High Yield Calendar: $2.41 billion, €1.4 billion, £272 million, C$300 million being marketed

Jan. 14 Week

WELLS ENTERPRISES, INC.: $235 million senior secured notes due 2020; BMO Capital Markets Corp., Wells Fargo Securities LLC; Rule 144A and Regulation S for life; non-callable for three years; to refinance debt, to fund a dividend and for general corporate purposes, including capital expenditures; Le Mars, Iowa-based ice cream maker; investor call Jan. 9; pricing early Jan. 14 week.

FLASH DUTCH 2 BV and U.S. COATINGS ACQUISITION INC. (DUPONT PERFORMANCE COATINGS) About $1.4 billion equivalent notes: $1.1 billion 8.25-year senior notes (Caa1) and €230 million eight-year senior secured notes (B1); Credit Suisse, Deutsche Bank, Citigroup, Barclays, UBS, Morgan Stanley, Jefferies, SMBC (joint); Rule 144A and Regulation S for life; both tranches callable in three years at par plus 75% of the coupon (Up to 10% of the senior secured notes may be redeemed annually at 103 during the non-call period); three-year 40% equity clawback; 101% poison put; to help fund Carlyle Group's acquisition of DuPont's performance coatings business; Wilmington, Del.-based supplier of vehicle and industrial coating systems; European roadshow during Jan. 7 week, U.S. roadshow during Jan. 14 week.

INTERFACE SECURITY SYSTEMS HOLDINGS, INC. and INTERFACE SECURITY SYSTEMS LLC: $225 million senior secured notes due 2018 (confirmed B3/expected B-); Imperial Capital (sole); Rule 144A and Regulation S with registration rights; non-callable for 2.5 years; to refinance debt and general corporate purposes; provider of physical security and secured managed network services; roadshow started Jan. 8.

SUNCOKE ENERGY PARTNERS, LP and SUNCOKE ENERGY PARTNERS FINANCE CORP.: $150 million seven-year senior notes (B1); J.P. Morgan Securities LLC, Barclays, RBC Capital Markets (joint), BB&T Capital Markets, Bank of America Merrill Lynch, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, RBS Securities Inc. (co's); Rule 144A and Regulation S for life; callable in three years at par plus 75% of the coupon; proceeds, together with proceeds from the IPO, to repay a portion of the term loan, fund a distribution to SunCoke Energy, Inc. and fund cash on the balance sheet at the master limited partnership level to prefund obligations; Lisle, Ill.-based producer of metallurgical coke; roadshow started Jan. 8; pricing mid-to-late Jan. 14 week.

ATLAS ENERGY HOLDINGS OPERATING CO., LLC and ATLAS RESOURCE FINANCE CORP.: $250 million eight-year senior notes (/B-/); J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Wells Fargo Securities LLC, Deutsche Bank Securities Inc., Bank of America Merrill Lynch (joint), ABN Amro, C&Co, Comerica Securities, Natixis Securities RBC Capital Markets, Santander, SunTrust Robinson Humphrey Inc. (co's); Rule 144A and Regulation S with registration rights; non-callable for four years; to repay debt; Pittsburgh-based oil and gas exploration and production master limited partnership; roadshow started Jan. 10; pricing expected Jan. 16.

OXFORD FINANCE LLC and OXFORD CO-ISSUER INC.: $200 million five-year senior notes (/B/); J.P. Morgan Securities LLC (sole); Rule 144A for life (no Regulation S or Canadian sales); non-callable for two years; to repay subordinated funding notes, senior revolving funding credit facilities and general corporate purposes; Alexandria, Va.-based specialty finance firm focused on the science and healthcare services sectors; roadshow started Jan. 10; pricing expected Jan. 16.

CERVED GROUP (CERVED TECHNOLOGIES SPA) €780 million notes in three tranches: €550 million senior secured notes in tranches of seven-year fixed-rate notes, non-callable for three years (target size €300 million), and six-year floating-rate notes, non-callable for one year (target size €250 million), also €230 million eight-year senior subordinated notes, non-callable for four years; Credit Suisse (bill and deliver, global coordinator), Deutsche Bank (global coordinator), HSBC, BNP Paribas, UniCredit, Banca IMI, Credit Agricole CIB (joint books); Rule 144A and Regulation S; to help fund the acquisition of Cerved by CVC Capital Partners Ltd. from Bain Capital; Milan, Italy-based credit information services provider; roadshow Jan. 10-16.

ZACHRY HOLDINGS, INC.: $250 million seven-year senior notes (expected ratings B2/B+); J.P. Morgan Securities LLC, Bank of America Merrill Lynch, Wells Fargo Securities LLC (joint); Rule 144A and Regulation S for life; non-callable for four years; to repay term loan; San Antonio-based provider of engineering, procurement, construction, maintenance and turnaround/outage services primarily to the energy sector; roadshow starts Monday; pricing late in the Jan. 14 week.

SOUTHERN PACIFIC RESOURCE CORP.: C$300 million five-year senior secured second-lien notes (B+//); TD Securities, RBC Capital Markets, Credit Suisse, BMO Securities (joint); Rule 144A and Regulation S; non-callable for two years; to retire debt obligations under the existing $272.2 million second-lien term loan facility, including a prepayment penalty of $2.7 million, and for general corporate purposes; Calgary, Alta. energy exploration, development and production; roadshow starts Jan. 14; pricing mid-to-late in the Jan. 14 week.

LOXAM SAS: €300 million senior subordinated notes due 2020; Deutsche Bank (bill and deliver, joint books), BNP Paribas, Credit Agricole CIB, Credit Suisse, Natixis, SG CIB (joint books); Rule 144A and Regulation S; non-callable for three years; to refinance debt, fund acquisitions and general corporate purposes; roadshow Jan. 14-17; France-based equipment rental company.

VOYAGE CARE BONDCO PLC £272 million notes: £210 million five-year senior secured notes (expected ratings B1/B+/BB), callable in two years at par plus 75% of the coupon, JPMorgan, Goldman Sachs, Royal Bank of Scotland, Commerzbank, Lloyds TSB (joint), also £62 million second lien notes (expected ratings Caa1/CCC+/CCC+), Goldman Sachs, JPMorgan (joint); Rule 144A and Regulation S; to refinance debt; Cannock, Staffordshire, England-based services provider for individuals with disabilities; roadshow starts Jan. 14.

Expected January Business

APEX TOOL GROUP LLC: $450 million high-yield notes; Goldman Sachs & Co., Barclays, Morgan Stanley & Co. LLC, Citigroup Global Markets Inc., RBC Capital Markets, Deutsche Bank Securities Inc.; to help fund the LBO of the company by Bain Capital from Cooper Industries and Danaher Corp.; Sparks, Md.-based tool manufacturer; expected mid-January 2013 business.

AVIS BUDGET GROUP INC.: High-yield bonds backing the acquisition of Zipcar Inc. in a transaction valued at approximately $500 million; Avis is a Parsippany, N.J.-based provider of vehicle rental services; Zipcar is a Cambridge, Mass.-based car sharing network; expected January business.

MCGRAW-HILL EDUCATION: $550 million notes and $1.325 billion credit facilities; Credit Suisse Securities (USA) LLC, Morgan Stanley, Jefferies & Co., UBS Investment Bank, Nomura and BMO Capital Markets Corp. are leading the financing; to help fund the acquisition of McGraw-Hill Education by Apollo Global Management LLC from McGraw-Hill Cos.; McGraw-Hill Education is a New York-based digital learning company; expected January business.

PETAQUILLA MINERALS LTD.: Second-lien notes, size to be determined, as part of an approximately $210 million debt financing that will include between $90 million and $140 million of first-lien bank debt; Global Hunter Securities; to refinance debt and to finance capital expenditures related to the Lomero-Poyatos mine in Spain; Vancouver, B.C.-based copper exploration company; the financing was previously in the market as a single $210 million tranche of five-year senior secured notes, announced in July 2012; expected early 2013 business.

On The Horizon

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.

FTS INTERNATIONAL, INC.: $400 million secured notes to repay term loan; company is soliciting consents from holders of its 7 1/8% notes due 2018 to amendments to the indenture governing the notes, Bank of America Merrill Lynch and Citigroup Global Markets Inc. are the solicitation agents; provider of well completion services for the oil and gas industry with corporate offices in Fort Worth and Cisco, Texas.

GETCO HOLDING CO. LLC: $550 million second-lien notes and $470 million credit facility being led by Jefferies Finance LLC; to fund the merger with Knight Capital Group Inc., expected to close during the second quarter of 2013; Getco is a Chicago-based buyer and seller of securities.

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.

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.

MOMENTIVE SPECIALTY CHEMICALS INC. (HEXION): $1.1 billion first lien bonds announced during a Jan. 9 lender call announcing an amendment to its senior secured credit facility, led by J.P. Morgan Securities LLC; to pay down all term loans due in 2015, repay second-priority floating rate notes due 2014, and for general corporate purposes; Columbus, Ohio-based producer of thermosets, and adhesive and structural resins and coatings.

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.

OPI INTERNATIONAL: $160 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.

PINNACLE ENTERTAINMENT INC.: $315 million senior notes and $2.73 billion credit facility in a financing led by J.P. Morgan Securities LLC and Goldman Sachs Lending Partners LLC; to fund the acquisition of Ameristar Casinos Inc., expected to close in the third quarter of 2013; Pinnacle is a Las Vegas-based casino gaming company.

PPG COMMODITY CHEMICALS: $660 million notes and $240 million term loan in connection with its spin-off from PPG Industries and merger with Georgia Gulf Corp., expected early 2013; Barclays and J.P. Morgan Securities LLC have provided the debt commitment; PPG Commodity Chemicals is a producer of chlorine, caustic soda and related chemicals; PPG is Pittsburgh-based coatings and specialty products company.

PVH CORP.: $4.33 billion new debt comprised of senior notes and a credit facility; Barclays, Bank of America Merrill Lynch, Citigroup Global Markets Inc.; notes are backed by a bridge loan commitment; to fund the cash portion of the acquisition of Warnaco Group Inc., expected to close early in 2013, and refinance debt at both companies and provide liquidity going forward; PVH is a Bridgewater, N.J.-based apparel company.

SILVERLEAF RESORTS, INC.: $175 million senior secured notes due 2019; Deutsche Bank Securities Inc.; non-callable for three years; to pre-fund development of vacation ownership inventory, to refinance a portion of the company's existing debt, to pay a dividend to the sponsor; Dallas-based resort operator.

TDF GROUP (TELEFFUSION DE FRANCE): Euro-denominated high-yield bonds; BNP Paribas expected to be involved; to refinance debt; Paris-based multiple-platform telecommunications company.

Roadshow

Jan. 7 week in Europe, Jan. 14 week in U.S.: DUPONT PERFORMANCE COATINGS $1.4 billion equivalent; Credit Suisse, Deutsche Bank, Citigroup, Barclays, UBS, Morgan Stanley, Jefferies, SMBC.

Started Jan. 8: SUNCOKE ENERGY $150 million; JPMorgan, Barclays, RBC.

Started Jan. 8: INTERFACE SECURITY SYSTEMS $225 million; Imperial.

Started Jan. 9: WELLS ENTERPRISES $235 million; BMO, Wells Fargo.

Started Jan. 10: OXFORD FINANCE $200 million; JPMorgan.

Started Jan. 10: ATLAS RESOURCE $250 million; JPMorgan, Citigroup, Wells Fargo, Deutsche Bank, Bank of America Merrill Lynch.

Jan. 10-16: CERVED €780 million; Credit Suisse, Deutsche Bank, HSBC, BNP Paribas, UniCredit, Banca IMI, Credit Agricole.

Starts Jan. 14: ZACHRY $250 million; JP Morgan, Merrill Lynch, Wells Fargo.

Starts Jan. 14: VOYAGE CARE £272 million; JPMorgan, Goldman Sachs, Royal Bank of Scotland, Commerzbank, Lloyds.

Starts Jan. 14: SOUTHERN PACIFIC RESOURCE C$300 million; TD, RBC, Credit Suisse, BMO.

Jan. 14-17: LOXAM €300 million; Deutsche Bank, BNP, Credit Agricole, Credit Suisse, Natixis, SG.

© 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.