High Yield Calendar: $2.775 billion deals being marketed

JAN. 10 WEEK

COMMSCOPE, INC.: $1.5 billion senior notes due 2019; J.P. Morgan Securities LLC (sole); Rule 144A and Regulation S; non-callable for four years; to help fund LBO of the company by the Carlyle Group; also $1.4 billion credit facility and $1.75 billion equity; Hickory, N.C.-based provider of infrastructure services for communication networks; roadshow started Jan. 4; pricing early Jan. 10 week.

UCI INTERNATIONAL, INC.: $250 million senior notes due 2019 (B3/CCC+); Credit Suisse, HSBC, Nomura Capital Markets; Rule 144A with registration rights; non-callable for four years; three-year 35% equity clawback; also $525 million senior secured credit facility to help fund the acquisition of the company by Rank Group Ltd. and repay existing UCI debt; Evansville, Ind.-based supplier to the light and heavy-duty vehicle aftermarket for replacement parts, including filtration, fuel delivery systems, vehicle electronics and cooling systems products; roadshow through middle of Jan. 10 week.

LAREDO PETROLEUM, INC.: $300 million senior notes due 2019 (Caa2/CCC/); Bank of America Merrill Lynch, J.P. Morgan Securities LLC, Wells Fargo Securities (joint books), BMO Nesbitt Burns (joint lead), BBVA, BOSC Inc., Capital One Southcoast, Mitsubishi, Scotia Capital, SG CIB, Tudor (co's); Rule 144A with registration rights; non-callable for four years; 101% poison put; to repay and retire term loan, to repay revolver and for general corporate purposes; Tulsa, Okla.-based oil and gas exploration and production company; pricing Jan. 10 week.

DYCOM INVESTMENTS, INC.: $175 million senior subordinated notes due 2021 (confirmed Ba3/expected BB-); Goldman Sachs & Co. (left lead), Bank of America Merrill Lynch (joint books); Rule 144A/Regulation S with registration rights; to repurchase any and all of its $135.35 million 8 1/8% senior subordinated notes due 2015 via concurrent tender offer and consent solicitation, with any additional proceeds to be used for working capital and general corporate purposes; Palm Beach Gardens, Fla.-based specialty contracting utilities services provider; pricing Jan. 10 week.

ELIZABETH ARDEN INC.: $225 million senior notes due 2021 (B1/B/); J.P. Morgan Securities LLC, Bank of America Merrill Lynch, Wells Fargo Securities (joint), HSBC (co); Rule 144A; non-callable for five years; to fund tender for 7¾% senior subordinated notes due 2014; Miramar, Fla.-based beauty products company also has global headquarters in New York and Geneva; roadshow starts Jan. 10; pricing Jan. 13.

DIRECTBUY: $325 million senior secured second-lien notes due 2017 (B2/B); J.P. Morgan Securities LLC; non-callable for three years; to refinance debt; Merrillville, Ind., members-only showroom and home design center that offers merchandise at manufacturer-direct prices; roadshow starts Jan. 11; pricing Jan. 13.

POLYMER GROUP INC.: $545 million secured notes, maturity to be determined; Citigroup Global Markets Inc., Morgan Stanley & Co. Inc., Barclays Capital Inc., RBC Capital Markets Corp.; to help fund buyout by the Blackstone Group; Charlotte, N.C., producer of non-wovens for the medical and industrial markets; expected to launch during Jan. 10 week.

EXPECTED JANUARY BUSINESS

ASHLAND DISTRIBUTION: $600 million high-yield bonds and bank debt; Bank of America Merrill Lynch; to fund LBO by TPG Capital, expected to close by end of March 2011; also $400 million equity.

EXPECTED EARLY 2011 BUSINESS

AFREN PLC: Dollar-denominated senior secured notes; to repay debt and for general corporate purposes; Deutsche Bank Securities, Goldman Sachs & Co., BNP Paribas; London-based independent oil and gas exploration and production company; expected early 2011 business.

DEL MONTE FOODS CO.: $1.6 billion senior notes and $3 billion credit facility; J.P. Morgan Securities LLC, Barclays Capital Inc., Morgan Stanley & Co. Inc., Bank of America Merrill Lynch, KKR Capital Markets to lead debt financing; to fund LBO by Kohlberg Kravis Roberts & Co. LP, Vestar Capital Partners and Centerview Partners, expected to be completed by the end of March 2011; San Francisco-based branded pet and consumer products company; expected early 2011 business.

GALA CORAL GROUP, LTD.: Up to £600 million senior notes with minimum seven-year tenor; Goldman Sachs & Co. and the Royal Bank of Scotland expected to be involved; to repay senior secured bank loans; Nottingham, England-based gaming and off-track betting company; expected early 2011 business.

GRIFOLS SA: $1.1 billion senior notes; also $3.4 billion credit facility (Ba3/BB) via Deutsche Bank, Nomura, BBVA, BNP Paribas, HSBC and Morgan Stanley; to help fund the company's acquisition of Talecris Biotherapeutics Holdings Corp.; Grifols is a Barcelona, Spain-based health care company and producer of plasma protein therapies. Talecris is a Research Triangle Park, N.C.-based biotherapeutics products company; roadshow held in December; early 2011 business.

J. CREW GROUP INC.: $600 million senior notes; Goldman Sachs & Co., Bank of America Merrill Lynch (joint); proceeds, along with $1 billion term loan and $250 million ABL revolver, to fund the approximately $3 billion LBO of the company by TPG Capital and Leonard Green & Partners LP; also $1.1 billion in equity financing; New York-based retailer of clothing and accessories; expected early 2011 business.

THE 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.

VIKING RIVER CRUISES: Expected $200 million high-yield notes; Credit Suisse; Los Angeles-based river cruise line; possible January business.

ON THE HORIZON

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.

CANADIAN SATELLITE RADIO HOLDINGS INC.: (parent company of XM CANADA): about C$130 million of senior notes; to help fund the all-stock merger of equals of XM Canada with Sirius Canada Inc., with a combined enterprise value of about $520 million, transaction subject to approval by CSR's shareholders (other than Sirius XM and its affiliates) at a special meeting anticipated to be held in February 2011.

CPI INTERNATIONAL INC.: $215 million notes and $178 million credit facility; UBS Investment Bank; to fund LBO of the company by Veritas Capital; Palo Alto, Calif.-based provider of microwave, radio frequency, power and control solutions for critical defense, communications, medical, scientific and other applications.

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 solutions 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).

ROADSHOWS

Pricing early Jan. 10 week: COMMSCOPE, INC. $1.5 billion; J.P. Morgan Securities LLC.

Through the middle of the Jan. 10 week: UCI INTERNATIONAL, INC. $250 million; Credit Suisse, HSBC, Nomura Capital Markets.

Pricing Jan. 10 week: LAREDO PETROLEUM, INC. $300 million; Bank of America Merrill Lynch, J.P. Morgan Securities LLC, Wells Fargo Securities.

Pricing Jan. 10 week: DYCOM INVESTMENTS, INC. $175 million; Goldman Sachs & Co., Bank of America Merrill Lynch.

Starts Jan. 10: ELIZABETH ARDEN INC. $225 million; J.P. Morgan Securities LLC, Bank of America Merrill Lynch, Wells Fargo Securities.

Starts Jan. 11: DIRECTBUY $325 million; J.P. Morgan Securities LLC.

© 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.