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Published on 4/15/2009 in the Prospect News High Yield Daily.

High Yield Calendar: $1.130 billion deals being marketed

APRIL 13 WEEK

SEAGATE TECHNOLOGY INTERNATIONAL: $430 million senior secured second-priority notes due 2014 (Ba1/BB+/); Morgan Stanley & Co. Inc. (left), Banc of America Securities LLC (joint); Wachovia Securities LLC, Scotia Capital, BNP Paribas Securities Corp., Keybanc Capital Markets (co's); Rule 144A for life; non-callable for four years; for general corporate purposes, including the repayment or repurchase of all or some of Seagate Technology HDD Holdings' $300 million floating-rate senior notes due Oct. 1, 2009 and other debt; Scotts Valley, Calif., hard drive manufacturer; price talk 11¾% to 12% all-in yield, at a to-be-determined discount; books close early Thursday afternoon, pricing thereafter.

APRIL 20 WEEK

JBS USA, LLC/JBS USA FINANCE, INC.: $400 million senior notes due 2014 (mid-single B ratings expected); J.P. Morgan Securities Inc., Banc of America Securities LLC (joint), ING, Rabobank, BMO Securities, Credit Suisse (co's); Rule 144A for life/Regulation S; non-callable; to repay inter-company debt and credit facilities, and for general corporate purposes; Greeley, Colo., beef and pork processor; roadshow started April 14; investor call 12:30 p.m. ET Thursday; pricing early April 20 week.

DIGITALGLOBE INC.: $300 million senior secured notes due 2014 (B+); Morgan Stanley & Co. Inc. (books), J.P. Morgan Securities Inc., Citigroup Global Markets Inc., Banc of America Securities LLC (co's); Rule 144A with registration rights; non-callable for three years; for general corporate purposes, including the repayment in full of the outstanding senior secured credit facility and senior subordinated notes due April 18, 2012; Longmont, Colo., space imagery company; roadshow starts April 16 (net roadshow to become available same day); pricing April 20 week.

ON THE HORIZON

APRIA HEALTHCARE GROUP INC.: $1 billion senior secured notes; Banc of America Securities LLC, Wachovia Securities LLC, Barclays Capital Inc.; to fund LBO by the Blackstone Group, bridge loan backing notes funded on Oct. 28; Lake Forest, Calif., home health care services company.

ASHLAND INC.: $750 million senior unsecured notes (Ba3/BB-); also $1.95 billion credit facility via Bank of America, Scotia Capital; to help fund the acquisition of Hercules Inc.; Ashland is a Covington, Ky.-based chemical company; acquisition closed Nov. 13, and bridge was funded.

CDW CORP.: $1.94 billion notes: $890 million senior unsecured cash-pay notes due 2015 (Caa1/CCC+), $300 million senior unsecured PIK toggle notes due 2015 (Caa1/CCC+) and $750 million senior subordinated notes due 2017 (Caa2/CCC+); J.P. Morgan Securities Inc., Deutsche Bank Securities Inc., Morgan Stanley & Co. Inc.; to refinance bridge loan related to LBO; Vernon Hills, Ill., provider of technology products and services.

GENERAL MOLY: $540 million to $700 million debt financing including high-yield bonds, leveraged loans and possibly convertibles; underwriter to be determined; to fund the Mt. Hope molybdenum project, located in central Nevada; also $240 million to $400 million of equity; formerly Idaho General Mines, General Moly is a Lakewood, Colo.-based molybdenum mineral development, exploration and mining company; possible late 2008-early 2009 business.

NORTH AMERICAN ENERGY ALLIANCE: $325 million senior unsecured notes; Barclays Capital Inc.; also $545 million credit facility (BB+); to help back the roughly $1.477 billion acquisition of 1,706 megawatts of generation projects by Industry Funds Management from Consolidated Edison Inc.

RIVERDEEP INTERACTIVE LEARNING USA: $820 million senior subordinated notes; Credit Suisse, Citigroup (joint); proceeds along with $1.87 billion senior bank debt, $750 million mezzanine debt and $1.5 billion equity to fund the acquisition of Houghton Mifflin by Riverdeep from Thomas H. Lee Partners, Bain Capital Partners, LLC and Blackstone Group for $3.4 billion; Riverdeep, based in Dublin, Ireland, is a publisher of interactive products for the consumer and school markets.

TRIDENT RESOURCES: New senior unsecured notes and new revolver in conjunction with IPO led by Deutsche Bank Securities Inc. and Jefferies & Co.; to recapitalize the company and repay debt; Calgary, Alta.-based natural gas production company.

ROADSHOWS

Started April 14: SEAGATE TECHNOLOGY INTERNATIONAL: $430 million; Morgan Stanley & Co. Inc.

Started April 14: JBS USA, LLC/JBS USA FINANCE, INC. $400 million; J.P. Morgan Securities Inc., Banc of America Securities LLC

Starts April 16: DIGITALGLOBE, INC. $300 million; Morgan Stanley & Co. Inc.


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