High Yield Calendar

Total amount of high-yield bond offerings being marketed: $3.375 billion and €300 million

WEEK OF OCT. 18

IT HOLDING FINANCE SA: €150 million (decreased from €185 million) senior notes due 2012 (B3/B+); Merrill Lynch & Co. (books), Banca IMI (joint lead); Rule 144A/Regulation S (no registration rights); non-callable for life (increased from four years); guaranteed by ITH and other subsidiaries; to refinance Gianfranco Ferre 7% notes due May 2005; Milan, Italy-based holding company for fashion brands including Versace, Dolce & Gabbana, and Roberto Cavalli; revised price talk pricing at a discount to yield 10½%; (from 10% area (previously 9¼%-9½%); pricing Thursday.

ODYSSEE FINANCING SA (EDITIS): €150 million senior notes due 2014 (B3/B); BNP Paribas, Credit Suisse First Boston, Lehman Brothers (joint); Rule 144A (no registration rights); to support Wendel Investissement's acquisition of certain publishing assets from Lagardere; Paris-based publisher of educational and consumer media, formerly Vivendi Universal Publishing; price talk 8½% area; pricing Thursday.

CBD MEDIA LLC: $100 million senior notes due 2012 (Caa2/CCC+); Lehman Brothers, Banc of America Securities, Goldman Sachs & Co. (joint); Rule 144A; non-callable for four years; three-year equity clawback; also $25 million increase in existing $130 million term loan; proceeds along with cash to pay a dividend to equity holders, Spectrum Equity Partners and Broadwing Inc.; Cincinnati-based multi-media publisher of Yellow and White Pages directories; price talk 9%-9¼%; pricing Thursday.

NEW SKIES SATELLITES NV $285 million in two parts: $160 million senior floating-rate notes due 2011, non-callable for two years, and $125 million senior subordinated notes due 2012, non-callable for four years; Deutsche Bank Securities (books), ABN Amro (co); Rule 144A; also new $535 million senior secured credit facility and 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; The Hague, Netherlands-based fixed satellite communications company; roadshow started Oct. 14; pricing Thursday or Friday.

ADVANCED MICRO DEVICES INC.: $600 million senior notes due 2012 (B3/B-/B-); Citigroup (books), Credit Suisse First Boston, Merrill Lynch & Co., Morgan Stanley (co's); Rule 144A/Regulation S; non-callable for four years; proceeds together with existing cash, to prepay existing term loan of company's indirect wholly owned German subsidiary, AMD Saxony LLC & Co. KG; Sunnyvale, Calif.-based microchip maker; roadshow started Oct. 15; pricing Friday.

WEEK OF OCT. 25

NORTHWESTERN CORP.: $200 million senior secured notes due 2014 (Ba1); Credit Suisse First Boston; Rule 144A; non-callable for five years; secured by two series of first mortgage bonds issued under NorthWestern's existing first mortgage indentures; to repay a portion of NorthWestern's current $390 million term loan as part of exit from Chapter 11; Sioux Falls, S.D.-based electricity and natural gas provider; roadshow started Oct. 15; pricing expected early in the week of Oct. 25.

HAWK CORP.: $100 million guaranteed senior notes due 2014 (B2/B); Jefferies & Co.; Rule 144A; non-callable for five years; to fund tender offer for $66.3 million of 12% senior notes due 2006 and repay bank debt; Cleveland, Ohio-based supplier of highly engineered friction products; roadshow Oct. 13-26

DOBSON CELLULAR SYSTEMS INC. $700 million: $500 million first priority senior secured fixed-rate notes due 2011, non-callable for four years, with three-year 35% equity clawback, and first priority senior secured floating-rate notes due 2011, non-callable for two years, also $200 million of fixed-rate second priority senior secured notes due 2012, non-callable for four years, with three-year 35% equity clawback; Morgan Stanley, Lehman Brothers, Bear Stearns & Co. (joint); Rule 144A/Regulation S; to refinance existing senior credit facility of Dobson Cellular and for general corporate purposes, including the funding of the subsidiary's planned acquisition of RFB Cellular Inc.; subsidiary of Oklahoma City-based Dobson Communications Corp.; roadshow started Oct. 20; expected to price middle of Oct. 25 week.

ADVERTISING DIRECTORY SOLUTIONS HOLDINGS (SUPERPAGES CANADA): $210 million fixed-rate senior notes due 2012 (Caa1/B-); JP Morgan, Banc of America Securities, Deutsche Bank Securities, Merrill Lynch & Co. (joint); Rule 144A; non-callable for one year, then at 103, 102, 101, par; to help fund acquisition of Verizon Communications directory operations in Canada by Bain Capital; Burnaby, B.C.-based directories publisher; roadshow Oct. 20-28; expected to price on Oct. 28.

LEVITZ HOME FURNISHINGS INC.: $130 million senior secured notes due 2011 (B3/B-); Jefferies & Co.; Rule 144A; non-callable for four years; to repay existing debt; Woodbury, N.Y.-based home furnishings company; roadshow started Oct. 18; pricing expected Oct. 28.

READY MIXED CONCRETE CO.: $150 million senior subordinated notes due 2012 (Caa1/CCC+); JP Morgan (books), Jefferies & Co. (co); Rule 144A; non-callable for four years; to help fund LBO by Audax Group; Escondido, Calif.-based producer of ready-mixed concrete; roadshow started Oct. 20; pricing expected Oct. 28.

NATIONAL MENTOR INC.: $150 million senior subordinated notes due 2012 (B3/B-); Banc of America Securities, JP Morgan, UBS Investment Bank (joint); CIBC World Markets (co); Rule 144A; non-callable for four years; to refinance debt and redeem preferred stock held by Madison Dearborn Partners; Boston-based provider of home and community-based services for individuals with mental retardation and other developmental disabilities, at-risk youth and persons with acquired brain injury; roadshow Oct. 18-27; pricing late Oct. 25 week.

OCTOBER BUSINESS

ABRAXAS PETROLEUM: $125 million senior secured floating-rate notes due 2009; Guggenheim Capital Markets; Rule 144A; non-callable for 2.5 years; to refinance debt; San Antonio-based oil and gas exploration and production company with operations in Texas, Wyoming and western Canada; roadshow started week of Oct. 11; pricing mid-to-late October.

HORNBACH-BAUMARKT-AG: Up to €200 million bonds; Deutsche Bank Securities; Rule 144A; to improve the company's long-term capital structure and to secure its liquidity for further growth; Bornheim bei Landau/Pfalz, Germany-based company operates do-it-yourself retail markets and garden centers; October business.

TEXAS GENCO: $1.375 billion bonds; Goldman Sachs & Co., Morgan Stanley, Deutsche Bank Securities, Citigroup; to fund acquisition of Texas Genco by the Blackstone Group, Hellman & Friedman, Kohlberg Kravis Roberts and Texas Pacific Group; also $2.2 billion credit facility; Houston wholesale electric power generator; expected to price late October.

WEEK OF NOV. 1

ROCKWOOD SPECIALTIES GROUP INC.: $625 million senior subordinated notes due 2014 in dollar and euro tranches (B3/B-); Credit Suisse First Boston, Goldman Sachs & Co., UBS Investment Bank (joint); Rule 144A/Regulation S with registration rights; to repay a bridge loan incurred to fund a portion of the acquisition of four business units (Sachtleben, Chemetall, CeramTec and DNES Custom Synthesis) of Dynamit Nobel from mg technologies AG (sponsors Kohlberg, Kravitz, Roberts & Co., CSFB Private Equity); Princeton, N.J., chemical manufacturer; roadshow starts Oct. 25 in London, Nov. 1 in U.S.

2004 BUSINESS

K&F INDUSTRIES: $750-$800 million bonds and credit facility; Lehman Brothers, Goldman Sachs & Co., J.P. Morgan, Citigroup; also $300-$350 million of equity from Aurora Capital Group; to fund acquisition of K&F Industries by an affiliate of Aurora for $1.06 billion; Los Angeles-based investment firm that acquires and builds companies in partnership with operating management; expected to close in November.

ON THE HORIZON

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.

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

CANWEST MEDIA INC.: 8% senior subordinated notes due 2014; Rule 144A/Regulation S; to be sold in conjunction with exchange offer for Hollinger Participation Trust 12 1/8% senior notes due 2010; Winnipeg-based wholly owned subsidiary of CanWest Global Communications Corp.

CHOCTAW RESORT DEVELOPMENT ENTERPRISE: Proposed offering of debt securities and new senior credit facility; to fund tender for 9¼% senior notes due 2009, Banc of America Securities dealer manager, expires Oct. 28; Mississippi-based tribal gaming, lodging and entertainment company.

STATS CHIPPAC LTD.: Senior notes; Rule 144A/Regulation S; to fund tender for ChipPac International Co. Ltd.'s $165 million 12¾% senior subordinated notes due 2009, Deutsche Bank Securities dealer manager, offer expires Oct. 4; service provider of semiconductor packaging design, assembly, test and distribution solutions, based in Singapore and Fremont, Calif.

COOPER STANDARD AUTOMOTIVE: $400 million bonds; Deutsche Bank, Lehman Brothers, Goldman Sachs & Co., UBS Investment Bank (joint); also $625 million credit facility; to help fund acquisition of Cooper-Standard by an entity formed by The Cypress Group and Goldman Sachs Capital Partners from Cooper Tire & Rubber Co. for about $1.165 billion; Novi, Mich.-based manufacturer of fluid handling systems, body sealing systems, and active and passive vibration control systems, primarily for automotive original equipment manufacturers; expected to close in fourth quarter.

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.

HOLLYWOOD MERGER CORP.: $550 million in bonds; also $275 million credit facility to be led by UBS Securities LLC; part of its amended merger agreement with affiliates of Leonard Green & Partners LP; Wilsonville, Ore., video chain; expected end of the fourth quarter 2004, or early first quarter 2005.

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.

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; early fourth quarter of 2004.

NATIONAL WATERWORKS HOLDINGS INC.: $250 million senior PIK notes due 2014; Rule 144A; to fund dividend payment, sponsors JP Morgan Partners and Thomas H. Lee Partners; parent company of Waco, Texas-based National Waterworks Inc., a distributor of water and wastewater transmission products and other equipment for municipal water systems and sewage-treatment plants.

PETROKAZAKHSTAN: $150 million notes due 2014 (Ba3/B+); JP Morgan; Regulation S; Calgary, Alta.-based vertically integrated international energy company is largest supplier of refined products in Kazakhstan, owning one of the country's three refineries.

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.

VNU WORLD DIRECTORIES: Approximately $450 million equivalent bonds; JP Morgan; to fund Apax Partners Worldwide LLP and Cinven Ltd.'s €2.075 billion acquisition of the company from parent VNU NV, a Dutch information and media business.

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 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.

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. $383.15 million: 21.05 million income deposit securities at approximately $13.50-$15.00 per IDS comprised of shares of class A common stock and $135 million (decreased from $148.5 million) senior secured notes due 2024; also separate third party $20 million offering of senior secured notes due 2024 (Caa1 on notes); Merrill Lynch & Co. (books), Citigroup, Jefferies & Co., 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. 7.99 million Enhanced Income Securities (EIS), price range $14.50 and $15.50 per EIS: comprised of 7.99 class A common stock and $59 million senior subordinated notes due 2016, also separate offering of $7.5 million senior subordinated notes due 2016; RBC Capital Markets (books), KeyBanc Capital Markets, Oppenheimer, SunTrust Robinson Humphrey; both issues of notes guaranteed on an unsecured senior subordinated basis by all domestic subsidiaries (DavCo Operations Inc., FriendCo Restaurants Inc., Heron Realty Corp., and MDF Inc.); about $13.0 million of the proceeds will be used 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 prescription optical retail chain owner.

FAIRPOINT COMMUNICATIONS INC.: 40.94 million income deposit securities; includes 40.94 million shares of class A common stock and $184.2 million (decreased from $209.8 million) senior subordinated notes due 2019; also separate offering of $30 million (decreased from $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.

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: 9.063 million income deposit securities comprised of class A common stock and $63.8 million (decreased from $69.7 million) senior subordinated notes due 2019, estimated price range $15.20 and $16.80 per IDS; also separate $8.4 million offering of senior subordinated notes due 2019; CIBC World Markets, RBC Capital Markets (leads), Deutsche Bank Securities, 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.

XERIUM TECHNOLOGIES INC.: 28.1 million (decreased from 40.625 million) income deposit securities, expected offering price $15.20 and $16.80: securities comprised shares of class A common stock and $201 million (reduced from $298.6 million) senior subordinated notes due 2019, price range $15.20 and $16.80; also separate offering of $45.3 million (reduced from $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.

ROADSHOWS

Started week of Oct. 11: ABRAXAS PETROLEUM $125 million; Guggenheim Capital Markets

Oct. 13-26: HAWK CORP. $100 million; Jefferies & Co.

Started Oct. 14: NEW SKIES SATELLITES NV $285 million; Deutsche Bank Securities

Started Oct. 15: ADVANCED MICRO DEVICES INC. $600 million; Citigroup

Started Oct. 15: NORTHWESTERN CORP. $200 million; Credit Suisse First Boston

Started Oct. 18: LEVITZ HOME FURNISHINGS INC. $130 million; Jefferies & Co.

Oct. 18-27: NATIONAL MENTOR INC. $150 million; Banc of America Securities, JP Morgan, UBS Investment Bank

Started Oct. 20: READY MIXED CONCRETE CO. $150 million; JP Morgan

Started Oct. 20: DOBSON CELLULAR SYSTEMS INC. $700 million; Morgan Stanley, Lehman Brothers, Bear Stearns & Co.

Oct. 20-28: SUPERPAGES CANADA $210 million; JP Morgan, Banc of America Securities, Deutsche Bank Securities, Merrill Lynch & Co.

Starts Oct. 25: ROCKWOOD SPECIALTIES GROUP INC. $625 million; Credit Suisse First Boston, Goldman Sachs & Co., UBS Investment Bank

© 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.