High Yield Calendar

Total amount of high-yield bond offerings being marketed: $4.360 billion

WEEK OF JULY 19

BUILDING MATERIALS CORP. OF AMERICA: $150 million secured notes due 2014 (B2); non-callable for five years; Citigroup, Deutsche Bank Securities (joint), JP Morgan (co); Rule 144A/Regulation S; Wayne, N.J. manufacturer of asphalt roofing products and accessories will use proceeds to call 8 5/8 senior notes due 2006, to repay credit facility borrowings and for general corporate purposes; roadshow July 14-20; pricing expected July 21.

FOUNDATION PA COAL CO.: $300 million of senior notes due 2014 (B1/B); non-callable for five years; Citigroup, Credit Suisse First Boston (joint); Rule 144A; company created by equity investors to buy U.S. coal mining assets of Germany-based RAG Coal International AG; roadshow July 13-21; pricing expected July 21.

JEAN COUTU GROUP: $1.2 billion notes (B3/B), $950 million 10-year senior subordinated notes non-callable for five years, $250 million eight-year senior notes non-callable for four years; Deutsche Bank Securities and Merrill Lynch & Co. (joint), National Bank of Canada; Rule 144A; Longueuil, Que. pharmacy chain will use proceeds to help fund acquisition of Eckerd drugstore chain; roadshow July 9-19; pricing on July 20.

LOEWS CINEPLEX THEATRES: $415 million senior subordinated notes due 2014 (B3/CCC+); Rule 144A; coming with senior credit facility; Credit Suisse First Boston, Citigroup (joint), Banc of America Securities, Deutsche Bank Securities, Lehman Brothers (co's); to help fund LBO; New York City motion picture exhibitor; roadshow started July 12; pricing expected July 22 or 23.

REFCO FINANCE HOLDINGS: $600 million senior subordinated notes due 2012; non-callable for four years; Rule 144A; coming with $875 million credit facility; Credit Suisse First Boston, Banc of America Securities, Deutsche Bank Securities (joint); New York-based financial services company will use proceeds to help fund leveraged buyout; roadshow started July 14; pricing expected late in week of July 19.

JULY 26 WEEK

DUANE READE INC.: $195 million senior subordinated notes due 2011 (B3); Banc of America Securities, Citigroup, Credit Suisse First Boston (joint books), UBS Securities; Rule 144A; New York drugstore chain will use proceeds to help fund leveraged buyout by Oak Hill Capital Partners LP; roadshow July 16 to early in week of July 26; pricing soon after.

PANAMSAT CORP.: $1.01 billion of senior notes due 2014; Credit Suisse First Boston, Citigroup (joint); non-callable for five years; Wilton, Conn.-based satellite communications company will use proceeds to fund tender offers for two existing series of bonds as part of sale of PanAmSat to affiliates of Kohlberg Kravis Roberts & Co., The Carlyle Group and Providence Equity Partners, Inc.; roadshow July 22-30; pricing July 30.

JULY BUSINESS

US ONCOLOGY: $675 million via Rule 144A: $200 million senior notes due 2012 (B-), non-callable for four years, and $475 million senior subordinated notes due 2014 (B-), non-callable for five years; Citigroup, JP Morgan, Wachovia Securities; also $500 million senior secured credit facility; to help fund LBO by Oiler Acquisition Corp., an affiliate of Welsh, Carson, Anderson & Stowe IX, LP; Houston cancer treatment services company.

THIRD QUARTER

ROCKWOOD SPECIALTIES INC.: €500-€600 million high yield notes; Credit Suisse First Boston, Goldman Sachs & Co., UBS Investment Bank; to help finance €2.25 billion acquisition of MG Technologies CeramTec, Chemetall, Sachtleben and DNES divisions; Princeton, N.J. chemical manufacturer; transaction expected to close third quarter of 2004.

STANADYNE CORP.: High yield bonds and new credit facility; Goldman Sachs & Co.; to help fund a leveraged buyout of the company by an affiliate of Kohlberg & Co. LLC; Windsor, Conn. provider of technology and services for engine components and fuel systems; LBO expected to close during the third quarter of 2004.

ON THE HORIZON

J.L. FRENCH AUTOMOTIVE CASTINGS INC.: $165 million preferred equity securities; Goldman Sachs; part of series of refinancing transactions; up to $50 million may be bought by Onex Corp. and other shareholders; Sheboygan, Wis. maker of aluminum automotive parts.

MOHEGAN TRIBAL GAMING AUTHORITY: $250 million senior subordinated notes to help fund tender offer for two series of existing bonds; tender via dealer managers Citigroup and Banc of America has consent deadline of July 28; Uncasville, Conn.-based Native American gaming operator.

BOB EVANS FARMS: $190 million debt securities; NatCity Investments; to fund acquisition of Tustin, Calif.-based SWH Corporation (Mimi's Cafe) for $182 million in cash, including assumption of $78.7 million of debt, expected to be completed in July; Columbus, Ohio-based Bob Evan Farms owns and operates 561 family restaurants in 21 states.

AMERICAN EQUITY INVESTMENT LIFE HOLDING CO.: $150 million senior notes due 2014 and 2016 (BB+); Merrill Lynch & Co., Raymond James, Advest, Wachovia Securities; off shelf; non-callable for life; to refinance bank debt and general corporate purposes; West Des Moines, Iowa underwriter of annuity and insurance products; delayed May 7 pending Fitch rating.

HOLLYWOOD ENTERTAINMENT: $600 million: $400 million senior notes $200 million senior subordinated notes; UBS Investment Bank; Rule 144A; to fund acquisition of Oscar by Carso Holdings Corp., a corporation formed by affiliates of Leonard Green & Partners, LP.

VERIZON HAWAII: New high-yield bonds; also new credit facility to be led by JPMorgan, Goldman Sachs, Lehman Brothers (same banks to lead bond deal, although not necessarily in that order); to fund Carlyle Group's $1.65 billion acquisition of Verizon Hawaii from Verizon Communications Inc.; pending regulatory approvals.

ADELPHIA COMMUNICATIONS CORP.: $3.3 billion 10-year senior unsecured notes; non-callable for five years; part of $8 billion bond and bank loan exit financing from Chapter 11; Deutsche Bank Securities; Greenwood Village, Colo. cable television company.

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

DNO ASA: Two new bond loans; to refinance existing bond loans and finance new investment in petroleum licenses, mainly on the Norwegian shelf.

INCOME SECURITIES OFFERINGS IN THE MARKET

ALASKA COMMUNICATIONS SYSTEMS GROUP INC.: $400 million income deposit securities: shares of Class A common stock and senior subordinated notes due 2019; Citigroup, CIBC World Markets, JP Morgan (books), Banc of America Securities, RBC Capital Markets, Jefferies & Co., KeyBanc Capital Markets (co's); proceeds, together with cash on hand, to fund cash payment to existing stockholders and to repay existing credit facility; Anchorage, Alaska provider of fixed line and mobile telecommunications services in Alaska.

ALLIANCE LAUNDRY HOLDINGS INC.: up to $375 million of income deposit securities (IDS) comprised of 20.4 million shares of class A common stock and $116.4 million senior subordinated notes due 2019; also separate offering of $16.2 million senior subordinated notes (Caal/CCC on notes); CIBC World Markets, Lehman Brothers (joint), UBS Investment Bank (co) estimated price $14.00 and $16.00 per IDS; company supplies washers and driers to laundromats.

AMERICAN SEAFOODS CORP.: approximately $674 million of income deposit securities and 15-year notes: 39.5 million IDSs comprised of shares of class A common stock and $171.9 million of notes due June 15, 2019, also separate offering of $27.7 million notes due June 15, 2019; CIBC World Markets, Merrill Lynch & Co. (leads), UBS Investment Bank (joint lead), Credit Suisse First Boston, RBC Capital Markets, Legg Mason, KeyBanc Capital Markets, SunTrust Robinson Humphrey, Piper Jaffray, Wells Fargo Securities, Scotia Capital, Morgan Joseph & Co.; to indirectly redeem additional equity from owners of affiliate, American Seafoods, LP.

B&G FOODS HOLDINGS CORP.: approximately $450 million proceeds from sale of 28.4 million Enhanced Income Securities (EIS), representing 28.4 million shares of class A common stock and $196.2 million senior subordinated notes due 2016; Also separate offering of $26.5 million senior subordinated notes due 2016; RBC Capital Markets, Credit Suisse First Boston, Merrill Lynch & Co. (joint books), Lehman Brothers and Piper Jaffray; registered; to repay bank debt, call $220 million 9 5/8% senior subordinated notes due 2007 at 103.208 and repurchase preferred stock and a significant portion of outstanding class B common stock; Parsippany, N.J. manufacturer of food products.

CARROLS HOLDING CORP.: $475 million Enhanced Yield Securities comprised of shares of common stock and senior subordinated notes due 2016 and offerings of shares of common stock and senior subordinated notes due 2016; Lehman Brothers; proceeds, along new credit facility to repay existing bank debt and $170 million 9½% senior subordinated notes due 2008.

COINMACH SERVICE CORP.: $400 million income deposit securities (Caa1) comprised of shares of class A common stock and senior secured notes due 2024; also separate offering of senior secured notes due 2024; Merrill Lynch & Co.; to redeem part of Coinmach Corp.'s 9% notes, repay bank debt and repurchase class A and class B preferred shares; Plainview, N.Y. supplier of coin and card operated laundry equipment.

DAVCO ACQUISITION HOLDING INC.: $161 million Enhanced Income Securities comprised of class A common stock and senior subordinated notes due 2016, also separate offering of senior subordinated notes due 2016; RBC Capital Markets (books), KeyBanc Capital Markets, Oppenheimer, SunTrust Robinson Humphrey; to repurchase class B common stock from Citicorp Venture Capital, Ltd. and affiliates; subsidiary of Crofton, Md.-based DavCo Restaurants Inc., the largest franchisee of Wendy's International, Inc.

EYE CARE CENTERS OF AMERICA: $375 million Income Units comprised of class A common stock and senior subordinated notes due 2014; Banc of America Securities, Merrill Lynch & Co. (books), Citigroup, Lehman Brothers (co's); proceeds along with available cash to repay credit facility, redeem $100 million 9 1/8% senior subordinated notes due 2008 and $50 million subordinated term notes, also redeem all outstanding preferred stock and repurchase common stock from existing shareholders; San Antonio, Tex. prescription optical retail chain owner.

FAIRPOINT COMMUNICATIONS INC.: $750 million income deposit securities; includes 42.81 million shares of class A common stock and $209.8 million senior subordinated notes due 2019; also separate offering of $33 million senior subordinated notes due 2019 (CCC+ notes only); CIBC World Markets, Citigroup, Deutsche Bank Securities (books), Banc of America Securities, Credit Suisse First Boston, RBC Capital Markets, UBS Investment Bank, Wachovia Securities (co's); to repay existing credit facility, fund tender for $115.2 million 9½% senior subordinated notes due 2008, $75 million floating-rate notes due 2008, $193 million 12½% senior subordinated notes due 2010, $225 million 11 7/8% senior notes due 2010; Charlotte, N.C. rural local-exchange carrier; expected price of $15.00 to $17.00 per IDS.

INSIGHT HEALTH SERVICES HOLDINGS CORP.: $675 million Income Deposit Securities comprised of class A common stock and senior subordinated notes, also separate senior subordinated notes of the same series; CIBC World Markets, Banc of America Securities; to repay bank debt, fund tender for 9 7/8% senior subordinated notes due 2011, establish capital expenditures reserve account and make a payment to InSight's equity investors; Lake Forest, Calif.-based provider of diagnostic imaging and information, treatment and related management services.

IOWA TELECOMMUNICATIONS SERVICES INC.: $725 million income deposit securities comprised of shares of common stock and senior subordinated notes due 2014, also separate offering of senior subordinated notes due 2014; CIBC World Markets, Citigroup, Lehman Brothers, UBS Investment Bank, Jefferies & Co., Legg Mason, RBC Capital Markets; to repay debt; Newton, Iowa telecommunications company.

MERISANT WORLDWIDE, INC.: $700 million income deposit securities comprised of shares of class A common stock and senior subordinated notes due 2019, also separate offering of senior subordinated notes due 2019; Credit Suisse First Boston, RBC Capital Markets, Merrill Lynch & Co. (joint); to repay bank debt, repurchase discount notes, repurchase senior subordinated notes, repurchase class B common stock, fund payments under existing management incentive plans; formerly known as Tabletop Holdings, Inc., Chicago company markets low calorie tabletop sweeteners.

RURAL LEC ACQUISITION LLC: $190 million income deposit securities comprised of class A common stock and senior subordinated notes due 2019; CIBC World Markets, RBC Capital Markets; to repay $81.2 million of long-term notes and $18 million Mid-Missouri Holding long-term notes and for general corporate purposes; Oneonta, Ala. provider of telephone services in Alabama and Missouri, plans to change name to Otelco Inc. before offering closes.

TRANSCORE HOLDINGS INC.: $375 million Enhanced Yield Securities comprised of class A common stock and senior subordinated notes due 2016, also separate offering of senior subordinated notes due 2016; Lehman Brothers; proceeds, along with a new credit facility, to repay existing credit facility, redeem common and preferred stock and make other payments to security holders and employees; Harrisburg, Pa. provider of information technology to toll road operators, state departments of transportation, trucking companies and freight brokers.

UAP HOLDING CORP.: $680 million income deposit securities and senior subordinated notes due 2019: $640 million of income deposit securities comprised of 32 million securities to price at approximately $20.00 per security, to include shares of common stock (valued at $11.41 per share), and $275 million of senior subordinated notes due 2019 (valued at $8.59 per note); also separate offering of $39.7 million senior subordinated notes due 2019 (Caa3 on both debt offerings); Credit Suisse First Boston, UBS Investment Bank, CIBC World Markets (joint), Goldman, Sachs & Co., Merrill Lynch & Co (co's); to take out preferred stock owned by ConAgra and stock owned by company executives and Apollo Management V LP; subsidiary of United Agri Products, the former ConAgra agricultural products business.

VALOR COMMUNICATIONS GROUP, INC.: $875 million income deposit securities: shares of class A common stock and senior subordinated notes due 2019, also separate offer of senior subordinated notes due 2019 (CCC+ on both debt offerings), notes non-callable for seven years; CIBC World Markets, Merrill Lynch & Co., Lehman Brothers (joint), Banc of America Securities, JP Morgan (co's); to purchase subsidiaries' stock and repay debt; Irving, Tex.-based telecommunications provider.

XERIUM TECHNOLOGIES, INC.: $1.059 billion of income deposit securities, shares and notes; 40.625 million income deposit securities comprised of 40.625 million shares of class A common stock and $296.6 million senior subordinated notes due 2019; also separate offering of $54 million of senior subordinated notes due 2019; CIBC World Markets (books), Citigroup, Merrill Lynch & Co., Robert W. Baird & Co., Calyon Securities, KeyBanc Capital Markets, Legg Mason (co's); to repay debt, including senior and mezzanine credit facilities and to redeem part of class A common stock; Westborough, Mass. manufacturer of clothing and machinery covers.

ROADSHOWS

Started July 9: JEAN COUTU GROUP $1.2 billion notes; Deutsche Bank. Merrill Lynch

Started July 12: LOEWS CINEPLEX THEATRES: $415 million senior subordinated notes; Credit Suisse First Boston, Citigroup

July 13-21: FOUNDATION PA COAL CO. $335 million senior notes; Citigroup, Credit Suisse First Boston.

July 13-22: OAO GAZPROM benchmark bond offering; ABN Amro, Merrill Lynch, Morgan Stanley

Started July 14: REFCO FINANCE HOLDINGS $600 million notes; Credit Suisse First Boston, Banc of America, Deutsche Bank

July 14-20: BUILDING MATERIALS CORP. OF AMERICA: $150 million notes; Citigroup, Deutsche Bank Securities

Started July 16: DUANE READE INC.: $195 million senior subordinated notes; Banc of America Securities, Citigroup, Credit Suisse First Boston

July 22-30: PANAMSAT CORP.: $1.01 billion senior notes; Credit Suisse First Boston, Citigroup.

RECENT SHELF FILINGS WITH THE SEC:

AVANEX CORP. (Symbol: AVNX): $100 million shelf filed July 16 for common stock, preferred stock, depositary shares, warrants and debt securities; securities may be issued as convertibles; Fremont, Calif. provider of optical networking equipment will use proceeds for general corporate purposes.

EQUITY INNS, INC.: $300 million shelf filed July 16 for debt securities, preferred stock, common stock and depositary shares; securities may be issued as convertibles; includes $133 million previously registered but unsold; Germantown, Tenn. hotel real estate investment trust will use proceeds for general corporate purposes.

FOREST OIL CORP.: $600 million shelf filed July 15 for debt securities, common stock

preferred stock, depositary shares, warrants, stock purchase contracts and stock purchase units; securities may be issued as convertibles; Denver, Colo. oil and gas exploration and production company will use proceeds for general corporate purposes.

© 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.