High Yield Calendar: $575 million being marketed

JULY 4 WEEK

SARATOGA RESOURCES INC.: $125 million senior secured notes due 2016 (non-rated); Imperial Capital (sole); Rule 144A and Regulation S with registration rights; non-callable for 2.5 years (Special call provision allows the company to redeem 10% of the issue during the non-call period at a to-be-determined premium); to repay substantially all of its existing debt, including all debt under its existing credit facilities; oil & gas development and exploration company with operations in Southern Louisiana and offices in Houston and Covington, La.; launched June 24; roadshow started June 27 week; pricing shortly after July 4; bond offer decreased from originally contemplated $150 million, with $30 million shifted to PIPE deal.

INC RESEARCH LLC: $250 million senior notes due 2019 (Caa1/B-/); Morgan Stanley & Co. Inc., ING, RBC Capital Markets (joint), Natixis Bleichroeder (co); Rule 144A for life; non-callable for three years; to help fund its purchase of Kendle International Inc., and refinance INC and Kendle debt; INC Research is a Raleigh, N.C.-based therapeutically focused contract research organization; Kendle is a Cincinnati-based clinical research organization; pricing expected June 30.

EXPECTED DURING FIRST HALF OF JULY

EL POLLO LOCO, INC.: $105 million 6.5-year second-lien senior secured notes (expected ratings Caa2/CCC), decreased from $110 million; Jefferies & Co.; Regulation D, to be converted into Rule 144A upon completion of the deal; non-callable for two years, then at 104, 102, par; to refinance existing debt; Costa Mesa, Calif.-based restaurant operator; price talk 12½% cash plus 4½% PIK at 97.00 to yield 17.8% area.

FIAT SPA: Benchmark notes (Ba1/BB/BB+); Citigroup, Mediobanca, Royal Bank of Scotland, Banco Santander, UBS, SG CIB; Milan, Italy-based auto manufacturer.

KATJES INTERNATIONAL GMBH & CO. KG: €30 million 7 1/8% fixed-rate notes due 2016 (Creditform BB+); IKB Deutsche Industriebank; to fund potential acquisitions, repay shareholder loans, and pay down debt; Emmerich, Germany-based producer of sugared confections; subscription period begins July 4.

MAIN ST. PERSONAL FINANCE, INC.: $95 million senior secured notes due 2019; Cortview Capital Securities (sole); Rule 144A for life; non-callable for four years; to fund the acquisition of Express Cash Advance, to repay revolver, to fund the buy-out of a minority equity and debt holder and for general corporate purposes; Cleveland, Tenn.-based financial company does business as Approved Cash Advance, Quik Lend, and A Dollar; roadshow started June 20.

SIAG SCHAAF INDUSTRIE AG: Up to €50 million five-year notes (/CCC+/); IKG (lead manager), Steubing (co-lead); manufacturer of steel components for onshore and offshore wind turbines.

SPIE: Expected €300 million to €400 million notes; Morgan Stanley, HSBC, SG CIB, Credit Agricole CIB, Deutsche Bank; proceeds along with approximately €1 billion of bank debt to help fund the LBO of the company by Clayton Dubilier & Rice, Axa Private Equity and Caisse de Depot et Placement du Quebec from PAI Partners from PAI Partners; France-based mechanical engineering firm; expected to launch early to mid-July.

SRA INTERNATIONAL INC.: $415 million of senior notes; Bank of America Merrill Lynch plus others; to help fund the buyout of the company by Providence Equity Partners; Fairfax, Va.-based provider of technology and strategic consulting services; expected early July business.

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.

CKX ENTERTAINMENT, INC.: $360 million senior secured second-lien notes due 2019 (/B-/); Goldman Sachs & Co. (left books), Macquarie Group Ltd. (joint books); Rule 144A and Regulation S; non-callable for four years; to fund the purchase of common stock and repay existing credit facility; New York City-based owner and developer of entertainment content.

DIAMOND FOODS INC.: $300 million notes; also $1.75 million credit facility; Bank of America Merrill Lynch; to help fund the merger with Pringles Co., expected to close by the end of 2011; Diamond Foods is a San Francisco-based packaged food company. Pringles is a potato crisp brand.

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.

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.

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., Bank of America Merrill Lynch, BNP Paribas Securities Corp. and RBS Securities 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.

WII COMPONENTS, INC.: New subordinated notes and new credit facility; to fund a tender offer and consent solicitation for its $105.85 million of 10% senior notes due 2012, consent deadline July 7, 2011; St. Cloud, Minn. cabinet manufacturer.

ROADSHOWS

Started June 20: MAIN ST. PERSONAL FINANCE, INC. $95 million; Cortview Capital Securities.

Launched June 24: SARATOGA RESOURCES INC. $125 million; Imperial Capital.

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