High Yield Calendar

Total amount of high-yield bond offerings being marketed: $840 million, €625 million and £100 million

WEEK OF FEB. 21

CAONO PLC: €125 million senior PIK notes due 2015 (no proceeds upsizing) (B+); Citigroup, BNP Paribas (joint); Regulation S only; issue price 99.00; callable in two years at 102, 101, par; to make a contribution to Ardagh Glass and repay minorities; Ardagh Glass is a Dublin, Ireland-based glass container manufacturer; price talk 10¾%-11%; pricing Wednesday.

FOCUS (FINANCE) PLC (FOCUS WICKES GROUP): £100 million mezzanine notes due 2015 (B3/B/B); ING; Rule 144A/Regulation S with no registration rights; non-callable for five years; proceeds, along with proceeds from sale of Wickes Ltd. to Travis Perkings plc, to refinance all existing debt, including £190 million 10% mezzanine notes due 2011 and €140 million 9¼% mezzanine notes due 2011; Crewe, England-based do-it-yourself home improvement store owner-operator; roadshow starts Feb. 22 in London, Feb. 24 in Paris, and pricing thereafter.

ALSTOM GROUP: Up to €350 million 6¼% notes due March 3, 2010 priced at 99.829 to yield 6.291%; cash portion of €1 billion to be issued in exchange transaction for €395.9 million of 5% bonds due July 2006 and €244 million subordinated auction rate bonds due September 2006, BNP Paribas and Merrill Lynch & Co. dealer managers; Paris-based manufacturer of power-generation systems, power plants, rail equipment, ships, electrical drives, motors, and generators; final amounts to be determined by Feb. 25.

PENN NATIONAL GAMING INC.: $300 million high-yield notes due 2015; Deutsche Bank Securities; Rule 144A; non-callable for five years; to refinance debt; Wyomissing, Pa., gaming firm; February business.

WEEK OF FEB. 28

TELCORDIA TECHNOLOGIES INC.: $350 million senior subordinated notes due 2013 (expected B3/confirmed B-); JP Morgan, Bear Stearns & Co., Deutsche Bank Securities, Lehman Brothers (joint) Rule 144A with registration rights; non-callable for three years; to fund the LBO by Warburg Pincus and Providence Equity Partners; Piscataway, N.J.-based provider of telecommunications networking and operations software, and related services; roadshow Feb. 16-25, expected to price Feb. 28.

RURAL/METRO CORP.: $190 million in two parts: RURAL/METRO OPERATING CO. LLC $140 million senior subordinated notes due 2015, non-callable for five years (Caa1/CCC+) and RURAL METRO DELAWARE INC. (Holdco) $50 million proceeds senior discount notes due 2016, non-callable for five years, with five-year zero coupon (Caa2/CCC+); Citigroup; Rule 144A/Regulation S; also new senior secured credit facility comprised of a $120 million term loan B and a $20 million revolver; to help fund tender for $150 million 7 7/8% senior notes due 2008 and repay $153 million of outstanding revolver debt; Scottsdale, Ariz., provider of emergency and non-emergency medical transportation, fire protection and other safety services; roadshow started Feb. 17; pricing early Feb. 28 week.

GERRESHEIMER GLAS: €150 million senior notes due 2015 (B-); JP Morgan, Credit Suisse First Boston (joint); to fund the acquisition of Geresheimer Glas by Blackstone Capital Partners from Investcorp and JP Morgan Partners; Dusseldorf, Germany-based provider of glass and plastic packaging for the pharmaceuticals, laboratory-ware and cosmetics industries; roadshow starts early Feb. 21 week; pricing expected Feb. 28.

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.

ALLIED WASTE INDUSTRIES INC.: $600 million senior notes due 2015 (BB-); Rule 144A/Regulation S; also $500 million three-year mandatory convertible preferred stock via JP Morgan, Citigroup and Deutsche Bank Securities, $100 million of common stock, $3.45 billion credit facility; to enhance liquidity, extend maturities, reduce interest costs and improve capital structure while accelerating deleveraging; Scottsdale, Ariz., waste disposal company.

AMERICAN LAWYER MEDIA INC.: $27.3 million 13% senior discount notes due 2013 (CCC); also $344.5 million credit facility; to help fund tender for $175 million 9¾% senior notes due 2007, Credit Suisse First Boston and UBS Securities dealer managers, expires Feb. 11; New York City-based integrated media company focused on the legal and business communities.

AMERICAN TIRE DISTRIBUTORS INC.: $300 million high-yield bonds as part of a $750 million financing package that includes $200 million of senior debt and $250 million in equity; financing via Credit Suisse First Boston, Wachovia and Banc of America Securities; to fund Investcorp's $710 million acquisition of the company; Huntersville, N.C., independent distributor of tires and related products.

DAVITA INC.: $4.3 billion debt financing new high-yield bonds and new credit facility; bank loan to back $3.05 billion acquisition of renal dialysis services company Gambro Healthcare and refinance existing credit facility; JP Morgan has committed financing; DaVita is a Torrance, Calif.-based provider of dialysis services for patients suffering from chronic kidney failure; interest rate on total net debt expected to be in the 6½% to 8% range.

EXIDE TECHNOLOGIES: $350 million senior notes due in 2013 (B); Rule 144A/Regulation S; to repay Exide's senior credit facilities, for general corporate purposes and to provide greater liquidity; Lawrenceville, N.J., stored electrical energy solutions provider.

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.

MASONITE INTERNATIONAL CORP.: $825 million (approximate) high-yield bonds, multi-tranche expected; Scotia Capital expected to be involved; also approximately $1.525 billion credit facility, The Bank of Nova Scotia underwriter; to help fund Kohlberg Kravis Roberts & Co.'s acquisition of Masonite in an all cash transaction under which Masonite's shareholders will receive C$40.20 per share (total value of the transaction is about C$3.1 billion); Mississauga, Ont.-based building products company; expected February business.

MERITAGE HOMES CORP.: New high-yield bonds; refinancing all or a portion of its outstanding $280 million 9¾% notes; Dallas, Texas, and Scottsdale, Ariz.-based single family home builder.

MOVIE GALLERY INC.: $475 million senior notes; Wachovia Securities; also $720 million credit facility; to fund acquisition of Hollywood Entertainment Corp.; Movie Gallery is a Dothan, Ala.-based video rental chain.

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.

ROADSHOWS

Feb. 16-25: TELCORDIA TECHNOLOGIES INC. $350 million; JP Morgan, Bear Stearns & Co., Deutsche Bank Securities, Lehman Brothers

Started Feb. 17: RURAL/METRO CORP. $190 million; Citigroup

Starts early Feb. 21 week: GERRESHEIMER GLAS €150 million; JP Morgan, Credit Suisse First Boston

Starts Feb. 22: FOCUS (FINANCE) PLC (FOCUS WICKES GROUP) £100 million; ING

© 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.