High Yield Calendar: $850 million deals being marketed

Jan. 5 Week

NCI BUILDING SYSTEMS, INC.: $250 million senior notes due 2023 (/B+/); Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc., RBC Capital Markets, UBS Investment Bank (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 Pittsburgh-based insulated metal panel producer Centria, Inc.; NCI is a Houston-based manufacturer of metal products for the nonresidential building industry; roadshow started Jan. 6; price talk 8¼% to 8½%; books close 11 a.m. ET Friday, pricing thereafter.

Jan. 12 Week

OPEN TEXT CORP.: $600 million senior notes due January 2025 (Ba2/BB); Barclays (joint books, bill and deliver), Morgan Stanley & Co. LLC, RBC Capital Markets, Citigroup Global Markets (joint books); Rule 144A and Regulation S for life; callable after five years at par plus 50% of the coupon; three-year 40% equity clawback; to repay existing term loan A and for general corporate purposes, including near-term acquisitions; Waterloo, Ont., enterprise information management provider; roadshow starts Jan. 6; initial guidance in the mid-5% yield context, according to a trader; pricing Jan. 12.

Expected Jan. 12 Week Business

ALTICE INTERNATONAL and ALTICE SA: $6 billion equivalent high-yield notes; JPMorgan, Goldman Sachs, Credit Suisse, Deutsche Bank, Morgan Stanley, BNP Paribas, Citigroup, Credit Agricole, HSBC, Nomura, SG CIB; to help finance the acquisition of the Portuguese assets of Portugal Telecom from Grupo Oi SA; financing also includes bank debt; Luxembourg-based telecom; announcement expected Jan. 13.

ANGUS CHEMICAL CO.: $225 million notes in a deal to be led by Morgan Stanley & Co. LLC; $505 million term loan, via J.P. Morgan Securities LLC, Morgan Stanley and Deutsche Bank Securities Inc. launched Jan. 7; to help fund the buyout of the company by Golden Gate Capital from the Dow Chemical Co.; Buffalo Grove, Ill.-based manufacturer and distributor of nitroalkanes and their derivatives; possible business for the Jan. 12 week.

Expected January Business

PETSMART INC.: $1.9 billion bridge loans, $4.3 billion term loans and $750 million ABL facility; Citigroup Global Markets Inc., Nomura Securities International Inc., Jefferies Finance LLC, Barclays, Deutsche Bank; also approximately $1.83 billion in equity; to fund the acquisition of PetSmart for approximately $8.7 billion by a consortium led by BC Partners Inc., expected in the first half of 2015; Phoenix-based specialty pet retailer.

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.

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.

CHEMOURS CO., the performance chemicals segment to be spun off by E.I. DUPONT DE NEMOURS & CO. debt (expected BB); size to be determined; Wilmington, Del., company’s business includes titanium technologies based around the white pigment titanium dioxide, fluoroproducts, and chemical solutions aimed at the gold production, oil refining, agriculture, industrial polymers and other industries; roadshow for early second quarter of 2015.

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.

ENDO INTERNATIONAL PLC: $1 billion senior notes and $500 million incremental term loan; Citigroup Global Markets Inc. is the lead bank on the new debt. Deutsche Bank Securities Inc. is the administrative agent on the existing credit facility; to fund its acquisition of Auxilium Pharmaceuticals Inc.; Endo is a Dublin-based specialty health care company that has U.S. headquarters in Malvern, Pa. Auxilium is a Chesterbrook, Pa.-based specialty biopharmaceutical company.

ENTRANS INTERNATIONAL, LLC and ENTRANS INTERNATIONAL FINANCE CORP.: $250 million senior secured notes due 2020 (B2/B); Credit Suisse Securities (USA) LLC (sole); Rule 144A and Regulation S for life; callable after three years at par plus 50% of the coupon; three-year 40% equity clawback; 101% poison put; to refinance debt; Cleveland, Tenn.-based manufacturer of tanker trailers and industrial equipment; roadshow took place in late 2014; price talk 8¾% to 9%, including OID.

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.

NEXSTAR BROADCASTING GROUP INC.: Senior credit facility or capital markets transaction to help fund its acquisition of CBS affiliate KLAS-TV for $145 million plus working capital from Landmark Media Enterprises LLC, expected to close in the first half of 2015; Nexstar is an Irving, Texas-based diversified media 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.

OPTIMA SPECIALTY STEEL, INC.: $300 million senior secured notes due 2019 (single B ratings expected); Deutsche Bank Securities Inc. (left books), Jefferies LLC (joint books), PNC Capital Markets (co); Rule 144A and Regulation S for life; non-callable for three years; 35% equity clawback during the non-call period; 101% poison put; to refinance debt and for general corporate purposes; Miami-based specialty steel manufacturer.

PLATFORM SPECIALTY PRODUCTS CORP.: $900 million senior notes and $1.1 billion incremental term loan; Barclays, Credit Suisse Securities (USA) LLC, Nomura Securities International LLC and UBS AG; to help fund its acquisition of Arysta LifeScience Ltd., expected to close first quarter 2015; other funds expected to come from $652 million cash on hand, $600 million from Arysta seller financing and $350 million common stock offer; Platform is a Miami-based specialty chemicals company; Arysta is a Tokyo-based provider of crop solutions with expertise in agrochemical and biological products.

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.

RIVERBED TECHNOLOGY $625 million unsecured notes backed by a bridge loan, also $1,625,000,000 credit facility; Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc., Barclays and Morgan Stanley Senior Funding Inc. are the lead banks on the debt; to help fund its acquisition by Thoma Bravo LLC and Teachers’ Private Capital, expected to close in the first half of 2015; San Francisco-based technology company that specializes in improving the performance of networks and networked applications.

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.; 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

Started Jan. 6: NCI BUILDING SYSTEMS, INC. $250 million; Credit Suisse, Citigroup, RBC, UBS.

Started Jan. 6: OPEN TEXT CORP. $600 million; Barclays, Morgan Stanley, RBC, Citigroup.

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