High Yield Calendar: $3.55 billion and €1.68 billion deals being marketed

Sept. 17 week

AOT BEDDING SUPER HOLDINGS: $725 million eight-year senior notes (/CCC+/); Goldman Sachs & Co., Morgan Stanley, UBS Securities Inc., Deutsche Bank Securities Inc., Barclays (joint), Jefferies & Co., RBC Capital Markets (co's); non-callable for three years; also $1.46 billion credit facility; to help fund the acquisition of the company by Advent International; AOT is the parent company of Hoffman Estates, Ill.-based National Bedding Co. and Atlanta-based Simmons Bedding Co.; price talk 8¼% area; pricing Wednesday.

K. HOVNANIAN ENTERPRISES, INC. $797 million: $550 million first-lien senior secured notes due October 2020 and $247 million second-lien senior secured notes due November 2020; Credit Suisse, Citigroup, JPMorgan; Rule 144A for life; callable in three years at par plus 75% of coupon; to refinance existing first-lien notes due 2016; Los Angeles-based homebuilder; investor call 11 a.m. ET Wednesday; pricing Wednesday afternoon.

IBERIAN MINERALS SA: $200 million five-year senior secured notes (expected ratings B2/B+/B); Citigroup Global Markets (bill and deliver, joint books, BNP Paribas, Standard Chartered Bank (joint books), Scotia Capital, SG CIB (co's); Rule 144A and Regulation S for life; non-callable for three years; to fund capital expenditures and investment plans; diversified base metals company with mining operations in Spain and Peru, with a registered office in Luxembourg; international roadshow Sept. 13-19.

SILVERLEAF RESORTS, INC.: $175 million senior secured notes due 2019; Deutsche Bank Securities Inc.; non-callable for three years; to pre-fund development of vacation ownership inventory, to refinance a portion of the company's existing debt, to pay a dividend to the sponsor; Dallas-based resort operator; roadshow starts Sept. 12; pricing middle of the Sept. 17 week.

CNO FINANCIAL GROUP, INC.: $250 million senior secured notes due 2020 (Ba3/B+); Goldman Sachs & Co., J.P. Morgan Securities LLC; Rule 144A and Regulation S for life; non-callable for three years; also $750 million credit facility; to repay bank debt and fund tender offers for the 9% senior secured notes due 2018 and 7% convertible senior debentures due 2016 from entities affiliated with Paulson & Co.; holding company with insurance subsidiaries including Bankers Life and Casualty Co., Washington National Insurance Co. and Colonial Penn Life Insurance Co.; roadshow started Sept. 13; pricing expected Sept. 19.

ROCKWOOD SPECIALTIES GROUP, INC.: $750 million senior notes due 2020; Deutsche Bank Securities Inc., Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, UBS Investment Bank (joint), KKR Capital Markets, Lazard Capital Markets (co's); SEC registered; non-callable for three years; for general corporate purposes; Princeton, N.J.-based specialty chemicals and advanced materials company; expected to price Thursday.

GENERAL CABLE CORP.: $550 million senior notes due 2022 (expected ratings B1/B+); J.P. Morgan Securities LLC, Deutsche Bank Securities Inc., Wells Fargo Securities LLC, Credit Agricole CIB, Goldman Sachs & co. (joint), BB&T, KeyBanc Capital Markets (co's); Rule 144A and Regulation S with registration rights; non-callable for five years; to redeem all 7 1/8% senior notes due 2017 and tender for all 0.875% senior convertible notes due 2013; Highland Heights, Ky.-based producer of copper, aluminum, and fiber optic wire and cable products; roadshow started Sept. 17; investor call 12:30 p.m. ET Sept. 18; pricing late Sept. 17 week.

ALGECO SCOTSMAN €1.675 billion: €1 billion senior secured notes due 2019, non-callable for three years, and €675 senior unsecured notes due 2020, non-callable for four years; Deutsche Bank Securities Inc. leading a syndicate which includes Barclays; to repay debt and fund the acquisition of Ausco; Baltimore-based provider focused on modular space and secure storage solutions; pricing expected Sept. 24 week.

In The Market

SPOTTED HAWK DEVELOPMENT LLC: $100 million five-year senior secured notes; Global Hunter Securities (sole books), Knight Capital (co); non-callable for three years; to fund oil production in the Bakken Field Play; New Town, N.D.-based energy exploration and production company; currently being marketed; pricing early September.

Expected September Business

ADVANCEPIERRE FOODS: $450 million senior notes; also $825 million 4.75-year covenant lite term loan via Deutsche Bank Securities Inc., and $150 million asset-based revolver; to refinance debt and fund a dividend; Cincinnati-based supplier of value-added protein and handheld convenience products; bank meeting 10 a.m. ET on Sept. 19.

CEQUEL COMMUNICATIONS HOLDINGS LLC: $500 million senior unsecured bridge loan priced at Libor plus 700 bps with a 1.25% Libor floor, with 50 bps step-ups every 90 days after closing, subject to a cap of 11% plus 25 bps on Nov. 15 if closing has not occurred; Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Goldman Sachs & Co. and RBC Capital Markets LLC; to be replaced with an equivalent amount of high-yield debt securities; to help fund the buyout of the company by BC Partners and CPP Investment Board, expected to close in the fourth quarter of 2012; St. Louis-based provider of television, high-speed internet and telephony services; expected late third quarter or early fourth-quarter business.

GETTY IMAGES INC.: $750 million notes backing the LBO of the company by Carlyle Group and management; J.P. Morgan Securities LLC, Barclays, Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. and RBC Capital Markets LLC; financing also includes new credit facility and equity; Seattle-based creator and distributor of still imagery, video and multimedia products; expected late September business.

HERTZ GLOBAL HOLDINGS INC.: Expected $1.95 billion financing; Barclays, Bank of America Merrill Lynch and Deutsche Bank; to help fund the acquisition of Dollar Thrifty Automotive Group Inc., expected to close in mid-to-late October (majority of the financing will be done in bonds but a piece will be done as a term loan within the current credit agreement's Most-Favored-Nation language); Hertz is a Park Ridge, N.J.-based auto and equipment rental company; bonds expected in late September or early October.

LIN TELEVISION CORP.: $265 million senior notes; J.P. Morgan Securities LLC; proceeds, along with a revolver draw, to fund the purchase of broadcast and other related assets for 13 network affiliates owned by New Vision Television; Providence, R.I.-based local television and digital media company; expected early September business.

PLAINS EXPLORATION & PRODUCTION CO.: $2 billion senior notes and $5 billion credit facility; J.P. Morgan Securities LLC, Barclays, Bank of America Merrill Lynch, BMO Capital Markets Corp., Citigroup Global Markets Inc., RBC Capital Markets LLC, Scotia Capital (USA) Inc., TD Securities (USA) LLC, Wells Fargo Securities LLC; to fund acquisition of a 50% working interest in the Holstein Field, to fund the purchase of oil and natural gas interests in the Gulf of Mexico from BP Exploration & Production Inc., to refinance debt and for general corporate purposes; Houston-based oil and gas company; expected September business.

TDF GROUP (TELEFFUSION DE FRANCE): Euro-denominated high-yield bonds; BNP Paribas expected to be involved; to refinance debt; Paris-based multiple-platform telecommunications company; expected as early as the Sept. 3 week.

On The Horizon

ADVANCED DISPOSAL SERVICES INC.: $830 million senior unsecured notes; Deutsche Bank Securities, Inc., Macquarie Capital, UBS Investment Bank, Barclays, Credit Suisse Securities (USA) LLC are the lead banks on the deal; $830 million senior unsecured bridge loan wrapped up during the week of Aug. 13; financing also includes $300 million revolver and a $1.65 billion term loan; Jacksonville, Fla.-based waste management company; expected Autumn 2012 business.

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; possible business for the first quarter of 2012.

ENERGY TRANSFER EQUITY, LP: $3.2 billion high-yield bonds to help complete the $7.9 billion merger of Energy Transfer and Southern Union Co., including repayment of $3.7 billion of Southern Union debt; Energy Transfer is a Dallas-based oil and gas pipeline company.

FTS INTERNATIONAL, INC.: $400 million secured notes to repay term loan; company is soliciting consents from holders of its 7 1/8% notes due 2018 to amendments to the indenture governing the notes, Bank of America Merrill Lynch and Citigroup Global Markets Inc. are the solicitation agents; provider of well completion services for the oil and gas industry with corporate offices in Fort Worth and Cisco, Texas; expected Autumn 2012 business.

GLOBALIVE WIRELESS MANAGEMENT CORP.: Up to $1 billion equivalent in U.S. dollar- and Canadian dollar-denominated notes; Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC, BMO Capital Markets Corp.; Rule 144A; to fund expansion of its wireless network and for general corporate purposes; Toronto-based wireless communications services provider; expected during first quarter of 2012.

GREENFIELD ETHANOL INC.: C$175 million of five-year senior second-lien notes (/B+//DBRS: B); Scotia Capital Inc. (lead); Macquarie Capital Markets Canada Ltd., Societe Generale (Canada) and TD Securities Inc. (co-managers); non-callable for three years, 101% change-of-control put; equity clawback for up to 35% in first three years; Canada call at 50 bps over Canadian government benchmark; guarantors GreenField Ethanol (Johnstown) Inc.; GreenField Ethanol (Hensall) Inc.; GreenField Hensall LP; GreenField Hensall GP Inc.; Pharmco Products Inc.; Aaper Alcohol and Chemical Co., Aaper Holdings Inc.; GreenField Ethanol of Quebec Inc. and all future restricted subsidiaries of GreenField.; proceeds to repay debt, to terminate existing interest rate swap agreements and for general corporate purposes; Ontario-based GreenField Ethanol is Canada's largest ethanol company.

M&G FINANCE CORP.: $200 million to $300 million senior secured notes due 2019 (expected B3//BB), downsized from $500 million; J.P. Morgan Securities LLC (sole); Rule 144A and Regulation S for life; non-callable (call protection increased from four years); to finance construction of new PET and PTA production facilities, pay back intercompany debt and fund working capital; Houston-based Mossi & Ghisolfi (M&G) produces polyethylene terephthalate (PET) resin for packaging applications; price talk 10% coupon to yield 12% at an issue price of approximately 90.

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.

OPI INTERNATIONAL: $160 million first-lien senior secured notes due 2017; Global Hunter Securities; non-callable for three years; to help fund the acquisition of offshore construction vessels and refinance debt; Houston-based services provider to the offshore oil and gas industry; expected May business.

PPG COMMODITY CHEMICALS: $660 million notes and $240 million term loan in connection with its spin-off from PPG Industries and merger with Georgia Gulf Corp., expected to occur in late 2012 or early 2013; Barclays and J.P. Morgan Securities LLC have provided the debt commitment; PPG Commodity Chemicals is a producer of chlorine, caustic soda and related chemicals; PPG is Pittsburgh-based coatings and specialty products company.

TPC GROUP INC.: Up to $600 million senior secured notes and $250 million senior secured asset-based revolver; Bank of America Merrill Lynch, Morgan Stanley Senior Funding Inc. and Jefferies Finance LLC; to help fund its acquisition by First Reserve Corp. and SK Capital Partners; expected to close in the fourth quarter; TPC Group is a Houston-based processor and service provider of value-added products derived from niche petrochemical raw materials; expected late third quarter or early fourth quarter business.

VALEANT PHARMACEUTICALS INTERNATIONAL INC.: Expected $1.75 billion of bonds to help fund acquisition of Medicis Pharmaceutical Corp.; also $1 billion term loan; bonds are expected with eight- and 10-year maturities; J.P. Morgan Securities LLC (lead); in addition to funding the $2.6 billion purchase price, proceeds will be used to pay the conversion consideration for or repurchase of Medicis' $168.9 million of 2.5% contingent convertible senior notes due 2032, $200,000 of 1.5% contingent convertible senior notes due 2033 and $422.2 million of 1.375% convertible senior notes due 2017; closing expected in first half of 2013; Mississauga, Ont.-based specialty pharmaceutical company.

Roadshows

Starts Sept. 12: SILVERLEAF RESORTS $175 million; Deutsche Bank.

Sept. 13-19: IBERIAN MINERALS $200 million; Citigroup, BNP Paribas, Standard Chartered.

Started Sept. 13: CNO FINANCIAL $250 million; Goldman Sachs, JPMorgan

Started Sept. 17: GENERAL CABLE $550 million; JPMorgan, Deutsche Bank, Wells Fargo, Credit Agricole, Goldman Sachs.

Pricing Sept. 24 week: ALGECO SCOTSMAN €1.675 billion; Deutsche Bank, Barclays plus others.

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