High Yield Calendar

Total amount of high-yield bond offerings being marketed: $950 million, €500 million and C$100 million

WEEK OF MARCH 20

MOBILE SATELLITE VENTURES: $300 million senior secured discount notes due 2013; Merrill Lynch & Co., Morgan Stanley (books), Jefferies (joint lead); Rule 144A; 0% coupon for first four years, then becoming cash pay; non-callable for four years; for general corporate purposes, working capital and construction of its next generation of integrated networks; provider of mobile satellite communications with offices in Reston, Va., and Ottawa, Ont.; roadshow started March 14; price talk 13¾%-14%; pricing Thursday.

HARD ROCK PARK: $155 million senior secured floating-rate notes due 2012 (B3); Deutsche Bank Securities (books), Jefferies & Co. (co's); Rule 144A; non-callable for two years; to fund the design, development, construction and equipment of a new theme park in Myrtle Beach, S.C.; developers are Fantasy Harbour Theme Park LLC and Hard Rock Cafe International Inc., a subsidiary of the London-based Rank Group; roadshow March 14-22.

WEEK OF MARCH 27

SASKATCHEWAN WHEAT POOL INC.: C$100 million (decreased from C$150 million) senior unsecured notes due 2013 (B); TD Securities (books), Genuity Capital Markets, RBC Dominion Securities; off the shelf in Canada/Rule 144A in United States; C$50 million proceeds shifted to common share "bought deal" from notes offering; proceeds, along with available working capital, to redeem the 12% senior subordinated notes due Nov. 29, 2008; publicly traded agribusiness with headquarters in Regina, Saskatchewan; investor presentations start Thursday; pricing early March 27 week.

M-REAL CORP.: €500 million senior notes due 2013 (Ba3/BB-); Deutsche Bank Securities, Barclays Capital; Regulation S; ranks pari passu with all existing senior unsecured debt; coupon step-up protection in case of ratings downgrade from Ba3/BB-; to repay existing debt; paper products company based in Espo, Finland; roadshow March 21-27.

FESTIVAL FUN PARK: $150 million senior notes due 2014 (B2/B); JP Morgan; Rule 144A; non-callable for four years; to fund the LBO of water parks operator Palace Entertainment by MidOcean Partners, a New York- and London-based private investment firm, from an investor group led by Windward Capital; Palace Entertainment has headquarters in Newport Beach, Calif.; roadshow March 21-29.

FRENCH LICK RESORTS AND CASINOS LLC/CORP.: $270 million first mortgage notes in two parts (B3/B-): floating-rate notes due 2013, non-callable for three years, and fixed-rate notes due 2014, non-callable for four years, tranche sizes to be determined; Merrill Lynch & Co. (books), CIBC World Markets (co); Rule 144A; secured by first-priority lien on real and personal property; 2.5 year interest reserve; to develop, construct and open a casino, two hotels and related amenities in French Lick, Ind., and to fund the interest reserve; roadshow started March 17; expected to price March 30.

WOOD RESOURCES LLC/FINANCE CORP.: $75 million senior secured floating-rate notes due 2013 (B-); Jefferies & Co. (books); Rule 144A/Regulation S; all existing and future domestic restricted subsidiaries will guarantee the notes on a senior secured basis; to repay substantially all outstanding debt and fund capital projects; Greenwich, Conn., company primarily produce plywood for specialized industrial markets that are underserved by large, integrated forest products companies as well as for the construction and residential repair and remodeling markets; roadshow started March 22; pricing late March 27 week.

FIRST QUARTER 2OO6

BURLINGTON COAT FACTORY WAREHOUSE CORP. $500 million: $200 million senior unsecured notes, $300 million senior subordinated notes; part of $2.075 billion in debt financing to fund LBO by Bain Capital Partners LLC; Bank of America and Bear Stearns; also up to $500 million equity from Bain; Burlington, N.J., retailer of branded apparel at discount prices; to launch March 20 week.

HUGHES NETWORK SYSTEMS LLC: $375 million senior unsecured notes due 2014 (B1/B-); JP Morgan, Bear Stearns & Co.; to refinance credit facility backing the buyout of SkyTerra Communications Inc.; provider of broadband satellite networks and services, with headquarters in Germantown, Md.; expected to launch in March.

ON THE HORIZON

ACTIVANT SOLUTIONS INC.: New high-yield bonds and senior secured credit facility, debt commitment from Deutsche Bank; in connection with leveraged buyout of the company by Hellman & Friedman LLC and Thoma Cressey Equity Partners, expected to close May 8, 2005 (in connection with the transaction, Activant will tender for all of its senior floating-rate PIK notes due 2011, its 10½% senior notes due 2011 and its floating-rate senior notes due 2010); Activant, currently owned by HM Capital Partners LLC, is an Austin, Texas-based technology provider of business management solutions.

AUTONATION INC.: $900 million senior unsecured notes in fixed-rate and floating-rate tranches (Ba2/pending BB+/expected BB+); Rule 144A/Regulation S; proceeds, together with $300 million term loan (which may be increased to $400 million), via JP Morgan, and approximately $150 million drawdown of its amended $600 million revolver and existing cash, to purchase 50 million shares of its common stock at $23 per share and up to $323.5 million 9% senior notes due 2008, via dealer-managers JP Morgan and Wachovia Securities; tenders to commence by no later than March 10; Fort Lauderdale, Fla., automotive retailer.

CENDANT CAR RENTAL GROUP: $1 billion senior unsecured notes due 2014 and 2016 (BB-); Rule 144A/Regulation S; also new $2.375 billion credit facility; to repay asset-backed vehicle debt; New York City-based Cendant Car Rental expects to change its name to Avis Budget Car Rental LLC.

PT DAVOMAS ABADI TBK: $150 million senior unsecured notes due 2011 (B2/B+); Lehman Brothers; Rule 144A/Regulation S; non-callable for three years; to refinance all existing debt, fund capital expenditures and for general corporate purposes; Jakarta, Indonesia-based producer and exporter of cocoa butter and cocoa powder; roadshow started Jan. 23 in Singapore, Jan. 24 in London, Jan. 25 in Boston, Jan. 26 in Los Angeles, Jan. 27 in New York; price talk 11% (revised from 10¼%-10½%).

DUNKIN' BRANDS INC.: High-yield bonds and new credit facility; to help back leveraged buyout by Bain Capital Partners, The Carlyle Group and Thomas H. Lee Partners; Canton, Mass., quick-service restaurant franchisor; LBO expected to close in the first quarter of 2006.

EDUCATION MANAGEMENT CORP.: $760 million bonds; Goldman Sachs & Co., Credit Suisse (joint), Merrill Lynch, Banc of America Securities; $1.435 billion credit facility; in connection with its LBO by Providence Equity Partners and Goldman Sachs Capital Partners; Pittsburgh-based provider of private post-secondary education.

INTELSAT LTD.'s $7 billion acquisition of PANAMSAT HOLDING CORP.: $4 billion (approximate) minimum: PANAMSAT OPERATING CO. $572.9 million senior notes with the option to issue additional $663.57 million if PanAmSat 9% notes are refinanced, PANAMSAT HOLDING CO. $721.2 million in senior notes with option to issue additional $301.9 million if PanAmSat 10 3/8% notes are refinanced, INTELSAT OPERATING CO. up to $557 million of senior notes, INTELSAT HOLDING CO. up to $1.4155 billion in senior notes; also approximately $2.88 billion aggregate bank debt; financing provided by Deutsche Bank, Citigroup, Credit Suisse and Lehman Brothers; PanAmSat is a Wilton, Conn.-based satellite network operator; Intelsat is a Pembroke, Bermuda, satellite communications company; expected to be completed in 2006.

KERZNER INTERNATIONAL LTD.: Senior subordinated notes, size to be determined; Deutsche Bank Securities; also new senior secured credit facilities led by Goldman Sachs; to help fund its leveraged buyout by an investor group that's led by management; Paradise Island, The Bahamas, developer and operator of destination resorts, luxury resort hotels and gaming properties; expected mid-2006.

NEG INC.(to be renamed National Energy Group Inc.): $200 million senior notes; also $460 million common stock IPO via Bear, Stearns & Co., Citigroup; $125 million to repay a portion of NEG Oil & Gas revolver, $245 million to repay debt owed to American Real Estate Partners, LP (AREP) by National Energy Group, National Onshore and National Offshore, subsidiaries of NEG Oil & Gas, to fund $194 million distribution to AREP; independent oil and gas exploration, development and production company based in Dallas.

NTL INC./TELEWEST GLOBAL INC.: £1.8 billion high-yield debt; to help fund NTL's acquisition of Telewest Global, Inc. for about $6 billion; Goldman Sachs advised NTL, Deutsche Bank Securities advised Telewest, the U.K.'s second largest cable provider; expected to close in the first quarter of 2006.

PINNACLE ENTERTAINMENT INC.: $1.25 billion bonds; also $2.15 billion credit facility led by Lehman Brothers and Bear Stearns & Co.; to back up the bond offering, the company has received a commitment for a $1.25 billion 365-day unsecured senior subordinated interim loan that would carry an interest rate of Libor plus 450 bps, increasing by 75 bps 180 days after funding and an additional 50 bps each 90 days thereafter up to a maximum of 11% per annum; proceeds to help finance Pinnacle's purchase of Phoenix-based gaming company, Aztar Corp., expected to close in the fourth quarter of 2005; Pinnacle Entertainment is a Las Vegas-based owner and operator of gaming entertainment facilities.

SILGAN HOLDINGS INC.: New subordinated notes and/or borrowings under senior secured credit facility; to fund €230 million acquisition of Amcor Ltd.'s White Cap closures business, expected to close during second quarter of 2005; Silgan is a Stamford, Conn., manufacturer of consumer goods packaging products

SOURCECORP INC.: $175 million in senior subordinated notes; Credit Suisse, UBS Securities; also $250 million senior secured credit facility; to help fund LBO by Apollo Management LP expected in the second or third quarter of 2006; as back-up for the bond offering, the company has received a commitment for a $175 million senior subordinated increasing rate bridge loan; Dallas-based provider of business process outsourcing solutions and specialized consulting services.

TEXAS INSTRUMENTS INC.'S SENSORS & CONTROLS: $2 billion of debt including bonds and new credit facility; Morgan Stanley, Bank of America and Goldman Sachs to lead debt financing; to help fund its leveraged buyout by Bain Capital LLC; Sensors & Controls is an Attleboro, Mass., supplier of engineered sensors and controls to the appliance, climate control, industrial, automotive, lighting and aircraft markets; first half of 2006 pending regulatory approvals.

UTI WORLDWIDE INC.: $200 million senior notes; true private placement; proceeds along with cash reserves and $150 million draw from senior secured six-month term credit facility to fund $197.1 million acquisition of Portland, Ore.-based privately held third-party logistics services and multi-modal transportation capacity solutions provider Market Industries; ocean freight and logistics company, domiciled in the Virgin Islands with headquarters in Rancho Dominguez, Calif.

VALOR COMMUNICATIONS GROUP/ALLTEL CORP.: $800 million of senior notes; also up to $4.2 billion credit facility via JP Morgan and Merrill Lynch; to fund the merger of Valor with Alltel; new entity expected to be based in Central Arkansas; expected second quarter of 2006.

ROADSHOWS

March 14-22: HARD ROCK PARK $155 million; Deutsche Bank Securities

Started March 17: FRENCH LICK RESORTS AND CASINOS LLC/CORP. $270 million; Merrill Lynch & Co.

March 22-27: M-REAL CORP. €500 million; Deutsche Bank Securities, Barclays Capital

March 21-29: FESTIVAL FUN PARK $150 million; JP Morgan

Started March 22: WOOD RESOURCES LLC/FINANCE CORP. $75 million; Jefferies & Co.

Starts March 23: SASKATCHEWAN WHEAT POOL INC.: C$100 million; TD Securities

© 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.