High Yield Calendar: $2.7 billion deals being marketed

Oct. 21 Week

PENN NATIONAL GAMING, INC.: $300 million eight-year senior notes (expected ratings B1/B+); J.P. Morgan Securities LLC, RBS Securities Inc., Credit Agricole CIB, BofA Merrill Lynch, Fifth Third Securities, Goldman Sachs & Co., Nomura Securities Co. Ltd., SunTrust Robinson Humphrey Inc., UBS Investment Bank, Wells Fargo Securities LLC (joint); Rule 144A with registration rights and Regulation S; non-callable for three years; proceeds, together with other financings and cash on hand, to repay its existing senior secured credit facilities and take out its 8¾% senior subordinated notes due 2019, and for working capital purposes; Wyomissing, Pa.-based Penn National Gaming owns, operates or has ownership interests in gaming and racing facilities with a focus on slot machine entertainment; roadshow started Oct. 15; pricing Oct. 21.

GLP CAPITAL LP (GAMING AND LEISURE PROPERTIES, INC.): $2.05 billion non-callable senior notes in five-year, seven-year and 10-year tranches (Ba1/BBB-), tranche sizes to be determined; BofA Merrill Lynch (left physical bookrunner, bill and deliver for all tranches); for the five-year and 10-year tranches J.P. Morgan Securities LLC, RBS Securities Inc. (joint physical books), Credit Agricole CIB, Fifth Third, Goldman Sachs & Co., Nomura, UBS Investment Bank, Wells Fargo Securities LLC (joint books); for the seven-year tranche RBS, Goldman Sachs (joint physical books), Credit Agricole, Fifth Third, JPMorgan, Nomura, UBS, Wells Fargo (joint books); all tranches come with 101% poison puts; to help finance the spinoff of Gaming and Leisure from Penn National Gaming; issuer is a newly formed Wyomissing, Pa.-based real estate investment trust, which will own gaming assets throughout the United States; pricing early in the week of Oct. 21.

EXOPACK HOLDING CORP.: $325 million six-year senior notes (Caa2/B-); Goldman Sachs & Co., J.P. Morgan Securities LLC, BofA Merrill Lynch, Barclays, Investec, Morgan Stanley; Rule 144A for life; non-callable for three years; to refinance debt and put cash on the balance sheet; Chicago-based manufacturer of plastic packaging products; roadshow Oct. 17 to Oct. 23.

Expected October Business

ALLIANT TECHSYSTEMS INC.: $300 million senior notes; BofA Merrill Lynch; also $1.86 billion senior secured credit facilities via BofA Merrill Lynch, Bank of Tokyo-Mitsubishi UFJ Ltd., RBC Capital Markets LLC, SunTrust Robinson Humphrey Inc., U.S. Bank NA and Wells Fargo Securities LLC, launched at an Oct. 8 bank meeting; to fund the acquisition of Bushnell Group Holdings Inc., refinance bank debt and for general corporate purposes; Alliant Techsystems is an Arlington, Va.-based aerospace, defense, and commercial products company.

DOLE FOOD CO. INC.: $325 million senior notes backed by $325 million senior unsecured bridge loan priced at Libor plus 725 bps with a 1% Libor floor and 50 bps spread increases every three months until it hits a cap; also $825 million credit facility; Deutsche Bank Securities Inc., Bank of America Merrill Lynch, Scotia Capital; to help fund the purchase of the company by chairman and chief executive officer David H. Murdock, expected to close during the fourth quarter of 2013; Westlake Village, Calif.-based fruit and vegetables company.

TOWNSQUARE RADIO, LLC and TOWNSQUARE RADIO, INC.: $145 million add-on to the 9% senior notes due April 1, 2019; RBC Capital Markets; callable on April 1, 2015; Greenwich, Conn.-based owner and operator of FM and AM radio stations and websites serving small and mid-sized markets throughout the United States; commitments for the syndicated bridge loan due Oct. 4; deal expected to launch mid-October; original $265 million priced at 99 with to yield 9.197% in March 2012.

On The Horizon

BRAND ENERGY & INFRASTRUCTURE SERVICES INC.: $550 million senior notes; Morgan Stanley & Co. LLC, Citigroup Global Markets Inc., Goldman Sachs Bank USA, UBS Investment Bank help fund its acquisition by Clayton, Dubilier & Rice from First Reserve and merger with an infrastructure business that is being bought from Harsco Corp.; Atlanta-based provider of specialized industrial services to the energy and infrastructure sectors; deal expected to come before the end of the year.

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.

COMMUNITY HEALTH SYSTEMS INC. $4.58 billion bridged debt: $2.205 billion senior secured and $2.375 billion senior unsecured; BofA Merrill Lynch, Credit Suisse Securities (USA) LLC; to help fund its acquisition of Health Management Associates Inc., expected to close in the first quarter of 2014; Community Health is a Nashville, Tenn.-based hospital company. Health Management is a Naples, Fla.-based owner and manager of hospitals and ambulatory surgery centers.

DARLING INTERNATIONAL INC.: $1.3 billion bridge loan; also $2.55 billion credit facility via J.P. Morgan Securities LLC and Goldman Sachs Bank USA; to help fund the acquisition of Vion Ingredients, expected to close in January 2014; Darling is an Irving, Texas-based provider of rendering, recycling and recovery solutions to the food industry; Vion Ingredients is a Son en Breugel, the Netherlands-based developer and producer of specialty ingredients from animal origin for applications in pharmaceuticals, food, feed, pet food, fertilizer and bio-energy.

DOMESTIC & GENERAL GROUP LTD. £500 million: £200 million seven-year senior secured fixed-rate notes, £150 million six-year senior secured floating-rate notes; £150 million eight-year senior unsecured notes; Goldman Sachs, Barclays, Credit Suisse, BNP, Morgan Stanley, SG CIB, UBS; proceeds, along with an £80 million revolver, to fund the LBO of the company by CVC Capital Partners Ltd. from Advent International Corp.; Bedworth, England-based home-appliance warranty provider; expected September business.

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.

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.

INTEGRATED MISSION SOLUTIONS LLC: $340 million senior secured notes backed by a $340 million senior secured bridge loan led by Jefferies LLC; also $70 million revolver; to fund the buyout of Michael Baker Corp., expected to close in the late in the third quarter or early in the fourth quarter; Integrated Mission Solutions, an affiliate of DC Capital Partners LLC, is a government contractor that provides engineering, construction, technical services, strategic consulting and other mission-critical services and solutions; Michael Baker is a Moon Township, Pa.-based provider of engineering, design, planning and construction services.

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.

JARDEN CORP.: $795 million bonds and bank loans, sizes to be determined; to help fund its acquisition of Yankee Candle Investments LLC from Madison Dearborn Partners LLC for $1.75 billion in cash, expected to close early in the fourth quarter of 2013; Jarden is a Rye, N.Y.-based provider of consumer products; Yankee Candle is a South Deerfield, Mass.-based designer, manufacturer, wholesaler and retailer of scented candles.

JOS. A BANK CLOTHIERS INC.: Possible $1.9 billion senior notes and term loan borrowings; to help fund the acquisition of the the Men's Wearhouse Inc. (Men's Wearhouse rejected a $48 per share bid from JoS. A Bank Clothiers on Oct. 9, 2013); JoS. A. Bank is a Hampstead, Md.-based designer, manufacturer and retailer of men's clothing, sportswear, footwear and accessories.

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.

ORIONSTONE PTY LTD.: $200 million seven-year secured notes (B3/B); non-callable for three years; Rule 144A for life; Morgan Stanley & Co. LLC bookrunner; proceeds to repay debt; Mackay, Australia-based supplier of heavy earthmoving rental equipment to the infrastructure, oil, gas and mining industries; expected September business.

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.

U.S. XPRESS ENTERPRISES, INC.: $250 million senior secured second-lien notes due 2020 (Caa1/B-); Wells Fargo Securities LLC (left books), Morgan Stanley & Co. LLC (joint books), Regions Securities LLC (co); Rule 144A and Regulation S with registration rights; callable in three years at par plus 75% of the coupon; to repay the existing senior secured credit facility, receivable securitization facility and other debt; Chattanooga, Tenn.-based truckload carrier and a diversified provider of truckload, intermodal and logistics services; price talk 9½% to 9¾%.

Roadshows

Pricing early Oct. 21 week: GAMING AND LEISURE PROPERTIES $2.05 billion; BofA Merrill Lynch, JPMorgan, RBS, Credit Agricole, Fifth Third, Goldman Sachs, Nomura, UBS, Wells Fargo.

Started Oct. 15: PENN NATIONAL GAMING $300 million; JPMorgan, RBS, Credit Agricole, BofA Merrill Lynch, Fifth Third, Goldman Sachs, Nomura, SunTrust, UBS, Wells Fargo.

Oct. 17-23: EXOPACK $325 million; Goldman Sachs, JPMorgan, BofA Merrill Lynch, Barclays, Investec, Morgan Stanley.

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