High Yield Calendar

Total amount of high-yield bond offerings being marketed: $2.205 billion

WEEK OF MARCH 6

ALLIANT TECHSYSTEMS INC.: $400 million 10-year senior subordinated notes (B2/B+); Banc of America Securities LLC; SEC registered; make-whole call at Treasuries plus 50 bps first five years, then callable at a premium; to fund tender for $400 million 8½% senior subordinated notes due 2011; Minneapolis-based high-tech defense contractor; conference call 11 a.m. ET Monday, pricing Monday afternoon

ANGIOTECH PHARMACEUTICALS: $250 million eight-year senior subordinated notes (B2/B); Credit Suisse, Merrill Lynch & Co. (joint books); Rule 144A/Regulation S; non-callable for four years; Vancouver, B.C.-based specialty pharmaceuticals producer will use proceeds to help fund acquisition of American Medical Instruments Holdings Inc.; roadshow starts Tuesday.

BALL CORP.: $450 million senior notes due 2016 (assumed ratings Ba2/BB); Lehman Brothers, Banc of America Securities, Deutsche Bank, JP Morgan (joint), BNP Paribas (co); SEC registered; make-whole call at Treasuries plus 50 bps first five years, then callable at a premium; three-year 35% equity clawback; also new term loan; to fund the acquisitions of U.S. Can Corp.'s U.S. and Argentinean operations and certain North American plastic bottle container assets of Alcan Packaging; Ball Corp. is a supplier of metal and plastic packaging products and owns Ball Aerospace & Technologies Corp., which develops sensors, spacecraft, systems and components for government and commercial customers, headquarters in Broomfield, Colo.; roadshow March 6-7, pricing thereafter.

LEVEL 3 COMMUNICATIONS INC.: $400 million five-year and seven-year senior notes via Level 3 Financing Inc. (expected: Caa1/CCC-); Merrill Lynch & Co. (books), Credit Suisse, Morgan Stanley & Co., JP Morgan; Rule 144A with registration rights/Regulation S; five-year notes will be floating rate, non-callable for two years, seven-year notes will be fixed rate, non-callable for four years, tranche sizes to be determined; Broomfield, Colo.-based telecommunications company will use proceeds to finance acquisition of WilTel Communications Group LLC and help finance acquisition of Progress Telecom; roadshow starts Monday, investor conference call Tuesday, pricing expected Thursday.

SPYGLASS MERGER CORP. (to be merged with and into SERENA SOFTWARE INC.): $255 million senior subordinated notes due 2016 (Caa1/CCC+); Merrill Lynch, Lehman Brothers, UBS Investment Bank; Rule 144A with registration rights; non-callable for five years; also $450 million senior secured credit facility; to help fund the acquisition of Serena by Silver Lake Partners for about $1.24 billion; San Mateo, Calif., provider of software products for managing process and controlling change across the information technology environment; roadshow Feb. 27-March 7; pricing expected March 7.

WEEK OF MARCH 13

LONGVIEW FIBRE CO.: $150 million senior notes due 2016 (B1/BB-); Goldman Sachs, Banc of America Securities (joint), Merrill Lynch & Co., Scotia Capital, Wells Fargo Securities (co's); SEC registered, non-callable for five years; also concurrent common stock offering; to fund tender for $215 million senior subordinated notes outstanding, also to fund approximately $72 million cash portion of a special taxable distribution to shareholders in connection with its conversion to a real estate investment trust and pay an estimated $12.2 million of fees and expenses relating to the REIT conversion with any remaining proceeds for working capital and other general corporate purposes, which may include, among other things, debt repayment and financing of timberland acquisitions; diversified timberlands owner and manager, and a specialty paper and container manufacturer based in Longview, Wash.; roadshow March 1-13.

QUICKSILVER RESOURCES INC.: $300 million senior subordinated notes due 2016; JP Morgan, Credit Suisse (joint); SEC registered; non-callable for five years; to refinance existing debt; Fort Worth, Texas-based oil and gas exploration and production company; roadshow starts March 6; pricing expected March 13.

FIRST QUARTER 2OO6

ALLIANT TECHSYSTEMS INC.: $400 million senior subordinated notes (existing ratings B2/B); Banc of America Securities; SEC registered; to fund tender for its outstanding $400 million 8½% senior subordinated notes due 2011; Minneapolis-based supplier of aerospace and defense products to U.S. government, its allies and major prime contractors; expected to launch soon.

BURLINGTON COAT FACTORY WAREHOUSE CORP. $500 million: $200 million senior unsecured notes, $300 million senior subordinated notes; part of $2.075 billion in debt financing to fund LBO by Bain Capital Partners LLC; Bank of America and Bear Stearns; also up to $500 million equity from Bain; Burlington, N.J., retailer of branded apparel at discount prices.

ON THE HORIZON

ANGIOTECH PHARMACEUTICALS INC.: $300 million subordinated notes (B2); also $375 million credit facility and $200 million cash on hand, in connection with the acquisition of American Medical Instruments Holdings Inc. (Credit Suisse and Merrill Lynch have provided the company with $600 million total debt commitment; company anticipates final capital structure comprised of half term debt and half bonds); acquisition expected to close early in the second quarter of 2006, subject to customary closing conditions.

PT DAVOMAS ABADI TBK: $150 million senior unsecured notes due 2011 (B2/B+); Lehman Brothers; Rule 144A/Regulation S; non-callable for three years; to refinance all existing debt, fund capital expenditures and for general corporate purposes; Jakarta, Indonesia-based producer and exporter of cocoa butter and cocoa powder; roadshow started Jan. 23 in Singapore, Jan. 24 in London, Jan. 25 in Boston, Jan. 26 in Los Angeles, Jan. 27 in New York; price talk 11% (revised from 10¼%-10½%).

DUNKIN' BRANDS INC.: High-yield bonds and new credit facility; to help back leveraged buyout by Bain Capital Partners, The Carlyle Group and Thomas H. Lee Partners; Canton, Mass., quick-service restaurant franchisor; LBO expected to close in the first quarter of 2006.

INTELSAT LTD.'s $7 billion acquisition of PANAMSAT HOLDING CORP.: $4 billion (approximate) minimum: PANAMSAT OPERATING CO. $572.9 million senior notes with the option to issue additional $663.57 million if PanAmSat 9% notes are refinanced, PANAMSAT HOLDING CO. $721.2 million in senior notes with option to issue additional $301.9 million if PanAmSat 10 3/8% notes are refinanced, INTELSAT OPERATING CO. up to $557 million of senior notes, INTELSAT HOLDING CO. up to $1.4155 billion in senior notes; also approximately $2.88 billion aggregate bank debt; financing provided by Deutsche Bank, Citigroup, Credit Suisse and Lehman Brothers; PanAmSat is a Wilton, Conn.-based satellite network operator; Intelsat is a Pembroke, Bermuda, satellite communications company; expected to be completed in 2006.

NEG INC.(to be renamed National Energy Group Inc.): $200 million senior notes; also $460 million common stock IPO via Bear, Stearns & Co., Citigroup; $125 million to repay a portion of NEG Oil & Gas revolver, $245 million to repay debt owed to American Real Estate Partners, LP (AREP) by National Energy Group, National Onshore and National Offshore, subsidiaries of NEG Oil & Gas, to fund $194 million distribution to AREP; independent oil and gas exploration, development and production company based in Dallas.

NTL INC./TELEWEST GLOBAL INC.: £1.8 billion high-yield debt; to help fund NTL's acquisition of Telewest Global, Inc. for about $6 billion; Goldman Sachs advised NTL, Deutsche Bank Securities advised Telewest, the U.K.'s second largest cable provider; expected to close in the first quarter of 2006.

PER-SE TECHNOLOGIES INC.: $250 million senior subordinated notes; also $460 million credit facility, financing commitment from Bank of America; proceeds in addition to $240 million of Per-Se stock and cash on hand to help fund its acquisition of NDCHealth Corp.; Per-Se is an Alpharetta, Ga., provider of connective health care solutions to physicians and hospitals; transaction expected to be completed late 2005 or early 2006

SILGAN HOLDINGS INC.: New subordinated notes and/or borrowings under senior secured credit facility; to fund €230 million acquisition of Amcor Ltd.'s White Cap closures business, expected to close during second quarter of 2005; Silgan is a Stamford, Conn., manufacturer of consumer goods packaging products

TEXAS INSTRUMENTS INC.'S SENSORS & CONTROLS: $2 billion of debt including bonds and new credit facility; Morgan Stanley, Bank of America and Goldman Sachs to lead debt financing; to help fund its leveraged buyout by Bain Capital LLC; Sensors & Controls is an Attleboro, Mass., supplier of engineered sensors and controls to the appliance, climate control, industrial, automotive, lighting and aircraft markets; first half of 2006 pending regulatory approvals.

VALOR COMMUNICATIONS GROUP/ALLTEL CORP.: $800 million of senior notes; also up to $4.2 billion credit facility via JP Morgan and Merrill Lynch; to fund the merger of Valor with Alltel; new entity expected to be based in Central Arkansas; expected second quarter of 2006.

ROADSHOWS

Feb. 27-March 7: SPYGLASS MERGER CORP. (SERENA SOFTWARE INC.) $255 million; Merrill Lynch, Lehman Brothers, UBS Investment Bank

March 1-13: LONGVIEW FIBRE CO. $150 million; Goldman Sachs, Banc of America Securities

Starts March 6: QUICKSILVER RESOURCES INC. $300 million; JP Morgan, Credit Suisse

March 6-7: BALL CORP. $450 million; Lehman Brothers, Banc of America Securities, Deutsche Bank, JP Morgan

March 6-9: LEVEL 3 COMMUNICATIONS INC.: $400 million; Merrill Lynch & Co.

Starts March 7: ANGIOTECH PHARMACEUTICALS: $250 million; Credit Suisse, Merrill Lynch & 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.