High Yield Calendar: $3.805 billion deals being marketed

January 23 Week

POST HOLDINGS INC.: $775 million 10-year senior notes 2022 (confirmed B1/expected B); Barclays Capital Inc. (left books), J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Credit Suisse Securities (USA) LLC (joint books); PNC Capital Markets, SunTrust Robinson Humphrey (joint lead managers); Rule 144A and Regulation S with registration rights; non-callable for five years; to help fund the spin-off of the company from Ralcorp Holdings Inc., issuer will not receive proceeds; St. Louis-based ready-to-eat cereal manufacturer; roadshow Jan. 23-27.

PBF HOLDING CO. LLC: $675 million senior secured notes due 2020 (Ba3/BB+); Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Morgan Stanley & Co., UBS Investment Bank, Rule 144A and Regulation S with registration rights; non-callable for four years (special call allows issuer to redeem up to 10% of the notes annually at 103 during non-call period); three-year 35% equity clawback; 101% poison put; to repay term loan and seller notes issued in connection with refinery acquisitions; Parsippany, N.J.-based refiner; pricing Jan. 23 week.

CEVA GROUP PLC $825 million: $300 million add-on to the 8 3/8% senior secured notes due Dec. 1 2017, callable Dec. 1, 2013 at 106.281, 40% equity clawback until Dec. 1, 2014, original $450 million issue priced at par in December 2010 and $525 million senior notes due January 2020, callable in 2015 at par plus ¾ coupon, 40% equity clawback until 2015; Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC, Morgan Stanley & Co., UBS Investment Bank (joint), Apollo Global Securities (co); Rule 144A and Regulation S for life; 101% poison put; to redeem or repay 8½% senior notes due 2014, senior unsecured loan due 2015, 10% senior subordinated notes due 2016, as well as term loans maturing in 2013; Netherlands-based supply chain management services provider; pricing Jan. 23 week.

NARA CABLE FUNDING LTD. (GRUPO CORPORATIVO ONO): $400 million senior secured notes due Dec. 1, 2018; JP Morgan, BNP Paribas, Deutsche Bank AG (leads), Goldman Sachs International, Bank of America Merrill Lynch, Banco Bilbao, Vizcaya Argentina SA, Credit Agricole CIB; non-callable for three years; to refinance the Nara Cable Funding 8 7/8% notes; Spanish cable operator; pricing expected Friday.

CREATIVE CASINOS, INC.: $365 million senior secured notes due 2019, non-callable for four years; Jefferies & Co. Inc., Morgan Stanley & Co., Capital One Southcoast (joint) also $103.093 million senior redeemable perpetual preferred stock, non-callable for two years; Jefferies, Morgan Stanley (joint); Rule 144A and Regulation S with registration rights; to fund construction of a new casino and hotel located in Lake Charles, La.; Las Vegas-based gaming, lodging and entertainment company; pricing late January.

January 30 Week

CHESTER DOWNS and MARINA, LLC & CHESTER DOWNS FINANCE CORP. (HARRAH'S CHESTER): $315 million senior secured notes due 2020; Citigroup Global Markets (left books), Bank of America Merrill Lynch, Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC (joint books); Rule 144A and Regulation S for life; non-callable for four years (special call provision allows the issuer to redeem up to 10% of the notes at 103 during the first three years; three-year 35% equity clawback; 101% poison put; to repay existing credit facilities and repurchase the parent notes, for working capital and general corporate purposes including, without limitation, to fund acquisitions; Chester, Pa.-based casino and racetrack business; full roadshow started Jan. 24; Investor call 12:30 p.m. ET Jan. 24.

CODERE FINANCE (LUXEMBOURG) SA: $250 million senior notes due February 2019; Credit Suisse Securities (USA) LLC (bill and deliver, joint books), Barclays Capital Inc., Banco Itau (joint books); Rule 144A and Regulation S for life; callable in three years at par plus ¾ coupon; 101% poison put; to acquire an additional 35.8% stake in ICELA and for general corporate purposes; Madrid, Spain-based gaming firm; breakfast presentation on Jan. 26 in London, U.S. roadshow to follow.

AURORA USA OIL & GAS INC.: $200 million 51/4-year senior notes; Credit Suisse Securities (USA) LLC, UBS Securities LLC (joint); Rule 144A and Regulation S for life; non-callable for three years; 101% poison put; to fund the development of acreage, for general corporate purposes and to fund acquisitions; Traverse, Mich.-based independent energy company; roadshow started Jan. 25; pricing Jan. 30 week.

Expected January Business

SAMSON INVESTMENT CO.: $2.25 billion of senior notes to help fund acquisition of company by Kohlberg Kravis Roberts & Co. LP, Natural Gas Partners, Crestview Partners and Itochu Corp.; also $2.25 billion ABL credit facility; J.P. Morgan Securities LLC, Bank of America Merrill Lynch, Barclays Capital Inc., BMO Capital Markets, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Jefferies & Co. Inc., Mizuho Securities USA, Inc., RBC Capital Markets LLC, Wells Fargo Securities LLC; Tulsa, Okla.-based private exploration and production company; expected to launch during the second week of January.

ORANGE SWITZERLAND CHF 575 million equivalent: CHF 325 million equivalent senior secured notes and CHF 250 million equivalent subordinated notes; Credit Suisse, JP Morgan (global coordinators), Citigroup, Morgan Stanley, Nomura, UBS; also CHF million of bank debt; to help fund the €1.6 billion LBO of Orange Switzerland by Apax Partners from France Telecom; Arcueil, France-based wireless telecommunications company; expected January business.

Expected First Quarter of 2012

ACCO BRANDS CORP.: $270 million senior notes and $845 million credit facility; Barclays Capital Inc., Bank of America Merrill Lynch and BMO Capital Markets Corp.; to fund its merger with MeadWestvaco's office supplies business, to repay ACCO's 10 5/8% senior secured notes and for ongoing working capital; ACCO Brands is a Lincolnshire, Ill.-based office supply manufacturer; merger expected to close during the first half of 2012.

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., BMO Capital Markets Corp.; Rule 144A; to fund expansion of its wireless network and for general corporate purposes; Toronto-based wireless communications services provider; expected during first quarter of 2012.

KB HOME: $250 million debt securities to fund tender for up to $250 million of its 5¾% senior notes due 2014, its 5 7/8% senior notes due 2015 and its 6¼% senior notes due 2015, Citigroup Global Markets, Inc. and Credit Suisse Securities (USA) LLC dealer managers, early tender date Jan. 31, 2012; Los Angeles-based homebuilder.

UNITED RENTALS INC. $2.2 billion: $650 million senior secured notes and $1.55 billion senior unsecured notes; Morgan Stanley Senior Funding Inc., Bank of America Merrill Lynch and Wells Fargo; to help fund the acquisition of RSC Holdings Inc., closing expected in the first half of 2012; United Rentals is a Greenwich, Conn.-based equipment rental company; bridge syndication expected in January; bonds expected in March or April.

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; possible business for the first quarter of 2012.

DIAMOND FOODS INC.: $300 million notes; also $1.75 billion credit facility; Bank of America Merrill Lynch; to help fund 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 oil and gas exploration and production company.

ENDEAVOR INTERNATIONAL CORP.: $500 million high-yield notes; Citigroup Global Markets Inc.; to fund the acquisition of ConocoPhillips' interest in three producing U.K. oil fields in the Central North Sea and to retire existing term loan debt, expected to close during the first half of 2012; Endeavour is an oil and gas exploration and production company.

ENERGY TRANSFER EQUITY, LP: $3.2 billion high-yield bonds to help complete the $7.9 billion merger of Energy Transfer and Southern Union Co., including repayment of $3.7 billion of Southern Union debt, expected to close in the first quarter of 2012; Energy Transfer is a Dallas-based oil and gas pipeline company.

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.

KINETIC CONCEPTS, INC.: $750 million 12½% senior notes due Nov. 1, 2019; Morgan Stanley & Co. LLC, Bank of America Merrill Lynch, Credit Suisse Securities (USA) LLC; Rule 144A and Regulation S; callable on Nov. 1, 2015; 35% equity clawback at 112.50 until Nov. 1, 2014; to help fund the buyout of the company by Apax Partners, Canada Pension Plan Investment Board and the Public Sector Pension Investment Board; San Antonio-based medical technology company; notes were sold to the underwriters in October 2011, at which time $1.75 billion issue of 10½% second-lien senior secured notes due Nov. 1, 2018 were successfully syndicated, and are expected to be reintroduced into the market under a new offering memorandum, as market conditions permit.

M&G FINANCE CORP.: $500 million senior notes due 2018 (expected ratings B3//BB); J.P. Morgan Securities LLC (books); Rule 144A and Regulation S for life; non-callable for four years; to fund capital expenditures, to repay debt, to provide liquidity and for 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.

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

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; LBO closed on Aug. 30; bridge loan funded as leads await opportunity to sell the bonds.

TRINSEO MATERIALS OPERATING SCA: $450 million six-year senior notes (B3/B), non-callable for three years (structure changed from seven-year non-call-four); Barclays Capital Inc. (left lead), Deutsche Bank Securities Inc., BMO Securities, Citigroup Global Markets Inc., Goldman Sachs & Co., HSBC; Rule 144A and Regulation S with registration rights; non-callable for four years; to repay bank debt and for general corporate purposes; diversified chemical company; price talk 12¼% area, including about 3 points of OID; roadshow was in late November 2011; likely business for the first quarter of 2012.

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

Pricing Jan. 23 week: PBF HOLDING CO. LLC $675 million; Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Morgan Stanley & Co., UBS Investment Bank.

Pricing Jan. 23 week: CEVA GROUP PLC $825 million; Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC, Morgan Stanley & Co., UBS Investment Bank.

Pricing late January: CREATIVE CASINOS, INC. $365 million notes; Jefferies & Co. Inc., Morgan Stanley & Co., Capital One Southcoast and $103.093 million preferred; Jefferies, Morgan Stanley.

Jan. 23-27: POST HOLDINGS INC. $775 million; Barclays Capital Inc., J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Credit Suisse Securities (USA) LLC.

Started Jan. 24: HARRAH'S CHESTER: $315 million; Citigroup Global Markets, Bank of America Merrill Lynch, Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC.

Started Jan. 25: AURORA USA OIL & GAS INC. $200 million; Credit Suisse Securities (USA) LLC, UBS Securities LLC.

Starts Jan. 26: CODERE FINANCE (LUXEMBOURG) SA $250 million; Credit Suisse Securities (USA) LLC, Barclays Capital Inc., Banco Itau

Pricing Jan. 27: NARA CABLE FUNDING LTD. (GRUPO CORPORATIVO ONO) $400 million; JPMorgan, BNP Paribas, Deutsche Bank AG

© 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.