High Yield Calendar

No high-yield bond offerings presently being marketed

THIRD QUARTER

ASK CENTRAL PLC: £130 million high-yield bonds; Lehman Brothers, The Royal Bank of Scotland, HSBC; to support the acquisition of the company by TDR Capital LLP; St. Albans, Hertfordshire owner-operator of pizza and pasta restaurants; third quarter of 2004.

BELL SPORTS CORP.: $150 million bonds; to help finance acquisition of company by Fenway Partners Inc.; Irving, Tex. maker of sports helmets; September business.

EDITIS: €150 million bond; BNP Paribas, Credit Suisse First Boston, Lehman Brothers; to support Wendel Investissement's acquisition of certain publishing assets from Lagardere; Paris-based publisher of educational and consumer media, formerly Vivendi Universal Publishing; expected in third quarter of 2004.

ENCORE MEDICAL CORP.: $300 million high yield and bank debt (approx. 50/50 split); Banc of America fully committed entire debt financing package; to help fund acquisition of Empi Inc., total value $360 million, consisting of the cash portion and eight million shares of Encore common stock (Empi's majority shareholder, The Carlyle Group, will own approximately 12% of Encore Medical after closing and will be Encore's second largest shareholder behind Galen Partners who owns approximately 19%); transaction expected to close late-September, early-October.

GROHE AG: €335 million bond; Credit Suisse First Boston, Citigroup, to fund LBO of Grohe by Texas Pacific Group and Credit Suisse First Boston; German plumbing fixtures manufacturer; expected in third quarter of 2004.

NEW SKIES SATELLITES NV: $800 million bond and bank financing; Deutsche Bank Securities to lead bond deal; also new equity; to help fund The Blackstone Group's acquisition of the company for $956 million in cash, expected to close late 2004 or early 2005; Hague, Netherlands-based fixed satellite communications company; expected to come to the market in the third quarter of 2004.

ROCKWOOD SPECIALTIES INC.: €500-€600 million high yield notes; Credit Suisse First Boston, Goldman Sachs & Co., UBS Investment Bank; to help finance €2.25 billion acquisition of MG Technologies CeramTec, Chemetall, Sachtleben and DNES divisions; Princeton, N.J. chemical manufacturer; transaction expected to close third quarter of 2004.

ROYAL VENDEX KKB NV: €350 million bonds; ING, Citigroup; to finance acquisition led by Kohlberg Kravis Roberts & Co.; Netherlands department store owner; third quarter 2004 business.

ON THE HORIZON

DENNY'S CORP.: $175 million senior unsecured notes (Caa1); also $420 million senior secured credit facility via Banc of America Securities LLC and UBS Securities LLC joint lead arrangers, bank meeting Aug. 16 week; refinance the existing credit facility, refinance a portion of existing senior notes and working capital and other general corporate purposesSpartanburg, S.C., full-service family restaurant chain.

TARRAGON CORP.: $100 million senior notes due 2011; Rule 144A/Regulation S; to repay debt and for general corporate purposes; New York City-based real estate developer.

IMCO RECYCLING: $100 million add-on to 10 3/8% senior secured notes due 2010; to help fund IMCO and Commonwealth merger, including refinancing of Commonwealth 10¾% senior subordinated notes due 2006, and Commonwealth and IMCO bank debt.

BUFFETS HOLDINGS INC.: 10-year senior notes in connection with IDS offering; Eagan, Minn., restaurant operator; to help refinance existing debt.

ADELPHIA COMMUNICATIONS CORP.: $3.3 billion 10-year senior unsecured notes; non-callable for five years; part of $8 billion bond and bank loan exit financing from Chapter 11; Deutsche Bank Securities; Greenwood Village, Colo. cable television company.

GLOBAL MOTORSPORT GROUP INC.: $85 million senior secured notes due 2008 (B-); Jefferies & Co.; Rule 144A; non-callable for three years; to repay bank debt; Morgan Hill, Calif. aftermarket supplier of motorcycle parts.

GRAHAM PACKAGING CO. LP: High yield bonds and new credit facility; Citigroup, Deutsche Bank Securities, Goldman Sachs & Co.; to help fund acquisition of Owens-Illinois Inc.'s plastic container business for $1.2 billion; York, Pa. designer, manufacturer and seller of blow-molded plastic containers; closing subject to regulatory approval.

INTELSAT: New bonds and bank loan; Deutsche Bank Securities, Credit Suisse First Boston, Lehman Brothers; to help fund the approximately $5 billion acquisition of Intelsat by Zeus Holdings Ltd., a company formed by a consortium of funds advised by Apax Partners, Apollo Management, Madison Dearborn Partners and Permira; Intelsat is a Bermuda-based worldwide satellite telecommunications company; late third or early fourth quarter of 2004.

TEXAS GENCO HOLDINGS, INC.: New bonds; also new credit facility via Goldman Sachs & Co., Deutsche Bank Securities, Morgan Stanley (same banks expected to lead bond deal); to help fund acquisition of Texas Genco, a wholesale electric power generation company based in Houston, for approximately $3.65 billion in cash; expected fourth quarter business.

VERIZON HAWAII: New high-yield bonds; also new credit facility to be led by JPMorgan, Goldman Sachs, Lehman Brothers (same banks to lead bond deal, although not necessarily in that order); to fund Carlyle Group's $1.65 billion acquisition of Verizon Hawaii from Verizon Communications Inc.; pending regulatory approvals.

INCOME SECURITIES OFFERINGS IN THE MARKET

ALASKA COMMUNICATIONS SYSTEMS GROUP INC.: $400 million income deposit securities: shares of Class A common stock and senior subordinated notes due 2019; Citigroup, CIBC World Markets, JP Morgan (books), Banc of America Securities, RBC Capital Markets, Jefferies & Co., KeyBanc Capital Markets (co's); proceeds, together with cash on hand, to fund cash payment to existing stockholders and to repay existing credit facility; Anchorage, Alaska provider of fixed line and mobile telecommunications services in Alaska.

ALLIANCE LAUNDRY HOLDINGS INC.: up to $375 million of income deposit securities (IDS) comprised of 20.63 million shares of class A common stock and $100 million senior subordinated notes due 2019; also separate offering of $13.9 million senior subordinated notes (Caal/CCC on notes); CIBC World Markets, Lehman Brothers (joint), UBS Investment Bank (co) estimated price $14.00 and $16.00 per IDS; company supplies washers and driers to laundromats.

AMERICAN SEAFOODS CORP.: $450 million (decreased from $550 million) Income deposit securities and 15-year notes: 30,740,741 (decreased from 34,375,000) IDSs comprised of shares of class A common stock $13.50-$14, decreased from $16-$18) and $158.3 million (decreased from $177 million) of notes due 2019, also separate offering of $27.9 million notes due 2019 (B3 on both note offerings), price talk 12¼% area on both note offerings; CIBC World Markets, Merrill Lynch & Co. (leads), UBS Investment Bank (joint lead), Credit Suisse First Boston, RBC Capital Markets, Legg Mason, KeyBanc Capital Markets, SunTrust Robinson Humphrey, Piper Jaffray, Wells Fargo Securities, Scotia Capital, Morgan Joseph & Co.; to indirectly redeem additional equity from owners of affiliate, American Seafoods, LP; to trade on American Stock Exchange.

B&G FOODS HOLDINGS CORP.: 28.4 million Enhanced Income Securities (EIS), representing 28.4 million shares of class A common stock and $196.2 million senior subordinated notes due 2016, $14.50-$15.50 per EIS; also separate offering of $26.5 million senior subordinated notes due 2016; RBC Capital Markets, Credit Suisse First Boston, Merrill Lynch & Co. (joint books), Lehman Brothers and Piper Jaffray; registered; to repay bank debt, call $220 million 9 5/8% senior subordinated notes due 2007 at 103.208 and repurchase preferred stock and a significant portion of outstanding class B common stock; Parsippany, N.J. manufacturer of food products.

BUFFETS HOLDINGS, INC.: $550 million Income Deposit Securities and senior subordinated notes; Credit Suisse First Boston (on left), Banc of America Securities LLC, CIBC World Markets (joint books), UBS Investment Bank (lead), JPMorgan, Piper Jaffray (cos); also new credit facility and 10-year senior notes; proceeds along with cash on hand to refinance outstanding debt and repurchase common stock, warrants and options from the existing holders; Eagan, Minn., restaurant operator.

CARROLS HOLDING CORP.: $475 million Enhanced Yield Securities comprised of shares of common stock and senior subordinated notes due 2016 and offerings of shares of common stock and senior subordinated notes due 2016; Lehman Brothers; proceeds, along new credit facility to repay existing bank debt and $170 million 9½% senior subordinated notes due 2008.

COINMACH SERVICE CORP. $400 million: 22 million income deposit securities at approximately $15.00 per IDS (Caa1) comprised of shares of class A common stock and $148.5 million senior secured notes due 2024; also separate $20 million offering of senior secured notes due 2024; Merrill Lynch & Co. (books), Jefferies & Company (lead manager), Deutsche Bank Securities, RBC Capital Markets, SunTrust Robinson Humphrey (co's); to redeem part of Coinmach Corp.'s 9% notes, repay bank debt and repurchase class A and class B preferred shares; Plainview, N.Y. supplier of coin and card operated laundry equipment.

DAVCO ACQUISITION HOLDING INC.: $161 million Enhanced Income Securities comprised of class A common stock and senior subordinated notes due 2016, also separate offering of senior subordinated notes due 2016; RBC Capital Markets (books), KeyBanc Capital Markets, Oppenheimer, SunTrust Robinson Humphrey; to repurchase class B common stock from Citicorp Venture Capital, Ltd. and affiliates; subsidiary of Crofton, Md.-based DavCo Restaurants Inc., the largest franchisee of Wendy's International, Inc.

EYE CARE CENTERS OF AMERICA: $375 million Income Units comprised of class A common stock and senior subordinated notes due 2014; Banc of America Securities, Merrill Lynch & Co. (books), Citigroup, Lehman Brothers (co's); proceeds along with available cash to repay credit facility, redeem $100 million 9 1/8% senior subordinated notes due 2008 and $50 million subordinated term notes, also redeem all outstanding preferred stock and repurchase common stock from existing shareholders; San Antonio, Tex. prescription optical retail chain owner.

FAIRPOINT COMMUNICATIONS INC.: $750 million income deposit securities; includes 42.81 million shares of class A common stock and $209.8 million senior subordinated notes due 2019; also separate offering of $33 million senior subordinated notes due 2019 (CCC+ notes only); CIBC World Markets, Deutsche Bank Securities, UBS Investment Bank (books), Banc of America Securities, Citigroup, Credit Suisse First Boston, RBC Capital Markets, Wachovia Securities (co's); to repay existing credit facility, fund tender for $115.2 million 9½% senior subordinated notes due 2008, $75 million floating-rate notes due 2008, $193 million 12½% senior subordinated notes due 2010, $225 million 11 7/8% senior notes due 2010; Charlotte, N.C. rural local-exchange carrier; expected price of $15.00 to $17.00 per IDS.

IOWA TELECOMMUNICATIONS SERVICES, INC. $742.7 million: 36.7 million income deposit securities, price range $15-$17 per IDS; each IDS comprised of shares of common stock and $194.2 million senior subordinated notes due 2019; also separate offering of $27 million senior subordinated notes due 2019; CIBC World Markets, Citigroup, Lehman Brothers (books), UBS Investment Bank, Jefferies & Co., Legg Mason, RBC Capital Markets, Banc of America Securities, Bear, Stearns & Co., KeyBanc Capital Markets, Raymond James; to repay $216.5 million term debt under existing credit facility and prepay 2007 term notes; Newton, Iowa telecommunications company.

MERISANT WORLDWIDE, INC.: $775 million income deposit securities comprised of shares of class A common stock and senior subordinated notes due 2019, also separate offering of senior subordinated notes due 2019; Credit Suisse First Boston, RBC Capital Markets, Merrill Lynch & Co. (joint); to repay bank debt, repurchase discount notes, repurchase senior subordinated notes, repurchase class B common stock, fund payments under existing management incentive plans; formerly known as Tabletop Holdings, Inc., Chicago company markets low calorie tabletop sweeteners.

PRESTIGE BRANDS HOLDINGS, INC. $920 million income deposit securities: shares of Class A common stock and senior subordinated notes due 2019; also a separate offering of senior subordinated notes; Merrill Lynch & Co. Banc of America Securities; also new credit facility; to repay existing credit facility, purchase or redeem all of the 9¼% notes; purchase all senior preferred stock and class B preferred stock and purchase shares of class C common stock; Irvington, N.Y.-based cleaning products company.

RURAL LEC ACQUISITION LLC $190 million: 8.98 million income deposit securities comprised of class A common stock and $69.7 million senior subordinated notes due 2019, estimated price range $15.20 and $16.80 per IDS; also separate $9 million offering of senior subordinated notes due 2019; CIBC World Markets, RBC Capital Markets (leads), Harris Nesbitt, KeyBanc Capital Markets, Raymond James; to repay $81.2 million of long-term notes and $18 million Mid-Missouri Holding long-term notes and for general corporate purposes; Oneonta, Ala. provider of telephone services in Alabama and Missouri, plans to change name to Otelco Inc. before offering closes.

TRANSCORE HOLDINGS INC.: $375 million Enhanced Yield Securities comprised of class A common stock and senior subordinated notes due 2016, also separate offering of senior subordinated notes due 2016; Lehman Brothers; proceeds, along with a new credit facility, to repay existing credit facility, redeem common and preferred stock and make other payments to security holders and employees; Harrisburg, Pa. provider of information technology to toll road operators, state departments of transportation, trucking companies and freight brokers.

UAP HOLDING CORP.: 36.5 million (increased from 32 million) income deposit securities, price range $19-$21 per IDS, comprised of shares of common stock and $292 million (increased from $275 million) of senior subordinated notes due 2019 ; also separate offering of $40.6 million senior subordinated notes due 2019 (Caa3 on both debt offerings); Credit Suisse First Boston, UBS Investment Bank, CIBC World Markets (joint), Goldman, Sachs & Co., Merrill Lynch & Co (co's); to take out preferred stock owned by ConAgra and stock owned by company executives and Apollo Management V LP; subsidiary of United Agri Products, the former ConAgra agricultural products business.

VALOR COMMUNICATIONS GROUP, INC.: $875 million income deposit securities: shares of class A common stock and senior subordinated notes due 2019, also separate offer of senior subordinated notes due 2019 (CCC+ on both debt offerings), notes non-callable for seven years; CIBC World Markets, Merrill Lynch & Co., Lehman Brothers (joint), Banc of America Securities, JP Morgan (co's); to purchase subsidiaries' stock and repay debt; Irving, Tex.-based telecommunications provider.

XERIUM TECHNOLOGIES, INC.: 40.625 million income deposit securities comprised of 40.625 million shares of class A common stock and $298.6 million senior subordinated notes due 2019, price range $15.20 and $16.80; also separate offering of $52.4 million of senior subordinated notes due 2019; CIBC World Markets (books), Citigroup, Merrill Lynch & Co., Robert W. Baird & Co., Calyon Securities, KeyBanc Capital Markets, Legg Mason (co's); to repay debt, including senior and mezzanine credit facilities and to redeem part of class A common stock; Westborough, Mass. manufacturer of clothing and machinery covers.

RECENT SHELF FILINGS WITH THE SEC:

INTERSTATE HOTELS & RESORTS, INC.: $150 million shelf filed Aug. 25 for debt securities, preferred stock, common stock and warrants; securities may be issued as convertibles; Arlington, Va. hotel management company will use proceeds for general corporate purposes.

RANGE RESOURCES CORP.: $500 million shelf filed Aug. 20 for debt securities, common stock, preferred stock, depositary shares and warrants; securities may be issued as convertibles; Fort Worth, Tex. oil and gas exploration and production company will use proceeds for general corporate purposes.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.