High Yield Calendar: $6.18 billion, €350 million and C$200 million being marketed

Sept. 8 Week

CALIFORNIA RESOURCES CORP.: $5 billion non-callable senior notes (Ba1/expected BB) in three tranches: notes due February 2020, par call one month prior to maturity, notes due 2021, par call two months prior to maturity, and notes due 2024, par call one month prior to maturity, tranche sizes to be determined; BofA Merrill Lynch, J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Wells Fargo Securities LLC, Goldman Sachs & Co., HSBC, Morgan Stanley & Co. LLC, MUFG, U.S. Bancorp Investments Inc. (joint); BB&T, BBVA, DNB Markets, Mizuho, PNC Capital Markets, Scotia Capital, SG CIB (senior co's); IMI, BNY Mellon, KeyBanc Capital Markets, SMBC Nikko (co's); Rule 144A and Regulation S with registration rights; a special call on or before Jan. 31, 2015 at par plus accrued interest if the spinoff from Occidental Petroleum Corp. has not been completed; proceeds, along with $1 billion term loan, to fund a $6 billion distribution to Occidental Petroleum as part of the spinoff; California Resources is a Los Angeles-based oil and gas exploitation and production company; pricing Sept. 8 week.

APN NEWS & MEDIA LTD. and its wholly owned subsidiary BIFFIN PTY. LTD.: $250 million senior notes due 2021; Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Ltd., HSBC (joint); Rule 144A and Regulation S for life; callable after three years a par plus 75% of the coupon; three-year 35% equity clawback; 101% poison put; to repay revolver and general corporate purposes; Sydney, Australia-based diversified media company with market leading radio, newspaper and outdoor businesses across Australia, New Zealand and Hong Kong; roadshow started Sept. 3; pricing early Sept. 8 week.

AMERICAN ENERGY – WOODFORD, LLC: $325 million senior notes due 2022; Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC (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 repay revolver, fund future acquisitions and capital expenditures, and return capital to the sponsor; Oklahoma City-based energy company; roadshow started Sept. 3; pricing early Sept. 8 week.

CAPSTONE MINING CORP.: $300 million eight-year senior notes (expected ratings B2/B+); Citigroup Global Markets, Wells Fargo Securities LLC (joint), Scotia Capital, CIBC World Markets, BMO Securities, Mizuho Securities (co's); callable after three years at par plus 75% of the coupon; three-year 35% equity clawback; 101% poison put; to repay debt under the existing credit facilities; Vancouver, B.C.-based copper mining company; roadshow starts Sept. 8; pricing expected Sept. 11.

TEINE ENERGY LTD.: $350 million senior notes due September 2022 (expected ratings B3/CCC+); Barclays (joint books, bill and deliver), J.P. Morgan Securities LLC (joint books); BMO Securities, TD Securities, NBC, RBC Capital Markets; Rule 144A and Regulation S for life; callable after three years at par plus 75% of coupon; three-year 35% equity clawback at par plus coupon; 101% poison put; to repay and retire the second-lien term loan (including a 1% prepayment premium), repay all outstanding revolver borrowings and for general corporate purposes; Calgary, Alta.-based oil and gas exploration, development, and production company; roadshow Sept. 4-9, pricing thereafter.

DYNAGAS LNG PARTNERS LP: $250 million senior notes due 2019; Sterne, Agee & Leach, Inc., DNB Markets, Inc. (joint); proceeds, along with cash on hand, will be used to finance the majority of the purchase price of one of three recently built vessels that the partnership has the option to acquire from Dynagas Holding Ltd., the partnership's sponsor, together with its respective charter contract; Athens-based liquefied natural gas services; price talk 6¼% area.

GLENTEL INC.: C$200 million senior notes due 2019 (/BB-//DBRS: BB (low)); BMO Nesbitt Burns Inc., CIBC World Markets Inc. (joint), Scotia Capital Inc., Canaccord Genuity Corp. (co's); Rule 144A and Regulation S; callable after two years at par plus 50% of the coupon; 101% poison put; to repay bank debt, extinguish an interest rate swap and for general corporate purposes; Burnaby, B.C.-based provider of wireless telecommunications systems and hardware, rental equipment, and system implementation services; roadshow starts Sept. 3-8.

NYRSTAR NETHERLANDS (HOLDINGS) BV: €350 million senior notes due 2019 (B3); Goldman Sachs International (global coordinator, joint bookrunner), Royal Bank of Scotland (joint bookrunner), KBC, UBS (co's); Rule 144A and Regulation S; non-callable for two years; to fund capital expenditures, to refinance debt and for general corporate purposes; Balen, Belgium-based mining and metals company; roadshow Sept. 2-5, pricing thereafter.

SFX ENTERTAINMENT, INC.: To-be-determined add-on to 9 5/8% second-lien senior secured due Feb. 1, 2019 (existing ratings Caa1/B-); Barclays; Rule 144A and Regulation S; New York-based producer of live events and entertainment content focused on the electronic music culture; add-on expected September business, to launch following the Sept. 5 expiration of the consent solicitation to amend the existing 9 5/8% second-lien senior secured notes (solicitation deadline extended from Aug. 29); original $220 million issue priced at par on Jan. 31, 2014.

Expected September Business

ROOSTER ENERGY LTD.: $100 million senior secured notes due 2019 (Caa1/CCC+); 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, to 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; deal remains in the market, expected to price in September.

AB ACQUISITION LLC (ALBERTSON’S LLC): $1,625,000,000 eight-year senior secured notes (B2) 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 acquisition of Pleasanton, Calif.-based food and drug retailer Safeway, Inc., expected to close in the fourth quarter of 2014; Albertsons is a Boise, Idaho-based grocery company; expected September business.

ACOSTA SALES & MARKETING: $800 million senior notes; Goldman Sachs & Co. is the left bookrunner with others expected to be named; to help fund the buyout of the company by Carlyle Group from Thomas H. Lee Partners LP; financing also includes $2.29 billion credit facility; Jacksonville, Fla.-based provider of sales and marketing services to the consumer goods industry; expected September business.

BURGER KING WORLD INC.: $2.25 billion senior secured second-lien notes, $6.75 billion senior secured term loan B and $500 million senior secured revolver; J.P. Morgan Securities LLC, Wells Fargo Securities (joint); to help fund the approximately C$12.5 billion acquisition of Oakville, Ont.-based fast food restaurant company Tim Horton’s Inc.; Burger King is a Miami, Fla.-based fast food restaurant chain; new global company to be based in Canada; expected September-October business.

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; expected September business.

CONSOLIDATED COMMUNICATIONS INC.: $140 million senior notes in connection with the acquisition of Enventis Corp. (to refinance Enventis debt); Morgan Stanley & Co. LLC, Wells Fargo Securities LLC, RBS Securities Inc.; Mattoon, Ill.-based provider of advanced communications services; expected September business.

DYNEGY INC.: $4.9 billion to $5.1 billion unsecured notes; Morgan Stanley & Co. LLC; also $950 million incremental revolver; to fund the acquisition of interests in certain Midwest generation assets from Duke Energy and EquiPower Resources Corp. and Brayton Point Holdings LLC from Energy Capital Partners; Dynegy is a Houston-based energy company; expected early September business.

SCIENTIFIC GAMES CORP.: $3.45 billion notes backed by a one-year bridge loan led by J.P. Morgan Securities LLC: $750 million senior secured notes, $2.2 billion eight-year senior unsecured notes and $500 million 10-year senior unsecured notes; also $2,085,000,000 bank debt led by Bank of America Merrill Lynch, JPMorgan, Deutsche Bank Securities Inc.; to help fund the acquisition of Bally Technologies Inc. for about $5.1 billion, including about $1.8 billion of net debt, expected to close in early 2015; Scientific Games is a New York-based developer of technology-based gaming products and services; Bally Technologies is a Las Vegas-based provider of gaming products and services; expected September-October business.

ZEBRA TECHNOLOGIES CORP.: $1.25 billion notes; Morgan Stanley & Co. LLC; Rule 144A; to fund the acquisition of Motorola Solutions, Inc.’s enterprise business; also Lincolnshire, Ill.-based printing technologies company; expected September business.

TRAVIS PERKINS PLC: Expected benchmark sterling-denominated senior notes (/BB+/); Barclays, Lloyds Bank and Royal Bank of Scotland; Northampton, England-based home improvement retailer.

On The Horizon

Proposed debt financings in the competing bids to acquire FAMILY DOLLAR STORES, INC.:

DOLLAR GENERAL: $12.3 billion of debt including bonds and bank loans, backed by a commitment from Goldman Sachs Bank USA and Citigroup Global Markets Inc., to help fund the acquisition of Family Dollar Stores; Dollar General is a Goodlettsville, Tenn.-based discount retailer. Family Dollar is a Matthews, N.C.-based chain of discount stores. Dollar Tree is a Chesapeake, Va.-based discount store operator.

DOLLAR TREE, INC.: $2.8 billion of unsecured notes and $5.64 billion bank debt to help finance the acquisition of Family Dollar Stores, expected to close early 2015; JPMorgan Chase Bank, NA, Wells Fargo Bank, Bank of America, Royal Bank of Canada and U.S. Bank, has provided committed financing; Dollar Tree is a Chesapeake, Va.-based discount store operator; expected post-Labor Day business.

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. $1.6 billion senior notes: $800 million eight-year notes and $800 million 10-year notes; also $1,825,000,000 bank loan via BofA Merrill Lynch, MUFG Union Bank, Scotia Bank, BNP Paribas Securities Corp. and J.P. Morgan Securities LLC; to fund the acquisition of URS Corp., expected to close in October 2012, and to refinance debt at Aecom and URS; 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.

AMEC PLC: Debt financing backing the £1.9 billion acquisition of Baar, Switzerland-based engineering conglomerate Foster Wheeler AG, expected to close during the second half of 2014; BofA Merrill Lynch served as exclusive financial adviser to AMEC; AMEC is a multinational consultancy, engineering and project management company based in London.

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.

CIT GROUP INC.: Up to $2 billion of new debt to fund its merger with IMB Holdco LLC, the parent company of OneWest Bank NA, a privately owned regional bank based in Pasadena, Calif.; J.P. Morgan Securities LLC is serving as financial adviser to CIT. Bank of America Merrill Lynch is representing IMB; CIT is a New York-based bank holding company.

GTECH SPA: Expected dollar- and euro-denominated high-yield, split-rated or investment-grade bonds backing $10.7 billion one-year senior unsecured bridge loan (45% euro-denominated and 55% dollar-denominated); Credit Suisse, Barclays, Citigroup (lead arrangers and joint bookrunners for the bridge), BNP Paribas, Credit Agricole CIB, Deutsche Bank, Intesa Sanpaolo, JPMorgan, Mediobanca, SG CIB, Scotia Capital, Royal Bank of Scotland , UniCredit (co-lead managers), Fifth Third Bank (manager); merger and acquisition financing (company announced a merger with Las Vegas-based International Game Technology, Inc., expected to be completed during the first half of 2015); leading commercial operator and provider of technology in the regulated worldwide gaming market; corporate headquarters will be in the United Kingdom, operating headquarters will be in Las Vegas, Providence and Rome.

JUPITER RESOURCES LTD.: $1,125,000,000 eight-year senior notes; Credit Suisse Securities (USA) LLC, TD Securities, RBC Capital Markets, Barclays, Goldman Sachs & Co., UBS Investment Bank, Deutsche Bank Securities Inc., Nomura (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 acquisition of Bighorn from Encana; private Canadian exploration and production company; expected post Labor Day business.

MILESTONE AVIATION GROUP LTD.: $350 million senior notes due 2017; J.P. Morgan Securities LLC, BofA Merrill Lynch, Deutsche Bank Securities Inc., SunTrust Robinson Humphrey Inc., Huntington Investment Co., Jefferies LLC; Rule 144A and Regulation S; to pay down secured debt, with any remaining proceeds for general corporate purposes; Dublin-based helicopter leasing company; pricing early in the Aug. 4 week.

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.

NORWEGIAN CRUISE LINE HOLDINGS LTD.: Bond and bank debt to help fund $3,025,000,000 acquisition of Prestige Cruises International Inc. expected to close in the fourth quarter of 2014; Barclays, J.P. Morgan Securities LLC, Deutsche Bank Securities Inc.; Norwegian Cruise Line is a Miami-based cruise company. Prestige is the parent company of Oceania Cruises and Regent Seven Seas Cruises.

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.

SENSATA TECHNOLOGIES BV: Up to $750 million senior notes and $250 million and expected $250 million bank debt; Barclays, Morgan Stanley Senior Funding Inc.; to fund the acquisition of Schrader, Denver-based manufacturer of sensing and valve solutions for the automotive and industrial segments, expected to close in the fourth quarter of 2014; Sensata Technologies is a Almelo, Netherlands-based supplier of sensing, electrical protection, control and power management solutions.

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.

TRAVELPORT LUXCO: $500 million senior unsecured bridge loan which may be replaced by or exchanged for high-yield bonds; also $2.4 billion credit facility via Deutsche Bank Securities Inc. and Morgan Stanley Senior Funding Inc. scheduled to launch at an Aug. 4 bank meeting; to refinance the first- and second-lien term loans and some of the senior floating-rate notes due 2016, 13 7/8% senior notes due 2016, 11 7/8% senior subordinated notes due 2016, 11 7/8% dollar senior subordinated notes due 2016 and 10 7/8% senior subordinated euro notes due 2016 issued by Travelport LLC and Travelport Holdings, Inc.; Atlanta-based provider of transaction processing services to the travel industry.

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.

Roadshows

Sept. 3-8: GLENTEL INC. C$200 million; BMO, CIBC.

Started Sept. 3: APN NEWS & MEDIA LTD. and BIFFIN PTY LTD. $250 million; Credit Suisse, Deutsche Bank, HSBC.

Started Sept. 3: AMERICAN ENERGY – WOODFORD, LLC $325 million; Credit Suisse, Deutsche Bank, Morgan Stanley.

Sept. 4-9: TEINE ENERGY $350 million; Barclays, JPMorgan.

Pricing Sept. 8 week: CALIFORNIA RESOURCES CORP. $5 billion; BofA Merrill Lynch, JPMorgan, Citigroup, Wells Fargo, Goldman Sachs, HSBC, Morgan Stanley, MUFG, US Bancorp.

Starts Sept. 8: CAPSTONE MINING $300 million; Citigroup, Wells Fargo.

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