High Yield Calendar: $3.585 billion, €300 million, £950 million deals marketed

JANUARY 24 WEEK

FRESENIUS MEDICAL CARE: Senior notes due February 2021 (Ba2/expected BB+) $500 million via Fresenius Medical Care U.S. Finance, Inc. and €300 million via FMC Finance SA VII; Bank of America Merrill Lynch (global coordinator), Deutsche Bank, Barclays, JPMorgan, Commerzbank, Credit Agricole (joint books); Rule 144A and Regulation S; to refinance short-term debt and fund acquisitions; Bad Homburg, Germany-based provider of dialysis products and services; roadshow Monday and Tuesday.

VIMPELCOM (Ba2/BB+): Benchmark dollar-denominated notes due 2016 and 2021; Barclays Capital, BNP Paribas, Citigroup, the Royal Bank of Scotland; Rule 144A/Regulation S; to help fund the $6.5 billion merger with Wind Telecom (formerly Weather Investments SpA); Moscow-based telecommunications company; roadshow Monday and Tuesday in New York and London.

EXCEL MARITIME CARRIERS LTD.: $250 million senior notes due 2019 (Caa1/B-/); Deutsche Bank Securities, Citigroup; Rule 144A/Regulation S; non-callable for four years; to repay about $240 million of revolver and for general corporate purposes; Athens, Greece-based seaborne cargo transportation services provider; price talk 9½%.

CASELLA WASTE SYSTEMS, INC.: $200 million senior subordinated notes due 2019 (expected ratings Caa1/B-); Bank of America Merrill Lynch, J.P. Morgan Securities LLC, Credit Agricole (joint), Comerica Investments (co); Rule 144A with registration rights; non-callable for four years; 101% poison put; to refinance 9¾% senior subordinated notes due 2013; Rutland, Vt.-based provider of solid waste management services; pricing during middle part of Jan. 24 week.

BI-LO, LLC & BI-LO FINANCE CORP.: $285 million senior secured notes due 2019 (single B ratings expected); Citigroup, Deutsche Bank Securities (joint); Rule 144A/Regulation S for life; non-callable for four years (Special call provision allows issuer to call 10% of the notes annually at 103); 101% poison put; to repay the outstanding balance under existing $200 million senior secured term loan due 2015 and to fund an approximately $74 million cash distribution to the sponsor; Greenville, S.C.-based supermarket operator; roadshow Jan. 24-26.

MAXUM PETROLEUM OPERATING CO.: $250 million senior notes due 2019 (B3); Credit Suisse, Bank of America Merrill Lynch, J.P. Morgan Securities LLC, Goldman Sachs & Co., Citigroup Global Markets Inc. (joint) Rule 144A/Regulation S with registration rights; non-callable for four years; Three-year 35% equity clawback; 101% poison put; to repay revolver and for general corporate purposes; Greenwich, Conn.-based marketer and logistics company for petroleum products; roadshow started Jan. 20; pricing Jan. 24 week.

OASIS PETROLEUM INC.: $300 million senior notes due 2019; J.P. Morgan Securities LLC, Wells Fargo Securities, BNP Paribas, UBS Investment Bank; Rule 144A/Regulation S; non-callable for four years; to fund its exploration, development and acquisition program and for general corporate purposes; Houston-based independent oil and gas exploration and production company; pricing late Jan. 24 week.

REALOGY CORP.: $700 million senior secured notes due 2019 (/CC/); J.P. Morgan Securities LLC, Barclays Capital Inc., Credit Suisse Securities, Goldman Sachs & Co. (joint); Rule 144A/Regulation S; non-callable for four years; to prepay a portion of the extended term loans; Parsippany, N.J.-based provider of real estate and relocation services; expected to price late Jan. 24 week.

AVIV HEALTHCARE PROPERTIES LP and AVIV HEALTHCARE CAPITAL CORP.: $200 million senior notes due 2019 (high single B ratings expected); Bank of America Merrill Lynch, Morgan Stanley & Co. Inc., RBC Capital Markets (joint), Citigroup Global Markets Inc. (senior co), Stifel Nicolaus (co); Rule 144A with registration rights; non-callable for four years; 101% poison put; to repay drawings under acquisition credit line and partially repay mortgage term loan; Chicago-based owner of skilled nursing facilities; roadshow Tuesday to Friday; pricing Friday.

BAKKAVOR GROUP HF/BAKKAVOR FINANCE: £350 million senior secured notes due 2018 (B2/B); Barclays Capital, the Royal Bank of Scotland (physical books), Bank of America Merrill Lynch, HSBC (passive books), BNP Paribas, Mizuho, Rabobank (co's); Rule 144A/Regulation S; non-callable for four years; to refinance debt; Reykjavik, Iceland-based food manufacturer; roadshow until Jan. 28.

NATIONAL MENTOR HOLDINGS, INC.: $275 million seven-year senior notes (Caa2); UBS Investment Bank (left lead), Barclays Capital, Jefferies & Co. (joint books); Rule 144A/Regulation S; non-callable for three years; proceeds, together with borrowings under the new credit facility, to repay all amounts owing under the existing credit facility and pay a consideration of the tender offers and consent solicitations; Boston-based provider of home and community-based human services; roadshow starts Jan. 24 week.

PRIORY GROUP LTD. £600 million notes: £425 million senior secured notes due 2018, non-callable for three years, and £175 million senior notes due 2019, non-callable for four years; Deutsche Bank, the Royal Bank of Scotland, Credit Suisse (joint), RBC Capital Markets (co); Rule 144A and Regulation S; to finance the acquisition of the Priory by Advent International; independent provider of mental health care facilities in the United Kingdom; roadshow started Jan. 24.

AKER DRILLING ASA: NOK 1.5 billion senior bonds due February 2016; DnB NOR Markets, Nordea Markets, Pareto Securities, SEB Merchant Banking (arrangers); to call the outstanding bonds at 104.50, repay existing subordinated loans to Aker ASA and for general corporate purposes; Stavanger, Norway-based drilling rig operator.

JANUARY 31 WEEK

WESTMORELAND COAL CO.: $150 million senior secured notes due 2018 (Caa2/CCC); Gleacher & Co.; Rule 144A with registration rights/Regulation S; non-callable for three years; 35% equity clawback; 101% poison put; proceeds expected to be used to pay all accrued and unpaid dividends on the company's series A preferred stock, to repay certain debt, to retire approximately $2.7 million of the outstanding principal owed on the senior secured convertible notes (with the remaining principal balance to be converted to common stock at closing) and for general corporate purposes; Colorado Springs-based coal producer; roadshow started Jan. 24.

SM ENERGY CO.: $250 million senior notes due 2019 (/BB/); Bank of America Merrill Lynch, Wells Fargo Securities (joint), Bank One South Coast, Capital One Southcoast, KeyBanc Capital Markets, Lloyds TSB, RBC Capital Markets, US Bancorp; Rule 144A with registration rights; non-callable for four years; 101% poison put; to repay bank debt, fund capital expenditures and for general corporate purposes; SM Energy, formerly named St. Mary Land & Exploration Co., is a Denver-based independent energy company; pricing early in Jan. 31 week.

AXCAN INTERMEDIATE HOLDINGS INC.: $225 million senior secured notes due 2018 (/BB/); Bank of America Merrill Lynch, Barclays Capital, RBC Capital Markets, HSBC (joint); Rule 144A with registration rights; non-callable for three years, 10% of issue callable annually at 103 during non-call period; 101% poison put; proceeds, together with cash on hand, proceeds from an equity contribution and a term loan, to finance the acquisition of Eurand NV and pay off certain debt of Axcan and Eurand; pricing late Jan. 31 week; Axcan is a Mont-Saint-Hilaire, Quebec-based pharmaceutical company; roadshow started Jan. 25; pricing late Jan. 31 week.

EXPECTED JANUARY BUSINESS

ASHLAND DISTRIBUTION: $600 million high-yield bonds and bank debt; Bank of America Merrill Lynch; to fund LBO by TPG Capital, expected to close by end of March 2011; also $400 million equity.

EXPECTED EARLY 2011 BUSINESS

AFREN PLC: Dollar-denominated senior secured notes; to repay debt and for general corporate purposes; Deutsche Bank Securities, Goldman Sachs & Co., BNP Paribas; London-based independent oil and gas exploration and production company; expected early 2011 business.

DEL MONTE FOODS CO.: $1.6 billion senior notes and $3 billion credit facility; J.P. Morgan Securities LLC, Barclays Capital Inc., Morgan Stanley & Co. Inc., Bank of America Merrill Lynch, KKR Capital Markets to lead debt financing; to fund LBO by Kohlberg Kravis Roberts & Co. LP, Vestar Capital Partners and Centerview Partners, expected to be completed by the end of March 2011; San Francisco-based branded pet and consumer products company; expected early 2011 business.

GALA CORAL GROUP, LTD.: Up to £600 million senior notes with minimum seven-year tenor; Goldman Sachs & Co. and the Royal Bank of Scotland expected to be involved; to repay senior secured bank loans; Nottingham, England-based gaming and off-track betting company; expected early 2011 business.

SI ORGANIZATION INC.: $175 million senior subordinated notes; J.P. Morgan Securities LLC; to help fund $815 million to help fund Veritas Capital's acquisition of Lockheed Martin Corp.'s Enterprise Integration Group; Valley Forge, Pa.-based provider of engineering, integration services, modeling, simulation, analysis and risk mitigation services to the U.S. intelligence community; possible early 2011 business.

VIKING RIVER CRUISES: Expected $200 million high-yield notes; Credit Suisse; Los Angeles-based river cruise line; possible January business.

ON THE HORIZON

ACE CASH EXPRESS, INC.: $350 million debt financing, proceeds, together with available cash, to fund the tender offer for 10¼% notes due 2014, to repay certain other debt, with any remaining proceeds for general corporate purposes; financial services provider focused on serving unbanked and underbanked consumers.

AMERICAN TOWER CORP.: Expected issue of high-yield notes, as part of a refinancing of bank debt maturing in 2012; Boston-based wireless and broadcast communications infrastructure company.

CANADIAN SATELLITE RADIO HOLDINGS INC.: (parent company of XM CANADA): about C$130 million of senior notes; to help fund the all-stock merger of equals of XM Canada with Sirius Canada Inc., with a combined enterprise value of about $520 million, transaction subject to approval by CSR's shareholders (other than Sirius XM and its affiliates) at a special meeting anticipated to be held in February 2011.

CPI INTERNATIONAL INC.: $215 million notes and $178 million credit facility; UBS Investment Bank; to fund LBO of the company by Veritas Capital; Palo Alto, Calif.-based provider of microwave, radio frequency, power and control solutions for critical defense, communications, medical, scientific and other applications.

ENERGY PARTNERS, LTD.: New senior notes; to help fund the acquisition of oil and natural gas assets in the shallow-water central Gulf of Mexico shelf from Anglo-Suisse Offshore Partners, LLC for $201.5 million; independent oil and natural gas exploration and production company based in New Orleans and Houston.

HUNTINGTON INGALLS INDUSTRIES, INC.: $1.175 billion senior unsecured notes due in 2018, non-callable for three years, and due 2021, non-callable for five years (/B+/BB); to help fund the spin-off of Huntington Ingalls from Northrop Grumman Corp., and repay debt; Newport News shipbuilding company.

IGATE CORP.: Up to $700 million senior unsecured notes via Rule 144A or other private placement; backed by $700 million bridge loan from Jefferies Finance LLC and Royal Bank of Canada; to help fund the acquisition of a majority stake in Patni Computer Systems Ltd., a Mumbai, India-based information technology services company, expected to close during the first half of 2011; debt financing also includes $50 million revolver; iGate is a Freemont, Calif.-based integrated technology and operations solutions provider.

J. CREW GROUP INC.: $600 million senior notes; Goldman Sachs & Co., Bank of America Merrill Lynch (joint); proceeds, along with $1 billion term loan and $250 million ABL revolver, to fund the approximately $3 billion LBO of the company by TPG Capital and Leonard Green & Partners LP; also $1.1 billion of equity financing; New York-based retailer of clothing and accessories; expected early 2011 business.

KRATON POLYMERS: $200 million eight-year senior notes; also $350 million credit facility via Bank of America Merrill Lynch, Morgan Stanley, Goldman Sachs & Co., Credit Suisse, Macquarie; proceeds to fund a comprehensive refinancing of Houston-based chemical company's capital structure in February 2011.

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).

ROADSHOWS

Started Jan. 20: MAXUM PETROLEUM OPERATING CO. $250 million; Credit Suisse, Bank of America Merrill Lynch, J.P. Morgan Securities LLC, Goldman Sachs & Co., Citigroup Global Markets Inc.

Started Jan. 24 week: NATIONAL MENTOR HOLDINGS, INC. $275 million; UBS Investment Bank, Barclays Capital Inc., Jefferies & Co.

Started Jan. 24: PRIORY GROUP LTD. £600 million; Deutsche Bank, Royal Bank of Scotland, Credit Suisse.

Started Jan. 24: WESTMORELAND COAL CO. $150 million; Gleacher & Co.

Jan. 24-25: VIMPELCOM Benchmark; Barclays Capital, BNP Paribas, Citigroup, Royal Bank of Scotland.

Jan. 24-25: FRESENIUS MEDICAL CARE $500 million and €300 million; Bank of America Merrill Lynch, Deutsche Bank, Barclays, JPMorgan, Commerzbank, Credit Agricole.

Jan. 24-26: BI-LO, LLC & BI-LO FINANCE CORP. $285 million; Citigroup Global Markets Inc., Deutsche Bank Securities Inc.

Pricing middle of Jan. 24 week: CASELLA WASTE SYSTEMS, INC. $200 million; Bank of America Merrill Lynch, J.P. Morgan Securities LLC, Credit Agricole.

Pricing late Jan. 24 week: OASIS PETROLEUM INC. $300 million; J.P. Morgan Securities LLC, Wells Fargo Securities, BNP Paribas, UBS Investment Bank.

Pricing late Jan. 24 week: REALOGY CORP. $700 million; J.P. Morgan Securities LLC, Barclays Capital Inc., Credit Suisse Securities, Goldman Sachs & Co.

Started Jan. 25: AXCAN INTERMEDIATE HOLDINGS INC. $225 million; Bank of America Merrill Lynch, Barclays Capital, RBC Capital Markets, HSBC.

Jan. 25-28: AVIV HEALTHCARE PROPERTIES LP and AVIV HEALTHCARE CAPITAL CORP. $200 million; Bank of America Merrill Lynch, Morgan Stanley & Co. Inc., RBC Capital Markets.

Until Jan. 28: BAKKAVOR GROUP HF/BAKKAVOR FINANCE £350 million; Barclays Capital, Royal Bank of Scotland, Bank of America Merrill Lynch, HSBC.

Pricing early Jan. 31 week: SM ENERGY CO. $250 million; Bank of America Merrill Lynch, Wells Fargo Securities.

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