High Yield Calendar

Total amount of dollar-denominated high-yield bond offerings being marketed: $1.607 billion

WEEK OF MARCH 8

MRS. FIELDS FAMOUS BRANDS LLC/MRS. FIELDS FINANCING CO. INC.: up to $121.7 million senior secured notes due 2011 (B3); Jefferies & Co.; Rule 144A; non-callable for four years; three-year 35% equity clawback; to repay debt; Salt Lake City-based franchisor in snack food industry; price talk 11¼%-11½%; pricing Monday.

ESCHELON TELECOM: $100 million ($85 million proceeds) senior notes due 2010 (CCC+); Jefferies & Co., Wachovia Securities; non-callable for three years; to repay bank debt; Minneapolis-based voice, data and internet services provider; notes to be offered at a discount price of 85; roadshow started Feb. 25; pricing March 8.

GRANDE COMMUNICATIONS HOLDINGS INC.: $125 million senior notes due 2014 (Caa2/CCC); Bear Stearns & Co. (books), Deutsche Bank Securities (co); Rule 144A; non-callable for five years; to refinance existing debt, fund capital expenses and general corporate purposes; San Marcos, Tex.-based internet, local and long-distance telephone and cable TV company; roadshow Feb. 24-March 3; expected to price Monday.

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 starts March 8; pricing expected early March 15 week.

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; roadshow started middle of March 1 week; pricing expected on March 11.

TEAM HEALTH: $180 million senior subordinated notes due 2012; 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; roadshow March 3-11.

INTERACTIVE HEALTH FINANCE CORP.: $80 million in senior notes due 2011 (B2/B-); Jefferies & Co. (books), Imperial Capital LLC (co); Rule 144A with registration rights; to repay bank debt and fund a dividend payment; robotic massage chair producer and marketer; roadshow to start during March 8 week.

WEEK OF MARCH 16

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.

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 starts March 8 in Europe, March 18 in U.S.

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

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 Feb. 25: ESCHELON TELECOM $100 million ($85 million proceeds); Jefferies & Co., Wachovia Securities; 6NC3

Started middle of March 1 week: BEAL FINANCIAL CORP. $500 million; Friedman Billings Ramsey; Rule 144A; 10NC3

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

Starts 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

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

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

© 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.