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Published on 6/4/2013 in the Prospect News High Yield Daily.

High Yield Calendar: $4.2 billion, €975 million, C$200 million, £150 million deals marketed

June 3 Week

JACK COOPER HOLDINGS CORP.: $225 million senior secured second-lien notes due 2020 (expected B2/confirmed B-); Wells Fargo (left books), Barclays (joint books); Rule 144A and Regulation S with registration rights; callable in three years at par plus 50% of the coupon; to refinance debt and preferred stock; light vehicle transporter; pricing later this week.

INTERGEN NV: $800 million equivalent in senior secured notes in sterling-denominated eight-year notes, non-callable for four years, and dollar-denominated 10-year notes, non-callable for five years; Deutsche Bank (sole global coordinator, joint bookrunner), Barclays, BofA Merrill Lynch, Credit Suisse, Mitsubishi UFJ Securities, RBC (joint books), Citigroup (co); proceeds along with new bank debt to fund the tender offer for its 9½% senior secured notes due 2017, its 9% senior secured notes due 2017 and its 8½% senior secured notes due 2017, to repay bank debt and for general corporate purposes; Burlington, Mass.-based power generator; roadshow started May 29; pricing in June 3 week.

WARREN RESOURCES, INC.: $200 million senior notes due 2021; BMO Capital Markets (sole); Rule 144A and Regulation S with registration rights; non-callable for four years; to repay borrowings under its credit facility, for capital expenditures and for other general corporate purposes; New York-based independent energy company; roadshow started June 3, pricing June 3 week.

HOT TOPIC, INC.: $350 million senior secured notes due 2021 (single B ratings expected); BofA Merrill Lynch, Jefferies LLC (joint); Rule 144A for life; callable in three years at par plus 75% of the coupon (special call allows the issuer to redeem 10% of the notes annually at 103 during the non-call period); three-year 40% equity clawback: 101% poison put; proceeds, together with cash on hand and an equity contribution, will be used to fund the proposed acquisition of Hot Topic by affiliates of Sycamore Partners Management LLC; specialty retailer of pop culture-influenced licensed apparel; investor call June 3; pricing late June 3 week.

EMERALD EXPOSITION HOLDINGS (EMERALD EXPO): $200 million eight-year senior notes; Goldman Sachs & Co., BofA Merrill Lynch, Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC, RBC Capital Markets, UBS Investment Bank; Rule 144A for life; non-callable for three years; to help fund the $950 million acquisition of Nielsen Expositions by Onex Corp. from Nielsen Holdings NV.; San Juan Capistrano, Calif.-based operator of large, business-to-business tradeshows; investor call June 3.

BAKKAVOR FINANCE PLC: £150 million senior secured notes due 2020 (existing ratings B2/B-); Barclays (bill and deliver), BofA Merrill Lynch, HSBC, Mizuho, Rabobank, Royal Bank of Scotland; Rule 144A and Regulation S for life; non-callable for three years; proceeds, along with proceeds from a new credit facility, will be used to refinance debt (Bakkavor announced a tender for its notes due 2018 on June 4); London-based manufacturer of prepared foods; roadshow started June 4 in London; pricing expected late June 3 week.

APPROACH RESOURCES INC.: $250 million eight-year senior notes (expected ratings B3/B-); J.P. Morgan Securities LLC, RBC Capital Markets, KeyBanc Capital Markets (joint), Wells Fargo Securities LLC, BofA Merrill Lynch, Scotia Capital, Tudor Pickering Holt (co's); SEC registered; non-callable for three years; special change of control at 110 until June 2014; to refinance revolver; Fort Worth-based oil and gas exploration and production company; roadshow started June 3; pricing June 7.

SEMGROUP CORP.: $350 million eight-year senior notes (B3/B+); Citigroup Global Markets Inc., BMO Capital Markets, Deutsche Bank Securities Inc., RBC Capital Markets, RBS Securities Inc., Scotia Capital, UBS Investment Bank (joint), ABN Amro, Credit Agricole CIB (co's); Rule 144A and Regulation S with registration rights; callable in three years at par plus 75% of the coupon; to fund the acquisition of Mid-America Midstream Gas Services, LLC and general corporate purposes (if the acquisition does not close, proceeds will be used for general corporate purposes); Tulsa, Okla.-based provider of transportation, distribution and marketing services to producers and refiners of petroleum products; roadshow started June 3; pricing expected June 7.

QUICKSILVER RESOURCES INC. $875 million notes: $200 million six-year second-lien notes, Rule 144A and Regulation S for life, first call at 102, and $675 million eight-year senior notes, Rule 144A and Regulation S with registration rights, callable in four years at par plus 50% of the coupon; Credit Suisse Securities (USA) LLC, Citigroup Global Markets, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, TD Securities, UBS Investment Bank (lead arrangers); three-year 35% equity clawback for the senior notes only; 101% poison puts for both tranches; to fund a tender offer for the senior notes due in 2015 and 2016, and the senior subordinated notes due in 2016; Fort Worth, Texas-based owner and acquirer of oil and gas properties; roadshow started June 3; pricing late June 3 week or early June 10 week.

SANCHEZ ENERGY CORP.: $350 million eight-year senior notes (Caa1); RBC Capital Markets (left books), Credit Suisse Securities (USA) LLC (joint books), Capital One (senior co), BB&T, BBVA, Iberia, ING, Mitsubishi UFJ, SG CIB, SunTrust Robinson Humphrey Inc. (co's); Rule 144A and Regulation S with registration rights; non-callable for four years; three-year 35% equity clawback; 101% poison put; to repay first-lien credit facility incurred to fund a portion of the Cotulla acquisition, repay second-lien credit facility in full and fund general corporate purposes including the pre-funding of capital expenditures; Houston-based oil and gas exploration and development company; roadshow started June 3; pricing late June 3 week or early June 10 week.

June 10 Week

GFL ENVIRONMENTAL CORP.: C$200 million five-year senior notes; BMO Securities, Scotia Capital; Rule 144A; callable in two years at par plus 75% of the coupon; to repay debt, to fund growth and for general corporate purposes; Pickering, Ont.-based integrated waste management company; roadshow June 3 week; pricing expected June 10 week.

IRONGATE ENERGY SERVICES, LLC: $180 million five-year senior secured notes; Jefferies LLC (sole); Regulation D private placement (to be automatically exchanged into Rule 144A and Regulation S notes upon closing); callable after two years at par plus 75% of the coupon; to fund the LBO of Archer Rental Tubular Division from Archer Ltd. by Clearlake Capital Group; provider of rental and tubular services to energy exploration and production operators; roadshow started June 4; pricing June 10 week.

BARRY CALLEBAUT SERVICES NV: $600 million senior notes due 2023 (expected ratings Ba1/BB+); Credit Suisse (bill and deliver), Goldman Sachs, ING, Jefferies, RBS, Rabobank, UBS (joint); Rule 144A and Regulation S for life; non-callable; 101% poison put; to part fund the acquisition of Petra Foods coca ingredients division; Zurich, Switzerland-based chocolate-maker; European roadshow June 3 week, U.S. roadshow June 10 week.

UNILABS SUBHOLDING AB €685 million: €510 million in tranches of five-year senior secured fixed-rate notes, non-callable for two years, and senior secured floating-rate notes, non-callable for one year; UNILABS MIDHOLDING AB: €175 million 5.5-year second-lien PIK toggle notes, callable in two years at 103; JPMorgan (bill and deliver), Lloyds TSB, Nordea, SEB Bank (joint); Rule 144A and Regulation S for life; to repay debt; Geneva, Switzerland-based diagnostics and laboratory services provider; European roadshow June 3 week; U.S. roadshow June 10 week.

SMCP SAS: €290 million senior secured notes due 2020 (expected ratings B3/B); Credit Suisse (bill and deliver), Goldman Sachs, KKR, UBS (joint); Rule 144A and Regulation S for life; non-callable for three years; to fund the acquisition of SMCP by KKR and management; France-based apparel maker; roadshow starts June 5.

On The Horizon

BUENA VISTA GAMING AUTHORITY: $220 million eight-year senior secured notes; Credit Suisse Securities (USA) LLC, BofA Merrill Lynch (joint); Rule 144A and Regulation S for life; callable in four years at par plus 50% of the coupon; annual mandatory redemption offer of 50% of available funds starting at 103; 101% poison put; to fund construction of the Buenavue Casino; Ione, Calif.-based tribal gaming firm.

BMC SOFTWARE: $1.68 billion equivalent senior notes including up to €500 million equivalent; also $4.55 billion senior secured credit facility; bridge loan commitments from Credit Suisse, RBC Capital Markets and Barclays; to help fund the acquisition of BMC by Bain Capital, Golden Gate Capital, GIC Special Investments Pte Ltd. and Insight Venture Partners, expected to close during 2013; Houston-based software company.

DELL INC. $3.25 billion secured notes: $2 billion first-lien notes and $1.25 billion second-lien notes; also $7.5 billion credit facility; BofA Merrill Lynch, Barclays, Credit Suisse Securities (USA) LLC, RBC Capital Markets; to help fund the acquisition of the company by Michael Dell and Silver Lake, expected to close at the end of the second quarter of 2013; Round Rock, Texas-based provider of technology and business products and services.

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; BofA 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.

GARDNER DENVER INC.: New senior notes backed by a bridge loan; Deutsche Bank Securities Inc., UBS Securities LLC, Barclays, Citigroup Global Markets Inc., RBC Capital Markets, Mizuho Corporate Bank Ltd., KKR Capital Markets; to help fund its purchase by Kohlberg Kravis Roberts & Co. LP, expected to close in the third quarter of 2013; Wayne, Pa.-based manufacturer of industrial compressors, blowers, pumps, loading arms and fuel systems.

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.

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.

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.

NIELSEN HOLDINGS NV: $1.3 billion bridge, most or all to be taken out with high-yield bonds, to fund its acquisition of Arbitron Inc.; J.P. Morgan Securities LLC; Nielsen is a New York and Netherlands-based provider of information and insights into what consumers watch and buy; Arbitron is a Columbia, Md.-based media and marketing research firm.

PETAQUILLA MINERALS LTD.: Possible second-lien notes, size to be determined, as part of an approximately $210 million debt financing that will include between $90 million and $140 million of first-lien bank debt; Global Hunter Securities; to refinance debt and to finance capital expenditures related to the Lomero-Poyatos mine in Spain; Vancouver, B.C.-based copper exploration company; the financing was previously in the market as a single $210 million tranche of five-year senior secured notes, announced in July 2012; possible 2013 business.

PINNACLE ENTERTAINMENT INC.: $315 million senior notes and $2.73 billion credit facility in a financing led by J.P. Morgan Securities LLC and Goldman Sachs Lending Partners LLC; to fund the acquisition of Ameristar Casinos Inc., expected to close in the third quarter of 2013; Pinnacle is a Las Vegas-based casino gaming company.

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.

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.

VALEANT PHARMACEUTICALS INC. $9.275 billion bridge loan (50% matures in eight years and 50% matures in 10 years); Goldman Sachs; to help finance the acquisition of Bausch + Lomb, expected to close in the third quarter of 2013, and repay Bausch + Lomb debt; Valeant is a Laval, Quebec-based specialty pharmaceutical company. Bausch + Lomb is a Rochester, N.Y.-based eye health.

YANKEE CANDLE CO. INC.: $450 million notes; also $1.13 billion credit facility launching May 31 via Barclays and Bank of America Merrill Lynch; to help fund a distribution to equity holders and to refinance all existing debt; South Deerfield, Mass.-based designer, manufacturer, wholesaler and retailer of scented candles.

Roadshows

Started May 28: INTERGEN $800 million; Deutsche Bank, Barclays, BofA Merrill Lynch, Credit Suisse, Mitsubishi, RBC.

June 3 week: GFL ENVIRONMENTAL C$200 million; BMO, Scotia.

Pricing June 3 week: JACK COOPER $225 million; Wells Fargo, Barclays.

Pricing late June 3 week: HOT TOPIC $350 million; BofA Merrill Lynch, Jefferies.

Started June 3: WARREN RESOURCES $200 million; BMO.

Started June 3: SEMGROUP $350 million; Citigroup, BMO, Deutsche Bank, RBC, RBS, Scotia, UBS.

Started June 3: APPROACH RESOURCES $250 million; JPMorgan, RBC, KeyBanc.

Started June 3: QUICKSILVER RESOURCES $875 million; Credit Suisse, Citigroup, Deutsche Bank, JPMorgan, TD, UBS.

Started June: SANCHEZ ENERGY $350 million; RBC, Credit Suisse.

Started June 4: IRONGATE ENERGY SERVICES $180 million; Jefferies.

Started June 4: BAKKAVOR £150 million; Barclays, BofA Merrill Lynch, HSBC, Mizuho, Rabobank, Royal Bank of Scotland.

June 3 week in Europe, June 10 week in U.S.: BARRY CALLEBAUT $600 million; Credit Suisse, Goldman Sachs, ING, Jefferies, RBS, Rabobank, UBS.

June 3 week in Europe, June 10 week in U.S.: UNILABS €685 million; JPMorgan, Lloyds, Nordea, SEB.

Starts June 5: SMCP €290 million; Credit Suisse, Goldman Sachs, KKR.


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