High Yield Calendar

Total amount of high-yield bond offerings being marketed: $1.750 billion and €310 million

WEEK OF JULY 11

CENTRAL EUROPEAN DISTRIBUTION CORP.: €310 million senior secured notes due 2012 (B2/B-); ING; Rule 144A/Regulation S; non-callable for four years; to help finance the the Bols acquisition; U.S. based-alcohol beverage distributor in Poland; headquarters in Bala Cynwyd, Pa., and Warsaw, Poland; price talk 8% to 8¼%, revised from 8¼% area; pricing expected late in the week of July 11.

WEEK OF JULY 18

ASHTEAD HOLDINGS PLC: $250 million senior secured second-priority notes due 2015; Citigroup, JP Morgan, Deutsche Bank Securities; Rule 144A/Regulation S; non-callable for five years; proceeds together with the proceeds from an equity offering to refinance and clawback £43 million of existing senior secured notes due 2014; Leatherhead, U.K. equipment rental company; roadshow July 11-18.

DIGICEL LTD.: $250 million of seven-year senior notes (B3/B); JP Morgan, Citigroup; Rule 144A/Regulation S; senior subordinated guarantees; non-callable for four years; to repay shareholder loans, for capital expenditures, and prepay mezzanine debt; Kingston, Jamaica-based Caribbean wireless operator; roadshow runs from July 14 to July 22.

WEEK OF JULY 25

SUNGARD DATA SYSTEMS INC. $1.25 billion senior unsecured notes due 2013 (B-): fixed-rate, non-callable for four years, and floating-rate, non-callable for two years; Deutsche Bank Securities, JP Morgan, Citigroup, Goldman Sachs & Co., Morgan Stanley, Banc of America Securities (books), co-managers expected to emerge; to help fund the $11.3 billion acquisition of the company by Solar Capital Corp., a group formed by Silver Lake Partners, Bain Capital, The Blackstone Group, Goldman Sachs Capital Partners, Kohlberg Kravis Roberts & Co. LP, Providence Equity Partners and Texas Pacific Group; Wayne, Penn.-based software company; roadshow starts July 18; expected to price during July 25 week.

SUMMER 2005 BUSINESS

GLOBAL TOYS ACQUISITION LLC: High-yield bonds; Deutsche Bank Securities, Banc of America Securities LLC; also a $2.85 billion U.S. asset-based debt facility, and a $350 million European working capital facility; to back the $6.6 billion Toys "R" Us Inc. acquisition by Bain Capital Partners LLC, Kohlberg Kravis Roberts & Co. and Vornado Realty Trust; expected summer 2005.

THE NEIMAN MARCUS GROUP INC.: $3.9 billion debt financing, including senior secured notes, revolving credit facility, term loans and possibly bridge loans; Credit Suisse First Boston to lead debt financing; to support acquisition of the company by Texas Pacific Group and Warburg Pincus LLC.

ON THE HORIZON

ACCO BRANDS CORP.: $350 million of senior subordinated notes; Rule 144A; company has received commitment for $350 million junior secured term loan C as a back up for the bond deal; also $750 million credit facility via Citigroup; to help fund Fortune Brands Inc.'s spinoff of Acco World Corp. and merger of Acco with General Binding Corp. to form a new entity called Acco Brands; Acco is an Illinois-based supplier of branded office products.

AMADEUS GLOBAL TRAVEL DISTRIBUTION SA: €1 billion (approximate); Credit Suisse First Boston, BNP Paribas plus others; to fund the LBO of the company by BC Partners and Cinven; travel reservations firm based in Madrid, Spain; expected during first half of 2005.

BRASKEM SA: $100 million perpetual senior notes (/BB-/BB-); Banco Itau; Rule 144A/Regulation S; non-callable for five years; Sao Paulo, Brazil, petrochemical company.

THE DOLAN FAMILY GROUP (CABLEVISION): $4.25 billion in a multi-tranche bond offering at the holding company level; also $2.8 billion credit facility at the operating company level via Bank of America and Merrill Lynch; proceeds to be used to take Cablevision Systems Corp. private; pending shareholder approval; Cablevision is a Bethpage, N.Y.-based telecom and cable business.

CHENIERE ENERGY: $500 million senior notes due 2015 (B3/B+); JP Morgan, Credit Suisse First Boston (joint), Banc of America Securities (co); Rule 144A/Regulation S; non-callable for five years; to fund three-year interest reserve, capital expenditures and for general corporate purposes; Houston-based company is a provider of liquified natural gas services; price talk 8¾% area was before offering was postponed on April 19 due to market conditions.

DACOM CORP.: $300 million notes due 2010 (expected ratings Ba3/BB-); Credit Suisse First Boston; Rule 144A/Regulation S; non-callable for life; to refinance debt; South Korea-based integrated service provider of telecommunications and internet related services; roadshow started March 14 week in Asia, March 17 in London, March 18-21 in Boston and New York City.

HIT ENTERTAINMENT PLC: $172 million senior subordinated notes due 2013; also proposed $453 million credit facility via Merrill Lynch and Deutsche Bank, bank meeting July 13; to help fund Apax Partners' leveraged buyout of HIT Entertainment; London-based producer of children's television programming, including Barney and Friends and Bob the Builder.

PACIFIC ENERGY PARTNERS: High-yield bonds as part of the funding for $455 million acquisition of some terminal and pipeline assets from subsidiaries of Valero LP; $400 million five-year secured revolving credit facility and a $300 million 364-day bridge facility; Bank of America and Lehman Brothers; Long Beach, Calif., master limited partnership engaged in the business of gathering, transporting, storing and distributing crude oil and other related products.

PETROHAWK ENERGY CORP.: $200 million notes due 2013; BNP Paribas expected bookrunner; non-callable for four years; to back the consolidation of the bank debt of Petrohawk and soon-to-be-acquired Mission Resources Corp.; bank group includes BNP Paribas; Petrohawk is a Houston-based energy company; Mission Resources is a Houston-based independent exploration and production company.

SIRIUS SATELLITE RADIO INC.: $250 million senior notes due 2015 (/CCC); JP Morgan, Morgan Stanley (joint), UBS Investment Bank (co); Rule 144A/Regulation S with registration rights; make-whole call at Treasuries plus 50 basis points for first five years, then callable at premium; 40% equity clawback; approximately $63.1 million of proceeds to redeem outstanding 15% senior secured discount notes due 2007 and 14½% senior secured notes due 2009, and for general corporate purposes; New York-based satellite radio broadcast company.

TIM HELLAS: Bond financing to back €1.1 billion buyout of the company by Apax Partners and Texas Pacific Group from Telecom Italia; Deutsche Bank Securities, JP Morgan, others; TIM Hellas is the Greek mobile telephone operation, of which Telecom Italia is the majority stake-holder; expected to close in July.

TRAVELEX GROUP: Sterling-denominated bonds, size of offering to be determined; Deutsche Bank Securities; a consortium led by Apax Partners signed an agreement in February 2005 to acquire a majority stake in Travelex, transaction expected to close in 2005; London-based foreign currency exchange services provider.

ROADSHOWS

July 11-18: ASHTEAD HOLDINGS PLC $250 million; Citigroup, JP Morgan, Deutsche Bank Securities

July 14-22: DIGICEL LTD. $250 million; JP Morgan, Citigroup

Starts July 18: SUNGARD DATA SYSTEMS INC. $1.25 billion; Deutsche Bank Securities, JP Morgan, Citigroup, Goldman Sachs & Co., Morgan Stanley, Banc of America Seucrities

© 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.