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Published on 5/4/2009 in the Prospect News High Yield Daily.

High Yield Calendar: $700 million deals being actively marketed

EXPECTED DURING MAY 4 WEEK

INVERNESS MEDICAL INNOVATIONS, INC.: $200 million senior subordinated notes due 2016 (B3/B-); UBS Investment Bank (left lead), Goldman Sachs & Co., Banc of America Securities LLC (joint books), Stifel, Nicolaus & Co., Canaccord Adams, Leerlink (co's); SEC registered; non-callable for four years; for general corporate purposes; Waltham, Mass.-based developer of medical diagnostic devices; roadshow May 4-6; pricing expected May 7.

SILGAN HOLDINGS INC.: $200 million senior notes due 2016 (Ba3); Banc of America Securities LLC, Deutsche Bank Securities Inc., Morgan Stanley & Co. Inc. (joint), BNP Paribas Securities Corp., Rabo Bank, RBS Securities Inc. (co's); Rule 144A with registration rights; non-callable for four years; change-of-control put at 101%; to repay installments of the company's existing term debt; Stamford, Conn.-based manufacturer of consumer goods packaging products; investor call 9 a.m. ET Tuesday; pricing Tuesday afternoon.

TECK RESOURCES LTD.: Expected benchmark-sized U.S. dollar-denominated three-part senior secured notes (mid-double B ratings expected): five-year non-callable notes, price talk 11% area (call protection increased from three years), seven-year notes, non-callable for four years, price talk 11 3/8% area, 10-year notes, non-callable for five years, price talk 11¾% area (all three tranches expected to price in the mid-90s); J.P. Morgan Securities Inc., Banc of America Securities LLC, Citigroup Global Markets Inc. (joint); Rule 144A with registration rights; to repay bridge credit facility; Vancouver, B.C.-based firm engaged in exploration, development and production of natural resources; books close 10 a.m. ET Tuesday; pricing expected midday Tuesday.

NALCO HOLDING CO.: $300 million senior unsecured notes due 2017; Deutsche Bank Securities Inc., Banc of America Securities LLC, HSBC (joint); non-callable for four years; to repay bank debt; Naperville, Ill.-based provider of water treatment products and services; books close Tuesday afternoon; pricing expected on Wednesday.

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, 2008; 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; 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

May 4-5: NALCO HOLDING CO. $300 million; Deutsche Bank Securities Inc., Banc of America Securities LLC, HSBC.

May 4-6: INVERNESS MEDICAL INNOVATIONS, INC. $200 million; UBS Investment Bank


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