High Yield Calendar: $1.5 billion deals being marketed

Aug. 5 Week

ORIONSTONE PTY LTD.: $200 million seven-year secured notes; 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.; conference call on Aug. 5; roadshow begins Aug. 5; pricing expected Aug. 9.

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%.

MURPHY OIL USA INC.: $500 million 10-year notes; Rule 144A and Regulation S with registration rights; J.P. Morgan Securities LLC, Stephens (joint bookrunners); RBC Capital Markets, Regions, Wells Fargo Securities, UBS, BTMU, Fifth Third, Capital One, Comerica, PNC (co's); non-callable for five years; proceeds from the offering will be used to fund a dividend to Murphy Oil Corp; oil and gas exploration and production company is based in El Dorado, Ark; roadshow began Aug. 5; price talk 6% to 6¼%; pricing Aug. 9.

VENOCO INC. (DENVER PARENT CO.): $250 million senior PIK toggle HoldCo notes due 2018; Citigroup Global Markets Inc., BofA Merrill Lynch, ABN Amro Inc., BOSC, Credit Suisse Securities (USA) LLC, Keybanc Capital Markets LLC, Santander Investment Securities Inc., Scotia Capital (USA) Inc., RB International; Rule 144A, Regulation S; non-callable for two years; up to 35% equity clawback and a 101% poison put; proceeds used to redeem company's existing HoldCo notes and tender for 11½% OpCo notes; Denver-based energy company; investor call noon ET Aug. 8; roadshow Aug.7-9; pricing Aug. 9.

Aug. 12 Week

DS WATERS OF AMERICA INC.: $350 million eight-year second-priority senior secured notes; Credit Suisse, Barclays, Jefferies, BMO Capital; Rule 144A with registration rights; non-callable for three years, then callable at par plus ¾ of the coupon; up to 35% equity clawback for the first three years; change of control investor put at 101%; Atlanta-based direct-to-consumer beverage services provider; roadshow starts Aug. 9; pricing Aug. 12 week

On The Horizon

ACTIVISION BLIZZARD INC. $2.5 billion: $1 billion first-lien senior secured notes and $1.5 billion senior unsecured notes; J.P. Morgan Securities LLC, BofA Merrill Lynch; also $2.5 billion credit facility; proceeds, along with about $1.2 billion cash on hand, to acquire approximately 429 million Activision shares and certain tax attributes from Vivendi, in exchange for roughly $5.83 billion in cash, or $13.60 per share, in a transaction expected to close by the end of September 2013; Activision Blizzard is a Santa Monica Calif.-based interactive entertainment publishing company.

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.

DELL INC. $3.25 billion secured notes: $2 billion first-lien notes and $1.25 billion second-lien notes; also $7.5 billion credit facility; BofA Merrill Lynch, Barclays, Credit Suisse Securities (USA) LLC, RBC Capital Markets; to help fund the acquisition of the company by Michael Dell and Silver Lake, expected to close at the end of the second quarter of 2013; Round Rock, Texas-based provider of technology and business products and services.

FORESIGHT ENERGY LLC: New senior unsecured debt securities and/or new secured credit facility; in connection with the tender offer for $600 million of its 9 5/8% senior notes due 2017, via Morgan Stanley & Co. LLC and Citigroup Global Markets Inc., expires Aug. 19; St. Louis-based producer of thermal coal.

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.

HUDSON'S BAY CO.: $400 million senior notes and $1.9 billion term loan (expected blended rate in the mid-5% range); Bank of America Merrill Lynch, RBC Capital Markets; to fund the acquisition of Saks, Inc., expected to close by the end of 2013; Hudson's Bay is an Ontario-based department store operator; Saks is a New York-based retailer.

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.

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.

NIELSEN HOLDINGS NV: $1.3 billion bridge, most or all to be taken out with high-yield bonds, to fund its acquisition of Arbitron Inc.; J.P. Morgan Securities LLC; Nielsen is a New York and Netherlands-based provider of information and insights into what consumers watch and buy; Arbitron is a Columbia, Md.-based media and marketing research firm.

PETAQUILLA MINERALS LTD.: Possible 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; possible 2013 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.

TENET HEALTCARE CORP.: $2.8 billion senior notes backed by a bridge loan and $1.8 billion term loan; BofA Merrill Lynch (sole); to help fund the acquisition of Vanguard Health, expected to close before the end of 2013; Tenet is a Dallas-based health care services company; Vanguard is a Nashville, Tenn.-based owner and operator of acute care and specialty hospitals and complementary facilities.

Roadshows

Starting Aug. 9: DS WATERS OF AMERICA INC.: $350 million second-priority senior secured notes; Credit Suisse, Barclays, Jefferies, BMO Capital.

Started Aug. 7: VENOCO INC.: $250 million senior PIK toggle HoldCo notes; Citigroup, BofA Merrill Lynch.

Started Aug. 5: ORIONSTONE PTY LTD.: $200 million; Morgan Stanley.

Started Aug. 5: MURPHY OIL USA INC.: $500 million; JPMorgan, Stephens.

Started July 30: RCN $200 million; Credit Suisse, SunTrust.

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