High Yield Calendar: $2.555 billion deals being marketed

AUG. 2 WEEK

TURBO BETA PLC (KCA DEUTAG DRILLING GROUP LTD.): $500 million senior unsecured notes due 2018 (Caa2/CCC); Goldman Sachs & Co. (global coordinator), HSBC, Lloyds TSB, Royal Bank of Scotland (joint books), Natixis Bleichroeder (co); Rule 144A/Regulation S; non-callable for four years; proceeds, together with equity injection from shareholders, to refinance mezzanine debt; Turbo Beta is the owner of KCA Deutag, an oil and gas services company based in Aberdeen, Scotland, formerly known as Abbot Group Ltd.; price talk 13½% area; to price Friday.

FORESIGHT ENERY LLC: $400 million senior unsecured notes due 2017 (Caa1/B); Citigroup Global Markets Inc., Morgan Stanley & Co. Inc., UBS Investment Bank, Credit Agricole CIB; Rule 144A for life; non-callable for four years; to repay debt; coal company based in Palm Beach Gardens, Fla., with coal assets in the Illinois Basin; price talk 9½% area; pricing mid-morning on Friday.

PHH CORP.: $250 million 5.5-year senior notes (current Ba2/confirmed BB+); Bank of America Merrill Lynch, Citigroup Global Markets Inc., J.P. Morgan Securities Inc., RBS Securities Inc. (books), Barclays Capital Inc., Deutsche Bank Securities Inc., Wells Fargo Securities (senior co's), BNY Capital Markets, Scotia Capital (co's); Rule 144A with registration rights; non-callable; 101% poison put; to repay bank debt; outsource provider of mortgage and vehicle fleet management services based in Mt. Laurel, N.J.; price talk 9½% area; books close 10 a.m. ET Friday; pricing Friday afternoon.

AUG. 9 WEEK

ROCK HOLDINGS, INC. (PARENT OF QUICKEN LOANS AND TITLE SOURCE): $300 million senior secured notes due 2015 (/B/); Credit Suisse, J.P. Morgan Securities Inc.; Rule 144A for life; non-callable for three years; to fund a dividend and for general corporate purposes; San Diego-based online lender; roadshow started Aug. 3; pricing expected Aug. 9.

DIAMOND RESORTS CORP.: $425 million senior secured notes due 2018; Credit Suisse, Bank of America Merrill Lynch, Guggenheim Securities (joint); Rule 144A/Regulation S with registration rights; non-callable for four years (special call: 10% of issue callable annually at 103.0 during the non-call period); to refinance bank debt; Las Vegas-based timeshare and vacation ownership company; pricing expected early Aug 9 week.

GENTIVA HEALTH SERVICES INC.: $305 million senior unsecured notes due 2018; Barclays Capital Inc., Bank of America Merrill Lynch, SunTrust Robinson Humphrey Inc. (joint); Rule 144A with registration rights; non-callable for four years; also $925 million credit facility; to fund acquisition of Odyssey HealthCare Inc., and refinance existing debt; Gentiva is an Atlanta-based home health care provider; launches Aug. 4, roadshow begins Aug. 5 in New York; pricing expected Aug. 11.

COTT BEVERAGES INC. (COTT CORP.): $375 million senior notes due 2018; Deutsche Bank Securities, JPMorgan, Morgan Stanley (joint), Barclays Capital (co); Rule 144A/Regulation S; non-callable for four years; to fund a portion of the acquisition of Cliffstar Corp.; Cott Corp. is a Mississauga, Ont.-based non-alcoholic beverage company; expected to price Aug. 11.

EXPECTED AUGUST BUSINESS

CHESAPEAKE ENERGY CORP.: $1.6 billion minimum high-yield notes; Credit Suisse plus others; to help fund tender offers for 7% senior notes due 2014, 6 5/8% senior notes due 2016 and 6¼% senior notes due 2018; natural gas company based in Oklahoma City; expected to be a pre-Labor Day drive-by.

EXIDE TECHNOLOGIES, INC.: $675 million senior secured notes due 2015, non-callable for three years, and due 2017, non-callable for four years, tranche sizes to be determined; Morgan Stanley, Deutsche Bank Securities, Wells Fargo Securities; Rule 144A/Regulation S; to repay bank debt, to fund redemption of the 10½% senior notes due 2013, to provide working capital and for general corporate purposes; Milton, Ga.-based stored electrical-energy solutions company; expected pre-Labor Day business.

MULTIPLAN INC.: $675 million senior unsecured notes due 2018 (Caa1); Bank of America Merrill Lynch, Barclays Capital Inc., Credit Suisse; also $1.375 billion new credit facility; to help fund the buyout by BC Partners and Silver Lake from the Carlyle Group and Welsh, Carson, Anderson & Stowe; New York-based provider of health care cost management solutions; expected to come market during Aug. 9 week.

WARNER CHILCOTT PLC: High-yield bonds, via Bank of America Merrill Lynch plus others, as part of $2.25 billion of debt financing to fund a $2.15 billion dividend to shareholders, to be paid before the end of the third quarter of 2010; also credit facility, led by JPMorgan, to launch Aug. 3; Ireland-based specialty pharmaceutical company; expected pre-Labor Day business.

ON THE HORIZON

CABLEVISION SYSTEMS CORP.: New high-yield bonds as part of approximately $1 billion in bank and bond debt financing to fund the $1.365 billion acquisition of Bresnan Communications, expected to close late 2010 or early 2011; Bank of America Merrill Lynch and Citigroup are the lead banks on the debt; Cablevision is a Bethpage, N.Y.-based telecommunications, media and entertainment company.

EVERTEC: $225 million notes; Bank of America Merrill Lynch, Morgan Stanley; also $400 million credit facility which launches at a Aug. 5 bank meeting; to help fund Apollo Management LP's acquisition of 51% of Evertec from Popular Inc., expected to close third quarter of 2010; San Juan, Puerto Rico-based transaction processing company, serving the Caribbean and Latin America.

GENON ENERGY: $1.4 billion senior notes and $500 million term loan; to refinance $1.2 billion of debt at Mirant Corp. and $650 million of debt at RRI Energy Inc., in connection with the merger of Mirant and RRI, expected to close by the end of 2010; GenOn will be a Houston-based power producer.

GRIFOLS SA: $1.1 billion high-yield notes; also $3.4 billion credit facility (Ba3/BB) via Deutsche Bank, Nomura, BBVA, BNP Paribas, HSBC and Morgan Stanley, expected to launch during July 2010; to help fund the company's acquisition of Talecris Biotherapeutics Holdings Corp.; Grifols is a Barcelona, Spain-based health care company and producer of plasma protein therapies. Talecris is a Research Triangle Park, N.C.-based biotherapeutics products company.

HAWKEYE GROWTH LLC (HAWKEYE RENEWABLES): Up to $150 million first-lien notes; PrinceRidge Group; proceeds, along with cash on hand, to refinance debt; Ames, Iowa-based ethanol producer.

NBTY INC.: $900 million of senior unsecured notes; Bank of America Merrill Lynch, with Barclays Capital Inc. and Credit Suisse; also new credit facility; to help fund the $3.8 billion LBO of the company by the Carlyle Group, expected to close by the end of 2010; Ronkonkoma, N.Y.-based manufacturer and marketer of nutritional supplements.

RADIO ONE, INC.: $100 million senior notes due 2017 (Caa2/CCC+); to finance the purchase of an increased stake in TV One; also new $400 million credit facility, via Deutsche Bank Securities Inc.; Lanham, Md.-based radio broadcaster targeting African American audiences in urban communities.

ROADSHOWS

Started Aug. 3: ROCK HOLDINGS, INC. (PARENT OF QUICKEN LOANS AND TITLE SOURCE) $300 million; Credit Suisse, J.P. Morgan Securities Inc.

Pricing expected early Aug. 9 week: DIAMOND RESORTS CORP. $425 million; Credit Suisse, Bank of America Merrill Lynch, Guggenheim Securities.

Launches Aug. 4: GENTIVA HEALTH SERVICES INC. $305 million; Barclays Capital Inc., Bank of America Merrill Lynch, SunTrust Robinson Humphrey Inc.

Pricing Aug. 11: COTT BEVERAGES INC. (COTT CORP.) $375 million; Deutsche Bank Securities, JPMorgan, Morgan Stanley.

© 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.