High Yield Calendar: $2.78 billion, £2.3 billion and C$125 million being marketed

Feb. 4 Week

TERVITA CORP.: $850 million equivalent senior secured notes due November 2018 (B2/B-) in $500 million minimum and Canadian dollar-denominated tranches, final sizes to be determined (downsized from $1.1 billion equivalent, with proceeds shifted to the term loan); RBC Capital Markets (bill and deliver, joint global coordinator, physical bookrunner), Goldman Sachs & Co. (joint global coordinator, joint bookrunner), TD Securities, Deutsche Bank Securities Inc. (joint bookrunners); Rule 144A and Regulation S for life; callable in November 2015 at par plus 50% of the coupon; 35% equity clawback at par plus the coupon until November 2015; proceeds, along with new bank debt, to repay all outstanding debt under the company's existing senior secured credit facility; Calgary, Alta.-based environmental management company serving the oil and gas industry; price talk 8% area on the dollar-denominated notes, with the Canadian dollar-denominated notes coming 75 bps to 87.5 bps behind the dollar-denominated notes; books close at 2 p.m. ET Thursday, pricing thereafter.

FAIRPOINT COMMUNICATIONS, INC.: $300 million 6.5-year senior secured notes (B2/B); Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC, Jefferies & Co. Inc. (joint), Stifel Financial, Oppenheimer, Drexel Hamilton (co's); Rule 144A for life and Regulation S; non-callable for three years; also a new $725 million credit facility via Morgan Stanley, Credit Suisse, Jefferies; to repay existing term loan; Charlotte, N.C.-based provider of broadband internet access, telephone, television and data services; price talk 8½% to 8¾%; books close at noon ET Thursday.

COOKE AQUACULTURE, INC.: $250 million senior notes due February 2021 (Caa1/CCC+); Credit Suisse Securities (USA) LLC; Rule 144A and Regulation S for life; callable in four years at par plus 50% of the coupon; three-year 35% equity clawback; 101% poison put; to repay revolver, a portion of the term loan and for general corporate purposes; Blacks Harbour, New Brunswick-based privately owned fish producer.

CANTOR COMMERCIAL REAL ESTATE CO., LP. and CCRE FINANCE CORP.: $250 million senior notes due 2018 (/B/); Deutsche Bank Securities Inc. (left books), BofA Merrill Lynch, Cantor Fitzgerald (joint books), CastleOak Securities, US Bancorp (co's); Rule 144A for life; non-callable for two years; to put cash on the balance sheet and for general corporate purposes; New York-based commercial real estate finance company; roadshow started Feb. 1; pricing Feb. 7.

NII INTERNATIONAL TELECOM SCA (formerly NEXTEL INTERNATIONAL): $400 million 6.5-year senior notes; J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., Morgan Stanley & Co. LLC (joint), Citigroup Global Markets Inc., HSBC Securities (USA) LLC, Banco Santander (co's); Rule 144A and Regulation S with registration rights; non-callable for 3.5 years; for general corporate purposes; Reston, Va.-based wireless communications services provider; roadshow started Feb. 5; pricing later in Feb. 4 week.

VIRGIN MEDIA £2.3 billion equivalent: LYNX I CORP. £1,717,700,000 equivalent senior secured notes due 2021 (expected ratings Ba3/BB-), non-callable for four years (special call allows the issuer to redeem 10% of the secured notes annually at 103 during the non-call period), target sizes £1.1 billion and $1 billion, also LYNX II CORP. £578 million equivalent senior unsecured notes due 2023 (expected ratings B2/B), non-callable for five years, target sizes £300 million and $450 million; Credit Suisse (global coordinator, bill and deliver), Barclays, BNP Paribas, BofA Merrill Lynch, Deutsche Bank (joint books); all tranches Rule 144A and Regulation S for life; to finance the acquisition of Virgin Media by LGI; New York-based Virgin Media provides television, broadband, fixed-line telephone and mobile telephone services in the United Kingdom; roadshow in Europe and the United States Feb. 6-7; pricing Feb. 8.

MILLENNIUM OFFSHORE SERVICES SUPERHOLDINGS LLC: $225 million five-year senior secured notes (B2); Goldman Sachs; Rule 144A and Regulation S; non-callable for two years; to fund a dividend to shareholders; Ajman, United Arab Emirates, rig provider for the offshore oil and gas industry; pricing expected Feb. 6.

ALLIANCE GRAIN TRADERS INC.: C$125 million of five-year senior secured second-lien notes (/B/DBRS: B); Scotia Capital Inc., CIBC World Markets Inc. and GMP Securities LP (lead); AltaCorp Capital Inc. and Canaccord Genuity Corp. (co-managers); Rule 144A, Regulation S; non-callable for three years; 101% change-of-control put; proceeds to repay debt; Regina, Sask.-based pulse and staple food processor and distributor; talk set at 8¾% yield area; pricing Feb. 7.

FERREXPO PLC: Expected $500 million five-year senior notes (single B ratings expected); Morgan Stanley, Credit Suisse (joint); Rule 144A and Regulation S; for general corporate purposes; Ukraine-based iron or company; roadshow started Jan. 31 in Europe, Feb. 4 in the United States.

Expected First Quarter Business

AVIS BUDGET GROUP INC.: High-yield bonds backing the acquisition of Zipcar Inc. in a transaction valued at about $500 million; Avis is a Parsippany, N.J.-based provider of vehicle rental services; Zipcar is a Cambridge, Mass.-based car sharing network; expected January business.

MCGRAW-HILL EDUCATION: $550 million notes and $1.325 billion credit facilities; Credit Suisse Securities (USA) LLC, Morgan Stanley, Jefferies & Co., UBS Investment Bank, Nomura and BMO Capital Markets Corp. are leading the financing; to help fund the acquisition of McGraw-Hill Education by Apollo Global Management LLC from McGraw-Hill Cos.; McGraw-Hill Education is a New York-based digital learning company; expected January business.

PETAQUILLA MINERALS LTD.: 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; expected early 2013 business.

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.

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, Bank of America 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.

GETCO HOLDING CO. LLC: $550 million second-lien notes and $470 million credit facility being led by Jefferies Finance LLC; to fund the merger with Knight Capital Group Inc., expected to close during the second quarter of 2013; Getco is a Chicago-based buyer and seller of securities.

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.

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.

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.

OPI INTERNATIONAL: $160 million first-lien senior secured notes due 2017; Global Hunter Securities; non-callable for three years; to help fund the acquisition of offshore construction vessels and refinance debt; Houston-based services provider to the offshore oil and gas industry.

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.

PVH CORP.: $4.33 billion new debt comprised of senior notes and a credit facility; Barclays, Bank of America Merrill Lynch, Citigroup Global Markets Inc.; notes are backed by a bridge loan commitment; to fund the cash portion of the acquisition of Warnaco Group Inc., expected to close early in 2013, and refinance debt at both companies and provide liquidity going forward; PVH is a Bridgewater, N.J.-based apparel company.

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.

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.

Roadshows

Started Jan. 30: TERVITA $1.1 billion; RBC, Goldman Sachs, TD, Deutsche Bank.

Pricing late Feb. 4 week: FAIRPOINT COMMUNICATIONS $300 million; Morgan Stanley, Credit Suisse, Jefferies.

Started Feb. 1: CANTOR COMMERCIAL REAL ESTATE $250 million; Deutsche Bank, Bank of America Merrill Lynch, Cantor Fitzgerald.

Started Feb. 5: NII INTERNATIONAL TELECOM $400 million; JPMorgan, Credit Suisse, Goldman Sachs, Morgan Stanley.

Pricing expected Feb. 6: MILLENNIUM OFFSHORE $225 million; Goldman Sachs.

Feb. 6-7: VIRGIN MEDIA £2.3 billion; Credit Suisse, Barclays, BNP, Merrill Lynch, Deutsche Bank.

© 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.