High Yield Calendar: $4.14 billion being marketed

APRIL 25 WEEK

YONKERS RACING CORP.: $100 million fungible add-on to 11 3/8% senior secured notes due July 15, 2016 (existing ratings B1/B+); Credit Suisse Securities (USA) LLC, Merrill Lynch (joint); Rule 144A for life; callable on July 15, 2013 at 105.688, 102.844, par on and after July 15, 2015 (10% of the issue callable annually at 103 until July 15, 2013); to repay its 13¼% senior subordinated notes due 2013, to repurchase common stock warrants issued in connection with those notes and for general corporate purposes; Yonkers, N.Y.-based horse racing and gaming company; price talk 109.25 to 109.50; books close 10:30 a.m. ET Friday; original $225 million issue priced at 97.095 to yield 12% on July 13, 2009.

XINERGY CORP.: $200 million senior secured notes due 2019 (Caa1/B-); UBS Investment Bank (left lead), Griffiths McBurney Corp. (joint books), Dahlman Rose, Moelis, Seaport Group (co's); Rule 144A and Regulation S for life; non-callable for four years; to repay existing senior secured notes, fund capital expenditures and general corporate purposes; Knoxville, Tenn.-based coal producer; yield talk 9½% area; books close 11 a.m. ET Friday.

LEE ENTERPRISES, INC. $680 million senior secured first-lien notes due 2017 (B3/B), downsized from $1.055 billion, with $375 million seven-year second-lien notes switched to loan form (first-lien tranche previously upsized from $675 million); Credit Suisse Securities, Deutsche Bank Securities Inc. (joint); Rule 144A and Regulation S with registration rights; callable in three years at par plus 50% of coupon (special call that allows issuer to redeem 10% of the first-lien notes annually at 103 during the non-call period); 101% poison put; to refinance existing Pulitzer notes, revolver and term loan A; Davenport, Iowa-based newspaper publisher; price talk 11% at par; revised: 75% of excess cash flow must be used as an offer to purchase notes at 103 (revision eliminates step-down to 50% if first-lien leverage falls to 3.0 times; revision also specifies that cash flow sweep repurchases will only be exercised at the noteholder's discretion); books closed; pricing during April 25 week upon completion of the loan.

IPAYMENT $525 million: IPAYMENT INC. $400 million seven-year senior notes (B3/CCC+), non-callable for four years, downsized from $375 million via J.P. Morgan Securities LLC, Merrill Lynch, RBC Capital Markets LLC (joint books), UBS Securities LLC (co-manager), price talk 10¼% area; also IPAYMENT HOLDINGS, INC. $125 million offering of units consisting of 7.5-year senior payment-in-kind toggle notes (Caa1/CCC+), non-callable for four years, and 150,000 equity warrants (downsized from by $150 million) via JPMorgan (sole), price talk 15% (half cash and half PIK, with 2.5% warrants); Rule 144A and Regulation S; Nashville-based credit- and debit-card transaction processor will use proceeds together with borrowings under a proposed new $375 million six-year senior secured credit facility, to repay all of its existing senior secured credit facility borrowings and to redeem its 9¾% senior subordinated notes due 2014, and to make a distribution to indirect corporate parent iPayment Investors, LP to redeem all of its existing PIK toggle notes; pricing expected Friday.

CUMULUS MEDIA INC.: $610 senior notes due 2019; J.P. Morgan Securities LLC, UBS Investment Bank, Macquarie Capital, RBC Capital Markets (joint), ING (co); Rule 144A and Regulation S; to repay in full all outstanding amounts under the term loan, with any remaining proceeds for general corporate purposes; Atlanta-based radio broadcaster; roadshow started April 25; yield whisper in the low 8% range; pricing expected Friday.

MAY 2 WEEK

CHABODA MODERN AGRICULTURE (HOLDINGS) LTD.: Dollar-denominated senior guaranteed notes due 2016 (Ba2/BB); Citigroup Global Market Inc., Credit Suisse Securities (Europe) Ltd. (joint global coordinators). Citigroup, Credit Suisse, Merrill Lynch International (joint books); Regulation S; non-callable for three years; to finance capital expenditures, for infrastructure development and for general corporate purposes; Fuzhou, China fruit and vegetable producer; pricing expected early May 2 week following brief roadshow.

SPEEDY CASH: $230 million senior secured notes due 2018 (low or mid single B ratings expected); Jefferies & Co., UBS Investment Bank (joint), Stephens Inc. (co); Rule 144A for life; non-callable for four years; to repay debt, to finance the acquisition of Cash Money Group and to redeem preferred stock; Wichita, Kan.-based provider of alternative financial services focused on serving unbanked and underbanked consumers; roadshow April 26-May 4.

MILAGRO OIL & GAS, INC.: $250 million senior secured notes due 2016 (Caa2); Credit Suisse Securities (USA) LLC, Wells Fargo Securities LLC (joint); Rule 144A and Regulation S with registration rights; non-callable for three years; three-year 35% equity clawback; 101% poison put; to repay outstanding second-lien term and PIK facilities, and a portion of the revolver; Houston-based energy company; roadshow started April 28; pricing May 2 week.

SHEA HOMES LP and SHEA HOMES FUNDING CORP.: $750 million senior secured notes due 2019; Credit Suisse Securities (USA) LLC (sole); Rule 144A with registration rights; non-callable for four years; to refinance debt and for general corporate purposes; Walnut, Calif.-based homebuilder; roadshow started April 27; pricing May 2 week.

ALBAUGH INC.: Up to $300 million notes due 2018 (expected ratings B3//BB-); J.P. Morgan Securities LLC (global coordinator), Citigroup Global Markets Inc., Wells Fargo Securities LLC; Rule 144A and Regulation S; non-callable for three years; to repay a substantial amount of existing secured and unsecured notes; Ankeny, Iowa-based producer and distributor of off-patent (generic) chemicals used for crop protection in the U.S., Argentina, Brazil, Mexico and Europe; roadshow April 28 in Los Angeles, April 29 in Boston, May 2 in New York, May 3 in New York and London, May 4 in London.

SATELITES MEXICANOS SA DE CV: $325 million senior secured notes due 2017 (B3); Jefferies & Co., Inc.; Rule 144A/Regulation S; non-callable for three years; to redeem existing first-lien notes and to fund Satmex 8 program; Mexico City-based satellite service provider; roadshow April 18-May 3; U.S. roadshow begins April 25 week.

TFS CORP.: $175 million senior secured notes due 2018; Global Hunter Securities, Clarkson Capital Markets, Knight Securities; non-callable for four years; to fund land acquisitions and general corporate purposes; Nedlands, Western Australia-based owner and operator of sandalwood plantations; global roadshow starts May 2 in Singapore.

EXPECTED MAY BUSINESS

EMERGENCY MEDICAL SERVICES CORP.: $950 million senior notes; also $1.725 billion credit facility; debt financing to be led by Barclays Capital Inc., Deutsche Bank Securities Inc., Merrill Lynch, Morgan Stanley & Co. Inc., RBC Capital Markets, UBS Investment Bank; proceeds, along with equity, to fund buyout of the company by Clayton, Dubilier & Rice LLC; Greenwood Village, Colo.-based provider of health care transportation services and outsourced physician services to health care facilities; expected to launch in April 2011.

RURAL/METRO CORP.: New high-yield bonds and credit facility; Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc. and Jefferies & Co. are leading the financing; to help fund the acquisition of the company by Warburg Pincus; Scottsdale, Ariz.-based provider of emergency and non-emergency ambulance services and private fire protection services; expected during first half of April.

ON THE HORIZON

ALPHA NATURAL RESOURCES INC.: Up to $1.7 billion senior notes, also $1.6 billion credit facility; Citigroup and Morgan Stanley are leading the credit facility and the bridge financing; proceeds, along with cash on hand, to fund the acquisition of Massey Energy Co., expected to close mid-2011, refinance $1.4 billion of Massey debt and refinance existing debt at Alpha, including its term loan A; Abingdon, Va.-based Alpha Natural Resources and Richmond, Va.-based Massey are coal companies.

AMC NETWORKS INC. (RAINBOW MEDIA HOLDINGS LLC): New senior notes and senior secured credit facility to finance the spin-off from Cablevision Systems Corp., expected to be completed by mid-2011; proceeds to refinance all existing debt at Rainbow Media as well as to repay $1.25 billion of Cablevision and/or CSC Holdings LLC debt, and for general corporate purposes; Bethpage, N.Y.-based telecommunications, media and entertainment company.

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.

CHRYSLER GROUP LLC: Expected $6 billion of debt comprised of bonds, to be led by Merrill Lynch, and bank loans to be led by Morgan Stanley & Co.; to repay in full the outstanding obligations under the loans provided to Chrysler Group by the U.S. Department of the Treasury and the Canadian federal and Ontario governments; Auburn Hills, Mich.-based producer of Chrysler, Jeep, Dodge, Ram, Mopar and Fiat vehicles and products; expected second quarter business.

DNO INTERNATIONAL ASA: $200 million to $300 million senior secured bonds due 2016; Pareto Securities AS, ABG Sundal Collier ASA and Fearnley Fonds ASA; for general corporate purposes; Oslo, Norway, oil and gas exploration and production company.

DUOCOMMUN INC.: $200 million senior notes; UBS Securities LLC and Credit Suisse Securities (USA) LLC (joint); also $240 million credit facility; to fund its acquisition of LaBarge Inc., expected to close in the second quarter of 2011, and repay debt; Ducommun is a Carson, Calif.-based provider of engineering and manufacturing services to the aerospace and defense industry.

ENDO PHARMACEUTICALS: New bonds and bank debt via Morgan Stanley and Merrill Lynch; to help fund its acquisition of American Medical Systems, expected to close in third quarter of 2011; Endo is a Chadds Ford, Pa.-based specialty health care company.

EPICOR SOFTWARE CORP.: $465 million senior notes due in 2019 and $945 million credit facility; Merrill Lynch and RBC Capital Markets LLC; to help fund its purchase, and the acquisition of Activant Solutions Inc., by Apax Partners, expected to close during second quarter of 2011; Epicor is an Irvine, Calif.-based provider of enterprise business software services.

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

GGC SOFTWARE HOLDINGS INC.: $560 million senior notes and $1.115 billion credit facility; Credit Suisse (USA) Securities LLC, Merrill Lynch, Morgan Stanley Senior Funding, Inc., Royal Bank of Canada, Deutsche Bank Securities Inc. are leading the financing; to fund the LBO of Lawson Software by Golden Gate Capital and Infor Global Solutions, expected to close in third quarter of 2011; St. Paul, Minn.-based enterprise software developer.

INTERNATIONAL WIRE GROUP, INC.: $110 million senior secured notes due 2015; to fund one-time distribution to stockholders and option holders; consent solicitation via Wells Fargo Securities, LLC expires on April 1; Camden, N.Y.-based electrical wire manufacturer.

KINDRED HEALTHCARE INC.: $550 million senior notes; part of debt financing for planned acquisition of RehabCare Group, Inc., expected to close June 30, 2011; also includes $1.3 billion credit facility; J.P. Morgan Securities LLC, Morgan Stanley, Citigroup are lead banks for financing; Kindred Healthcare is a Louisville, Ky.-based health-care services company.

KRUGER INC.: Up to C$210 million PIK toggle notes (upsized from C$200 million); GMP Securities; project finance; Montreal-based paper products manufacturer.

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

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.

NEWLEAD HOLDINGS LTD.: $120 million senior secured bonds due 2016; Rule 144A and Regulation S; to finance certain vessel purchase commitments, to refinance the debt of certain vessels and for general corporate purposes; Piraeus, Greece-based international, vertically integrated mixed fleet shipping company.

NORWEGIAN ENERGY CO. ASA (NORECO): NOK 550 million to 600 million senior secured bonds due 2016; First Securities, Pareto Securities (joint managers), SEB Merchant Banking (co-manager) for financing of Noreco's share of the costs associated with the Oselvar development and other petroleum activities on the Norwegian continental shelf; Stavanger, Norway-based energy company.

PREMIER FOODS PLC (Ba2/BB/BB): New high-yield bonds; to settle swap agreements, diversify sources of funding and reduce reliance on bank debt; St. Albans, England-based food producer; possibly launching during Feb. 21 week.

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.

SILGAN HOLDINGS INC.: $400 million senior subordinated notes (with the ability to issue $500 million senior notes) and $4 billion credit facility; Merrill Lynch; to help fund the acquisition of Graham Packaging Co. Inc., expected to close in the third quarter of 2011; Silgan is a Stamford, Conn.-based manufacturer of consumer goods packaging products.

ROADSHOWS

April 18-May 3: SATELITES MEXICANOS SA DE CV (SATMEX) $325 million; Jefferies & Co., Inc.

Started April 25: CUMULUS MEDIA INC. $610 senior notes due 2019; J.P. Morgan Securities LLC, UBS Investment Bank, Macquarie Capital, RBC Capital Markets.

Started April 25: XINERGY LTD. $200 million; UBS Investment Bank, Griffiths McBurney Corp.

Pricing April 24 week: YONKERS RACING CORP. $100 million; Credit Suisse Securities (USA) LLC, Merrill Lynch.

April 26-May 4: SPEEDY CASH $230 million; Jefferies & Co., UBS Investment Bank.

Started April 27: SHEA HOMES LP and SHEA HOMES FUNDING CORP. $750 million; Credit Suisse Securities (USA) LLC.

Started April 28: MILAGRO OIL & GAS, INC. $250 million; Credit Suisse Securities (USA) LLC, Wells Fargo Securities LLC.

April 28-May 4: ALBAUGH INC. Up to $300 million; J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Wells Fargo Securities LLC.

Starts May 2: TFS CORP. $175 million; Global Hunter Securities, Clarkson Capital Markets, Knight Securities.

Pricing early May 2 week: CHABODA MODERN AGRICULTURE (HOLDINGS) LTD. Dollar-denominated notes; Citigroup, Credit Suisse, Merrill Lynch International.

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