High Yield Calendar: $3.06 billion, £400 million and €300 million being marketed

MARCH 28 WEEK

MILLAR WESTERN FOREST PRODUCTS LTD.: $200 million senior notes due 2021 (B3/B-); Goldman Sachs & Co. (books) HSBC Capital (Canada) Inc., KKR Capital Markets LLC (co-managers); Rule 144A and Regulation S; non-callable for five years; Edmonton, Alta., producer of hardwood and softwood bleached pulp and softwood lumber will use proceeds and about C$4 million of cash on hand to purchase or redeem all of its outstanding $190 million of 7¾% senior notes due 2013; roadshow started March 28, price talk 8¼% to 8½%; pricing Thursday.

VISTEON CORP.: $500 million senior notes due 2019 (B2/B+/); Merrill Lynch, Morgan Stanley & Co. Inc., Citigroup Global Markets Inc. (joint books), Scotia Capital, Barclays Capital Inc. (joint leads), Comerica Investments, Sumitomo (co's); Rule 144A with registration rights; callable in three years at par plus ¾ coupon (special call allows issuer to redeem up to 10% of the notes annually at 103 during the non-call period); 101% poison put; proceeds, along with cash on hand, to repay existing term loan and for general corporate purposes; Van Buren Township, Mich., automotive supplier; price talk 6¾% area; books close noon ET Thursday for accounts that have seen the deal through Wednesday, 3 p.m. ET for West Coast accounts; pricing thereafter.

KENNEDY-WILSON, INC.: $200 million senior notes due 2019 (B1/BB-/); Merrill Lynch, Morgan Stanley & Co. Inc. (joint), JMP Securities, CJS Securities, Inc. (co's); Rule 144A with registration rights; non-callable for four years; 101% poison put; to repay all outstanding borrowings under its unsecured revolver and for general corporate purposes; Beverly Hills, Calif.-based real estate investment and services company; price talk 8¾% to 9% including slight OID; books close 4 p.m. ET Thursday.

PARK-OHIO INDUSTRIES, INC.: $250 million senior subordinated notes due 2021 (B3/CCC+/); Barclays Capital Inc., J.P. Morgan Securities LLC (joint books), KeyBanc Capital Markets (joint lead), Friedman Billings Ramsay, Morgan Joseph (co's); Rule 144A and Regulation S with registration rights; non-callable for five years; to fund tender for 8 3/8% senior subordinated notes due 2014, to repay borrowings under term loan A and term loan B and for general corporate purposes; Cleveland-based provider of supply chain logistics services; price talk 8% area; pricing Thursday (deal was sidelined by volatility related to Japan natural disasters).

AMERISTAR CASINOS, INC. $800 million senior notes due 2021; Wells Fargo Securities (left books), Deutsche Bank Securities Inc., Merrill Lynch, J.P. Morgan Securities LLC, Credit Agricole CIB (joint books), Commerzbank, U.S. Bancorp (co's); Rule 144A with registration rights; callable in four years at par plus 75% of coupon; proceeds, together with new credit facilities, to fund tender for 9¼% senior notes due 2014, refinance existing facilities and repurchase stock from majority shareholder; Las Vegas-based gaming and entertainment company; investor call 11 a.m. ET Thursday; pricing Thursday afternoon.

FERREXPO FINANCE PLC: Benchmark dollar-denominated senior guaranteed notes due 2016 (B3/B+); J.P. Morgan Securities LLC, Morgan Stanley & Co. Inc., UBS Investment Bank; Rule 144A and Regulation S; to fund capital expenditures; Swiss-based resources company with assets in Ukraine; roadshow started March 25; initial guidance 8¼% area.

LIZ CLAIBORNE, INC.: $200 million senior secured notes due 2019 (B2/B-/); Merrill Lynch, J.P. Morgan Securities LLC, SunTrust Robinson Humphrey Inc., Wells Fargo Securities LLC; Rule 144A with registration rights; non-callable for three years; 101% poison put; to fund the tender for the euro-denominated notes due 2013 and for general corporate purposes; New York-based designer and marketer of apparel and accessories; roadshow started March 28; pricing late March 28 week.

THAMES WATER (KEMBLE) FINANCE PLC: £400 million senior secured notes due 2019 (B1// BB); Morgan Stanley & Co. (physical books; bill and deliver), BNP Paribas, J.P. Morgan Securities LLC (physical books), NAB, RBC Capital Markets, Royal Bank of Scotland (co's); Regulation S only; to refinance debt; Reading, England-based Kemble Water is a holding company of Thames Water Utilities Ltd., the regulated monopoly provider for water and wastewater services in London and surrounding areas; roadshow begins Tuesday in Edinburgh, Wednesday and Thursday in London; pricing thereafter.

HEIDELBERGER DRUCKMASCHINEN AG: €300 million senior notes due 2018 (Caa1/B-); Deutsche Bank, Citigroup, BNP Paribas, Commerzbank, LBBW (joint), DZ Bank, HSBC, WestLB (co's); Rule 144A and Regulation S for life; non-callable for three years; to refinance existing debt; Heidelberg, Germany-based manufacturer of offset printing presses; roadshow March 28-29 in London, March 30-31 on European continent.

APRIL 4 WEEK

OPPENHEIMER HOLDINGS INC.: $200 million senior secured notes due 2018 (B2); Morgan Stanley & Co. Inc. (books), Oppenheimer & Co. (joint lead); Rule 144A with registration rights; non-callable for three years; to refinance $22.5 million of debt outstanding as of Dec. 31, 2010 under the variable-rate secured credit note due July 31, 2013 and under the $100 million variable-rate subordinated note due Jan. 31, 2014; New York City-based financial institution; pricing expected early April 4 week.

NAVIOS SOUTH AMERICAN LOGISTICS INC. and NAVIOS LOGISTICS FINANCE (US) INC.: $185 million senior notes due 2019 (single B ratings expected); Merrill Lynch, J.P. Morgan Securities LLC (joint), Citigroup (senior co), Credit Suisse, Goldman Advisors (co's); Rule 144A with registration rights; callable in three years at par plus 75% of coupon; 101% poison put; to repay debt, to purchase barges and pushboats and for general corporate purposes; Piraeus, Greece-based barge and upriver port logistics business with operations in South America; joint high-yield and emerging markets roadshow starts March 31; pricing expected April 5 or April 6.

MIRABELA NICKEL LTD.: $375 million senior notes due 2018 (expected ratings B2/B-); J.P. Morgan Securities LLC, Barclays Capital; Rule 144A and Regulation S for life; non-callable for four years; to pay down its debt facilities, as well as to make prepayments in connection with the termination of certain commodity call options, interest rate hedging and foreign exchange hedging, to provide general working capital and for general corporate purposes; Perth, Australia-based Nickel producer; roadshow March 30-April 6.

THE SHERIDAN GROUP: $150 million senior secured notes due 2014 (B3); Jefferies & Co. (sole); Rule 144A with registration rights; non-callable for one year; to repay existing 10¼% senior secured notes; Hunt Valley, Md.-based print and publishing company; roadshow March 30-April 7.

FUFENG GROUP LTD.: Dollar-denominated notes due 2016 (expected ratings: /BB/BB); Citigroup, Deutsche Bank; non-callable for three years; Rule 144A/Regulation S; to fund capacity expansion and for general working capital purposes; monosodium glutamate and xantham gum producer based in Hong Kong; roadshow started March 29.

NORWEGIAN ENERGY CO. ASA (NORECO): NOK 550 million to 600 million senior secured bonds due 2016; First Securities, Pareto Securities (joint managers), SEB Merchant Banking (co-manager) for financing of Noreco's share of the costs associated with the Oselvar development and other petroleum activities on the Norwegian continental shelf; Stavanger, Norway-based energy company.

EXPECTED EARLY APRIL BUSINESS

EMERGENCY MEDICAL SERVICES CORP.: $950 million senior notes; also $1.725 billion credit facility; debt financing to be led by Barclays Capital Inc., Deutsche Bank Securities Inc., Merrill Lynch, Morgan Stanley & Co. Inc., RBC Capital Markets, UBS Investment Bank; proceeds, along with equity, to fund buyout of the company by Clayton, Dubilier & Rice LLC; Greenwood Village, Colo.-based provider of health care transportation services and outsourced physician services to health care facilities; expected to launch in April 2011.

IGATE CORP.: Up to $700 million senior unsecured notes via Rule 144A or other private placement; backed by $700 million bridge loan from Jefferies Finance LLC and Royal Bank of Canada; to help fund the acquisition of a majority stake in Patni Computer Systems Ltd., a Mumbai, India-based information technology services company, expected to close during the first half of 2011; debt financing also includes $50 million revolver; iGate is a Freemont, Calif.-based integrated technology and operations solutions provider.

RURAL/METRO CORP.: New high-yield bonds and credit facility; Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc. and Jefferies & Co. are leading the financing; to help fund the acquisition of the company by Warburg Pincus; Scottsdale, Ariz.-based provider of emergency and non-emergency ambulance services and private fire protection services; expected during first half of April.

ON THE HORIZON

ALPHA NATURAL RESOURCES INC.: Up to $1.7 billion senior notes, also $1.6 billion credit facility; Citigroup and Morgan Stanley are leading the credit facility and the bridge financing; proceeds, along with cash on hand, to fund the acquisition of Massey Energy Co., expected to close mid-2011, refinance $1.4 billion of Massey debt and refinance existing debt at Alpha, including its term loan A; Abingdon, Va.-based Alpha Natural Resources and Richmond, Va.-based Massey are coal companies.

AMC NETWORKS INC. (RAINBOW MEDIA HOLDINGS LLC): New senior notes and senior secured credit facility to finance the spin-off from Cablevision Systems Corp., expected to be completed by mid-2011; proceeds to refinance all existing debt at Rainbow Media as well as to repay $1.25 billion of Cablevision and/or CSC Holdings LLC debt, and for general corporate purposes; Bethpage, N.Y.-based telecommunications, media and entertainment company.

AMERICAN TOWER CORP.: Expected issue of high-yield notes, as part of a refinancing of bank debt maturing in 2012; Boston-based wireless and broadcast communications infrastructure company.

CANADIAN SATELLITE RADIO HOLDINGS INC.: (parent company of XM CANADA): C$70 million of 9¾% senior notes due 2018; National Bank Financial Inc. and Canaccord Genuity Corp.; to help fund the all-stock merger of XM Canada with Sirius Canada Inc.; settlement expected in May or June on same date as merger closes.

CUMULUS MEDIA INC.: $500 million senior notes, also $2.5 million credit facility; J.P. Morgan Securities LLC, UBS Investment Bank and Macquarie Capital; to help fund its acquisition of Citadel Broadcasting Corp. (expected to close by the end of 2011), and refinance outstanding debt of Cumulus, Citadel and Cumulus Media Partners LLC; financing also includes $500 million in equity from Crestview Partners and Macquarie Capital; Cumulus Media is an Atlanta-based radio broadcaster.

DNO INTERNATIONAL ASA: $200 million to $300 million senior secured bonds due 2016; Pareto Securities AS, ABG Sundal Collier ASA and Fearnley Fonds ASA; for general corporate purposes; Oslo, Norway, oil and gas exploration and production company.

GALA CORAL GROUP, LTD.: Up to £600 million senior notes with minimum seven-year tenor; Goldman Sachs & Co. and Royal Bank of Scotland expected to be involved; to repay senior secured bank loans; Nottingham, England-based gaming and off-track betting company; expected early 2011 business.

HECKLER & KOCH GMBH: Expected €100 million notes with five-year to seven-year maturity; Close Brothers Seydler Bank; proceeds, along with liquidity from other assets, to refinance the existing €120 million 9¼% notes due July 15, 2011; Oberndorf, Germany-based small-arms maker; proceeds, along with liquidity from other assets, to refinance its existing €120 million 9¼% notes due July 15, 2011; expected to be completed by the end of the second quarter of 2011.

INTERNATIONAL WIRE GROUP, INC.: $110 million senior secured notes due 2015; to fund one-time distribution to stockholders and option holders; consent solicitation via Wells Fargo Securities, LLC expires on April 1; Camden, N.Y.-based electrical wire manufacturer.

KINDRED HEALTHCARE INC.: $550 million senior notes; part of debt financing for planned acquisition of RehabCare Group, Inc., expected to close June 30, 2011; also includes $1.3 billion credit facility; J.P. Morgan Securities LLC, Morgan Stanley, Citigroup are lead banks for financing; Kindred Healthcare is a Louisville, Ky.-based health-care services company.

KRUGER INC.: Up to C$210 million PIK toggle notes (upsized from C$200 million); GMP Securities; project finance; Montreal-based paper products manufacturer.

LODGENET INTERACTIVE CORP.: Possible debt financing that could include bonds; to repay bank debt; Sioux Falls, S.D.-based provider of interactive media and connectivity solutions to the hospitality industry and interactive patient education, information and entertainment systems to health-care facilities; ($435 million six-year senior secured second-lien notes, B3/B/, via Merrill Lynch, J.P. Morgan Securities LLC, put on hold Sept. 28 as company announced it is seeking alternatives).

NAL OIL & GAS: C$150 million to C$250 million notes; RBC Capital Markets, BMO Nesbitt Burns; Calgary, Alta., trust acquires interests in Canada's upstream conventional oil and gas industry.

PREMIER FOODS PLC (Ba2/BB/BB): New high-yield bonds; to settle swap agreements, diversify sources of funding and reduce reliance on bank debt; St. Albans, England-based food producer; possibly launching during Feb. 21 week.

SI ORGANIZATION INC.: $175 million senior subordinated notes; J.P. Morgan Securities LLC; to help fund $815 million to help fund Veritas Capital's acquisition of Lockheed Martin Corp.'s Enterprise Integration Group; Valley Forge, Pa.-based provider of engineering, integration services, modeling, simulation, analysis and risk mitigation services to the U.S. intelligence community; possible early 2011 business.

VIKING RIVER CRUISES: Expected $200 million high-yield notes; Credit Suisse; Los Angeles-based river cruise line.

ROADSHOWS

Started March 25: FERREXPO FINANCE PLC Benchmark; J.P. Morgan Securities LLC, Morgan Stanley & Co., UBS Investment Bank.

Started March 28: LIZ CLAIBORNE, INC. $200 million; Merrill Lynch, J.P. Morgan Securities LLC, SunTrust Robinson Humphrey Inc., Wells Fargo Securities LLC.

Started March 28: HEIDELBERGER DRUCKMASCHINEN AG €300 million; Deutsche Bank, Citigroup, BNP Paribas, Commerzbank, LBBW.

Started March 29: THAMES WATER (KEMBLE) FINANCE PLC £400 million; Morgan Stanley & Co., BNP Paribas, J.P. Morgan Securities LLC.

Pricing March 28 week: VISTEON CORP. $500 million; Merrill Lynch, Morgan Stanley & Co. Inc., Citigroup Global Markets Inc.

Pricing early April 4 week: OPPENHEIMER HOLDINGS INC. $200 million; Morgan Stanley & Co.

March 30-April 6: MIRABELA NICKEL LTD. $375 million; J.P. Morgan Securities LLC, Barclays Capital.

March 30-April 7: THE SHERIDAN GROUP $150 million; Jefferies & Co.

Starts March 31: NAVIOS SOUTH AMERICAN LOGISTICS INC. and NAVIOS LOGISTICS FINANCE (US) INC. $185 million; Merrill Lynch, J.P. Morgan Securities LLC.

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