High Yield Calendar: $1.8 billion and €1.28 billion deals being marketed

March 16 Week

PAPREC HOLDING SA: €480 million notes: €280 million senior secured notes due 2022 (B1/B+), price talk 5½% area, and €200 million senior subordinated notes due 2023 (B2/B-), price talk 7½% area; Credit Suisse (global coordinator, bill and deliver), BNP Paribas (global coordinator), Credit Agricole CIB, Natixis, SG CIB (joint books), Arkea Banque, CM-CIC (co’s); Rule 144A and Regulation S for life; notes in both tranches non-callable for three years; to refinance debt used to finance eligible green projects; Paris-based provider of recycling services; roadshow March 16-19; books close 5:30 a.m. ET Friday.

March 23 Week

CLIFFS NATURAL RESOURCES INC. $500 million first lien senior secured notes due March 31, 2020 (Ba2/BB-); BofA Merrill Lynch, Jefferies LLC, Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC (joint), co-managers to be announced; Rule 144A and Regulation S for life; non-callable for two years; to take out revolver and for general corporate purposes; Cleveland-based mining and natural resources company; investor call March 19; pricing expected early March 23 week.

Expected First Quarter Business

INTERNATIONAL PERSONAL FINANCE PLC (//BB+): Sterling-denominated bonds expected to mature in seven to nine years; Canaccord Genuity Ltd. (lead manager); Regulation S; Leeds, England-based provider of home credit in emerging markets; coupon guidance 5½% to 5¾%; announced in a March 11 press release as business for the coming week.

MURRAY ENERGY CORP.: $860 million of second-lien senior secured notes; acquisition of an 80% voting interest in Foresight Energy GP LLC with a 77.5% interest in the incentive distribution rights and about 50% of the limited partner interest in Foresight Energy LP; debt financing also includes Murray Energy $1.6 billion term loan and Foresight Energy $650 million term loan, set to launch at a bank meeting on March 20; Deutsche Bank Securities Inc. and Goldman Sachs & Co. are leading all of the debt; St. Clairsville, Ohio-based Murray Energy and St. Louis-based Foresight Energy are coal companies.

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.

TTM TECHNOLOGIES, INC.: $350 million senior secured second-lien notes due 2023 (expected ratings Caa1/B-); J.P. Morgan Securities LLC, Barclays (joint), RBS Securities Inc., HSBC (co’s); Rule 144A and Regulation S; non-callable for three years (special call provision allows the issuer to redeem 10% of the notes annually at 103 during the non-call period); upon release from escrow, proceeds, along with new bank loan, will be used to fund the acquisition of Viasystems Group, Inc. and to repay debt; Costa Mesa, Calif.-based printed circuit board manufacturer; price discussions taking place in the 11s.

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 BEAUTY HOLDINGS SA: €45 million add-on to 8¾% senior secured notes due Nov. 1, 2019 (expected ratings B2/B); BofA Merrill Lynch (joint books, bill and deliver), JPMorgan (joint books); Rule 144A/Regulation S; callable on Nov. 1, 2015 at 106.563; for general corporate purposes; Gennevilliers, France-based producer of plastic packaging used by the cosmetics industry; original €200 million issue priced at par in October 2012; add-on notes will be fungible with the original notes.

AMEC PLC: $1.91 billion bridge facility backing the 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.

BALL CORP. £3.3 billion unsecured bridge loan via Deutsche Bank Securities Inc., Bank of America Merrill Lynch, Goldman Sachs Bank USA, Keybanc Capital Markets Inc., RBS Securities Inc. and Rabobank, to be taken out with bond and bank debt; to help fund its acquisition of London-based metal beverage can maker Rexam plc, expected to close in the first half of 2016; Ball is a Broomfield, Colo.-based provider of packaging solutions.

BLACKBOARD INC.: $75 million add-on to 7¾% senior notes due Nov. 15, 2019 (Caa1/CCC+); BofA Merrill Lynch, Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC (joint); callable Nov. 15, 2015 at 105.813; to help fund the acquisition of educational website Schoolwires; Blackboard is a Washington, D.C.-based provider of enterprise software applications and related services to the education industry; unofficial price talk 93; original $365 million issue priced at par in October 2013.

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.

CONCORDIA HEALHCARE CORP.: New bonds and bank loans backed by a financing commitment from RBC Capital Markets, to fund its acquisition of Covis for $1.2 billion in cash, expected to close during the second quarter of 2015, and to refinance debt; Concordia is an Oakville, Ont.-based health care company focused on legacy pharmaceutical products, orphan drugs, and medical devices for the diabetic population. Covis is a Zug, Switzerland-based specialty pharmaceutical company providing therapeutic solutions to patients.

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.

FRONTIER COMMUNICATIONS CORP.: Debt and/or equity, expected to be comprised mostly of unsecured debt, to fund the acquisition of certain wireline operations from Verizon Communications Inc., expected to close in the first half of 2016; company has received two bridge loans totaling $11,594,000,000, via J.P. Morgan Securities LLC, Bank of America Merrill Lynch and Citigroup Global Markets Inc., to back the financing; Frontier is a Stamford, Conn.-based wireline telecommunications provider.

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.

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.

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.

SS&C TECHNOLOGIES HOLDINGS INC.: $500 million senior unsecured notes via Morgan Stanley Senior Funding Inc. (left lead) and Deutsche Bank Securities Inc.; proceeds (along with $2.63 billion senior secured credit facility via Deutsche Bank (left lead) and Morgan Stanley, consisting of $150 million revolver, a $2.08 billion term loan B-1 and a $400 million term loan B-2) to help fund its $2.7 billion acquisition of Advent Software Inc. and refinance existing debt at both companies; backing the notes is a commitment for a $500 million senior unsecured bridge loan; other funds for the transaction to come from cash on hand and about $400 million of equity, backed by a commitment for a $400 million senior secured bridge loan; Advent acquisition (equating to $44.25 per share plus the assumption of debt) expected to close in the second quarter; SS&C is a Windsor, Conn.-based provider of financial services software and software-enabled services. Advent is a San Francisco-based provider of software and services for the investment management industry.

TOWNSQUARE MEDIA, INC.: New senior notes and senior secured credit facility to fund the redemption of $410.9 million 9% senior notes due 2019; Greenwich, Conn.-based media and entertainment and digital marketing services company; announced in a March 2, 2015 press release.

Roadshows

March 16-19: PAPREC €480 million; Credit Suisse, BNP Paribas, Credit Agricole, Natixis, SG.

Pricing expected early March 23 week: CLIFFS NATURAL RESOURCES $500 million; BofA Merrill Lynch, Jefferies, Deutsche Bank, Credit Suisse.

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