High Yield Calendar

Total amount of high-yield bond offerings being marketed: $435 million

WEEK OF AUG. 15

INTCOMEX: $130 million second-priority senior secured notes due 2010 (Caa1/B-); Banc of America Securities (books), UBS Investment Bank (co); Rule 144A with registration rights; to repay debt, to pay dividend to shareholders and for general corporate purposes; value-added distributor of information technology products to Latin America and the Caribbean, has headquarters in Miami, Fla.; price talk 11¼% area; pricing Monday.

CITISTEEL USA INC.: $170 million senior secured floating-rate notes due 2010 (B3/CCC+); Jefferies & Co.; non-callable for one year; Rule 144A with registration rights; to fund a recapitalization of the company; Claymont, Del., carbon steel plate mill operator serving construction, mining, transportation and industrial manufacturing markets; roadshow started Aug. 10; pricing expected late in the week of Aug. 15.

COLUMBUS MCKINNON CORP.: $136 million (approximate) senior subordinated notes due 2013 (B3/CCC+); Credit Suisse First Boston; Rule 144A; non-callable for four years; proceeds together with cash to fund tender for $142.4 million 8½% senior subordinated notes due 2008; Amherst, N.Y., designer, manufacturer and marketer of hoists, cranes, chains and forged attachments; roadshow started Aug. 10; pricing late Aug. 15 week.

SUMMER 2005 BUSINESS

GAMESTOP CORP.: $950 million senior unsecured guaranteed notes (Ba3/B+): $300 million senior unsecured guaranteed floating-rate notes due 2011 and $650 million senior unsecured guaranteed fixed-rate notes due 2012; Banc of America Securities LLC, Citigroup, Merrill Lynch & Co.; to fund acquisition of EB Games; GameStop is an electronic gaming company based in Grapevine, Texas, expected to be announced late in July 18 week.

GLOBAL TOYS ACQUISITION LLC: High-yield bonds; Deutsche Bank Securities, Banc of America Securities LLC; also a $2.85 billion U.S. asset-based debt facility, and a $350 million European working capital facility; to back the $6.6 billion Toys "R" Us Inc. acquisition by Bain Capital Partners LLC, Kohlberg Kravis Roberts & Co. and Vornado Realty Trust; expected summer 2005.

THE NEIMAN MARCUS GROUP INC.: $3.9 billion debt financing, including senior secured notes, revolving credit facility, term loans and possibly bridge loans; Credit Suisse First Boston to lead debt financing; to support acquisition of the company by Texas Pacific Group and Warburg Pincus LLC.

ON THE HORIZON

AMADEUS GLOBAL TRAVEL DISTRIBUTION SA: €1 billion (approximate); Credit Suisse First Boston; 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.

BRASKEM SA: $100 million perpetual senior notes (/BB-/BB-); Banco Itau; Rule 144A/Regulation S; non-callable for five years; Sao Paulo, Brazil, petrochemical company.

BROOKSTONE INC.: $190 million senior notes; to finance its leveraged buyout; also $100 million five-year asset-based senior secured revolving credit facility via Bank of America, Goldman Sachs Credit Partners LP and UBS Securities; Merrimack, N.H., product developer and specialty retail company.

THE DOLAN FAMILY GROUP (CABLEVISION): $4.25 billion in a multi-tranche bond offering at the holding company level; also $2.8 billion credit facility at the operating company level via Bank of America and Merrill Lynch; proceeds to be used to take Cablevision Systems Corp. private; pending shareholder approval; Cablevision is a Bethpage, N.Y.-based telecom and cable business.

DACOM CORP.: $300 million notes due 2010 (expected ratings Ba3/BB-); Credit Suisse First Boston; Rule 144A/Regulation S; non-callable for life; to refinance debt; South Korea-based integrated service provider of telecommunications and internet related services; roadshow started March 14 week in Asia, March 17 in London, March 18-21 in Boston and New York City.

K. WAH CONSTRUCTION MATERIALS LTD.: $300 million and $500 million global bonds; Merrill Lynch & Co., Morgan Stanley; owner of Macau's Galaxy casino.

PACIFIC ENERGY PARTNERS: High-yield bonds as part of the funding for $455 million acquisition of some terminal and pipeline assets from subsidiaries of Valero LP; $400 million five-year secured revolving credit facility and a $300 million 364-day bridge facility; Bank of America and Lehman Brothers; Long Beach, Calif., master limited partnership engaged in the business of gathering, transporting, storing and distributing crude oil and other related products.

PETROHAWK ENERGY CORP.: $170 million notes due 2013; BNP Paribas expected bookrunner; non-callable for four years; to back the consolidation of the bank debt of Petrohawk and soon-to-be-acquired Mission Resources Corp.; bank group includes BNP Paribas; Petrohawk is a Houston-based energy company; Mission Resources is a Houston-based independent exploration and production company.

SCHOOL SPECIALTY INC.: $525 million in senior unsecured and senior unsecured subordinated bridge facilities; also $665 million senior secured credit facility via JP Morgan and Bank of America expected in September; financing also includes up to $150 million pay-in-kind loans under a senior unsecured subordinated bridge facility, a $175 million trade receivables commercial paper co-purchase conduit facility and $460 million in equity financing from Bain Capital Partners LLC; to help finance Bain's leveraged buyout of the company in a $1.5 billion transaction including assumption of non-convertible debt totaling $101 million, and for general corporate purposes; Greenville, Wis., education company.

TARGA RESOURCES INC.: $400 million high-yield bonds; Credit Suisse First Boston, Merrill Lynch & Co., Goldman Sachs & Co.; $1.45 billion credit facility; to help fund Targa's acquisition of Dynegy Inc.'s Midstream natural gas business for $2.35 billion; independent midstream energy company formed in 2003 by management and the global private equity firm Warburg Pincus; acquisition expected to close late October.

TIM HELLAS: Bond financing to back €1.1 billion buyout of the company by Apax Partners and Texas Pacific Group from Telecom Italia; Deutsche Bank Securities, JP Morgan, others; TIM Hellas is the Greek mobile telephone operation, of which Telecom Italia is the majority stakeholder; expected to close in July.

TRAVELEX GROUP: Sterling-denominated bonds, size of offering to be determined; Deutsche Bank Securities; a consortium led by Apax Partners signed an agreement in February 2005 to acquire a majority stake in Travelex, transaction expected to close in 2005; London-based foreign currency exchange services provider.

VENETIAN MACAU LTD.: $300 million floating-rate note; Goldman Sachs

WYNN RESORTS (MACAU) SA: $744 million equivalent; Banc of America Securities LLC, Deutsche Bank Securities

ROADSHOWS

Started Aug. 10: COLUMBUS MCKINNON CORP. $136 million (approximate); Credit Suisse First Boston

Started Aug. 10: CITISTEEL USA INC. $170 million; Jefferies & Co.

© 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.