High Yield Calendar

Total amount of dollar-denominated high-yield bond offerings being marketed: $3.455 billion

WEEK OF MARCH 8

TEAM HEALTH: $180 million senior subordinated notes due 2012 (B-); Banc of America, JP Morgan, Merrill Lynch & Co. (joint); Rule 144A; non-callable for four years; to refinance existing senior debt, help fund tender for 12% senior subordinated notes, redeem 10% preferred PIK shares, and possible cash dividend to shareholders; Knoxville, Tenn. provider of outsourced physician services; price talk 9% area; pricing Friday.

PEABODY ENERGY: $200 million of senior notes due 2016 (Ba3/BB-); Morgan Stanley & Co., Credit Suisse First Boston (joint) Citigroup (co); off-the-shelf; non-callable for five years; also offering 6.5 million shares of common stock; to fund acquisition of coal operations from RAG Coal International AG and for general corporate purposes; St. Louis-based coal company; investor conference call 10:30 a.m. ET Thursday; possibly pricing as early as Friday.

http://www.sec.gov/Archives/edgar/data/1064728/000095012304003166/y94930b5e424b5.htm

BEAL FINANCIAL CORP.: $500 million senior secured notes due 2014 (B1/BB-); Friedman Billings Ramsey (books), Howe Barnes (co); Rule 144A; callable at 105 in 2007; secured by a first priority perfected lien on all capital stock of subsidiary banks; to fund growth and for general corporate purposes; Dallas bank; price talk 8%-8¼%.

WEEK OF MARCH 15

OMEGA HEALTHCARE INVESTORS, INC.: $200 million senior notes due 2014 (BB-); Deutsche Bank Securities, UBS Investment Bank; Rule 144A; $125 million new senior credit facility, to repay senior secured credit facility due 2007, to redeem 9¼% series A preferred stock and for general corporate purposes; Timonium, Md.-based real estate investment trust investing in long-term care industry; roadshow started March 8; pricing Monday.

RAIT INVESTMENT TRUST: $50 million preferred issue: 2,000,000 shares of Series A redeemable preferred shares at $25.00 per share; symbol: RASpfdA on the New York Stock Exchange; Friedman Billings Ramsey (books), Stifel Nicolaus (co); for general corporate purposes; internally managed mortgage REIT that originates senior, subordinated, bridge, and wraparound real estate loans, headquartered in Philadelphia; expected to price Monday.

SIERRA PACIFIC RESOURCES: $300 million senior notes due 2014 (expected ratings B2/B-); Lehman Brothers, Merrill Lynch & Co. (joint), UBS Investment Bank (co); Rule 144A; non-callable for five years; to fund tender for 8¾% notes due 2005; Reno, Nev.-based holding company for Nevada Power Co. and Sierra Pacific Power Co.; roadshow started March 11; pricing March 16.

RURAL CELLULAR CORP.: $510 million in two tranches expected ratings (B3/B-): floating rate notes due 2010, non-callable for two years and senior secured notes due 2012, non-callable for four years, tranche sizes to be determined; Lehman Brothers, Banc of America Securities (joint), Lazard (co); Rule 144A/Regulation S; to repay bank debt and terminate interest rate swap agreements; Alexandria, Minn.-based wireless services provider; roadshow started March 9; pricing early in March 15, week.

AMERICAN ACHIEVEMENT CORP.: $150 million senior subordinated notes due 2012; Goldman Sachs & Co., Deutsche Bank Securities; Rule 144A/Regulation S; also proposed $195 million credit facility; to help fund acquisition of American Achievement by a new company organized and managed by Fenway Partners from Castle Harlan Inc.; Austin, Tex. manufacturer and seller of high school and college class rings and yearbooks; roadshow expected to start March 9; pricing expected March 17.

RIVERDEEP: €205 million senior notes due 2011; Credit Suisse First Boston; Rule 144A/Regulation S; non-callable for three years; to fund buyout of Alchemy Partners' and Michael Dell's equity interests in Riverdeep; Dublin, Ireland-based provider of CD-ROM and internet-based courseware and assessment and management tools; roadshow started March 11 in Europe; pricing middle of March 15 week.

INTERACTIVE HEALTH FINANCE CORP.: $80 million senior notes due 2011 (B2/B-); Jefferies & Co. (books), Imperial Capital LLC (co); Rule 144A with registration rights; non-callable for three years; three-year 40% equity clawback; to repay bank debt and fund a dividend payment; robotic massage chair producer and marketer; roadshow March 8-19.

STANDARD COMMERCIAL CORP.: $150 million senior notes due 2012 (BB+); Deutsche Bank Securities, ING; Rule 144A; non-callable for four years; to redeem 8 7/8% senior notes due 2005 and 7¼% convertible subordinated debentures due 2007 and repay bank debt; Wilson, N.C. independent leaf tobacco dealer; roadshow started March 8 in Europe, March 18 in U.S.

ISPAT INLAND, ULC: $800 million in two tranches of senior secured notes (Caa1/B-): floating-rate notes due 2010, non-callable for one year and fixed-rate notes due 2014, non-callable for five years; UBS Investment Bank; Rule 144A/Regulation S; to repay debt; fourth largest U.S. integrated steel company; roadshow started March 10; pricing at the end of March 15 week.

BAXI HOLDINGS LTD./HEATING FINANCE PLC: £90 million mezzanine notes due 2014; Royal Bank of Scotland; Rule 144A/Regulation S; to fund acquisition of Baxi by BC Partners from Candover and Kidde plc; Derby, England heating products company; roadshow starts March 16; pricing late in week of March 15.

WEEK OF MARCH 22

REAL MEX RESTAURANTS: $105 million senior secured notes due 2010 (B2/B-); Jefferies & Co.; Rule 144A; non-callable for three years; three year 35% equity clawback; to refinance debt; Southern Calif. restaurant company; roadshow March 11-24; pricing March 24.

DIAMOND JO, LLC: $230 million senior secured notes due 2012; Jefferies & Co.; also new credit facility; to repurchase debt; gaming company, formerly known as Peninsula Gaming Co. and The Old Evangeline Downs, LLC, is headquartered in Dubuque, Iowa; roadshow starts week of March 15.

MTU AERO ENGINE INVESTMENTS: €240 million senior notes due 2014 (expected ratings B2/B); JP Morgan, Credit Suisse First Boston (joint), Commerzbank (co); Rule 144A; to fund the recent acquisition of MTU Aero Engines by funds managed by Kohlberg Kravis Roberts & Co.; Munich, Germany-based aircraft engine component manufacturer and independent provider of maintenance, repair and overhaul services for commercial and military jet engines; Europe and U.S. roadshows start March 15.

SECOND QUARTER

B&G FOODS HOLDINGS CORP.: senior debt offering, likely high yield bonds; Lehman Brothers; also common stock and subordinated notes IPO via RBC Capital Markets, Credit Suisse First Boston, Merrill Lynch & Co., Lehman Brothers and Piper Jaffray; registered deal; to repay bank debt, call $220 million 9 5/8% senior subordinated notes due 2007 at 103.208% and repurchase preferred stock and a significant portion of outstanding class B common stock; Parsippany, N.J. company manufacturer of shelf-stable food products across the U.S., Canada and Puerto Rico.

ON THE HORIZON

ARTEVA SPECIALTIES/INVISTA: $1.2 billion guaranteed unsecured notes due 2012 (B1); JP Morgan and others; also $1.8 billion credit facility; Koch will contribute $2.2 billion in equity; to fund fund the $4.4 billion acquisition of Invista (formerly DuPont Textiles & Interiors) by subsidiaries of Koch Industries, KED Fiber Ltd and KED Fiber LLC.; Wichita Kansas company produces chemical intermediates, polymers and fibers for use in the manufacture of nylon, spandex, and polyester products.

VWR INTERNATIONAL: bonds to support acquisition of VWR by Clayton, Dubilier & Rice Inc. from Merck KGaA for $1.65 billion; Deutsche Bank Securities, Citigroup; also $540 million credit facility led by same banks; West Chester, Pa., distributor of laboratory supplies to the industrial, pharmaceutical, educational and government markets.

NTL INC.: £1 billion bond offering; also £2.425 billion credit facility; Credit Suisse First Boston, Deutsche Bank Securities, Goldman Sachs & Co., Morgan Stanley; Rule 144A/Regulation S; to refinance debt; New York City-based company provides cable TV services in U.K.

CELANESE AG: High yield bonds; Morgan Stanley Dean Witter, Deutsche Bank Securities; to help fund €3.1 billion LBO by Blackstone; Frankfurt, Germany industrial chemical company.

CABLECOM HOLDING AG: CHF450 million high yield bond issue; CHF1.4 billion credit facility via BNP Paribas, Credit Suisse First Boston, Deutsche Bank Securities, Goldman Sachs & Co., JP Morgan; to refinance debt; Swiss cable TV company.

SEA CONTAINERS LTD.: $150 million senior notes due 2014; Citigroup; to retire $80 million 12½% debentures due Dec. 1, 2004 at par, acquisitions currently under negotiation, or other corporate purposes; marine container lessor, passenger and freight transport operator and leisure industry investor based in Hamilton, Bermuda.

INVISTA INC.: $1.2 billion senior notes; also $1.8 billion of credit facility, via Credit Suisse First Boston, JP Morgan (four-B ratings expected); help fund acquisition of Invista by Koch Industries Inc. from DuPont for $4.4 billion in cash; Wilmington, Del., integrated fiber and intermediates business; acquisition expected to close during first half of 2004.

ADELPHIA COMMUNICATIONS CORP.: High yield bonds as part of $8 billion bond and bank loan exit financing from Chapter 11; Deutsche Bank Securities; Greenwood Village, Colo. cable television company.

SEITEL, INC.: $180 million high-yield bonds to help fund exit from Chapter 11; Houston seismic information and technology company.

GLOBAL MOTORSPORT GROUP INC.: $85 million senior secured notes due 2008 (B-); Jefferies & Co.; Rule 144A; non-callable for three years; to repay bank debt; Morgan Hill, Calif.-based aftermarket supplier of motorcycle parts.

LOEWS CINEPLEX THEATRES: senior subordinated notes; Rule 144A; coming with senior credit facility and IPO; IPO via Goldman Sachs, Citigroup, Credit Suisse First Boston and Merrill Lynch; to repay debt and for general corporate purposes; motion picture exhibitor headquartered in New York City.

SEAT PAGINE GIALLE: €1.2 billion bonds; to help fund €6 billion LBO by BC Partners, CVC, Investitori Associati and Permira.

ROADSHOWS

Started March 8: OMEGA HEALTHCARE INVESTORS, INC. $200 million; Deutsche Bank Securities, UBS Investment Bank; senior notes due 2014; Rule 144A; 10-year

Started March 9: AMERICAN ACHIEVEMENT CORP. $150 million; Goldman Sachs & Co., Deutsche Bank Securities; Rule 144A/Regulation S; eight-year

Starts March 8 week: INTERACTIVE HEALTH FINANCE CORP. $80 million; Jefferies & Co.; Rule 144A; seven-year

Started March 8 in Europe: STANDARD COMMERCIAL CORP. $150 million; Deutsche Bank Securities, ING; Rule 144A; 8NC4

Started March 9: RURAL CELLULAR CORP. $510 million; Lehman Brothers, Banc of America Securities; Rule 144A/Regulation S; 6NC2 and 8NC4

Started March 10: ISPAT INLAND, ULC $800 million; UBS Investment Bank; Rule 144A/Regulation S; 6NC1 and 10NC5

Started March 11: RIVERDEEP €205 million; Credit Suisse First Boston; Rule 144A/Regulation S; 7NC3

Started March 11: SIERRA PACIFIC RESOURCES $300 million; Lehman Brothers, Merrill Lynch & Co.; Rule 144A; 10NC5

March 11-24: REAL MEX RESTAURANTS $105 million; ; Jefferies & Co.; Rule 144A; 6NC3

Starts March 16: BAXI HOLDINGS LTD./HEATING FINANCE PLC £90 million; Royal Bank of Scotland; Rule 144A/Regulation S; 10-year

Starts March 15: MTU AERO ENGINE INVESTMENTS €240 million; JP Morgan, Credit Suisse First Boston; Rule 144A; 10-year

Starts March 15 week: DIAMOND JO, LLC $230 million; Jefferies & Co.; eight-year

Note: Emerging markets deals are now tracked in the Prospect News Emerging Markets Daily.

RECENT SHELF FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION

AMERICA WEST AIRLINES, INC. (Symbol: AWA): $500 million shelf filed March 10 for classB, common stock, preferred stock, depositary shares, debt securities, warrants, stock purchase contracts and stock purchase units; securities may be issued as convertibles; Phoenix, Ariz. airline will use proceeds for general corporate purposes.

http://www.sec.gov/Archives/edgar/data/1029863/000095014904000596/f97065sv3.htm

GREY WOLF, INC. (Symbol: GW): $500 million shelf filed March 10 for debt securities, common stock, preferred stock, depositary shares, warrants, purchase contracts and units; securities may be issued as convertibles; includes $148 million previously registered but unsold; Houston provider of contract drilling services will use proceeds for general corporate purposes.

http://www.sec.gov/Archives/edgar/data/1243345/000095012904001128/h13379sv3.txt

WESTAR ENERGY, INC. (Symbol: WR): $400 million debt securities (previously registered but unsold), $500 million first mortgage bonds and 14 million shares of common stock; debt securities may be issued as convertibles; Topeka, Kan, electric utility will use proceeds for general corporate purposes.

http://www.sec.gov/Archives/edgar/data/54507/000095010304000354/mar0804_s3.htm

© 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.