High Yield Calendar: $9.62 billion being marketed

Oct. 6 Week

ALBERTSON’S HOLDINGS LLC: $1,245,000,000 eight-year second-lien senior secured notes (B2/CCC+), decreased from $1,375,000,000 after having previously been downsized from $1,625,000,000, some proceeds shifted to upsized $300 million tack-on term loan B4, remainder of the bond downsize reflects an amount of bonds not tendered in the tender offer; BofA Merrill Lynch, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Morgan Stanley Co. LLC, Barclays, Deutsche Bank Securities Inc. (joint), U.S. Bancorp Investments Inc., SunTrust Robinson Humphrey Inc. (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; to fund the acquisition of Pleasanton, Calif.-based food and drug retailer Safeway, Inc.; Albertson’s is a Boise, Idaho-based grocery company; price talk 7 7/8% area (early guidance is 7¾% to 8%, according to a trader); books close 10 a.m. ET Wednesday, pricing thereafter.

JEFFERIES FINANCE LLC and JEFFERIES CO-ISSUER CORP.: $400 million 6.5-year senior notes; Jefferies LLC (sole); Rule 144A only; callable after three years at par plus 75% of the coupon; for general corporate purposes; New York-based commercial finance company; investor call 11 a.m. ET Oct. 7; pricing Oct. 8.

MPG HOLDCO I INC. (METALDYNE PERFORMANCE GROUP INC.): $700 million senior notes due 2022 (B3/B+); Deutsche Bank Securities Inc., Goldman Sachs & Co., BofA Merrill Lynch, KeyBanc Capital Markets, Morgan Stanley & Co., Nomura, RBC Capital Markets (joint); callable after three years at par plus 75% of the coupon; proceeds, along with $1.5 billion credit facility, to refinance debt at its subsidiaries; Plymouth, Mich.-based manufacturer of highly engineered metal-based components for engine, transmission, and driveline applications in the automotive and light truck markets; roadshow Oct. 6-9.

ECO SERVICES OPERATIONS LLC and ECO FINANCE CORP.: $200 million senior notes due 2022 (Caa1/CCC+); Credit Suisse Securities (USA) LLC, Jefferies LLC, Citigroup Global Markets Inc. (joint); Rule 144A for life; callable after three years at par plus 50% of coupon; three-year 40% equity clawback; 101% poison put; also $500 million term loan; proceeds, along with an equity contribution from private equity sponsor CCMP Capital Advisors, to fund the purchase of Solvay SA’s sulfuric acid business for $890 million; Cranbury, N.J.-based chemical company; roadshow started Oct. 6; pricing late Oct. 6 week.

NATURAL RESOURCE PARTNERS LP and NRP FINANCE CORP.: $125 million add-on to 9 1/8% senior notes due Oct. 1, 2018 (expected ratings B3/B); Wells Fargo Securities LLC (left books), Citigroup Global Markets Inc. (joint books), BB&T, BBVA, Comerica, Huntington, MUFG (co's); Rule 144A and Regulation S with registration rights; callable April 1, 2016 at 106.844; to fund a portion of the pending acquisition of non-operated working interest in oil and gas assets in the Williston basin in North Dakota; Houston-based master limited partnership principally engages in owning and managing mineral reserve properties, primarily coal, aggregate and oil and gas reserves; investor call 12:30 p.m. ET Oct. 7; pricing expected Oct. 10; original $300 million issue priced at 99.007 to yield 9 3/8% in September 2013; upon registration the add-on notes will become fungible with the original notes.

DYNEGY FINANCE I, INC. and DYNEGY FINANCE II INC. $5.1 billion senior notes in three tranches (expected ratings B3/B+): 5.25-year notes, non-callable for 2.5 years, eight-year notes, non-callable for four years, and 10-year notes, non-callable for five years; Morgan Stanley & Co. LLC, Barclays, Credit Suisse Securities (USA) LLC, RBC Capital Markets, UBS Investment Bank (joint), BNP Paribas Securities Corp., BofA Merrill Lynch, Credit Agricole CIB, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, MUFG, SunTrust Robinson Humphrey Inc. (co's); Rule 144A with registration rights and Regulation S; to fund the Duke Merchant Energy and EquiPower Resources Corp. acquisitions; Dynegy is a Houston-based energy company; roadshow Oct. 8-10; investor call 1:30 p.m. ET Oct. 8; pricing Oct. 10.

LUNDIN MINING CORP. $1 billion senior secured notes (Ba2/B+): $500 million six-year notes, non-callable for three years and $500 million eight-year notes, non-callable for four years; BofA Merrill Lynch, Scotia Capital (joint); Rule 144A and Regulation S for life; to partially fund the acquisition of an 80% interest in Candelaria and Ojos del Salado copper mine in Chile from Freeport-McMoRan, repay bank debt and fund working capital; Toronto-based mining company; roadshow Oct. 6 week; pricing Oct. 10.

BPZ RESOURCES, INC.: $150 million senior secured notes due 2019; Seaport Global; Rule 144A, Regulation S and Regulation D; non-callable for three years; to repay the 6½% convertible senior notes due March 1, 2015 and for general corporate purposes, including planned capital expenditures for field development and drilling in 2014 and 2015, and infrastructure; Houston-based independent oil and gas exploration and production company with operations in Peru and Ecuador; pricing late Oct. 6 week.

DRYSHIPS INC.: $700 million senior secured notes due in October 2017 (non-rated), increased from $500 million; also $105 million greenshoe; Sterne Agee & Leach Inc. (books), DNB Markets Inc., Cowen and Co. LLC (co's); SEC registered; non-callable (up to 20% of the notes callable annually at 102 after one year for changes in withholding taxes); proceeds, including those resulting from the $200 million upsize, to refinance the 5% convertible senior notes due Dec. 1, 2014; Athens-based company owns drybulk carriers and tankers.

Expected Fourth Quarter 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.

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.

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.

GLOBAL CASH ACCESS HOLDINGS INC.: $400 million senior notes and $850 million credit facility; Bank of America Merrill Lynch and Deutsche Bank Securities Inc. are the joint lead arrangers and bookrunners; to fund the acquisition of Multimedia Games Holding Co. Inc., expected to close in early 2015; bonds are backed by a $400 million senior unsecured bridge loan priced at Libor plus 675 bps with a 1% Libor floor, with a 50 bps every three months until it hits a cap; Global Cash is a Las Vegas-based provider of fully integrated cash access solutions and related services to the gaming industry. Multimedia Games is an Austin, Texas-based developer and distributor of gaming technology.

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.

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.

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.

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

Oct. 3-7: ALBERTSON’S $1,375,000,000; BofA Merrill Lynch, Citigroup, Credit Suisse, Morgan Stanley, Barclays, Deutsche Bank.

Oct. 6-9: METALDYNE $700 million; Deutsche Bank, Goldman Sachs, BofA Merrill Lynch, KeyBanc, Morgan Stanley, Nomura, RBC.

Started Oct. 6: ECO SERVICES $200 million; Credit Suisse, Jefferies, Citigroup.

Oct. 6 week: LUNDIN MINING $1 billion; BofA Merrill Lynch, Scotia Capital.

Starts Oct. 8: DYNEGY $5.1 billion; Morgan Stanley, Barclays, Credit Suisse, RBC, UBS.

Pricing Oct. 8: JEFFERIES $400 million; Jefferies.

Pricing expected late Oct. 6 week: BPZ RESOURCES; Seaport Global.

Pricing expected Oct. 10: NATURAL RESOURCE PARTNERS $125 million; Wells Fargo, Citigroup.

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