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Published on 10/14/2010 in the Prospect News High Yield Daily.

High Yield Calendar: $2.310 billion and £155 million deals being marketed

OCTOBER 11 WEEK

AIR MEDICAL GROUP HOLDINGS, INC. and AMGH MERGER SUB, INC.: $545 million senior secured notes due 2018 (expected ratings B2/B); Barclays Capital, Bank of America Merrill Lynch, Citigroup, Morgan Stanley; Rule 144A for life; non-callable for four years; to fund LBO of the company by Bain Capital; West Plains, Mo.-based independent provider of emergency air medical services; talked at 9¼% to 9½%; roadshow started Oct. 7 in New York, Oct. 8 in Boston, Oct. 12 in mid-Atlantic states, Oct. 13 in the Midwest and San Francisco, Oct. 14 in Los Angeles; pricing Oct. 15.

EXOVA LTD.: £155 million eight-year senior notes (B3/B-); Barclays Capital Inc. (billing and delivering), RBS Securities Inc. (joint books); Rule 144A, Regulation S; non-callable for four years; refinance some outstanding debt; London-based provider of laboratory-based testing and related advisory services; roadshow started Tuesday in London, continues Wednesday in Edinburgh, returns to London on Thursday.

TUTOR PERINI CORP.: $300 million senior notes due 2018; Deutsche Bank Securities Inc.; Rule 144A/Regulation S; for general corporate purposes, which may include acquisitions and stock repurchases; Sylmar, Calif.-based civil and building construction company; roadshow started Oct. 11.

TEXAS COMPETITIVE ELECTRIC HOLDINGS CO. LLC/TCEH FINANCE, INC.: $300 million 101/2-year senior secured second-lien notes (Caa2/CCC/B); Citigroup Global Markets, Inc. (left books), J.P. Morgan Securities LLC, Goldman Sachs & Co., Credit Suisse Securities (USA) LLC (joint books); Rule 144A, Regulation S; non-callable for five years; subsidiaries of Dallas power generation and electric utility company Energy Future Holdings Corp.; proceeds to repay bank debt and/or buy back some outstanding 2015 and 2016 bonds; talked at 15%; pricing Friday morning.

NOVOMATIC AG: Notes due 2017; Erste Group and UniCredit; Gumpoldskirchen, Austria-based manufacturer of gaming machines; roadshow expected during Oct. 11 week.

OCTOBER 18 WEEK

ABENGOA SA: $600 million senior notes due 2018; Credit Suisse, Bank of America Merrill Lynch, Citigroup, Deutsche Bank Securities (joint); Rule 144A/Regulation S for life; non-callable; 101% poison put; for general corporate purposes and capital expenditures for project pipeline; Seville, Spain-based multinational conglomerate focused on energy, telecommunications, transportation and the environment; roadshow Oct. 11 week; pricing early Oct. 18 week.

ACCELLENT INC.: $315 million seven-year senior subordinated notes (existing: Caa2/CCC+); Goldman Sachs & Co. (left books), UBS Investment Bank (joint books); Rule 144A, Regulation S; subsidiary of Accellent Holdings Corp., a Wilmington, Mass.- provider of manufacturing and engineering services to the medical device industry; proceeds to finance tender for $295 million 10½% senior subordinated notes due 2013; expected early Oct. 18 week.

OCTOBER 25 WEEK

OMNOVA SOLUTIONS CORP.: $250 million eight-year senior notes; Deutsche Bank Securities, Inc. (left books), Jefferies & Co. Inc. (joint books), KeyBanc Capital Markets (lead); Rule 144A; non-callable for four years; to help finance $300 million acquisition of Eliokem International SAS; Fairlawn, Ohio-based maker of emulsion polymers, specialty chemicals and decorative and functional surfaces for commercial, industrial and residential end uses; roadshow starts Oct. 18, pricing Oct. 25.

ON THE HORIZON

CABLEVISION SYSTEMS CORP.: New high-yield bonds as part of approximately $1 billion in bank and bond debt financing to fund the $1.365 billion acquisition of Bresnan Communications, expected to close late 2010 or early 2011; Bank of America Merrill Lynch and Citigroup are the lead banks on the debt; Cablevision is a Bethpage, N.Y.-based telecommunications, media and entertainment company.

GRIFOLS SA: $1.1 billion high-yield notes; also $3.4 billion credit facility (Ba3/BB) via Deutsche Bank, Nomura, BBVA, BNP Paribas, HSBC and Morgan Stanley, expected to launch during July 2010; to help fund the company's acquisition of Talecris Biotherapeutics Holdings Corp.; Grifols is a Barcelona, Spain-based health care company and producer of plasma protein therapies. Talecris is a Research Triangle Park, N.C.-based biotherapeutics products company.

HAWKEYE GROWTH LLC (HAWKEYE RENEWABLES): Up to $150 million first-lien notes; PrinceRidge Group; proceeds, along with cash on hand, to refinance debt; Ames, Iowa-based ethanol producer.

LODGENET INTERACTIVE CORP.: Possible debt financing that could include bonds; to repay bank debt; Sioux Falls, S.D.-based provider of interactive media and connectivity solutions to the hospitality industry and interactive patient education, information and entertainment systems to health-care facilities; ($435 million six-year senior secured second-lien notes, B3/B/, via Bank of America Merrill Lynch, J.P. Morgan Securities LLC, put on hold Sept. 28 as company announced it is seeking alternatives).

MEDASSETS INC.: $360 million notes; J.P. Morgan Securities LLC, Barclays Capital Inc., also $750 million facility; to fund acquisition of Broadlane Group and refinance existing bank debt, transaction expected to close before end of 2010; MedAssets is an Alpharetta, Ga.-based provider of technology enabled products and services for hospitals, health systems and ancillary health care providers.

M/I HOMES, INC.: Senior notes; to fund tender offer for $200 million 6 7/8% senior notes due 2012; Citigroup is dealer-manager for tender, which expires Nov. 10; early tender deadline Oct. 27; Columbus, Ohio-based homebuilder.

PAETEC HOLDING CORP.: $420 million senior secured notes; Deutsche Bank, Bank of America Merrill Lynch; to help fund the acquisition of Cavalier Telephone Corp. from M/C Venture Partners, expected to close in late 2010 or early 2011; Paetec is a Fairport, N.Y.-based provider of business communications.

PRESTIGE BRANDS HOLDINGS PLC: bank and/or bond financing to help fund the $190 million acquisition of Blacksmith Brands Holdings Inc., expected to close in the fourth quarter of 2010; Irvington, N.Y.-based marketer of branded over-the-counter health-care products, household cleaning products and personal care products.

RADIO ONE, INC.: $100 million senior notes due 2017 (Caa2/CCC+); to finance the purchase of an increased stake in TV One; also new $400 million credit facility, via Deutsche Bank Securities Inc.; Lanham, Md.-based radio broadcaster targeting African American audiences in urban communities.

SABRA HEALTH CARE REIT INC.: $225 million notes; also $100 million revolver; proceeds, along with Sun Healthcare Group Inc.'s $285 million credit facility, to repay Sun's 9 1/8% senior subordinated notes and the outstanding term loans under Sun's existing credit facility, and for general corporate purposes.

THERMADYNE HOLDING CORP.: New senior unsecured notes as part of financing for the acquisition of the company by Irving Place Capital, valued at $422 million, expected to close in December; also new revolver; financing is backed by a bridge loan from Jefferies & Co. and RBC Capital Markets; St. Louis-based manufacturer and marketer of metal cutting and welding products and accessories.

ROADSHOWS

Started Oct. 7: AIR MEDICAL GROUP HOLDINGS, INC. and AMGH MERGER SUB, INC. $545 million; Barclays Capital, Bank of America Merrill Lynch, Citigroup, Morgan Stanley.

Started Oct. 11: TUTOR PERINI CORP. $300 million; Deutsche Bank Securities Inc.

Started Oct. 11 week: ABENGOA SA $600 million; Credit Suisse, Bank of America Merrill Lynch, Citigroup, Deutsche Bank Securities.

Roadshow during Oct. 11 week: NOVOMATIC AG; Erste Group and UniCredit.

Oct. 12-14: EXOVA LTD.: £155 million; Barclays Capital Inc., RBS Securities Inc.

Starts Oct. 18: OMNOVA SOLUTIONS CORP.: $250 million; Deutsche Bank Securities, Inc., Jefferies & Co. Inc.


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