High Yield Calendar: $2.81 billion deals being marketed

FEBRUARY 7 WEEK

PLY GEM INDUSTRIES, INC.: $800 million senior secured notes due 2018; Credit Suisse Securities, UBS Investment Bank; Rule 144A/Regulation S with registration rights; callable in three years at par plus ¾ coupon (special call provides for redemption of the greater of $80 million or 10% of the issued amount annually at 103 during the non-call period); three-year 35% equity clawback provided that at least 55% of original principal remains outstanding; 101% poison put; to redeem 11¾% senior secured notes; Cary, N.C.-based manufacturer of residential exterior building products; pricing Wednesday.

MIDWEST VANADIUM PTY LTD.: $335 million senior secured first-lien notes due 2018 (B3/B-); J.P. Morgan Securities LLC (sole); Rule 144A and Regulation S for life; non-callable for four years; to refinance debt, to fund capital expenditures and for general corporate purposes; Perth, Australia-based vanadium producer; price talk 11½% to 11¾%; books close 11 a.m. ET Wednesday.

ACL I CORP. (HOLDCO), parent of AMERICAN COMMERCIAL LINES INC.: $225 million senior PIK toggle notes due 2016 (/CCC+/); Bank of America Merrill Lynch, UBS Investment Bank, Wells Fargo Securities (joint), PNC Capital Markets, RBS Securities, SunTrust Robinson Humphrey Inc. (co's); Rule 144A with registration rights; non-callable for 1.5 years; 101% poison put; proceeds to fund a special dividend to redeem equity advanced in connection with the acquisition of American Commercial Lines by certain affiliates of Platinum Equity; Jeffersonville, Ind.-based shipping and transportation services provider; global investor call Feb. 4; roadshow starts Feb. 4; pricing Feb. 7 week.

VENOCO, INC.: $500 million senior notes due 2019 (Caa1/B/); Bank of America Merrill Lynch, BMO Nesbitt Burns (joint books), BNP Paribas, Credit Suisse, KeyBanc Capital Markets, Mitsubishi UFJ Securities, RBS Securities, Scotia Capital, BOSC Securities (co's); Rule 144A with registration rights; non-callable for four years; 101% poison put; to repay second-lien term loan and costs associated with settling related interest rate swap contracts; Denver-based energy company; pricing Feb. 7 week.

PROVIDENT FUNDING: $200 million senior notes due 2019 (expected ratings B2/B); J.P. Morgan Securities LLC (books), Jefferies & Co., UBS Investment Bank (co's); Rule 144A for life; non-callable for four years; to retain mortgage servicing rights on newly originated loans, to acquire mortgage servicing rights from third parties and for general corporate purposes; Burlingame, Calif.-based private, independent mortgage company that originates and services residential mortgage loans; roadshow Feb. 8 through Feb. 10.

FEBRUARY 14 WEEK

CLEAR CHANNEL COMMUNICATIONS, INC.: $750 million priority guarantee notes due 2021; Goldman Sachs & Co. (left books), Citigroup Global Markets Inc., Credit Suisse Securities, Deutsche Bank Securities Inc., Morgan Stanley & Co. Inc., RBS Securities Inc., Wells Fargo Securities (joint books); Rule 144A/Regulation S with registration rights; non-callable for five years; proceeds, together with cash on hand, to repay $500 million of bank debt, to repay at maturity $250 million 6¼% senior notes due 2011 and to pay fees and expenses in connection with concurrent amendments to credit facilities and its receivables-based credit facility; San Antonio-based media and entertainment company; roadshow starts Feb. 9; pricing during Feb. 14 week.

EXPECTED EARLY 2011 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.

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.

J. CREW GROUP INC.: $400 million senior notes (Caa1) decreased from $600 million; 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.

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.

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

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.

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 to 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.

KINDRED HEALTHCARE INC.: $550 million senior notes; part of debt financing for planned acquisition of RehabCare Group, Inc., expected to close June 30, 2011; also includes $1.3 billion credit facility; J.P. Morgan Securities LLC, Morgan Stanley, Citigroup are lead banks for financing; Kindred Healthcare is a Louisville, Ky.-based health-care services company.

KRATOS DEFENSE & SECURITY SOLUTIONS, INC.: Up to $325 million in total principal amount of senior secured notes due 2017; Jefferies & Co. plus others; to partially fund the acquisition of Herley Industries, Inc. for $19.00 per share in cash (tender for shares to begin no later than Feb. 25, 2011 and is subject to extension through June 30, 2011); Kratos is a San Diego-based provider of engineering, IT services and warfighter services.

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

Starts Feb. 2: MIDWEST VANADIUM PTY LTD. $335 million; J.P. Morgan Securities LLC.

Pricing Feb. 7 week: AMERICAN COMMERCIAL LINES INC. $225 million; Bank of America Merrill Lynch, UBS Investment Bank, Wells Fargo Securities.

Pricing Feb. 7 week: VENOCO, INC. $500 million; Bank of America Merrill Lynch, BMO Nesbitt Burns.

Feb. 8-10: PROVIDENT FUNDING $200 million; J.P. Morgan Securities LLC.

Starts Feb. 9: CLEAR CHANNEL COMMUNICATIONS, INC. $750 million; Goldman Sachs & Co., Citigroup Global Markets Inc., Credit Suisse Securities, Deutsche Bank Securities Inc., Morgan Stanley & Co. Inc., RBS Securities Inc., Wells Fargo Securities.

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