High Yield Calendar: $1.460 billion deals being marketed

MARCH 2 WEEK

ANIXTER INTERNATIONAL INC.: $200 million senior notes due 2014 (Ba2/BB+/BB+); Banc of America Securities LLC, J.P. Morgan Securities Inc., Wachovia Securities LLC (joint), Scotia Capital (co); public offering; non-callable (make-whole at Treasuries plus 50 bps); change-of-control put at 101%; to repay short-term debt and for general corporate purposes; Glenview, Ill.-based distributor of communications and security products, electrical and electronic wire and cable, fasteners and other small parts; price talk 11¼% to 11½% discounted to mid-90s; pricing expected Friday.

DIGICEL LTD.: $435 million senior unsecured notes due 2014 (confirmed B1//existing B-); Citigroup Global Markets Inc., J.P. Morgan Securities Inc., Credit Suisse; Rule 144A for life; non-callable for three years (first call at par plus full coupon); to fund the acquisition of DCA equity and for general corporate purposes; Kingston, Jamaica-based wireless services provider; yield talk 15% discounted to approximately 90.00 (also covenant changes); pricing Friday.

CEMEX, SAB DE CV: Expected $500 million dollar-denominated senior notes with high-yield covenants maturing in three to five years (//BB); Citigroup, BBVA Securities, HSBC, RBS Greenwich Capital, Santander Investments; Rule 144A/Regulation S with registration rights; will come with make-whole call, equity clawback and change-of-control put; to refinance debt; cement company based in Garza Garcia, Mexico; roadshow started Feb. 25 in London, U.S. roadshow Feb. 27 to March 4, pricing after that, depending on market conditions.

MARCH 9 WEEK

DOLE FOOD CO. INC: $325 million senior secured notes due 2014 (B-); Deutsche Bank Securities Inc., Banc of America Securities LLC (joint), Scotia Capital, RaboBank, Goldman Sachs & Co. (co's); Rule 144A; proceeds, together with borrowings under its revolver, to purchase outstanding senior notes due May 1, 2009; Westlake Village, Calif.-based producer and marketer of fresh fruit and vegetables; roadshow during March 2 week; pricing March 9 week.

ON THE HORIZON

APRIA HEALTHCARE GROUP INC.: $1 billion senior secured notes; Banc of America Securities LLC, Wachovia Securities, Barclays Capital Inc.; to fund LBO by the Blackstone Group, bridge loan backing notes funded on Oct. 28; Lake Forest, Calif., home health care services company.

ASHLAND INC.: $750 million senior unsecured notes (Ba3/BB-); also $1.95 billion credit facility via Bank of America, Scotia Capital; to help fund the acquisition of Hercules Inc.; Ashland is a Covington, Ky.-based chemical company; acquisition closed Nov. 13, and bridge was funded.

CDW CORP.: $1.94 billion notes: $890 million senior unsecured cash-pay notes due 2015 (Caa1/CCC+), $300 million senior unsecured PIK toggle notes due 2015 (Caa1/CCC+) and $750 million senior subordinated notes due 2017 (Caa2/CCC+); J.P. Morgan Securities Inc., Deutsche Bank Securities Inc., Morgan Stanley & Co. Inc.; to refinance bridge loan related to LBO; Vernon Hills, Ill., provider of technology products and services.

GENERAL MOLY: $540 million to $700 million debt financing including high-yield bonds, leveraged loans and possibly convertibles; underwriter to be determined; to fund the Mt. Hope molybdenum project, located in central Nevada; also $240 million to $400 million of equity; formerly Idaho General Mines, General Moly is a Lakewood, Colo.-based molybdenum mineral development, exploration and mining company; possible late 2008-early 2009 business.

NORTH AMERICAN ENERGY ALLIANCE: $325 million senior unsecured notes; Barclays Capital Inc.; also $545 million credit facility (BB+); to help back the roughly $1.477 billion acquisition of 1,706 megawatts of generation projects by Industry Funds Management from Consolidated Edison Inc.

RIVERDEEP INTERACTIVE LEARNING USA: $820 million senior subordinated notes; Credit Suisse, Citigroup (joint); proceeds along with $1.87 billion senior bank debt, $750 million mezzanine debt and $1.5 billion equity to fund the acquisition of Houghton Mifflin by Riverdeep from Thomas H. Lee Partners, Bain Capital Partners, LLC and Blackstone Group for $3.4 billion; Riverdeep, based in Dublin, Ireland, is a publisher of interactive products for the consumer and school markets.

TRIDENT RESOURCES: New senior unsecured notes and new revolver in conjunction with IPO led by Deutsche Bank Securities Inc. and Jefferies & Co.; to recapitalize the company and repay debt; Calgary, Alta.-based natural gas production company.

VANTAGE DRILLING CO.: $135 million senior secured callable bonds due 2011; Rule 144A/Regulation S; to pay the first installment of the purchase of the drillship Platinum Explorer under the agreement with Mandarin Drilling Co.; Vantage is based in Houston.

CAT BONDS

EAST LAND RE III LTD.: $150 million series 2009-1 class A three-year principal-at-risk notes (BB); Goldman Sachs & Co.; covers Florida hurricane damage only; underlying insurer is Chubb Corp.; price talk three-month Libor plus 95 to 1,025 bps; London and Zurich roadshow during Feb. 16 week, New York meetings on Feb. 23, pricing thereafter.

ROADSHOW

March 2 week: DOLE FOOD CO. INC $325 million; Deutsche Bank Securities Inc., Banc of America Securities LLC

© 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.