High Yield Calendar: $2.685 billion, £570 million and C$200 million deals being marketed

JANUARY 31 WEEK

AXCAN INTERMEDIATE HOLDINGS INC.: $225 million senior secured notes due 2018 (/BB/); Bank of America Merrill Lynch, Barclays Capital, RBC Capital Markets, HSBC (joint); Rule 144A with registration rights; non-callable for three years, 10% of issue callable annually at 103 during non-call period; 101% poison put; proceeds, together with cash on hand, proceeds from an equity contribution and a term loan, to finance the acquisition of Eurand NV and pay off certain debt of Axcan and Eurand; pricing late Jan. 31 week; Axcan is a Mont-Saint-Hilaire, Quebec-based pharmaceutical company; pricing late Jan. 31 week.

ACE CASH EXPRESS, INC.: $350 million eight-year senior secured notes; Credit Suisse; Rule 144A/Regulation S for life; non-callable for four years (10% of issue callable annually at 103 during non-call period); three-year 35% equity clawback; 101% poison put; proceeds to fund the tender offer for 10¼% notes due 2014, to repay existing term loan and revolver debt; Irving, Texas-based financial services provider focused on serving unbanked and underbanked consumers; pricing Jan. 31 week.

CPI INTERNATIONAL ACQUISITION, INC.: $215 million seven-year senior notes (B3/CCC+); UBS Investment Bank (sole); Rule 144A/Regulation S with registration rights; non-callable for four years; proceeds, together with new credit facility and equity from Veritas Fund and affiliates, to fund acquisition of CPI International and its subsidiaries; Palo Alto, Calif.-based provider of microwave, radio frequency, power and control services for critical defense, communications, medical, scientific and other applications; roadshow starts Jan. 31.

GMX RESOURCES INC.: $200 million eight-year senior notes; Credit Suisse, Morgan Stanley (joint); Rule 144A/Regulation S with registration rights; non-callable for four years; three-year 35% equity clawback; 101% poison put; to repay revolver, refinance convertibles due 2013, fund acquisition and general corporate purposes; Oklahoma City-based oil and gas exploration and production company; roadshow starts Jan. 31 week.

BASIC ENERGY SERVICES, INC.: $250 million senior notes due 2019; Bank of America Merrill Lynch, Wells Fargo Securities (joint books), Capital One Southcoast (joint lead), Comerica Investments (co); Rule 144A with registration rights; non-callable for four years; 101% poison put; to fund the tender and consent solicitation for the 11 5/8% senior secured notes due 2014; Midland, Texas-based provider of well site services to oil and gas drilling and producing companies; pricing late Jan. 31 week.

K. HOVNANIAN ENTERPRISES, INC.: $150 million 4.75-year senior notes; Credit Suisse Securities, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC; SEC registered; non-callable; three-year 35% equity clawback; 101% poison put; to refinance existing notes due 2012 and 2013; concurrent offering of $125 million equity and equity-linked securities; Red Bank, N.J., homebuilder; roadshow started Jan. 31; pricing later in Jan. 31 week.

ALERIS INTERNATIONAL, INC.: $500 million senior notes due 2018; Bank of America Merrill Lynch (lead left bookrunner), Barclays Capital Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, UBS Investment Bank (joint books); Rule 144A with registration rights; non-callable for three years (10% of notes callable annually at 103 during non-call period); to fund a distribution of about $300 million to its stockholders and for general corporate purposes, including to finance construction of an aluminum rolling mill in China; Beachwood, Ohio-based producer of aluminum rolled products and extrusions, aluminum recycling and specification alloy; roadshow starts Tuesday; pricing at the end of the Jan. 31 week.

TOWERGATE FINANCE PLC £570 million equivalent: £280 million equivalent senior secured notes due 2018 (expected ratings B1//BB), non-callable for three years, and £290 million equivalent senior unsecured notes due 2019 (expected ratings B3//B-), non-callable for four years; J.P. Morgan Securities LLC (bill and deliver), Credit Suisse, Goldman Sachs & Co., Lloyds TSB (joint books); to refinance debt; independent insurance broker based in Maidstone, England; roadshow starts Feb. 1; pricing late Jan. 31 week.

VERMILION ENERGY INC.: C$200 million senior notes due Feb. 11, 2016 (/BB-/DRBR BB (low)); Scotia Capital, CIBC World Markets (lead bookrunners), TD Securities (joint lead), BMO Nesbitt Burns, RBC Capital Markets, National Bank Financial, Macquarie Capital, FirstEnergy Capital, Citigroup, Dundee Securities, BNP Paribas (co's); for non-permanent repayment of existing debt and/or general corporate purposes; Calgary, Alta.-based international oil and gas producer; roadshow Jan. 31-Feb. 3.

MAXUM PETROLEUM OPERATING CO.: $250 million senior notes due 2019 (B3); Credit Suisse, Bank of America Merrill Lynch, J.P. Morgan Securities LLC, Goldman Sachs & Co., Citigroup Global Markets Inc. (joint) Rule 144A/Regulation S with registration rights; non-callable for four years; Three-year 35% equity clawback; 101% poison put; to repay revolver and for general corporate purposes; Greenwich, Conn.-based marketer and logistics company for petroleum products.

FEBRUARY 7 WEEK

ENERGY PARTNERS LTD.: $210 million senior notes due 2018; Jefferies & Co. (left books), BMO Nesbitt Burns (joint books), Capital One Southcoast, Natixis Bleichroeder, Scotia Capital (co's); Rule 144A /Regulation S with registration rights; non-callable for four years; to acquire shallow-water Gulf of Mexico shelf oil and natural gas interests; independent oil and natural gas exploration and production company based in New Orleans and Houston; roadshow Jan. 31-Feb. 9.

MIDWEST VANADIUM PTY LTD.: $335 million senior secured first-lien notes due 2018 (expected ratings B3/B-); J.P. Morgan Securities LLC (sole); Rule 144A and Regulation S for life; non-callable for four years; to refinance debt, to fund capital expenditures and for general corporate purposes; Perth, Australia-based vanadium producer; roadshow starts Feb. 2; pricing Feb. 7 week.

EXPECTED EARLY 2011 BUSINESS

ASHLAND DISTRIBUTION: $600 million high-yield bonds and bank debt; Bank of America Merrill Lynch; to fund LBO by TPG Capital, expected to close by end of March 2011; also $400 million equity.

GALA CORAL GROUP, LTD.: Up to £600 million senior notes with minimum seven-year tenor; Goldman Sachs & Co. and the 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.

J. CREW GROUP INC.: $600 million senior notes; Goldman Sachs & Co., Bank of America Merrill Lynch (joint); proceeds, along with $1 billion term loan and $250 million ABL revolver, to fund the approximately $3 billion LBO of the company by TPG Capital and Leonard Green & Partners LP; also $1.1 billion of equity financing; New York-based retailer of clothing and accessories; expected early 2011 business.

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; possible January business.

ON THE HORIZON

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): about C$130 million of senior notes; to help fund the all-stock merger of equals of XM Canada with Sirius Canada Inc., with a combined enterprise value of about $520 million, transaction subject to approval by CSR's shareholders (other than Sirius XM and its affiliates) at a special meeting anticipated to be held in February 2011.

CPI INTERNATIONAL INC.: $215 million notes and $178 million credit facility; UBS Investment Bank; to fund LBO of the company by Veritas Capital; Palo Alto, Calif.-based provider of microwave, radio frequency, power and control solutions for critical defense, communications, medical, scientific and other applications.

HUNTINGTON INGALLS INDUSTRIES, INC.: $1.175 billion senior unsecured notes due in 2018, non-callable for three years, and due 2021, non-callable for five years (/B+/BB); to help fund the spin-off of Huntington Ingalls from Northrop Grumman Corp., and repay debt; Newport News shipbuilding company.

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.

KRATON POLYMERS: $200 million eight-year senior notes; also $350 million credit facility via Bank of America Merrill Lynch, Morgan Stanley, Goldman Sachs & Co., Credit Suisse, Macquarie; proceeds to fund a comprehensive refinancing of Houston-based chemical company's capital structure in February 2011.

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 Bank of America Merrill Lynch, J.P. Morgan Securities LLC, put on hold Sept. 28 as company announced it is seeking alternatives).

ROADSHOWS

Pricing Jan. 31 week: ACE CASH EXPRESS, INC. $350 million; Credit Suisse.

Pricing late Jan 31 week: AXCAN INTERMEDIATE HOLDINGS INC. $225 million; Bank of America Merrill Lynch, Barclays Capital Inc., RBC Capital Markets, HSBC.

Jan. 31-Feb. 3: VERMILION ENERGY INC. C$200 million; Scotia Capital, CIBC World Markets.

Started Jan. 31: CPI INTERNATIONAL ACQUISITION, INC. $215 million; UBS Investment Bank.

Started Jan. 31 week: GMX RESOURCES INC. $200 million; Credit Suisse, Morgan Stanley.

Started Jan. 31: K. HOVNANIAN ENTERPRISES, INC. $150 million; Credit Suisse Securities, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC.

Jan. 31-Feb. 9: ENERGY PARTNERS LTD. $210 million; Jefferies & Co., BMO Nesbitt Burns.

Starts Feb. 1: ALERIS INTERNATIONAL, INC. $500 million; Bank of America Merrill Lynch, Barclays Capital Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, UBS Investment Bank.

Starts Feb. 1: TOWERGATE FINANCE PLC £570 million; J.P. Morgan Securities LLC, Credit Suisse, Goldman Sachs & Co., Lloyds TSB.

Pricing late Jan. 31 week: BASIC ENERGY SERVICES, INC. $250 million; Bank of America Merrill Lynch, Wells Fargo Securities.

Starts Feb. 2: MIDWEST VANADIUM PTY LTD. $335 million; J.P. Morgan Securities LLC.

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