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Published on 3/29/2010 in the Prospect News High Yield Daily.

High Yield Calendar: $2.390 billion, C$130 million and €75 million deals being marketed

MARCH 29 WEEK

CONTINENTAL RESOURCES INC.: $200 million senior notes (B2/BB); Bank of America Merrill Lynch, RBS Capital Markets, JP Morgan Securities Inc. (joint bookrunners), BNP Paribas, BBVA Compass, Mitsubishi UFJ Financial Group, Wells Fargo Securities (senior co-managers), Capital One Southcoast, TD Securities Inc., US Bancorp (co-managers); Rule 144A with registration rights deal; notes mature in October 2020 and are non-callable until October 2015; Enid, Okla.-based independent oil and natural gas exploration and production company; proceeds to repay part of the company's revolver borrowings; investor call at 11 a.m. ET on Tuesday; pricing Tuesday afternoon,

BANCO ABC BRASIL SA: dollar-denominated tier II notes due April 2020 (expected Ba1); HSBC, Banco Itau, Santander; Rule 144A, Regulation S; banking company based in Sao Paulo, Brazil; proceeds for increasing the capital base for portfolio growth; marketing through March 30, pricing Mach 29 week; talked at 8¼% area.

LINN ENERGY, LLC/LINN ENERGY FINANCE CORP.: $750 million 10-year senior notes (upsized from $500 million); RBC Capital Markets Corp., Barclays Capital Inc., BNP Paribas, Citigroup Global Markets Inc., Credit Agricole, RBS Securities Inc., Wells Fargo Securities (joint books), BMO Capital Markets Corp., Scotia Capital (USA) Inc., UBS Securities LLC (co-managers); Rule 144A and Regulation S; non-callable for five years; Houston-based oil and natural gas development company will use proceeds to reduce debt under its revolving credit facility and to unwind interest rate derivative contracts; roadshow started March 23; pricing early March 29 week; talked at 9% area with 2 points of OID.

RADNET INC.: $210 million senior unsecured notes due 2018 (Caa1); Deutsche Bank Securities Inc. (left books), Barclays Capital Inc., RBC Capital Markets Corp., Jefferies & Co. (joint books); Rule 144A with registration rights; non-callable for four years; proceeds, along with new credit facility, to repay first-lien and second-lien term loans and for general corporate purposes; Los Angeles-based provider of outpatient diagnostic imaging services; high-yield roadshow during March 22 week, pricing March 29 week.

MIDWEST GAMING BORROWER, LLC and MIDWEST FINANCE CORP.: $175 million senior secured notes due 2016; Goldman Sachs & Co. (left lead), Credit Suisse (joint books); Rule 144A for life; non-callable for three years; 101% poison put; to finance the development costs related to the Des Plaines Casino and fund the interest reserve; issuing entities are financing units of Chicago-based Midwest Gaming & Entertainment, LLC; roadshow started March 23, and ran through the remainder of the March 22 week; pricing Wednesday; talked at 12% area.

TERPHANE, INC.: $90 million secured notes due 2017; PrinceRidge Group (sole); Rule 144A for life; non-callable for four years; to repay Libor plus 970 bps secured notes and 12% secured notes; polyester films manufacturer based in Bloomfield, N.Y., and Sao Paulo; roadshow started March 15.

MAXIM CRANE WORKS, LP: $250 million five-year senior secured second-lien notes (Caa1/B); J.P. Morgan Securities Inc., Morgan Stanley & Co., Inc., Wells Fargo Securities, LLC (joint books), UBS Securities LLC, PNC, SunTrust Robinson Humphrey (co-managers); Rule 144A and Regulation S for life; non-callable for two years, then callable at par plus three-quarters of the coupon; Pittsburgh-based company that sells and rents construction and industrial cranes and aerial equipment; proceeds to repay an asset-backed loan and to fund an equity dividend; roadshow March 25-31, pricing after.

NES RENTAL HOLDINGS, INC.: $250 million senior secured second-lien notes due 2017; Deutsche Bank Securities, Bank of America Merrill Lynch (joint); non-callable for three years; to repay second-lien term loan; Chicago-based construction equipment, industrial equipment and heavy machinery rental business; roadshow March 23-29.

PHARMANET DEVELOPMENT GROUP, INC.: $175 million seven-year senior secured notes; Jefferies & Co., Deutsche Bank Securities, Inc. (joint books); Rule 144A, without registration rights; non-callable for four years; Princeton, N.J.-based company that runs clinical tests and studies for pharmaceutical, biotechnology, generic drug and medical device companies; proceeds to repay credit facility and fund a dividend to equity investors; roadshow March 24 to March 31; pricing after.

SQUARETWO FINANCIAL CORP.: $300 million seven-year senior secured second-lien notes; Banc of America Merrill Lynch, BMO Capital Markets Corp. (joint books), Fifth Third Bancorp, US Bancorp Investments Inc. (co-managers); Rule 144A with registration rights; non-callable for four years; Denver-based purchaser of charged-off accounts receivable in the United States plans to use proceeds together with revolving credit facility proceeds to repay debt under the existing credit facility and its existing senior subordinated notes, as well as for general corporate purposes, including to fund the purchase of charged-off accounts receivables; pricing expected to take place around the middle of March 29 week.

STRATUS TECHNOLOGIES, INC.: $215 million five-year senior secured notes; Jefferies & Co.; Rule 144A, without registration rights; non-callable for three years; Maynard, Mass.-based information technology company that operates computer network servers will use proceeds to repay bank debt; roadshow March 23 to March 31; pricing after.

EXPECTED MARCH BUSINESS

CKE RESTAURANTS INC.: $150 million of senior unsecured notes; also $450 million credit facility and up to $440 million in equity; to finance acquisition by Thomas H. Lee Partners, expected second quarter of 2010, Bank of America and Barclays are the lead banks on the financing; Carpinteria, Calif.-based owner of Carl's Jr. and Hardee's quick-service restaurant chains.

MAGNACHIP SEMICONDUCTOR SA/MAGNACHIP SEMICONDUCTOR FINANCE CORP.: $250 million eight-year senior notes (B2/B+); Goldman Sachs& Co., Barclays Capital, Inc., Deutsche Bank Securities, Inc., Morgan Stanley & Co. Inc. (joint books); Citigroup Global Markets, Inc., Credit Suisse Securities (USA) LLC, UBS Securities LLC (co-managers); Rule 144A with registration rights and Regulation S; non-callable for two years; Rule 144A with registration rights and Regulation S; Seoul, South Korea-based chipmaker will use proceeds to fund a distribution to shareholders, repay credit facility debt and for working capital; roadshow started March 25.

MERGE HEALTHCARE INC.: $200 million notes; to help fund acquisition of Amicas (bridge loan via Morgan Stanley); also $40 million of equity; Milwaukee-based medical software developer; expected early to mid-March business.

EXPECTED APRIL BUSINESS

CF INDUSTRIES HOLDINGS INC.: Approximately $1.6 billion senior notes; proceeds along with $1 billion from a stock offering will be used to repay borrowings under the company's new term loan B and to reduce borrowings under its planned bridge facility; loans will be used to help fund the acquisition of Terra Industries Inc.; Morgan Stanley and the Bank of Tokyo-Mitsubishi UFJ are leads on new bank facility; note and stock offerings will begin after the exchange offer for Terra Industries' stock is completed; offer expires April 2; Deerfield, Ill.-based producer and distributor of nitrogen and phosphate fertilizer products.

PHILLIPS-VAN HEUSEN CORP.: $600 million senior unsecured notes and $2.45 billion senior secured credit facility; Barclays and Deutsche Bank are global debt coordinators, Barclays left lead; also Bank of America, Credit Suisse, RBC Capital Markets; to help fund Tommy Hilfiger acquisition from Apax Partners for €2.2 billion plus the assumption of €100 million in liabilities, and to refinance Phillips-Van Heusen's $300 million of existing senior unsecured notes due in 2011 and 2013; New York-based Phillips-Van Heusen and Tommy Hilfiger are apparel companies; April business.

RTL-WESTCAN GROUP Of COS.: C$130 million second-lien seven-year notes; Scotia Capital Inc. (books); non-callable until 2013; Edmonton, Alta.-based trucking and transportation company.

ON THE HORIZON

AMERICAN RENAL HOLDINGS: Secured notes; to help fund acquisition by Centerbridge Partners LP from Pamlico Capital; Bank of America and Barclays; closing expected in the second quarter; Beverly, Mass.-based provider of kidney dialysis services.

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.

GREAT WOLF RESORTS, INC.: $225 million first mortgage notes due 2017; to repay the $212 million of outstanding mortgage debt on the company's Mason, Ohio; Williamsburg, Va.; and Grapevine, Texas, properties and for general corporate purposes; Madison, Wis., operator of indoor waterpark resorts.

INEOS GROUP LTD.: Approximately €1 billion in new senior secured high-yield notes and term loans; Barclays Capital and JPMorgan joint coordinators and bookrunners for the loans and solicitation agents for notes; to refinance a portion of its senior loan debt; Lyndhurst, England-based chemical company is expected to seek consent of existing bond and loan-holders during March 15 week.

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.

ISS HOLDING A/S: €75 million add on to 8 7/8% notes due 2016; Goldman Sachs International; Copenhagen, Denmark, provider of business services plans to use the proceeds for general corporate purposes.

SPECTRUM BRANDS INC.: $750 million senior secured notes due 2017; Credit Suisse, Bank of America, Deutsche Bank; also $1.05 billion credit facility; to help refinance debt as part of merger with Russell Hobbs Inc.; Atlanta-based consumer products company.

ROADSHOWS

Started March 15: TERPHANE, INC. $90 million; PrinceRidge Group

March 22 week: RADNET INC. $210 million; Deutsche Bank Securities Inc.

March 23-29: NES RENTAL HOLDINGS, INC. $250 million; Deutsche Bank Securities, Bank of America Merrill Lynch

Started March 23: LINN ENERGY, LLC/LINN ENERGY FINANCE CORP.: $750 million 10-year senior notes; RBC Capital Markets Corp., Barclays Capital Inc., BNP Paribas, Citigroup Global Markets Inc., Credit Agricole, RBS Securities Inc., Wells Fargo Securities

March 23-31: STRATUS TECHNOLOGIES, INC.: $215 million five-year senior secured notes; Jefferies

March 24-31: PHARMANET DEVELOPMENT GROUP, INC.: $175 million seven-year senior secured notes; Jefferies & Co., Deutsche Bank Securities, Inc.

March 25-31: MAXIM CRANE WORKS, LP: $250 million five-year senior secured second-lien notes (Caa1/B); J.P. Morgan Securities Inc., Morgan Stanley & Co., Inc., Wells Fargo Securities, LLC

Started March 25: MAGNACHIP SEMICONDUCTOR SA/MAGNACHIP SEMICONDUCTOR FINANCE CORP.: $250 million eight-year senior notes (B2/B+); Goldman Sachs& Co., Barclays Capital, Inc., Deutsche Bank Securities, Inc., Morgan Stanley & Co. Inc.


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