High Yield Calendar: $1.785 billion deals being marketed

JAN. 11 WEEK

UNITED AIR LINES, INC.: $500 million senior secured notes due 2013 (B3/B+); J.P. Morgan Securities Inc. (left lead), Goldman Sachs & Co., Morgan Stanley & Co. (joint books), Citigroup Global Markets Inc., Barclays Capital Inc., Credit Suisse Securities (co's); Rule 144A/Regulation S for life; non-callable for two years; for general corporate purposes; wholly owned subsidiary of Chicago-based UAL Corp.; price talk 10¼% area; pricing midday Monday.

MARQUETTE TRANSPORTATION CO., LLC: $250 million second-lien notes due 2017 (B3/B-); J.P. Morgan Securities Inc.; Rule 144A for life; non-callable for four years; to repay debt; Paducah, Ky.-based river freight company, operating on U.S. Inland Waterway System; roadshow Jan. 6-12; pricing Jan. 13.

SORENSON COMMUNICATIONS, INC.: $735 million senior secured notes due 2015; Goldman Sachs & Co. (left lead), Morgan Stanley & Co. (joint), Deutsche Bank Securities Inc. (co); Rule 144A for life; callable at par plus 0.75% coupon in year two, 0.5% coupon in year three, 0.25% coupon in year four; to repay second-lien term loan, PIK holdco loan, and to fund an equity distribution; Salt Lake City-based provider of communication offerings for the deaf and hard-of-hearing community; pricing middle of Jan. 11 week.

BROCADE COMMUNICATIONS SYSTEMS, INC.: $300 million senior secured first-lien notes due 2018 (existing ratings Ba2/BB+); J.P. Morgan Securities Inc., Goldman Sachs & Co. (joint), Barclays Capital Inc., Bank of America Merrill Lynch, Wells Fargo Securities (co's); Rule 144A/Regulation S with registration rights; callable in three years at par plus 75% of coupon; $150 million of proceeds, together with cash on hand, to retire about $173 million outstanding 2¼% subordinated convertible notes originally issued by wholly owned subsidiary McDATA Corp., the balance to pay down a portion of the outstanding term loan; San Jose, Calif.-based developer and manufacturer of networking technologies; roadshow Jan. 11-14; pricing Jan. 14.

SPLIT-RATED

ICAHN ENTERPRISES LP and ICAHN ENTERPRISES FINANCE CORP.: $2 billion senior notes due 2016, non-callable for three years, and due 2018, non-callable for four years, tranche sizes to be determined (expected ratings Ba3/BBB-); Jefferies & Co.; Rule 144A/Regulation S with registration rights; to refinance 7 1/8% senior notes due 2013 and 8 1/8% senior notes due 2012, and for general corporate purposes; New York City-based master limited partnership is a holding company primarily engaged in the investment management, automotive, metals, real estate and home fashion businesses; roadshow Jan .4-11.

EXPECTED JANUARY BUSINESS

B&G FOODS, INC.: $350 million senior notes due 2018; SEC registered; to fund tenders for its 12% senior subordinated notes due 2016 and 8% senior notes due 2011; Parsippany, N.J., food manufacturer and distributor.

BIRCH COMMUNICATIONS, INC.: $100 million senior secured notes due 2015 (B3/CCC+); Knight Libertas Capital Group; Rule 144A/Regulation S; non-callable for four years; to repay outstanding debt, to purchase outstanding warrants for its common stock and for general corporate purposes, including future acquisitions; Atlanta-based telecommunications carrier; expected January business.

FORMATION METALS INC.: $100 million five-year senior notes and C$60 million common shares via up to 102,041 units; Jennings Capital Inc. (lead agent), Blackmont Capital Inc., Acumen Capital Finance Partners Ltd. (agents); notes to bear interest at 10% for first two years and 12% thereafter (first four interest payments to be held in escrow); to fund construction at the Idaho Cobalt Project and the Big Creek Hydrometallurgical Complex, for bonding requirements, for general corporate purposes; Vancouver, B.C.-based metals mining and refining company; offering price is 98.00; expected January business.

ON THE HORIZON

ANWORTH MORTGAGE ASSET CORP.: $600 million; Santa Monica, Calif.-based real estate investment trust focusing on mortgage-backed securities and residential mortgage loans

CDW CORP.: $1.94 billion notes: $890 million senior unsecured cash-pay notes due 2015 (Caa1/CCC+), $300 million senior unsecured PIK toggle notes due 2015 (Caa1/CCC+) and $750 million senior subordinated notes due 2017 (Caa2/CCC+); J.P. Morgan Securities Inc., Deutsche Bank Securities Inc., Morgan Stanley & Co.; to refinance bridge loan related to LBO; Vernon Hills, Ill., provider of technology products and services.

CEDAR FAIR LP: $1.95 billion financing commitment via JPMorgan, Bank of America, Barclays Capital, UBS and KeyBanc Capital Markets, including $700 million high-yield bonds and $1.25 billion credit facility; to help fund $2.4 billion buyout by Apollo Global Management, expected to close during the second quarter of 2010; Sandusky, Ohio-based amusement-resort operator.

CWI: $1 billion of new bonds and credit facilities; to replace existing debt facilities and meet medium-term debt maturities; deal is related to separation of CWI and Worldwide into two companies separately listed on the London Stock Exchange, targeted for completion by March 31, 2010; CWI is a London-based telecommunications business.

DOLLAR FINANCIAL CORP.: $750 million; Berwyn, Pa.-based financial services company primarily serving unbanked and under-banked consumers.

IMS HEALTH INC.: $1 billion of senior unsecured notes; Goldman Sachs & Co.; to help fund buyout by TPG Capital and the CPP Investment Board, expected to close first quarter of 2010, subject to approval of IMS shareholders, regulatory approvals and customary closing conditions; Norwalk, Conn.-based provider of market intelligence to the pharmaceutical and health care industries.

INFORMA GLOBAL MARKETS: High-yield notes (Ba2/BB), size to be determined; JPMorgan; London-based real-time capital markets information services provider; originally scheduled as early September business, pending market conditions.

NORTH AMERICAN ENERGY PARTNERS, INC: C$200 million (approximate) notes; Edmonton, Alta.-based gas and oil field services provider.

RIVERDEEP INTERACTIVE LEARNING USA: $820 million senior subordinated notes; Credit Suisse, Citigroup (joint); proceeds along with $1.87 billion senior bank debt, $750 million mezzanine debt and $1.5 billion equity to fund the acquisition of Houghton Mifflin by Riverdeep from Thomas H. Lee Partners, Bain Capital Partners, LLC and Blackstone Group for $3.4 billion; Riverdeep, based in Dublin, Ireland, is a publisher of interactive products for the consumer and school markets.

SEAT PAGINE GIALLE SPA: Up to €1 billion high-yield bonds (existing issuer ratings B2/B); to refinance senior credit agreement; Italian yelllow pages publisher is seeking the consent of its senior lender, RBS, to issue the bonds; expected early 2010 business.

SOLARGY SYSTEMS INC.: Rule 144A secured bonds; GCI Capital Holdings; Fort Lauderdale, Fla.-based systems integrator of alternative energy technologies; expected 2010 business.

TREEHOUSE FOODS INC.: $400 million high-yield bonds, plus borrowings from existing revolver, and $100 million stock offering, to help fund purchase of Sturm Foods from HM Capital Partners for $660 million, expected to close first quarter of 2010; Bank of America Merrill Lynch, financial adviser to Treehouse; Westchester, Ill.-based food manufacturer servicing primarily the retail grocery and foodservice channels.

ROADSHOWS

Jan. 4-11: UNITED AIR LINES, INC. $500 million; J.P. Morgan Securities Inc.

Jan 4-11: ICAHN ENTERPRISES LP and ICAHN ENTERPRISES FINANCE CORP.: $2 billion (split-rated); Jefferies & Co.

Pricing mid-Jan. 11 week: SORENSON COMMUNICATIONS, INC. $735 million; Goldman Sachs & Co.

Jan. 6-12: MARQUETTE TRANSPORTATION CO., LLC $250 million; J.P. Morgan Securities Inc.

Jan. 11-14: BROCADE COMMUNICATIONS SYSTEMS, INC. $300 million; J.P. Morgan Securities Inc., Goldman Sachs & Co.

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