High Yield Calendar: $1.355 billion and €1.6 billion being marketed

JUNE 13 WEEK

KABEL DEUTSCHLAND HOLDING AG: €300 million senior secured notes due 2018 (Ba2/BB-); Goldman Sachs International, Deutsche Bank AG, ING, Morgan Stanley; non-callable for three years; also €500 million seven-year term loan; to repay bank debt; German-based cable operator; pricing Friday.

ENDEAVOR INTERNATIONAL CORP.: $250 million senior notes due 2016 (expected ratings Caa2/CCC); Citigroup Global Markets Inc. (sole), Cyan Capital Markets (lead co-manager), FBR Capital Markets, Global Hunter Securities, Houlihan Lokey, Imperial Capital (co's); Rule 144A and Regulation S with registration rights; non-callable for 2.5 years; three-year 35% equity clawback; 101% poison put; to repay all outstanding amounts under the senior term loan and subordinated notes and for general corporate purposes; Houston-based independent oil and gas company; roadshow June 7-9.

SPOTLESS HOLDINGS SAS: €400 million senior secured notes due 2018 (B3/B); JPMorgan, Morgan Stanley (physical books), Barclays, HSBC (joint books); Rule 144A and Regulation S for life; non-callable for three years; to refinance debt; Neuilly-sur-Seine, France-based home care consumer goods group; roadshow May 6-9, pricing thereafter.

TFS CORP.: $175 million senior secured notes due 2018 (B3/B/); Global Hunter Securities, Clarkson Capital Markets, Knight Securities; non-callable for four years; to fund land acquisitions and general corporate purposes; Nedlands, Western Australia-based owner and operator of sandalwood plantations; price talk 11¾% area (earlier guidance was 10% to 10¾%).

GULF OFFSHORE LOGISTICS, LLC: Revised $110 million senior secured notes due 2016: $75 million first-lien floating-rate notes, price talk Libor plus 750 bps with a 200 bps Libor floor at 99, and $35 million second-lien fixed-rate notes, price talk 12¼% coupon at about 99 to yield 12½%; Global Hunter Securities, Knight Capital; both tranches callable in three years at 103; to repay debt and for general corporate purposes; Raceland, La.-based provider of marine transportation and logistical services to the oil and gas industry.

KINOVE BONDCO GERMAN GMBH (EVONIC CARBON BLACK LTD.): €600 million equivalent senior secured notes due 2018 in dollars and euros (B2/B); Goldman Sachs International, UBS, Barclays (joint); Rule 144A and Regulation S; non-callable for three years; proceeds, along with new bank debt, to fund the LBO of the company by Rhone Capital LLC and Triton Advisers; Essen, Germany-based specialty chemical company; roadshow June 6-8 in the United States, June 13-16 in Europe; 8% minimum coupon expected.

GOODMAN NETWORKS INC.: $225 million senior secured notes due 2018 (mid single B ratings expected); Jefferies & Co. Inc. (sole), PNC Capital Markets (co); Rule 144A with registration rights; non-callable for four year; to fund a management buyout, to repay existing debt and for general corporate purposes; Plano, Texas-based telecommunications services company; roadshow June 8-17.

DOWNSTREAM DEVELOPMENT AUTHORITY: $295 million senior secured notes due 2019 (expected mid-to-low single B ratings); Jefferies & Co. Inc. (left books), Bank of America Merrill Lynch (joint books); Rule 144A for life; non-callable for four years; to tender for existing notes; owner-operator of the Downstream Casino Resort located in Northeast Oklahoma at the three-corner border of Oklahoma, Missouri and Kansas; roadshow June 9-17.

ESSAR SERVICES MAURITIUS/AEGIS LTD.: $300 million senior notes due 2016 (/BB-/BB-); Deutsche Bank Securities Inc., UBS Investment Bank, Standard Chartered Bank (joint physical books); Rule 144A and Regulation S; non-callable for three years; to repay debt and for general corporate purposes; Mumbai, India provider of outsourcing services; Asian roadshow begins June 9, U.S. roadshow begins June 14; pricing end of June 13 week.

EXPECTED JUNE BUSINESS

AMC NETWORKS INC. (RAINBOW MEDIA HOLDINGS LLC): $700 million senior notes due 2012 (B2/B+); Bank of America Merrill Lynch, J.P. Morgan Securities LLC; also $2.225 billion credit facility; to finance the spin-off from Cablevision Systems Corp., refinance existing debt at Rainbow Media as well as to repay $1.25 billion of Cablevision and/or CSC Holdings LLC debt, and for general corporate purposes; Bethpage, N.Y.-based telecommunications, media and entertainment company; expected June business.

INC RESEARCH LLC: $250 million bonds backed by $250 million Libor plus 750 bps bridge loan (1.25% Libor floor), commitments due late May 2011; Morgan Stanley; also $425 million credit facility; to help fund its purchase of Kendle International Inc.; INC Research is a Raleigh, N.C.-based therapeutically focused contract research organization; Kendle is a Cincinnati-based clinical research organization.

DUOCOMMUN INC.: $200 million senior notes; UBS Securities LLC and Credit Suisse Securities (USA) LLC (joint); also $240 million credit facility; to fund its acquisition of LaBarge Inc., expected to close in the second quarter of 2011, and repay debt; Ducommun is a Carson, Calif.-based provider of engineering and manufacturing services to the aerospace and defense industry.

NEWLEAD HOLDINGS LTD.: $120 million senior secured bonds due 2016; Rule 144A and Regulation S; to finance certain vessel purchase commitments, to refinance the debt of certain vessels and for general corporate purposes; Piraeus, Greece-based international, vertically integrated mixed fleet shipping company.

RURAL/METRO CORP.: New high-yield bonds and credit facility; Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc. and Jefferies & Co. are leading the financing; to help fund the acquisition of the company by Warburg Pincus; Scottsdale, Ariz.-based provider of emergency and non-emergency ambulance services and private fire protection services.

SARATOGA RESOURCES INC.: $150 million first-lien senior secured notes; to refinance substantially all of the company's debt; oil & gas development and exploration company with operations in Southern Louisiana and offices in Houston and Covington, La.

ON THE HORIZON

ACADEMY SPORTS + OUTDOORS: $450 million high-yield bonds; Credit Suisse Securities (USA) LLC (left books), Goldman Sachs & Co. (joint books), also Barclays Capital Inc., Mizuho Securities USA Inc. and KKR Financial; also $1.49 billion credit facility; to help fund buyout by Kohlberg Kravis Roberts & Co LP; Katy, Texas-based sporting goods and outdoor store chain.

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.

CAPSUGEL: €325 million bridge loan backing a proposed €325 million notes; also $1.07 billion credit facility to be led by UBS Securities LLC, Barclays Capital Inc., Deutsche Bank Securities Inc., KKR Capital Markets and Mizuho Securities USA Inc.; to help fund the buyout of the company by Kohlberg Kravis Roberts & Co LP from Pfizer Inc. for $2.375 billion in cash, expected to close in the third quarter of 2011; Peapack, N.J.-based manufacturer of hard capsules and drug-delivery systems.

DNO INTERNATIONAL ASA: $200 million to $300 million senior secured bonds due 2016; Pareto Securities AS, ABG Sundal Collier ASA and Fearnley Fonds ASA; for general corporate purposes; Oslo, Norway, oil and gas exploration and production company.

GGC SOFTWARE HOLDINGS INC.: $560 million senior notes and $1.115 billion credit facility; Credit Suisse Securities (USA) LLC, Bank of America Merrill Lynch, Morgan Stanley Senior Funding, Inc., Royal Bank of Canada, Deutsche Bank Securities Inc. are leading the financing; to fund the LBO of Lawson Software by Golden Gate Capital and Infor Global Solutions, expected to close in third quarter of 2011; St. Paul, Minn.-based enterprise software developer.

KRUGER INC.: Up to C$210 million PIK toggle notes (upsized from C$200 million); GMP Securities; project finance; Montreal-based paper products manufacturer.

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 services 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).

NAL OIL & GAS: C$150 million to C$250 million notes; RBC Capital Markets, BMO Nesbitt Burns; Calgary, Alta., trust acquires interests in Canada's upstream conventional oil and gas industry.

PREMIER FOODS PLC (Ba2/BB/BB): New high-yield bonds; to settle swap agreements, diversify sources of funding and reduce reliance on bank debt; St. Albans, England-based food producer; possibly launching during Feb. 21 week.

SEALED AIR CORP.: $1.5 billion equivalent senior notes expected to be split into $1 billion and €500 million offerings, and $3 billion equivalent credit facilities; Citigroup Global Markets Inc.; to help fund Sealed Air's acquisition of Diversey Holdings Inc. from the Johnson family and Clayton, Dubilier & Rice LLC for $2.1 billion in cash and an aggregate of 31.7 million shares of Sealed Air common stock, in a transaction valued at $4.3 billion, expected to close during 2011 ($1.4 billion Diversey debt to be refinanced); Sealed Air is an Elmwood Park, N.J.-based manufacturer of packaging systems for food, industrial, medical, and consumer applications; Diversey is a Sturtevant, Wis.-based provider of cleaning, sanitization and hygiene 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.

SILGAN HOLDINGS INC.: $400 million senior subordinated notes (with the ability to issue $500 million senior notes) and $4 billion credit facility; Bank of America Merrill Lynch; to help fund the acquisition of Graham Packaging Co. Inc., expected to close in the third quarter of 2011; Silgan is a Stamford, Conn.-based manufacturer of consumer goods packaging products.

ROADSHOWS

June 6-9: SPOTLESS HOLDINGS SAS €400 million; JPMorgan, Morgan Stanley, Barclays, HSBC.

Started June 6: KINOVE BONDCO GERMAN GMBH (EVONIC CARBON BLACK LTD.) €600 million; Goldman Sachs International, UBS, Barclays.

June 7-9: ENDEAVOR INTERNATIONAL CORP. $250 million; Citigroup Global Markets Inc.

June 8-17: GOODMAN NETWORKS INC. $225 million; Jefferies & Co. Inc.

Starts June 9: ESSAR SERVICES MAURITIUS/AEGIS LTD. $300 million; Deutsche Bank Securities Inc., UBS Investment Bank, Standard Chartered Bank.

June 9-17: DOWNSTREAM DEVELOPMENT AUTHORITY $295 million; Jefferies & Co. Inc., Bank of America Merrill Lynch.

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