High Yield Calendar: $3.355 billion and €585 million being marketed

JULY 11 WEEK

WARNER MUSIC GROUP CORP. $1.045 billion: WMG ACQUISITION CORP. (the operating company) $150 million add-on to the 9½% senior secured notes due June 15, 2016 (/BB-/), callable on June 15, 2013 at 104.75, major transaction call at 104.75, three-year 35% equity clawback at 109.5 until June 15, 2012. price talk 104 to 104.5; WMG ACQUISITION CORP. $695 million senior notes due Oct. 1, 2018 (/B-/), callable on Oct. 1, 2014 at par plus 75% of coupon, three-year 35% equity clawback, price talk 11½% to 11¾%; WMG HOLDINGS CORP. (The holding company) $200 million senior notes due Oct. 1, 2019 (/B-/), callable on Oct. 1, 2015 at par plus 50% of coupon, three-year 35% equity clawback, price talk 1¾% area behind the operating company notes; Credit Suisse Securities (USA) LLC, UBS Investment Bank (joint); 101% poison put for all tranches; to fund the LBO of the company by Access Industries and to refinance debt; New York-based music content company; roadshow started July 7; books close 9 a.m. ET Thursday, pricing thereafter.

MTR GAMING GROUP, INC.: $500 million senior secured second-lien notes due 2019 (/B-/); J.P. Morgan Securities LLC (sole); Rule 144A and Regulation S with registration rights; non-callable for four years; to fund the tender offer for the 9% notes due 2012 and the 12 5/8% notes due 2014 and to establish a video lottery gaming facility at Scioto Downs; Chester W.Va.-based owner and operator of gaming facilities and horse racing tracks; roadshow started July 7; pricing expected July 13.

STERLING MERGER INC. to be merged into SRA INTERNATIONAL INC.: $400 million senior notes due 2019 (Caa1/CCC+); Bank of America Merrill Lynch, Citigroup Global Markets, Goldman Sachs & Co. (joint), Credit Suisse Securities (USA) LLC (co); Rule 144A with registration rights; non-callable for four years; 101% poison put; proceeds, along with new senior secured credit facilities, to help fund the buyout of the company by Providence Equity Partners; Fairfax, Va.-based provider of technology and strategic consulting services; pricing July 11 week.

EXAMWORKS GROUP, INC.: $250 million senior notes due 2019 (/CCC+/); Bank of America Merrill Lynch, Barclays Capital Inc., SunTrust Robinson Humphrey Inc., Wells Fargo Securities LLC, Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. (joint); Rule 144A with registration rights; non-callable for four years; 101% poison put; to repay revolver debt and for general corporate purposes, including acquisitions; Atlanta-based provider of independent medical examinations, peer and bill reviews and related services; roadshow started July 8; global investor call July 11; pricing mid-to-late July 11 week.

Pricing July 11 week: MAIN ST. PERSONAL FINANCE, INC. $95 million senior secured notes due 2019 (B3/B-); Cortview Capital Securities (sole); Rule 144A for life; non-callable for four years; to fund the acquisition of Express Cash Advance, to repay revolver, to fund the buy-out of a minority equity and debt holder and for general corporate purposes; Cleveland, Tenn.-based financial company does business as Approved Cash Advance, Quik Lend, and A Dollar; roadshow started June 20; price talk 13% to 13½%; pricing July 11 week.

EL POLLO LOCO, INC.: $105 million 6.5-year second-lien senior secured notes (expected ratings Caa2/CCC), decreased from $110 million; Jefferies & Co.; Regulation D, to be converted into Rule 144A upon completion of the deal; non-callable for two years, then at 104, 102, par; to refinance existing debt; Costa Mesa, Calif.-based restaurant operator; price talk 12½% cash plus 4½% PIK at 97.00 to yield 17.8% area; expected to price and settle during July 11 week.

CODITEL HOLDING SRA: €260 million senior secured notes due 2018; (B3/B/B+); Morgan Stanley (global coordinator and joint bookrunner), ING (joint bookrunner); to finance the acquisition on Belgian and Luxembourg cable assets from Numericable; Belgian cable operator; roadshow July 11-14, pricing thereafter.

JULY 18 WEEK

SUNCOKE ENERGY, INC.: $400 million senior notes due 2019 (B1/B+); J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, Barclays Capital Inc., Citigroup Global Markets Inc., RBS Securities Inc. (joint), Bank of America Merrill Lynch, BNY Capital Markets Inc., KeyBanc Capital Markets, USBancorp, Wells Fargo Securities LLC (senior co's), Williams Capital Group LP (co); Rule 144A and Regulation S with registration rights; callable in three years at par plus 75% of the coupon; to repay intercompany debt to Sunoco and for general corporate purposes; SunCoke is a Lisle, Ill.-based producer of metallurgical coke; roadshow started July 6; pricing expected July 20.

NORTH ATLANTIC TRADING CO., INC. $285 million senior secured notes: $205 million five-year second-lien notes (B2/B-), and $80 million 5.5-year third lien notes (Caa2/CCC); Jefferies & Co. (sole); Rule 144A for life; both tranches callable in year three at par plus 75% of coupon; the only first lien debt will be an undrawn $15 million revolver; to redeem outstanding notes and repay all other existing debt; Darien, Conn.-based tobacco company with products including loose leaf chewing tobacco, moist snuff, Zig-Zag cigarette papers, cigarette smoking and cigar blend tobacco, and cigar wraps; roadshow July 12-20.

CAPSUGEL FINANCECO SCA: €325 million senior notes due 2019 (Caa1/B); Barclays Capital Inc., Deutsche Bank Securities Inc., UBS Securities LLC, Mizuho Securities USA Inc., KKR Capital Markets; Rule 144A and Regulation S for life; callable in three years at par plus 75% of coupon; to fund LBO of Capsugel by Kohlberg Kravis Roberts & Co LP; Peapack, N.J.-based manufacturer of hard capsules and drug-delivery systems; roadshow starts July 13; pricing July 21.

TRADER CORP.: $275 million senior secured notes due 2018 (expected ratings B3/B); RBC Capital Markets (sole); Rule 144A and Regulation S for life; callable in three years at par plus 75% of coupon (Up to 10% of issue callable annually at 103 during the non-call period); three-year 35% equity clawback; 101% poison put; to fund the acquisition of Trader Corp. by Apax Partners; Etobicoke, Ont.-based-print and online media publisher in the automotive, real estate, merchandise and employment sectors; roadshow started July 12; pricing late July 18 week.

EXPECTED JULY BUSINESS

KATJES INTERNATIONAL GMBH & CO. KG: €30 million 7 1/8% fixed-rate notes due 2016 (Creditform BB+); IKB Deutsche Industriebank; to fund potential acquisitions, repay shareholder loans, and pay down debt; Emmerich, Germany-based producer of sugared confections; subscription period began July 4.

SIAG SCHAAF INDUSTRIE AG: Up to €50 million five-year notes (/CCC+/); IKG (lead manager), Steubing (co-lead); manufacturer of steel components for onshore and offshore wind turbines.

ON THE HORIZON

ACADEMY SPORTS + OUTDOORS: $450 million high-yield bonds; Credit Suisse Securities (USA) LLC (left books), Goldman Sachs & Co. (joint books), also Barclays Capital Inc., Mizuho Securities USA Inc. and KKR Financial; also $1.49 billion credit facility; to help fund buyout by Kohlberg Kravis Roberts & Co LP; Katy, Texas-based sporting goods and outdoor store chain.

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.

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.

DIAMOND FOODS INC.: $300 million notes; also $1.75 million credit facility; Bank of America Merrill Lynch; to help fund the merger with Pringles Co., expected to close by the end of 2011; Diamond Foods is a San Francisco-based packaged food company. Pringles is a potato crisp brand.

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.

GGC SOFTWARE HOLDINGS INC.: $560 million senior notes and $1.115 billion credit facility; Credit Suisse Securities (USA) LLC, Bank of America 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.

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 Bank of America 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.

SEALED AIR CORP.: $1.5 billion equivalent senior notes expected to be split into $1 billion and €500 million offerings, and $3 billion equivalent credit facilities; Citigroup Global Markets Inc., Bank of America Merrill Lynch, BNP Paribas Securities Corp. and RBS Securities Inc.; to help fund Sealed Air's acquisition of Diversey Holdings Inc. from the Johnson family and Clayton, Dubilier & Rice LLC for $2.1 billion in cash and an aggregate of 31.7 million shares of Sealed Air common stock, in a transaction valued at $4.3 billion, expected to close during 2011 ($1.4 billion Diversey debt to be refinanced); Sealed Air is an Elmwood Park, N.J.-based manufacturer of packaging systems for food, industrial, medical, and consumer applications; Diversey is a Sturtevant, Wis.-based provider of cleaning, sanitization and hygiene products.

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.

SPIE: Expected €300 million to €400 million notes; Morgan Stanley, HSBC, SG CIB, Credit Agricole CIB, Deutsche Bank; proceeds along with approximately €1 billion of bank debt to help fund the LBO of the company by Clayton Dubilier & Rice, Axa Private Equity and Caisse de Depot et Placement du Quebec from PAI Partners from PAI Partners; France-based mechanical engineering firm; expected September business.

WII COMPONENTS, INC.: New subordinated notes and new credit facility; to fund a tender offer and consent solicitation for its $105.85 million of 10% senior notes due 2012, consent deadline July 7, 2011; St. Cloud, Minn. cabinet manufacturer.

ROADSHOWS

Started June 20: MAIN ST. PERSONAL FINANCE, INC. $95 million; Cortview Capital Securities.

Started July 6: SUNCOKE ENERGY, INC. $400 million; J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, Barclays Capital Inc., Citigroup Global Markets Inc., RBS Securities Inc.

Started July 7: WARNER MUSIC GROUP CORP. $1.045 billion; Credit Suisse Securities (USA) LLC, UBS Investment Bank (joint).

Started July 7: MTR GAMING GROUP, INC. $500 million; J.P. Morgan Securities LLC.

Started July 8: EXAMWORKS GROUP, INC. $250 million; Bank of America Merrill Lynch, Barclays Capital Inc., SunTrust Robinson Humphrey Inc., Wells Fargo Securities LLC, Credit Suisse Securities (USA) LLC, Goldman Sachs & Co.

Started July 11: CODITEL HOLDING SRA €260 million; Morgan Stanley, ING.

Started July 12: TRADER CORP. $275 million; RBC Capital Markets.

July 12-20: NORTH ATLANTIC TRADING CO., INC. $285 million; Jefferies & Co.

Starts July 13: CAPSUGEL FINANCECO SCA €325 million; Barclays Capital Inc., Deutsche Bank Securities Inc., UBS Securities LLC, Mizuho Securities USA Inc., KKR Capital Markets.

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