High Yield Calendar: $8.14 billion, C$600 million and €400 million deals being marketed

November 5 Week

CYRUS ONE LP and CYRUS ONE FINANCE CORP. (CINCINNATI BELL INC.): $500 million senior notes due 2022 (B2/B+/); Barclays, Citigroup Global Markets Inc., RBS Securities Inc., UBS Investment Bank; Rule 144A and Regulation S with registration rights; make-whole call for the first five years, then callable at a premium; to repay $475 million of related party notes payable to Cincinnati Bell, with the remainder for general corporate purposes; Cincinnati-based owner, operator and developer of enterprise-class, carrier-neutral data center properties; price talk 6½% to 6¾%; books close 4 p.m. ET today, except for accounts seeing the company today; pricing Tuesday morning.

CLEAR CHANNEL OUTDOOR HOLDINGS $2,725,000,000 notes (confirmed B1/expected B): $735.75 million series A senior notes and $1.989,250,000 series B senior notes due 2022; Goldman Sachs & Co., Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Wells Fargo Securities LLC; Rule 144A and Regulation S; both tranches come with five years of call protection; proceeds, together with cash on hand, to fund the tender offer for the existing 9¼% series A senior notes due 2017 and the existing 9¼% series B senior notes due 2017; San Antonio-based outdoor advertising company; price talk 6¼% to 6½%; pricing expected Tuesday.

E*TRADE FINANCIAL CORP. $1.305 billion senior notes (existing ratings B2/B-): Notes due 2017, non-callable for two years, and notes due 2019, non-callable for three years; Bank of America Merrill Lynch (left books), Goldman Sachs & Co., Morgan Stanley & Co. LLC (joint books); SEC registered; 101% poison put for both tranches; to fully redeem the 7 7/8% senior notes due 2015 and the 12½% springing-lien notes due 2017; New York-based provider of financial services; pricing Tuesday.

LAND O'LAKES, INC.: $250 million senior notes due 2022 (expected ratings Ba2/BBB-) Bank of America Merrill Lynch (sole books), Mitsubishi UFJ Securities International plc, Rabobank, US Bancorp, Wells Fargo Securities LLC (co's); Rule 144A for life; non-callable (make-whole at Treasuries plus 50 bps); 101% poison put; to pay down revolver; Arden Hills, Minn.-based branded food and agriculture supply cooperative; pricing middle of Nov. 5 week.

313 GROUP, INC. to be merged with and into APX GROUP, INC. (the parent of VIVINT, INC.) $1.305 billion notes: $925 million senior secured notes due 2019, non-callable for three years (special call provision allows the issuer to redeem 10% of the notes annually during the non-call period), also $380 million senior unsecured notes due 2020, non-callable for three years; Bank of America Merrill Lynch, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC, Macquarie Capital, Goldman Sachs & Co. (joint); Rule 144A with registration rights; to fund the acquisition of the company by Blackstone Group; Provo, Utah-based home securities service provider; roadshow started Oct. 29.

MATTAMY GROUP CORP.: $450 million equivalent eight-year senior notes in dollars and Canadian dollars; Credit Suisse Securities (USA) LLC, RBC Capital Markets, Citigroup Global Markets (joint); Rule 144A for life; callable in three years at par plus 75% of the coupon; three-year 35% equity clawback; 101% poison put; to refinance existing debt; Burlington, Ont.-based residential homebuilder; roadshow started Oct. 29; pricing Nov. 5 week.

PERSTORP HOLDING AB $1.09 billion senior secured notes: $660 million equivalent first-lien notes due May 2017 (B2/B/), in dollar and euro denominations, tranche sizes to be determined, and $430 million second-lien notes due August 2017 (Caa2/CCC/); J.P. Morgan Securities LLC (bill and deliver for the dollar-denominated notes, joint physical books), Goldman Sachs (bill and deliver for the euro-denominated notes, joint physical books); Rule 144A and Regulation S for life; both tranches non-callable for 2.5 years; to refinance the entire amount outstanding under the existing senior and second lien facilities and a portion of outstanding amounts under the mezzanine facility; Perstorp, Sweden-based specialty chemicals manufacturer; U.S. roadshow started Oct. 31, European roadshow Nov. 6-9, pricing thereafter.

BLUESCOPE STEEL LTD. and BLUESCOPE STEEL FINANCE: $300 million six-year senior notes (expected ratings B1/BB-); Credit Suisse Securities (USA) LLC (sole); Rule 144A and Regulation S for life; non-callable for three years; three-year 35% equity clawback; 101% poison put; to refinance debt; Melbourne, Australia -based steel company; roadshow starts Nov. 2 on the West Coast of the United States; pricing Nov. 5 week.

ROTTAPHARM LTD.: €400 million seven-year senior notes (expected ratings Ba3/BB-); JPMorgan (global coordinators), Banca IMI, Mediobanca (joint bookrunners); Rule 144A and Regulation S for life; callable in three years at par plus 75% of coupon; to refinance debt and general corporate purposes; Monza, Italy-based pharmaceutical company; roadshow Nov. 5-8.

ATHABASCA OIL CORP.: Up to C$600 million of senior secured second-lien notes due 2017; (DBRS: B); TD Securities, GMP Capital; Rule 144A, Regulation S, Canadian private emplacement; for general corporate purposes; Calgary, Alta.-based oil sands developer; roadshow and pricing week of Nov. 5.

Expected November Business

AINSWORTH LUMBER CO. LTD.: C$350 million of new debt, including high yield bonds; Bank of America Merrill Lynch; proceeds, along with proceeds from the issuance of common shares, to repay senior secured term loan due 2014 and refinance 11% senior notes due July 2015; Vancouver, B.C.-based manufacturer of engineered wood products; expected early-to-mid November.

ANCESTRY.COM: $300 million senior notes; Morgan Stanley & Co. LLC (left lead), Barclays, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., RBC Capital Markets LLC; bonds are backed by a commitment for a $300 million one-year senior unsecured bridge loan priced at Libor plus 825 bps with a 1.25% Libor floor (spread will increase by 50 bps after three months and every three months thereafter up to an undisclosed cap); also a $720 million senior secured credit facility; to fund the acquisition of the company by Permira Funds, in a transaction valued at $1.6 billion, expected to close early in 2013; Provo, Utah-based online family history resource; expected late November or early December business.

INERGY MIDSTREAM, LP: $225 million unsecured debt financing from Citigroup Global Markets Inc. and JPMorgan; to purchase Rangeland Energy, LLC; financing also includes $225 million of common units in a private placement; expected to close in early December; Kansas City, Mo., master limited partnership primarily engaged in the development and operation of natural gas and NGL storage and transportation assets.

MERRILL COMMUNICATIONS LLC: $150 million 5.5-year second-lien notes with warrants for 10% of the company; Credit Suisse Securities (USA) LLC; non-callable; to refinance bank debt; St. Paul, Minn.-based provider of technology-enabled services for the financial, legal, health care, real estate and other corporate markets; Libor plus 1,450 bps, including 2% PIK, with no floor and an original issue discount of 98 (being marketed primarily to bank loan accounts).

PETAQUILLA MINERALS LTD.: $210 million senior secured notes due 2017 (Caa1); Global Hunter Securities (sole); non-callable for two years; to refinance debt and to finance capital expenditures related to the Lomero-Poyatos mine in Spain; Vancouver, B.C.-based Petaquilla Copper is a copper exploration company; price talk 12% yield with warrants.

TEMPUR-PEDIC INTERNATIONAL INC.: $350 million senior notes (B1//) and $1.77 billion credit facilities; Bank of America Merrill Lynch (lead arranger and bookrunner); to help fund its acquisition of Sealy Corp. for $2.20 per share including repayment of all of Sealy's outstanding convertible and non-convertible debt, for a total transaction value of about $1.3 billion, expected to close in the first half of 2013; Tempur-Pedic is a Lexington, Ky.-based bedding manufacturer; Sealy is a Trinity, N.C.-based bedding manufacturer.

On The Horizon

CKX ENTERTAINMENT, INC.: $360 million senior secured second-lien notes due 2019 (/B-/); Goldman Sachs & Co. (left books), Macquarie Group Ltd. (joint books); Rule 144A and Regulation S; non-callable for four years; to fund the purchase of common stock and repay existing credit facility; New York City-based owner and developer of entertainment content; possible business for the first quarter of 2012.

ENERGY TRANSFER EQUITY, LP: $3.2 billion high-yield bonds to help complete the $7.9 billion merger of Energy Transfer and Southern Union Co., including repayment of $3.7 billion of Southern Union debt; Energy Transfer is a Dallas-based oil and gas pipeline company.

FTS INTERNATIONAL, INC.: $400 million secured notes to repay term loan; company is soliciting consents from holders of its 7 1/8% notes due 2018 to amendments to the indenture governing the notes, Bank of America Merrill Lynch and Citigroup Global Markets Inc. are the solicitation agents; provider of well completion services for the oil and gas industry with corporate offices in Fort Worth and Cisco, Texas; expected Autumn 2012 business.

GLOBALIVE WIRELESS MANAGEMENT CORP.: Up to $1 billion equivalent in U.S. dollar- and Canadian dollar-denominated notes; Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC, BMO Capital Markets Corp.; Rule 144A; to fund expansion of its wireless network and for general corporate purposes; Toronto-based wireless communications services provider; expected during first quarter of 2012.

GREENFIELD ETHANOL INC.: C$175 million of five-year senior second-lien notes (/B+//DBRS: B); Scotia Capital Inc. (lead); Macquarie Capital Markets Canada Ltd., Societe Generale (Canada) and TD Securities Inc. (co-managers); non-callable for three years, 101% change-of-control put; equity clawback for up to 35% in first three years; Canada call at 50 bps over Canadian government benchmark; guarantors GreenField Ethanol (Johnstown) Inc.; GreenField Ethanol (Hensall) Inc.; GreenField Hensall LP; GreenField Hensall GP Inc.; Pharmco Products Inc.; Aaper Alcohol and Chemical Co., Aaper Holdings Inc.; GreenField Ethanol of Quebec Inc. and all future restricted subsidiaries of GreenField.; proceeds to repay debt, to terminate existing interest rate swap agreements and for general corporate purposes; Ontario-based GreenField Ethanol is Canada's largest ethanol company.

M&G FINANCE CORP.: $200 million to $300 million senior secured notes due 2019 (expected B3//BB), downsized from $500 million; J.P. Morgan Securities LLC (sole); Rule 144A and Regulation S for life; non-callable (call protection increased from four years); to finance construction of new PET and PTA production facilities, pay back intercompany debt and fund working capital; Houston-based Mossi & Ghisolfi (M&G) produces polyethylene terephthalate (PET) resin for packaging applications; price talk 10% coupon to yield 12% at an issue price of approximately 90.

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.

OPI INTERNATIONAL: $160 million first-lien senior secured notes due 2017; Global Hunter Securities; non-callable for three years; to help fund the acquisition of offshore construction vessels and refinance debt; Houston-based services provider to the offshore oil and gas industry; expected May business.

PPG COMMODITY CHEMICALS: $660 million notes and $240 million term loan in connection with its spin-off from PPG Industries and merger with Georgia Gulf Corp., expected to occur in late 2012 or early 2013; Barclays and J.P. Morgan Securities LLC have provided the debt commitment; PPG Commodity Chemicals is a producer of chlorine, caustic soda and related chemicals; PPG is Pittsburgh-based coatings and specialty products company.

PVH CORP.: $4.325 million new debt comprised of senior notes and a credit facility; Barclays, Bank of America Merrill Lynch, Citigroup Global Markets Inc.; notes are backed by a bridge loan commitment; to fund the cash portion of the acquisition of Warnaco Group Inc., expected to close early in 2013, and refinance debt at both companies and provide liquidity going forward; PVH is a Bridgewater, N.J.-based apparel company.

SILVERLEAF RESORTS, INC.: $175 million senior secured notes due 2019; Deutsche Bank Securities Inc.; non-callable for three years; to pre-fund development of vacation ownership inventory, to refinance a portion of the company's existing debt, to pay a dividend to the sponsor; Dallas-based resort operator.

SPOTTED HAWK DEVELOPMENT LLC: $100 million five-year senior secured notes; Global Hunter Securities (sole books), Knight Capital (co); non-callable for three years; to fund oil production in the Bakken Field Play; New Town, N.D.-based energy exploration and production company; currently being marketed.

TDF GROUP (TELEFFUSION DE FRANCE): Euro-denominated high-yield bonds; BNP Paribas expected to be involved; to refinance debt; Paris-based multiple-platform telecommunications company.

TEMPUR-PEDIC INTERNATIONAL INC.: $350 million senior notes and $1.77 billion credit facilities; Bank of America Merrill Lynch (lead arranger and bookrunner); to help fund its acquisition of Sealy Corp. for $2.20 per share including repayment of all of Sealy's outstanding convertible and non-convertible debt, for a total transaction value of about $1.3 billion, expected to close in the first half of 2013; Tempur-Pedic is a Lexington, Ky.-based bedding manufacturer; Sealy is a Trinity, N.C.-based bedding manufacturer.

TPC GROUP INC.: Up to $600 million senior secured notes and $250 million senior secured asset-based revolver; Bank of America Merrill Lynch, Morgan Stanley Senior Funding Inc. and Jefferies Finance LLC; to help fund its acquisition by First Reserve Corp. and SK Capital Partners; expected to close in the fourth quarter; TPC Group is a Houston-based processor and service provider of value-added products derived from niche petrochemical raw materials; expected late third quarter or early fourth quarter business.

Roadshows

Started Oct. 29: MATTAMY GROUP $450 million equivalent; Credit Suisse, RBC, Citigroup

Started Oct. 29: VIVINT $1.305 billion; Bank of America, Citigroup, Deutsche Bank, Morgan Stanley, Credit Suisse, Macquarie, Goldman Sachs

Started Oct. 31: PERSTORP $1.09 billion; JPMorgan, Goldman Sachs

Starts Nov. 2: BLUESCOPE STEEL $300 million; Credit Suisse

Nov. 5-8: ROTTAPHARM €400 million; JPMorgan, Banca IMI, Mediobanca

Nov. 5 week: ATHABASCA OIL C$600 million; TD Securities, GMP Capital

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