High Yield Calendar: $2.425 billion deals being marketed

DECEMBER 14 WEEK

GXS WORLDWIDE, INC.: $750 million 5.5-year senior secured notes (B2/B); Barclays Capital Inc., J.P. Morgan Securities Inc., Citigroup Global Markets Inc., Wells Fargo Securities (joint); Rule 144A; non-callable for 2.5 years; to repay bank debt, general corporate purposes, fund cash portion of merger with Inovis and refinance Inovis debt; Gaithersburg, Md.-based e-commerce and integration services company; price talk 10¼% area; books close late Wednesday, pricing early Thursday.

UNITED MARITIME GROUP LLC: $200 million seven-year senior secured notes (B3/B); Jefferies & Co. Inc., Bank of America Merrill Lynch and Wells Fargo Securities LLC (joint books); Rule 144A/Regulation S; non-callable for four years; proceeds to repay bank debt; Tampa, Fla.-based provider of ocean and inland maritime transportation of dry-bulk commodities like grain and coal; price takl 11 7/8% area yield.

GEOKINETICS HOLDINGS, INC.: $275 million senior secured notes due 2014 (B2/B); RBC Capital Markets Corp. (lead books), Bank of America Merrill Lynch (joint books); Rule 144A/Regulation S with registration rights; non-callable for two years (10% of issue callable at 103.0 during each 12-month period up to the first call date); to finance the cash portion of the PGS Onshore acquisition and repay debt; Houston-based provider of seismic data acquisition and seismic data processing and interpretation services; price talk 10% to 10 ¼% yield, including 1-2 points OID; books close 5 p.m. ET Thursday; pricing Friday.

TRIMAS CORP.: $250 million eight-year second-lien senior secured notes (B-); Credit Suisse, J.P. Morgan Securities Inc., Bank of America Merrill Lynch, Jefferies & Co.; Rule 144A with registration rights; non-callable for four years; change-of-control put at 101%; to fund tender/redemption of TriMas' 9 7/8% senior subordinated notes; Bloomfield Hills, Mich.-based manufacturer of industrial-supply products; price talk 10 1/8% to 10 3/8% yield with approximately 2-3 points OID; pricing Thursday morning.

CLEAR CHANNEL WORLDWIDE HOLDINGS INC. $750 million senior notes due 2017 (B1): $600 million series A notes and $150 million series B notes; Goldman Sachs & Co., Citigroup Global Markets Inc., Credit Suisse, Deutsche Bank Securities Inc., Morgan Stanley & Co. (joint); Rule 144A; non-callable for three years; proceeds to be loaned to Clear Channel Outdoor Holdings Inc., which will use funds to repay debt owed to Clear Channel Communications; San Antonio-based media company; pricing expected Thursday.

P2021 RIG CO.(VANTAGE DRILLING CO.): $135 million senior secured notes due 2013; Jefferies & Co. (books), Pareto Securities, Johnson Rice & Co. LLC (co's); Rule 144A/Regulation S; callable from June 2010 until December 2011, at par, then 102, 105, 107, 107, 105, 103, par, at six-month intervals; to fund completion of the acquisition of Topaz Driller; Houston-based drilling company; roadshow in Europe and Asia during Dec. 7 week, U.S. roadshow Dec. 14-17.

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 to price during Dec. 14 week.

FORMATION METALS INC.: $100 million and C$60 million via up to 102,041 units comprised of senior secured note and 150 common share warrants; 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); offering price is 98.00; 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; to close on or about Dec. 22.

EXPECTED DECEMBER BUSINESS

MOMENTIVE PERFORMANCE MATERIALS INC.: $500 million first-lien senior secured notes due 2017 (B2); J.P. Morgan Securities Inc.; Rule 144A; to pay down bank debt and for general corporate purposes; silicone producer based in Albany, N.Y.

ON THE HORIZON

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. Inc.; to refinance bridge loan related to LBO; Vernon Hills, Ill., provider of technology products and services.

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.

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.

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

ROADSHOWS

Pricing early Dec. 14 week: CLEAR CHANNEL WORLDWIDE HOLDINGS INC. $750 million; Goldman Sachs & Co., Citigroup Global Markets Inc., Credit Suisse, Deutsche Bank Securities Inc., Morgan Stanley & Co.

Started Dec. 10: GXS WORLDWIDE, INC. $750 million; Barclays Capital Inc., J.P. Morgan Securities Inc., Citigroup Global Markets Inc., Wells Fargo Securities

Started Dec. 11: GEOKINETICS HOLDINGS, INC. $275 million; RBC Capital Markets Corp.

Through Dec. 17: P2021 RIG CO. (VANTAGE DRILLING CO.) $135 million; Jefferies & Co.

Pricing Dec. 17: TRIMAS CORP. $250 million; Credit Suisse, J.P. Morgan Securities Inc., Bank of America Merrill Lynch, Jefferies & Co.

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