: $100 million senior secured notes due 2019 (low single B or high triple C ratings expected); Imperial Capital LLC (sole books), Cowen & Co. (co); Rule 144A and Regulation S with contingent registration rights; callable after two years at par plus 75% of the coupon, with premium declining ratably every six months; to refinance debt, fund the cash portion of acquisition of Morrison Well Services, LLC and for general corporate purposes; Houston-based oil and natural gas exploration and production company; roadshow started July 17; New York investor lunch July 22.

KOSMOS ENERGY LTD.: $300 million senior secured notes due August 2021 (CCC+/expected B); Barclays (global coordinator, joint physical bookrunner, bill and deliver), BNP Paribas (global coordinator, joint physical bookrunner), BofA Merrill Lynch, HSBC, Credit Agricole CIB, SG CIB, Standard Bank, Standard Chartered Bank (bookrunners), Citigroup Global Markets, Credit Suisse Securities (USA) LLC, ING, MUFG, Natixis, Nedbank Capital (co's); Rule 144A and Regulation S for life; non-callable for three years; three-year 35% equity clawback at par plus coupon; 101% poison put; to repay a portion of outstanding debt and for general corporate purposes; oil and gas exploration and production company based in Hamilton, Bermuda, with an office in Dallas; roadshow July 21-24, pricing thereafter.

WHA HOLDING (WINOA GROUP): €260 million senior secured notes due 2020 (B2/B-); Deutsche Bank (joint books, bill and deliver), KKR (joint books); Rule 144A and Regulation S; non-callable for two years; to refinance debt; Le Cheylas, France-based producer and distributor of steel abrasive products; roadshow concluded July 17; pricing July 21 week.

July 28 Week

COMPRESSCO FINANCE CORP. and COMPRESSCO PARTNERS, LP: $350 million senior notes due 2022 (mid-single B ratings expected); BofA Merrill Lynch, Barclays, Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, RBC Capital Markets, Wells Fargo Securities LLC (joint), Capital One South Coast, Raymond James (co's); Rule 144A and Regulation S with registration rights; non-callable for three years; three-year 35% equity clawback; proceeds, along with $400 million equity offer and a draw on the revolver, to fund a portion of the pending acquisition of Compressor Systems, Inc. repay borrowings under the existing revolver, if any; Midland, Texas-based compression-based production enhancement services provider to the oil and gas exploration and production industry; roadshow July 21 week; pricing July 28 week.

PIZZAEXPRESS £610 million notes: TWINKLE PIZZA PLC £410 million seven-year senior secured fixed-rate notes (mid-single B ratings expected), callable after three years at par plus 50% of the coupon, and seven-year floating-rate notes (mid-single B ratings expected), callable after one year at 101, tranche sizes to be determined; also TWINKLE PIZZA HOLDINGS PLC: £200 million eight-year senior unsecured fixed-rate notes (high-triple C ratings expected) callable after four years at par plus 50% of the coupon; JPMorgan (joint books, bill and deliver), Deutsche Bank, Goldman Sachs International (joint books), Bank of China (co); Rule 144A and Regulation S for life; to finance the acquisition of PizzaExpress Holdings Ltd. by Hony Capital; London-based restaurant group; European roadshow July 22-25, Hong Kong July 28, pricing thereafter.

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.

AECOM TECHNOLOGY CORP.: Senior notes expected to be carved out of $4.5 billion of debt that will initially surface entirely in the form of bank debt led by BofA Merrill Lynch; to help fund the acquisition of URS Corp., expected to close in October 2014; Aecom is a Los Angeles-based engineering design firm; URS is a San Francisco-based provider of engineering, construction and technical services.

AK STEEL: $700 million bridge loan expected to be taken out by equity and unsecured debt securities; Credit Suisse Securities (USA) LLC; to fund the acquisition of Severstal North America’s integrated steelmaking assets in Dearborn, Mich., expected to close in the fourth quarter of 2014; West Chester, Ohio-based producer of flat-rolled carbon, stainless and electrical steel products.

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.

CBS OUTDOOR AMERICAS INC.: $715 million bridge loan to bonds (bond size could be reduced by issuance of new equity and/or cash on hand); Wells Fargo Securities LLC; to fund acquisition of certain outdoor advertising businesses from Van Wagner Communications LLC, expected to close in early 2015; New York-based out-of-home media company.

CONSOLIDATED COMMUNICATIONS INC.: $140 million one-year senior unsecured bridge loan, pricing 10 7/8%, in connection with its acquisition of Enventis Corp., expected to close during the fourth quarter of 2014; Morgan Stanley Senior Funding Inc., Wells Fargo Securities LLC and RBS Securities Inc.; Mattoon, Ill.-based provider of advanced communications services.

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.

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.

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 loan priced 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, MUFG, 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

July 16-21: ADLER PELZER €230 million; JPMorgan, UniCredit.

July 16-22: CITGO $650 million; Deutsche Bank, RBS.

Started July 17: ROOSTER ENERGY $100 million; Imperial Capital.

July 21-24: KOSMOS ENERGY $300 million; Barclays, BNP Paribas, BofA Merrill Lynch, HSBC, Credit Agricole, SG CIB, Standard Bank, Standard Chartered Bank.

July 21 week: COMPRESSCO $350 million; BofA Merrill Lynch, Barclays, Credit Suisse, JPMorgan, RBC, Wells Fargo.

Starts July 22: PIZZAEXPRESS £610 million; JPMorgan, Deutsche Bank, Goldman Sachs.

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