High Yield Calendar

Total amount of high-yield bond offerings being marketed: $3.745 billion and €600 million

WEEK OF MARCH 7

LEVI STRAUSS & CO.: $550 million approximate senior notes in two tranches (Caa3/B-): U.S. dollar-denominated seven-year non-call-two senior floating-rate notes, price talk Libor plus 475 basis points area and euro-denominated eight-year non-call-four senior fixed-rate notes, price talk 8¾% area; tranche sizes to be determined; (planned add-on to the 9¾% senior notes due Jan. 15, 2015 withdrawn on Friday, March 4); Banc of America Securities, Citigroup (joint), Goldman Sachs & Co., Bear Stearns & Co., Credit Suisse First Boston (co's); Rule 144A; to fund tender for 11 5/8% senior notes due 2008; San Francisco-based apparel maker; pricing expected Monday.

ACTIVANT SOLUTIONS INC.: $120 million senior floating-rate notes due 2010 (B2/B+); JP Morgan, Deutsche Bank Securities (joint); Rule 144A/Regulation S with registration rights; callable after one year at 102, 101.5, 101, par; notes to exist pari passu with company's existing 10½% senior notes; proceeds together with cash on hand to fund Activant's previously announced purchase of all outstanding shares of common stock of Speedware Corp. Inc.; Austin, Texas-based technology provider of business management solutions; roadshow March 3 in Boston, March 4 in New York City; pricing middle of the March 7 week.

DELTA PETROLEUM CORP.: $150 million senior notes due 2015 (B3/B); JP Morgan, Citigroup (joint); Rule 144A/Regulation S with registration rights; to repay bank debt; Denver-based oil and gas exploration and development company operating primarily in the Gulf Coast and Rocky Mountain regions; roadshow March 1-10; expected to price March 10.

EXIDE TECHNOLOGIES: $350 million senior notes due in 2013 (Caal/B); Deutsche Bank Securities, Credit Suisse First Boston (joint) Banc of America Securities, UBS Investment Bank (co's); Rule 144A/Regulation S; non-callable for four years; to repay Exide's senior credit facilities and to provide greater liquidity; Lawrenceville, N.J., stored electrical energy solutions provider; roadshow Thursday in New York City, Friday in Boston; pricing expected March 10.

REXEL SA: €600 million equivalent senior subordinated notes due 2015 in dollar and euro tranches; JP Morgan (physical books), HSBC, Merrill Lynch & Co., Morgan Stanley, Royal Bank of Scotland (joint bookrunners); non-callable for five years; to fund acquisition of the company by Clayton, Dubilier & Rice Inc. and others; Paris-based electrical equipment supplier; roadshow started March 2 in New York, moves to Europe on Monday; expected to price March 10.

NOBLE GROUP LTD.: $500 million senior notes due 2015 (confirmed Ba1/BB+); JP Morgan; Rule 144A/Regulation S; non-callable for five years; to improve debt profile and finance new working capital; diversified commodities trading company (agriculture, energy, minerals) based in Singapore; listing in Luxembourg; two-team roadshow March 3 in Singapore and United States, March 4 in Hong Kong and United States, March 7-9 in Europe and United States, pricing thereafter.

TITAN PETROCHEMICALS GROUP LTD.: $400 million senior unsecured notes due 2012 (B1/B+); Morgan Stanley (books), Credit Suisse First Boston (co); Rule 144A/Regulation S; 35% equity clawback; to repay secured debt, for working capital and general corporate purposes; Hong Kong-based trader of petrochemicals and oil products; roadshow started Wednesday in Hong Kong, Thursday in Singapore, Friday in London, Monday through Wednesday in the U.S., with pricing thereafter.

DAVITA INC. $1.350 billion in two parts: $500 million eight-year non-call-four senior notes (confirmed B2/expected B+) and $850 million 10-year non-call-five senior subordinated notes (confirmed B3/expected B); JP Morgan (books), Credit Suisse First Boston, Banc of America Securities, Wachovia Securities, Bear Stearns & Co. (co's); Rule 144A with registration rights; to repay bank debt; El Segundo, Calif., kidney dialysis services provider; roadshow March 4-11.

AEP INDUSTRIES INC.: $175 million senior notes due 2013 (confirmed B2/expected B) due 2013; Merrill Lynch & Co. (books), Deutsche Bank Securities (co); Rule 144A/Regulation S; non-callable for four years; proceeds, along with borrowings from revolver, to repurchase $200 million 9 7/8% senior subordinated notes due 2007; South Hackensack, N.J.-based manufacturer, marketer and distributor of plastic packaging products for the food and beverage, industrial and agricultural markets; roadshow started March 1; pricing expected March 11.

FRASER PAPERS INC.: $150 million senior notes due 2015 (B3/B); Credit Suisse First Boston (books), Citigroup, Deutsche Bank Securities, Merrill Lynch & Co. (co's); Rule 144A; non-callable for five years; to repay debt and buy out leases; Toronto-based manufacturer of writing, printing and publishing paper, with forest products, tree nursery, saw mill and pulping facilities; roadshow started March 2; pricing expected week of March 7.

MARCH BUSINESS

STILE ACQUISITION CORP./MASONITE INTERNATIONAL CORP. $825 million in two parts: $300 million senior floating-rate notes due 2013 (B3) and $525 million senior subordinated notes due 2015 (Caa1); Deutsche Bank Securities, Scotia Capital; also approximately $1.525 billion credit facility, The Bank of Nova Scotia underwriter; to help fund Kohlberg Kravis Roberts & Co.'s acquisition of Masonite in an all-cash transaction under which Masonite's shareholders will receive C$40.20 per share (total value of the transaction is about C$3.1 billion); Mississauga, Ont.-based building products company.

ESCADA AG: €175 million notes; Deutsche Bank Securities; to refinance bank debt and improve the capital structure; Aschheim/München, Germany-based designer and marketer of upscale women's apparel; expected to launch in early March.

ON THE HORIZON

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.

AMADEUS GLOBAL TRAVEL DISTRIBUTION SA: €1 billion (approximate); Credit Suisse First Boston, BNP Paribas plus others; to fund the LBO of the company by BC Partners and Cinven; travel reservations firm based in Madrid, Spain; expected during first half of 2005.

AMERICAN LAWYER MEDIA INC.: $27.3 million 13% senior discount notes due 2013 (CCC); also $344.5 million credit facility; to help fund tender for $175 million 9¾% senior notes due 2007, Credit Suisse First Boston and UBS Securities dealer managers, expired Feb. 11; New York City-based integrated media company focused on the legal and business communities.

AMERICAN TIRE DISTRIBUTORS INC.: $300 million high-yield bonds as part of a $750 million financing package that includes $200 million of senior debt and $250 million in equity; financing via Credit Suisse First Boston, Wachovia and Banc of America Securities; to fund Investcorp's $710 million acquisition of the company; Huntersville, N.C., independent distributor of tires and related products.

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.

HLI OPERATING CO. INC. (HAYES LEMMERZ INTERNATIONAL INC.): $150 million euro-denominated senior unsecured notes; Rule 144A/Regulation S; also $450 million credit facility via Citigroup; half of the proceeds for general corporate purposes and the balance to repay a portion of term loan; Northville, Mich., manufacturer of automobile wheels.

HOLLYWOOD MERGER CORP.: $550 million in bonds; also $275 million credit facility to be led by UBS Securities LLC; part of its amended merger agreement with affiliates of Leonard Green & Partners LP; Wilsonville, Ore., video chain; expected end of the fourth quarter 2004, or early first quarter 2005.

HYUNDAI MOTOR MANUFACTURING ALABAMA (HMMA): $100 million overseas bond issue; subsidiary of Korea-based Hyundai Motor Co.

INSURANCE AUTO AUCTIONS INC.: $165 million senior debt and $150 million subordinated debt; (Kelso & Co. received commitment letters for financing from Bear Stearns & Co. and Deutsche Bank Securities according to 8-K filed on Feb. 23 with the SEC); to finance the acquisition of the company, expected to close during second quarter of 2005; Insurance Auto is a Westchester, Ill., provider of automotive total loss and specialty salvage services.

MOVIE GALLERY INC.: $475 million senior notes; Wachovia Securities; also $720 million credit facility; to fund acquisition of Hollywood Entertainment Corp.; Movie Gallery is a Dothan, Ala.-based video rental chain.

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.

ROADSHOWS

Started March 1: AEP INDUSTRIES INC. $175 million; Merrill Lynch & Co.

March 1-10: DELTA PETROLEUM CORP. $150 million; JP Morgan, Citigroup

Started March 2: TITAN PETROCHEMICALS GROUP LTD. $400 million; Morgan Stanley

Started March 2: FRASER PAPERS INC. $150 million; Credit Suisse First Boston

Started March 2: REXEL SA €600 million; JP Morgan

Started March 3: ACTIVANT SOLUTIONS INC. $120 million; JP Morgan, Deutsche Bank Securities

Started March 3: NOBLE GROUP LTD. $500 million; JP Morgan

March 3-10: EXIDE TECHNOLOGIES $350 million; Deutsche Bank Securities, Credit Suisse First Boston

March 4-11: DAVITA INC. $1.35 billion; JP Morgan

© 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.