High Yield Calendar

Total amount of dollar-denominated high-yield bond offerings being marketed: $2.44 billion

WEEK OF JAN. 12

EXCO RESOURCES: $300 million senior notes due 2011 (B); Credit Suisse First Boston (books), Banc One Capital Markets (joint lead), Banc of America Securities, BNP Paribas, Comerica Securities, Fleet Securities, Scotia Capital, TD Securities (co's); Rule 144A; non-callable for three years; three-year 35% equity clawback; to fund the acquisition of Nuon Energy & Water; Dallas-based oil and gas exploration and production company; price talk 7½%-7¾%; pricing Wednesday.

AMERICAN CASINO & ENTERTAINMENT PROPERTIES LLC: $200 million senior secured notes due 2012 (B2/B); Bear Stearns & Co.; Rule 144A; non-callable for four years; to fund the acquisition of two casinos in Las Vegas from American Real Estate Partners, L.P. chairman Carl Icahn (upon closing American Real Estate Holdings Limited Partnership will also transfer 100% of the common stock of Stratosphere Corp., the entity that owns the Stratosphere Casino Hotel & Tower, to American Casino); co. is based in Mount Kisco, N.Y.; price talk 8 1/8% area; pricing Thursday.

PREMIERE ENTERTAINMENT BILOXI (Hard Rock Hotel & Casino Biloxi): $150 million first mortgage notes due 2012 (B3/B-); Banc of America Securities, Citigroup (joint), Merrill Lynch & Co. (co); Rule 144A; non-callable for four years; to fund construction and related costs; full-service entertainment resort company headquartered in Gulfport, Miss.; roadshow Jan. 7-15; pricing late in the week of Jan. 12.

COMMUNICATIONS & POWER INDUSTRIES: $125 million senior subordinated notes due 2012 (B-); UBS Investment Bank, Bear Stearns & Co. (joint), Wachovia Securities (co); Rule 144A; non-callable for four years; to help fund acquisition by Cypress Group LLC, repay existing debt; Palo Alto, Calif.-based manufacturer and distributor of vacuum electron devices and other related equipment for defense and commercial applications; roadshow Jan. 7-15; pricing Jan. 15 or 16.

IRON MOUNTAIN, INC.: £125 million senior subordinated notes due 2014 (existing B2/confirmed B); Bear Stearns & Co.; Rule 144A; to fund acquisition of Mentmore plc's 49.9% equity interest in Iron Mountain Europe Ltd, for £82.5 million and general corporate purposes, including debt repayment and possible future acquisitions; Boston-based provider of outsourced records and information management services; roadshow during Jan. 5 and Jan. 12 weeks; pricing late Jan. 12 week.

NEW ASAT (FINANCE) LTD.: $125 million senior notes due 2011 (B3/B); Citigroup; Rule 144A/Regulation S; non-callable for four years; guaranteed by Asat Holdings Ltd.; to redeem 12½% senior notes due 2006, general corporate purposes and capital expenditures; semiconductor assembly, test and package design services company based in Pleasanton, Calif. and Hong Kong; roadshow started Jan 9 in Hong Kong, Jan. 12 in Singapore, U.S. to follow; pricing late Jan. 12 week.

CONCORDIA BUS NORDIC AB: €125 million senior secured notes due August 2009 (5.5 year) (confirmed B2/expected B-); Goldman Sachs, JP Morgan (joint); Rule 144A/Regulation S with registration rights; non-callable for three years; to repay bank debt; Stockholm, Sweden-based company operates bus service throughout Scandinavia; roadshow started Jan. 9; expected to price late in Jan. 12 week.

WEEK OF JAN. 19

PORTOLA PACKAGING, INC.: $180 million senior notes due 2012 (B2/B-); JP Morgan, UBS Investment Bank (joint); Rule 144A/Regulation S; non-callable for four years; to redeem $110 million 10¾% senior notes due 2005, pay down $40 million of credit facility, redeem $20 million of redeemable warrants, repurchase common shares, and general corporate purposes; San Jose, Calif. plastic container manufacturer; roadshow started Jan. 9; pricing expected Jan 20.

JANUARY BUSINESS

GLOBAL MOTORSPORT GROUP INC.: $85 million senior secured notes due 2008 (B2/B-); Jefferies & Co.; Rule 144A; non-callable for three years; to repay bank debt; Morgan Hill, Calif.-based aftermarket supplier of motorcycle parts; pricing expected in January.

ATLANTIC BROADBAND FINANCE, LLC: $150 million senior subordinated notes due 2014 (Caa1); Merrill Lynch & Co.; to fund acquisition of cable TV assets from Charter Communications, sponsored by Abry Partners; multiple system cable operator headquartered in Quincy, Mass.

ON THE HORIZON

CELANESE AG: High yield bonds; Morgan Stanley Dean Witter, Deutsche Bank Securities; to help fund €3.1 billion LBO by Blackstone; Frankfurt, Germany industrial chemical company.

PLY GEM INDUSTRIES: $200 million high yield notes; UBS Investment Bank, Deutsche Bank Securities (joint); also $325 million senior secured financing; to fund Caxton-Iseman Capital's $570 million LBO of firm from Nortek Inc.; Kearney, Mo.-based residential construction products manufacturer; expected to close during first quarter of 2004.

VAIL RESORTS, INC.: High yield bonds; to fund tender for $200 million of 8¾% senior subordinated notes due 2009 with Banc of America Securities and Deutsche Bank Securities as dealer managers; consent solicitation expires Jan. 27; mountain resort operator based in Vail, Colo.

SGL CARBON AG: €300 million subordinated long-term bond; expected to be completed in early to mid-February 2004; to refinance debt; Wiesbaden, Germany carbon and graphite products company.

GOODYEAR TIRE & RUBBER CO.: $250 million (minimum) of new debt securities; to repay bank debt.

SEITEL, INC.: $180 million high-yield bonds to help fund exit from Chapter 11; Houston seismic information and technology company.

LOEWS CINEPLEX THEATRES: senior subordinated notes; Rule 144A; coming with senior credit facility and IPO; IPO via Goldman Sachs, Citigroup, Credit Suisse First Boston and Merrill Lynch; to repay debt and for general corporate purposes; motion picture exhibitor headquartered in New York City.

CARMIKE CINEMAS, INC.: $250 million; to help retire its $155 million of public bonds and $197 million term loan.

SEAT PAGINE GIALLE: €1.2 billion bonds; to help fund €6 billion LBO by BC Partners, CVC, Investitori Associati and Permira.

EMERGING MARKETS CORPORATE OFFERINGS

EXCELCOMINDO FINANCE CO. BV: $250 million senior fixed rate bonds due 2009 (B2/B+); Morgan Stanley, Credit Suisse First Boston, UBS Investment Bank (joint); Rule 144A/Regulation S; to refinance a secured loan; guaranteed by P.T. Excelcomindo Pratama; Indonesian telecommunications company; roadshow: Singapore Jan. 8, then Hong Kong and London, U.S. late Jan. 12 week.

RELIANCE INDUSTRIES: $750 million bond due 2008 (existing ratings Ba2/BB); Credit Suisse First Boston; Regulation S; diversified Indian company.

BRASKEM SA: $150 million senior notes due 2014 (B+); Credit Suisse First Boston, UBS Investment Bank (joint); Rule 144A/Regulation S; non-callable for life; Sao Paolo Brazil-based petrochemical company; roadshow starts Jan. 12 week.

VOTO-VOTORANTIM OVERSEAS TRADING OPERATIONS III LTD.: $300 million senior notes with intermediate maturity (B1/B+); ABN Amro, UBS Investment Bank (joint); Rule 144A/Regulation S (with no registration rights); to refinance short term debt and for general corporate purposes; São Paulo, Brazil-based conglomerate with operations in cement, pulp and paper, aluminum, zinc and nickel, chemicals, frozen concentrated orange juice, energy, and banking; roadshow started Jan. 13 in New York, Jan. 14 in Boston, Jan. 15 in London, Jan. 16 in Paris and Zurich.

INDUSTRIAS UNIDAS SA DE CV (IUSA): $175 million senior unsecured notes due 2014 (B+); Deutsche Bank Securities (books), Merrill Lynch & Co., Fleet Securities (co's); Rule 144A/Regulation S (with registration rights); non-callable for five years; to repay debt; manufacturer of building and electrical products headquartered in El Salvador, C.A., Mexico; roadshow started Jan. 13; pricing late in the Jan. 19 week.

SISTEMA CAPITAL S.A.: $250 million senior unsecured obligations due 2011 (//B-/B-); Credit Suisse First Boston; Rule 144A/Regulation S; putable in three years; guaranteed by Sistema JSFC; expected to launch late week of Jan. 12.

GAZPROMBANK: Add-on to 7¼% notes due 2008 (Ba2/B+); JP Morgan; Rule 144A; Gazinvest priced $750 million in October 2003; pricing Jan. 13 or 14.

PRIVATBANCK: $150 million three-year notes (B-); Credit Suisse First Boston; Ukrainian bank.

EMERGING MARKETS OFFERINGS ON THE HORIZON

COLVIS FINANCE LTD. (Yuzhmash): $107.5 million bond issue due 2011 (B1/B); JP Morgan; Regulation S; for capex and working capital purposes relating to the Sea Launch project; Dnepropetrovsk, Ukraine rocket manufacturer.

INDUSTRIAL DEVELOPMENT BANK OF INDIA: $300 million eurobonds due 2009 (Ba1/BB); JP Morgan, Citigroup (joint); Regulation S; to help restructure Indian steel industry; state-run financial institution; expected to launch early February 2004.

PHILIPPINE NATIONAL BANK: $140 million lower tier II sub bonds due 2013; JP Morgan; non-callable for five years; roadshow expected to start Nov. 14 in Manila, Nov. 17 in Singapore, Nov. 19 in Hong Kong.

FILINVEST LAND INC.: $100 million bonds due 2008 (unrated); JP Morgan; to refinance debt and fund capital expenditures; Philippine homebuilder; price talk 9 ¼%-9 ½%.

PT BANK MANDIRI: up to $400 million of new debt securities; expected first quarter of 2004.

ROADSHOWS

Started Jan. 5 week: IRON MOUNTAIN, INC. Sterling 125 million; Bear Stearns & Co.; Rule 144A; 10 year

Jan. 7-15: PREMIERE ENTERTAINMENT BILOXI (Hard Rock Hotel & Casino Biloxi) $150 million; Banc of America Securities, Citigroup; Rule 144A; 8NC4

Jan. 7-15: COMMUNICATIONS & POWER INDUSTRIES $125 million; UBS Investment Bank, Bear Stearns & Co.; Rule 144A; 8NC4

Started Jan. 8 in Asia: EXCELCOMINDO FINANCE CO. BV $250 million; Morgan Stanley, Credit Suisse First Boston, UBS Investment Bank; Rule 144A; 5-year maturity

Started Jan. 9: PORTOLA PACKAGING, INC. $180 million; JP Morgan, UBS Investment Bank; Rule 144A/Regulation S 8NC4

Started Jan. 9 in Hong Kong: NEW ASAT (FINANCE) LTD. $125 million; Citigroup; Rule 144A/Regulation S; 7NC4

Started Jan. 9: CONCORDIA BUS NORDIC AB euro 125 million; Goldman Sachs, JP Morgan; Rule 144A/Regulation S; 5.5NC3

Started Jan. 13: VOTO-VOTORANTIM OVERSEAS TRADING OPERATIONS III LTD. $300 million; senior notes with intermediate maturity (B+); ABN Amro, UBS Investment Bank; Rule 144A/Regulation S; intermediate maturity

Started Jan. 13: INDUSTRIAS UNIDAS S.A. DE C.V. (IUSA) $175 million; Deutsche Bank Securities; Rule 144A/Regulation S; 10NC5

RECENT SHELF FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION

AVIALL, INC.: $200 million shelf filed Jan. 9 for debt securities, preferred stock, common stock, warrants and units; securities may be issued as convertibles; Dallas Fort Worth Airport, Texas provider of aerospace parts and services will use proceeds for general corporate purposes.

http://www.sec.gov/Archives/edgar/data/701650/000119312504002789/ds3.htm

GAYLORD ENTERTAINMENT CO.: $500 million shelf filed Jan. 9 for debt securities, preferred stock, common stock and warrants; securities may be issued as convertibles; Nashville hospitality company will use proceeds for general corporate purposes.

http://www.sec.gov/Archives/edgar/data/1040829/000095014404000187/g86622sv3.htm

LTX CORP. (Symbol: LTXX): $250 million shelf filed Jan. 13 for common stock, debt securities and warrants; securities may be issued as convertibles; Westwood, Mass. semiconductor test company will use proceeds for working capital and general corporate purposes.

http://www.sec.gov/Archives/edgar/data/357020/000119312504003461/ds3.htm

OVERSEAS SHIPHOLDING GROUP, INC. (Symbol: OSG): $500 million shelf filed Jan. 13 for common stock and debt securities; securities may be issued as convertibles; New York bulk shipping company will use proceeds for general corporate purposes.

http://www.sec.gov/Archives/edgar/data/75208/000095015704000033/s-3.txt

THORNBURG MORTGAGE, INC.: $750 million shelf filed Jan. 8 for common stock, preferred stock, warrants and debt securities; securities may be issued as convertibles; includes some securities previously registered but unsold; Santa Fe, N.M. single-family residential mortgage lender will use proceeds for general corporate purposes.

http://www.sec.gov/Archives/edgar/data/892535/000095013404000115/d11712sv3.htm

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.