High Yield Calendar: $4.135 billion and €150 million deals being marketed

April 23 week

ANIXTER INC.: $350 million senior notes due 2019 (expected ratings Ba3/BB); Wells Fargo Securities LLC (left books), Bank of America Merrill Lynch, J.P. Morgan Securities LLC, RBS Securities Inc. (joint books), UBS Investment Bank (co); SEC registered; non-callable; to repay accounts receivable securitization, to repay revolver, and for general corporate purposes; Glenview, Ill.-based distributor of communication products, electrical and electronic wire and cable, fasteners and other small parts; investor call 11:30 a.m. ET Wednesday, pricing Wednesday afternoon.

MBI ENERGY SERVICES, INC.: $250 million senior notes due 2020 (confirmed Caa1/expected B); RBC Capital Markets (left books), Wells Fargo Securities LLC (joint books), Imperial Capital, US Bancorp (joint leads), Fifth Third Securities Inc., Comerica Investments, Tudor Pickering Holt & Co. (co's); Rule 144A and Regulation S with registration rights; non-callable for four years; three-year 35% equity clawback; 101% poison put; to repay debt and for general corporate purposes; Belfield, N.D.-based provider of products and services to the energy industry, focused primarily on oil resource plays in the Bakken Field; price talk 9½% area; pricing Wednesday afternoon.

INEOS FINANCE PLC: Approximately $2.2 billion equivalent senior secured notes due 2020 in dollar and euro tranches; J.P. Morgan Securities LLC (bill and deliver, joint books), Barclays Capital Inc. (joint books), Goldman Sachs & Co., UBS Securities Inc. (underwriters); Rule 144A and Regulation S for life; callable after three years at par plus 75% of coupon; to refinance bank debt; Lyndhurst, England-based chemical company; pricing expected Thursday.

SAF HOLLAND GMBH and SAF HOLLAND USA, INC.: €150 million senior notes due 2017 (non-rated); Commerzbank, UniCredit SpA; to refinance debt; Bessenbach, Germany-based car and truck parts company; price talk 7¼% area; settlement date April 27.

AGS HOLDINGS, LLC and AGS FINANCING CORP. (AMERICAN GAMING SYSTEMS INC.): $150 million senior secured notes due 2017; Credit Suisse (sole); Rule 144A for life; non-callable for 2.5 years; three-year 35% equity clawback; 101% poison put; to refinance existing debt and fund the buyout of the Bluberi Gaming Technologies development agreement; Henderson, Nev.-based provider of equipment and services to the gaming industry; pricing early April 23 week.

PROSPECT MEDICAL HOLDINGS, INC.: $325 million seven-year senior secured notes; Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC, RBC Capital Markets (joint); Rule 144A for life; non-callable for three years; proceeds, along with cash on hand, to repay certain of the outstanding debt including the 2014 notes, to make a distribution to Ivy Holdings for the redemption of its 13½% senior redeemable exchangeable cumulative preferred stock, and for general corporate purposes; owner and operator of five community-based hospitals in Los Angeles and a manager of the provision of health care services of HMO enrollees; investor call 9:30 a.m. ET April 20; investor lunch on April 23; pricing late April 23 week.

RADIATION THERAPY SERVICES, INC.: $335 million senior secured second lien notes due 2017; Wells Fargo Securities LLC (left books), Morgan Stanley & Co. Inc., SunTrust Robinson Humphrey Inc., Barclays Capital Inc. (joint books), Imperial Capital (co); Rule 144A with registration rights; non-callable for two years; to repay debt and general corporate purposes; advanced radiation therapy services provider; pricing later this week.

April 30 week

SABRE HOLDINGS: $400 million senior secured notes due 2019; Goldman Sachs & Co., Bank of America Merrill Lynch, Barclays Capital Inc., Deutsche Bank Securities Inc., Mizuho Securities, Morgan Stanley & Co. LLC, Natixis (joint); Rule 144A and Regulation S; non-callable for three years; to repay portions of outstanding loans due 2014, as part of a proposed amendment and extension of the credit facility, and for general corporate purposes; Southlake, Texas-based travel technology company; roadshow starts April 25; pricing mid-to-late April 30 week.

May 7 week

OPI INTERNATIONAL: $125 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; roadshow started April 24; pricing May 7 week.

On the Horizon

CAPTAIN BIDCO SAS (ASCOMETAL): €300 million senior secured notes due 2020 (expected ratings B3/B-); Bank of America Merrill Lynch (bill and deliver, joint books), Morgan Stanley (joint books); Rule 144A and Regulation S for life; non-callable for four years; 101% poison put; to refinance debt used to acquire Ascometal; Courbevoie, France, steel producer.

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.

CONSOLIDATED COMMUNICATIONS HOLDINGS INC.: $350 million senior notes; to take out bridge loan backing the acquisition of Roseville, Calif.-based communications services provider SureWest Communications; Morgan Stanley Senior Funding Inc. is leading the debt financing; Mattoon, Ill.-based communications company; acquisition expected to close in the fourth 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, expected to close in the first quarter of 2012; Energy Transfer is a Dallas-based oil and gas pipeline company.

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 90.00.

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.

NGPL PIPECO: $600 million senior secured notes; Credit Suisse Securities (USA) LLC, Barclays Capital Inc., RBC Capital Markets LLC (joint); also $675 million credit facility, commitments due May 4; to help fund tender for 6.514% senior notes due 2012, which expires May 11, 2012; Houston-based natural gas transportation and storage company; timing of notes launch to be determined.

PENN VIRGINIA RESOURCE PARTNERS LP: $220 million senior notes, backed by a bridge loan led by RBC; proceeds will be used, along with equity, to fund the acquisition of Chief Gathering LLC from Chief E&D Holdings LP for $800 million in cash and $200 million of a new class of limited partner interests; Penn Virginia is a Radnor, Pa.-based owner and manager of coal and natural resource properties, and midstream natural gas gathering and processing businesses.

TRINSEO MATERIALS OPERATING SCA: $450 million six-year senior notes (B3/B), non-callable for three years (structure changed from seven-year non-call-four); Barclays Capital Inc. (left lead), Deutsche Bank Securities Inc., BMO Securities, Citigroup Global Markets Inc., Goldman Sachs & Co., HSBC; Rule 144A and Regulation S with registration rights; non-callable for four years; to repay bank debt and for general corporate purposes; diversified chemical company; price talk 12¼% area, including about 3 points of OID; roadshow was in late November 2011; likely business for the first quarter of 2012.

WII COMPONENTS, INC.: New subordinated notes and new credit facility; to fund a tender offer and consent solicitation for its $105.85 million of 10% senior notes due 2012, consent deadline July 7, 2011; St. Cloud, Minn., cabinet manufacturer.

ZAYO GROUP LLC $1.25 billion: $750 million senior secured notes and $500 million senior unsecured notes; also $1.75 billion credit facility; Morgan Stanley Senior Funding Inc. and Barclays Capital Inc. (joint), SunTrust Robinson Humphrey Inc., UBS Securities LLC, RBC Capital Markets LLC, Goldman Sachs & Co.; to fund the acquisition of AboveNet Inc., expected to close by the middle of 2012; financing also includes $290 million of equity from GTCR and Charlesbank Capital Partners and cash on hand; Zayo is a Louisville, Colo.-based provider of fiber-based bandwidth infrastructure and network-neutral colocation and interconnection services.

Roadshows

Started April 18: MBI ENERGY SERVICES, INC. $250 million; RBC, Wells Fargo.

Pricing April 23 week: RADIATION THERAPY SERVICES, INC. $335 million; Wells Fargo Securities (USA) LLC, Morgan Stanley & Co. LLC, SunTrust Robinson Humphrey Inc., Barclays Capital Inc.

Pricing late April 23 week: PROSPECT MEDICAL $325 million; Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC, RBC.

Started April 23: INEOS FINANCE PLC $2.2 billion equivalent; JPMorgan, Barclays.

Started April 24: OPI INTERNATIONAL $125 million; Global Hunter.

Starts April 25: SABRE HOLDINGS $400 million; Goldman Sachs, Bank of America Merrill Lynch, Barclays, Deutsche Bank, Mizuho, Morgan Stanley, Natixis.

© 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.