High Yield Calendar: $2.4 billion, €2.1 billion and CHF 750 million deals being marketed

April 13 Week

COMMUNICATIONS SALES & LEASING, INC. $1.65 billion high-yield notes: $540 million eight-year secured notes (Ba3/BB), non-callable for three years and $1.11 billion 8.5-year senior unsecured notes (B3/B), non-callable for four years; BofA Merrill Lynch (left books), J.P. Morgan Securities LLC, Barclays, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., Morgan Stanley & Co. LLC, RBC Capital Markets, SunTrust Robinson Humphrey Inc., Wells Fargo Securities LLC, BNP Paribas Securities Corp., Deutsche Bank Securities Inc., MUFG; Rule 144A and Regulation S with registration rights; three-year 35% equity clawback at par plus coupon; 101% poison put; to help fund the spinoff of the company from Windstream Holdings Inc.; Little Rock, Ark.-based real estate investment trust; expected to price early April 13 week; pricing middle of April 13 week.

SPCM SA (SNF FLOERGER): €550 million senior notes due June 2023 (expected BB+); BNP Paribas (lead left books, bill and deliver), Credit Agricole CIB, SG CIB (joint books), BofA Merrill Lynch, Natixis (co's); Rule 144A and Regulation S; non-callable for three years; to refinance the 5½% notes due 2020 in full, to repay revolver debt and for general corporate purposes; Andrezieux, France-based producer of polyacrylamide; roadshow April 13-14, pricing thereafter.

ORANGE SWITZERLAND SA CHF 2.014 billion equivalent notes: MATTERHORN TELECOM SA CHF 1.712 billion equivalent of seven-year senior secured notes, CHF 750 million and €445 million of fixed-rate notes with three-years of call protection, and €480 million floating rate notes with one year of call protection; also MATTERHORN TELECOM HOLDING SA €290 million eight-year senior unsecured notes with three years of call protection; Credit Suisse (global coordinator, bill and deliver), BNP Paribas, JPMorgan, SC CIB, Goldman Sachs, Natixis (joint books); Rule 144A and Regulation S; proceeds, together with cash on its balance sheet, to redeem in full all the existing notes issued by various entities of the Matterhorn group, terminate or amend existing hedging obligations, and make a distribution to the Matterhorn group’s shareholder; telecommunications company with headquarters in Luxembourg; roadshow April 13-15.

ZF FRIEDRICHSHAFEN AG: (Ba2): Expected dollar- and euro-denominated bonds; Barclays, BNP Paribas, Commerzbank, Deutsche Bank were mandated to arrange investor meetings beginning April 14, ahead of an expected deal (on April 10 Moody's assigned its Ba2 rating to a €1.5 billion senior unsecured guaranteed notes offer to be issued by ZF North America Capital, Inc.); to help fund the merger with Livonia, Mich.-based supplier of automotive systems, modules and components, TRW Automotive Holdings Corp.; Friedrichshafen, Baden-Wurttemberg, Germany-based auto parts manufacturer.

ABENGOA FINANCE SAU: €375 million non-callable five-year senior notes (B2/B/B); Citigroup, HSBC (global coordinators), Bankia, Credit Agricole CIB, Morgan Stanley, Natixis, Banco Santander, SG CIB (passive books); Rule 144A and Regulation S; to partially refinance the notes due 2016; Seville, Spain-based engineering and clean technology company; roadshow April 14-16.

HEIDELBERGER DRUCKMASCHINEN AG: €200 million senior notes due 2022 (Caa1/CCC+); Deutsche Bank (joint books, bill and deliver), BNP Paribas, Commerzbank, HSBC, LLBW (joint books), DZ Bank, IKB (co's); Rule 144A and Regulation S; non-callable for three years; to fund the redemption of part of Heidelberg's 9 ¼% senior notes due 2018; provider of printing supplies and equipment, primarily to commercial customers; roadshow April 14-16.

April 20 Week

TRINSEO via TRINSEO MATERIALS OPERTATING S.C.A. and TRINSEO MATERIALS FINANCE, INC. $750 million equivalent senior notes due 2022 in dollar and euro-denominated tranches, minimum tranche sizes $300 million and €300 million, final sizes to be determined; Deutsche Bank Securities Inc., Citigroup Global Markets, Barclays, Goldman Sachs & Co.,, HSBC, Mizuho Securities, Scotia Capital, SMBC Nikko (joint) Rule 144A and Regulation S for life; callable after three years at par plus 50% of coupon; to repay the 8 ¾% senior notes due 2019 in full; Berwyn, Pa.-based materials company and manufacturer of plastics, latex and rubber; European roadshow April 14-17, U.S. roadshow April 20-22; pricing expected April 23.

Expected First Half 2015 Business

ANGLIAN WATER (OSPREY) FINANCING PLC: New sterling-denominated guaranteed secured fixed rate notes; to help fund tender for £100 million 7% guaranteed secured fixed-rate notes due January 2018, Barclays Bank plc and BNP Paribas are dealer managers, Deutsche Bank AG, London Branch is the tender agent, deadline April 16; Huntingdon, England-based water company.

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.

TENET HEALTHCARE CORP. $2 billion bridge loans: $500 million senior secured bridge loan and a $1.5 billion senior unsecured bridge loan, to be taken out with senior secured and senior unsecured notes during the second quarter of 2015; Barclays; to create a joint venture with Welsh, Carson, Anderson & Stowe and United Surgical Partners International, combining Tenet’s and United Surgical’s short-stay surgery and imaging-center assets, and to fund the acquisition of Aspen Healthcare Ltd. from Welsh Carson; commitments due March 31 (moved ahead from April 2).

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.

AIR MEDICAL HOLDINGS INC.: $460 million senior unsecured bridge loan; also $175 million ABL facility and a $920 million term loan B via Morgan Stanley Senior Funding Inc., Jefferies Finance LLC, KKR Capital Markets LLC, Nomura Securities International Inc. Capital Markets LLC, joint lead arrangers and bookrunners on the term loan B, and Bank of America Merrill Lynch, Morgan Stanley, Jefferies, KKR, Nomura and MCS are the joint lead arrangers on the ABL facility, launches April 1; to help fund the buyout of the company by KKR from Bain Capital and Brockway Moran & Partners; Lewisville, Texas-based provider of air ambulance services.

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.

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.

HORIZON PHARMA LLC: $900 million senior secured debt including approximately $600 million bank loan with the remainder expected to surface as a bond, blended rate for the debt expected to be in the 6%'s; Citigroup Global Capital Markets Inc., Jefferies Finance LLC; to fund the acquisition of Hyperion Therapeutics Inc., expected to close in the second quarter of 2015, and to refinance existing debt; Horizon Pharma is a Dublin-based specialty biopharmaceutical company; Hyperion Therapeutics is a Brisbane, Calif.-based commercial-stage biopharmaceutical 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.

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.

Roadshows

Pricing mid-April 13 week: COMMUNICATIONS SALES & LEASING $1.65 billion; BofA Merrill Lynch, JPMorgan, Barclays, Citigroup, Credit Suisse, Goldman Sachs, Morgan Stanley, RBC, SunTrust, Wells Fargo, BNP, Deutsche Bank, MUFG.

April 13-14: SNF FLOERGER €550 million; BNP Paribas, Credit Agricole, SG.

April 13-15: ORANGE CHF 1.712 billion; Credit Suisse, BNP Paribas, JPMorgan, SC CIB, Goldman Sachs, Natixis.

Starts April 14: TRINSEO $750 million; Deutsche Bank, Citigroup, Barclays, Goldman Sachs, HSBC, Mizuho, Scotia, SMBC.

ABENGOA €375 million; Citigroup, HSBC, Bankia, Credit Agricole, Morgan Stanley, Natixis, Banco Santander, SG CIB.

April 14-16: HEIDELBERGER DRUCKMASCHINEN; Deutsche Bank, BNP Paribas, Commerzbank, HSBC, LLBW.

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