High Yield Calendar: $4.5 billion, £655 million, C$500 million on tap

June 24 Week

VPII ESCROW CORP. (a newly formed, wholly owned Canadian subsidiary of VALEANT PHARMACEUTICALS INTERNATIONAL, INC.) $3.225 billion senior notes (B1/B): Five-year notes, non-callable for two years, yield talk 6¾% area, and eight-year notes, non-callable for three years, yield talk 7½% area (initial guidance mid-6% range), tranche sizes to be determined (10-year tranche withdrawn); Goldman Sachs & Co. (left books), BofA Merrill Lynch, Barclays, J.P. Morgan Securities LLC, Morgan Stanley & Co., RBC Capital Markets (joint books), DNB Markets, SunTrust Robinson Humphrey, HSBC, Mitsubishi UFJ, TD Securities (co's); Rule 144A for life and Regulation S; to help finance the acquisition of Bausch + Lomb, expected to close in the third quarter of 2013, and repay Bausch + Lomb debt; Valeant is a Laval, Quebec-based specialty pharmaceutical company. Bausch + Lomb is a Rochester, N.Y.-based eye health company; books close Wednesday, pricing Thursday.

AA BOND CO. LTD.: £655 million class B secured notes with a six-year expected maturity and a 30-year legal maturity (double B ratings expected); Deutsche Bank (bill and deliver, active books), Royal Bank of Scotland (active books), Barclays, Mizuho, BofA Merrill Lynch, HSBC, Lloyds TSB, Mitsubishi UFJ, RBC, UBS (joint books); Rule 144A and Regulation S; non-callable for 2.5 years; to refinance bank debt; the United Kingdom's largest roadside assistance service provider, based in Basingstoke; price talk 9½% area; books closed 11 a.m. ET Tuesday, pricing after.

TECH FINANCE & CO. SCA (TECHNICOLOR): $330 million of senior secured notes due 2020 (expected ratings B3/B); J.P. Morgan Securities LLC, Goldman Sachs & Co., Morgan Stanley & Co. LLC (joint); Rule 144A and Regulation S; callable in three years at par plus 50% of the coupon; proceeds, along with concurrent €250 million and $645 million pari passu term loan offering, to refinance existing debt via the concurrent tender offer and consent solicitation; Paris-based media and entertainment technology company; expected to price during the June 24 week (previously had been scheduled to price by the end of the June 17 week).

HERCULES OFFSHORE, INC.: $400 million senior notes due 2021 (existing B3/confirmed B); Deutsche Bank Securities Inc., UBS Investment Bank, Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., Pareto Securities (joint), ABN Amro, Capital One Southcoast, Comerica Securities, Natixis, Tudor Pickering Holt & Co.; Rule 144A/Regulation S; non-callable for four years; proceeds, together with cash on hand (including $104 million expected from the sales of its inland barge rigs, domestic liftboats and related assets), to fund the acquisitions of shares of Discovery Offshore S.A. and the final payment of $333.9 million due for Discovery Triumph and Discovery Resilience; Houston-based operator of rigs and marine support vessels.

PETROQUEST ENERGY, INC.: $200 million notes mirroring the 10% senior notes due Sept. 1, 2017 (expected ratings Caa1/B); J.P. Morgan Securities LLC, Wells Fargo Securities LLC (joint), Capital One Southcoast, Stifel Nicholas, Global Hunter Securities, Johnson Rice, Scotia, Evercore, Iberia, Raymond James; Rule 144A and Regulation S with registration rights; callable on Sept. 1, 2014 at 105; to fund the acquisition of assets from Hall Houston; Lafayette, La.-based independent energy exploration and production company; roadshow starts Wednesday; investor call 12:30 p.m. ET on Wednesday; pricing expected Friday; original $150 million priced at par in August 2010; issuer expects mirror notes to be fungible with the existing notes upon a registered exchange.

SUPERIOR PLUS LP: C$150 million to C$200 million senior notes due 2020 (/BB-/DBRS: BB); Scotia Capital Inc. and TD Securities Inc. (lead); BMO Capital Markets Corp., CIBC World Markets Inc., National Bank Financial Inc., Cormark Securities Inc. and J.P. Morgan Securities Canada Inc. (co's); Rule 144A; non-callable for three years; redeemable in 2016 at par plus 75% of the coupon; in 2017; 101% poison put; three-year 35% equity clawback; proceeds used to redeem the company's 8¼% senior debentures due 2016 and for general corporate purposes; Calgary, Alta.-based energy services, specialty chemicals manufacturer and specialty construction products distributor.

AIR CANADA: C$300 million offering of notes due 2019 (B2/B/BB-); Citigroup Global Markets Inc.; to repay outstanding notes; Saint-Laurent, Quebec-based airline; marketing on June 26.

PACNET LTD.: $350 million senior secured notes due 2018 (B2//BB); Deutsche Bank, Goldman Sachs, Standard Chartered Bank, DBS Bank (joint); Rule 144A and Regulation S for life; non-callable for three years; to fund the tender offer for its 9¼% senior secured guaranteed notes due 2015 and for general corporate purposes.

Expected June Business

IONA ENERGY CO. (UK) LTD. (IONA ENERGY INC.): $250 million to $300 million callable senior secured bonds; Pareto Securities; to refinance credit facility, of which approximately $139 million is drawn, and to partially retire its existing structured energy derivative transaction, also to fund the delivery of its Orlando and Kells projects to first oil, as well as mature and accelerate its other pipeline of development opportunities; Calgary, Alta.-based oil and gas exploration, development and production company focused on oil and gas development in the United Kingdom's North Sea.

On The Horizon

BUENA VISTA GAMING AUTHORITY: $220 million eight-year senior secured notes; Credit Suisse Securities (USA) LLC, BofA Merrill Lynch (joint); Rule 144A and Regulation S for life; callable in four years at par plus 50% of the coupon; annual mandatory redemption offer of 50% of available funds starting at 103; 101% poison put; to fund construction of the Buenavue Casino; Ione, Calif.-based tribal gaming firm.

BMC SOFTWARE: $1.68 billion equivalent senior notes, including up to €500 million equivalent; also $4.55 billion senior secured credit facility; bridge loan commitments from Credit Suisse, RBC Capital Markets and Barclays; to help fund the acquisition of BMC by Bain Capital, Golden Gate Capital, GIC Special Investments Pte Ltd. and Insight Venture Partners, expected to close during 2013; Houston-based software company.

DELL INC. $3.25 billion secured notes: $2 billion first-lien notes and $1.25 billion second-lien notes; also $7.5 billion credit facility; BofA Merrill Lynch, Barclays, Credit Suisse Securities (USA) LLC, RBC Capital Markets; to help fund the acquisition of the company by Michael Dell and Silver Lake, expected to close at the end of the second quarter of 2013; Round Rock, Texas-based provider of technology and business products and services.

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; BofA 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.

GARDNER DENVER INC.: New senior notes backed by a bridge loan; Deutsche Bank Securities Inc., UBS Securities LLC, Barclays, Citigroup Global Markets Inc., RBC Capital Markets, Mizuho Corporate Bank Ltd., KKR Capital Markets; to help fund its purchase by Kohlberg Kravis Roberts & Co. LP, expected to close in the third quarter of 2013; Wayne, Pa.-based manufacturer of industrial compressors, blowers, pumps, loading arms and fuel systems.

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.

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.

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.

NIELSEN HOLDINGS NV: $1.3 billion bridge, most or all to be taken out with high-yield bonds, to fund its acquisition of Arbitron Inc.; J.P. Morgan Securities LLC; Nielsen is a New York and Netherlands-based provider of information and insights into what consumers watch and buy; Arbitron is a Columbia, Md.-based media and marketing research firm.

PETAQUILLA MINERALS LTD.: Possible 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; possible 2013 business.

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.

RUE 21 INC.: $250 million senior notes backed by a bridge loan via J.P. Morgan Securities LLC, BofA Merrill Lynch, Goldman Sachs Bank USA; also $680 million facility; to help fund the purchase of the company by Apax Partners, expected to close by the end of 2013; Warrendale, Pa.-based retailer of girls' and guys' apparel and accessories.

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.

SMITHFIELD FOODS INC.: $1.5 billion senior notes backed by a bridge loan; also a $1.65 billion term loan led by Morgan Stanley Senior Funding Inc.; to help the acquisition of the company by Shuanghui International Holdings Ltd., expected to close in the second half of 2013; Smithfield, Va.-based food company.

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.

TENET HEALTCARE CORP.: $2.8 billion senior notes backed by a bridge loan and $1.8 billion term loan; BofA Merrill Lynch (sole); to help fund the acquisition of Vanguard Health, expected to close before the end of 2013; Tenet is a Dallas-based health care services company; Vanguard is a Nashville, Tenn.-based owner and operator of acute care and specialty hospitals and complementary facilities.

Roadshows

Pricing June 24 week: HERCULES OFFSHORE $400 million; Deutsche Bank, UBS, Credit Suisse, Goldman Sachs, Pareto.

Started June 20: VALEANT PHARMACEUTICALS $3.225 billion; Goldman Sachs, BofA Merrill Lynch, Barclays, JPMorgan, Morgan Stanley, RBC.

June 21-25: SUPERIOR PLUS C$150 million; Scotia, TD.

Starts June 26: PETROQUEST $200 million; J.P. Morgan, Wells Fargo.

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