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Published on 5/7/2012 in the Prospect News High Yield Daily.

High Yield Calendar: $6.48 billion and €550 million deals being marketed

May 7 week

DISH NETWORK CORP. and DISH DBS CORP.: $1.5 billion senior notes (Ba2/BB-) due 2017, price talk 4¾% area, and due 2022, price talk 5¾% to 5 7/8%; Deutsche Bank Securities Inc.; Rule 144A and Regulation S; for general corporate purposes; Englewood, Colo.-based satellite broadcasting company; quick-to-market deal announced on Monday.

THOMPSON CREEK METALS CO., INC.: $200 million senior notes due 2019 (confirmed Caa2/expected CCC+); J.P. Morgan Securities LLC, Deutsche Bank Securities Inc., RBC Capital Markets (joint), Standard Chartered Bank, SG CIB, UBS Investment Bank (co's); SEC registered; non-callable for four years; to fund construction of the Mt. Millgan copper-gold mine and for working capital; mining company is based in Vancouver, B.C., and Littleton, Colo.; pricing Tuesday.

LOUISIANA-PACIFIC CORP.: $300 million senior notes due 2020; Goldman Sachs & Co., Bank of America Merrill Lynch, RBC Capital Markets (joint); to repurchase, redeem or otherwise retire all of its outstanding 13% senior secured notes due 2017 and for other general corporate purposes; Nashville, Tenn.-based building materials company; roadshow May 8-9.

CARLSON WAGONLIT BV: $850 million equivalent senior secured notes due 2019 in dollar- and euro-denominated notes (high single B ratings expected); J.P. Morgan Securities LLC (left books), BNP Paribas, Jefferies & Co., Lloyds TSB, Morgan Stanley & Co. (joint books); Rule 144A and Regulation S for life; callable after three years at par plus 75% of coupon; to refinance existing loan and floating-rate notes; Amsterdam-based travel management services provider; European roadshow April 30-May 2; U.S. roadshow May 3-8; pricing expected May 9.

MAGNUM HUNTER RESOURCES: $450 million senior notes due 2020; Citigroup Global Markets, Credit Suisse Securities (USA) LLC (joint physical books; will jointly allocate; Credit Suisse will bill and deliver), BMO Securities, Capital One Southcoast, Deutsche Bank Securities, Goldman Sachs & Co., RBC Capital Markets, UBS Securities LLC (joint books); Rule 144A and Regulation S with registration rights; non-callable for four years; to fund the Baytex acquisition, repay existing revolver and term loan, and for general corporate purposes; Houston-based independent exploration and production company; pricing week of May 7.

SCHMOLZ + BICKENBACH LUXEMBOURG SA (SCHMOLZ + BICKENBACH AG): €300 million senior secured notes due 2019 (B1); BNP Paribas, Commerzbank, Credit Suisse, Royal Bank of Scotland, UniCredit (joint); Rule 144A and Regulation S for life; callable after three years at par plus 75% of coupon; to refinance bank debt and general corporate purposes; Emmenbruecke, Switzerland-based specialty steel manufacturer; roadshow May 2-7.

OPI INTERNATIONAL: $125 million first-lien senior secured notes due 2017; Global Hunter Securities; non-callable for three years; to help fund the acquisition of offshore construction vessels and refinance debt; Houston-based services provider to the offshore oil and gas industry; roadshow started April 24; pricing May 7 week.

MONIER GROUP: €250 million senior secured notes due 2019 (B2//B+); JPMorgan, Deutsche Bank AG, Morgan Stanley; Rule 144A for life; non-callable for three years; to refinance bank debt; Frankfurt, Germany-based supplier of roofing products and services; price talk 10¼% to 10½%.

GARDEN RIDGE CORP.: $360 million senior secured notes due 2019 (single B profile); Jefferies & Co., UBS Securities LLC (joint); Rule 144A for life; callable after three years at par plus 75% of coupon; to refinance existing debt; Houston-based retail superstore specializing in home decor; investor call May 3; pricing middle of May 7 week.

PENN VIRGINIA RESOURCE PARTNERS, LP and PENN VIRGINIA RESOURCE FINANCE CORP. II: $450 million senior notes due 2020 (confirmed B2/existing B); RBC Capital Markets, J.P. Morgan Securities LLC, Wells Fargo Securities LLC, SunTrust Robinson Humphrey (joint), PNC Capital Markets, Mitsubishi UFJ Securities, Citigroup Global Markets, RBS Securities, Barclays Capital (co-leads), BB&T Capital Markets, Capital One Southcoast, Comerica Securities, Deutsche Bank Securities Inc., TD Securities, UBS Investment Bank, Huntington Investment Co. (co-managers); Rule 144A and Regulation S with registration rights; non-callable for four years; three-year 35% equity clawback; 101% poison put; to fund the acquisition of Chief Gathering LLC from Chief E&D Holdings LP, and pay down revolver; ; Penn Virginia is a Radnor, Pa.-based owner and manager of coal and natural resource properties, and midstream natural gas gathering and processing businesses; roadshow started May 7; pricing late in the week of May 7 or early in the week of May 14.

TEKNI-PLEX, INC.: $480 million senior secured notes due 2019 (/B-/); Bank of America Merrill Lynch, Credit Suisse Securities (USA) LLC (joint), Jefferies & Co., Wells Fargo Securities LLC (co's); Rule 144A and Regulation S for life; callable after three years at par plus 75% of coupon; 101% poison put; proceeds, together with cash on hand and proceeds from an equity offering, to repay an existing term loan and senior secured notes; King of Prussia, Pa.-based manufacturer of packaging products primarily serving the health care, food and consumer industries; roadshow starts Tuesday; pricing later in the May 7 week.

SELECT MEDICAL CORP.: $365 million senior notes due 2020 (/B-); Morgan Stanley & Co. LLC, Bank of America Merrill Lynch, Goldman Sachs & Co., J.P. Morgan Securities LLC, RBC Capital Markets, Wells Fargo Securities LLC (joint); Rule 144A with registration rights; non-callable for four years; to repurchase the existing senior subordinated notes and general corporate purposes; Mechanicsburg, Pa.-based operator of specialty hospitals and outpatient rehabilitation clinics; roadshow starts May 8; investor call noon ET May 8; pricing expected May 11.

AGS HOLDINGS, LLC and AGS FINANCING CORP. (AMERICAN GAMING SYSTEMS INC.): $150 million senior secured notes due 2017; Credit Suisse (books); Rule 144A for life; non-callable for 2.5 years; three-year 35% equity clawback; 101% poison put; to refinance existing debt and fund the buyout of the Bluberi Gaming Technologies development agreement; Henderson, Nev.-based provider of equipment and services to the gaming industry.

ALIMAK HEK INC.: Possible notes offering; SEB Enskilda, Handelsbanken; Stockholm-based manufacturer of industrial lifts; Scandinavia-only roadshow starts May 2.

May 14 week

NORTHERN OIL AND GAS, INC.: $250 million senior notes due 2020; RBC Capital Markets (sole), Capital One Southcoast, SunTrust Robinson Humphrey, Canaccord Genuity Corp., BMO Securities, Global Hunter Securities, Howard Weil Inc., KeyBanc Capital Markets, US Bancorp, BB&T Capital Markets, BOSC Inc., Lloyds Securities, C.K. Cooper & Co. (co's); Rule 144A and Regulation S with registration rights; non-callable for four years; three-year 35% equity clawback; 101% poison put; to repay revolver debt and general corporate purposes; Wayzata, Minn.-based independent oil and gas acquisition, exploration, development and production company; roadshow starts May 8; pricing in the early- or middle part of the May 14 week.

INMET MINING CORP.: $1 billion senior notes due 2020 (expected ratings B1/BB-); J.P. Morgan Securities LLC (bill and deliver, global coordinator), Credit Suisse Securities (USA) LLC (global coordinator), Bank of America Merrill Lynch, Citigroup Global Markets, Morgan Stanley & Co., RBC Capital Markets (joint books), CIBC World Markets, Scotia Capital (co's); Rule 144A and Regulation S for life; non-callable for four years; to fund capital expenditures and for general corporate purposes; Toronto-based, mid-tier global copper and zinc mining company; roadshow started May 7; pricing expected May 15.

Expected May business

HARLAND CLARKE HOLDINGS CORP. $300 million senior secured notes; to repay bank debt associated with an amendment and three-year extension of the company's senior secured term loan which launched on May 1, 2012 via Credit Suisse Securities (USA) LLC, commitments due May 7; San Antonio-based provider of integrated payment, marketing and security services and retail products.

MEDIA GENERAL INC.: $225 million minimum senior notes; J.P. Morgan Securities LLC, Bank of America Merrill Lynch (joint); $190 million to be used to repay amounts outstanding under the existing credit facility and a to-be-determined amount will be used to fund a liquidity account (term loan maturity extension announced on March 20 was conditioned upon the company's ability to raise $225 million in the high-yield market by May 25, 2012); Richmond, Va.-based diversified media company.

NGPL PIPECO: $600 million senior secured notes; Credit Suisse Securities (USA) LLC, Barclays Capital Inc., RBC Capital Markets LLC (joint); also $675 million credit facility, commitments due May 4; to help fund tender for 6.514% senior notes due 2012, which expires May 11, 2012; Houston-based natural gas transportation and storage company; timing of notes launch to be determined.

On the Horizon

CKX ENTERTAINMENT, INC.: $360 million senior secured second-lien notes due 2019 (/B-/); Goldman Sachs & Co. (left books), Macquarie Group Ltd. (joint books); Rule 144A and Regulation S; non-callable for four years; to fund the purchase of common stock and repay existing credit facility; New York City-based owner and developer of entertainment content; possible business for the first quarter of 2012.

CONSOLIDATED COMMUNICATIONS HOLDINGS INC.: $350 million senior notes; to take out bridge loan backing the acquisition of Roseville, Calif.-based communications services provider SureWest Communications; Morgan Stanley Senior Funding Inc. is leading the debt financing; Mattoon, Ill.-based communications company; acquisition expected to close in the fourth quarter of 2012.

ENERGY TRANSFER EQUITY, LP: $3.2 billion high-yield bonds to help complete the $7.9 billion merger of Energy Transfer and Southern Union Co., including repayment of $3.7 billion of Southern Union debt; Energy Transfer is a Dallas-based oil and gas pipeline company.

FOUR SEASONS HEALTH CARE: £525 million high-yield bonds; Barclays plc, Goldman Sachs International; to help fund the £825 million LBO of the company by Terra Firma Capital Partners Ltd., expected to close during the first half of 2012; Wilmslow, England-based care home operator.

FRESENIUS SE & CO. KGAA: €5.3 billion of secured and unsecured debt including notes; Deutsche Bank, JPMorgan, Societe Generale, Credit Suisse, UniCredit; to help fund the public takeover offer to Rhon-Klinikum AG shareholders, expected to close in the third quarter of 2012, and refinance a credit facility that was obtained in 2008 for the acquisition of APP Pharmaceuticals; Bad Homburg, Germany-based provider of dialysis services and products.

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; expected during first quarter of 2012.

GREENFIELD ETHANOL INC.: C$175 million of five-year senior second-lien notes (/B+//DBRS: B); Scotia Capital Inc. (lead); Macquarie Capital Markets Canada Ltd., Societe Generale (Canada) and TD Securities Inc. (co-managers); non-callable for three years, 101% change-of-control put; equity clawback for up to 35% in first three years; Canada call at 50 bps over Canadian government benchmark; guarantors GreenField Ethanol (Johnstown) Inc.; GreenField Ethanol (Hensall) Inc.; GreenField Hensall LP; GreenField Hensall GP Inc.; Pharmco Products Inc.; Aaper Alcohol and Chemical Co., Aaper Holdings Inc.; GreenField Ethanol of Quebec Inc. and all future restricted subsidiaries of GreenField.; proceeds to repay debt, to terminate existing interest rate swap agreements and for general corporate purposes; Ontario-based GreenField Ethanol is Canada's largest ethanol company.

HOLOGIC INC.: $500 million unsecured notes and $3.3 billion credit facility led by Goldman Sachs & Co.; to fund the $3.7 billion, $82.75 per share, acquisition of Gen-Probe Inc., expected to close during the second half of 2012; Hologic is a Bedford, Mass.-based developer medical diagnostic systems developer and manufacturer; Gen-Probe is a San Diego-based molecular diagnostics developer and manufacturer.

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; price talk 10% coupon to yield 12% at an issue price of approximately 90.00.

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.

P.F. CHANG CHINA BISTRO INC.: New high-yield bonds and credit facility to help fund the approximately $1.1 billion LBO by Centerbridge Partners LP, which is expected to begin a tender for shares no later than May 15, 2012 (transaction expected to close in the third quarter of 2012; Deutsche Bank Securities Inc. and Wells Fargo Securities LLC are leading the financing; Scottsdale, Ariz.-based owner and operator of two restaurant concepts in the Asian niche.

TRINSEO MATERIALS OPERATING SCA: $450 million six-year senior notes (B3/B), non-callable for three years (structure changed from seven-year non-call-four); Barclays Capital Inc. (left lead), Deutsche Bank Securities Inc., BMO Securities, Citigroup Global Markets Inc., Goldman Sachs & Co., HSBC; Rule 144A and Regulation S with registration rights; non-callable for four years; to repay bank debt and for general corporate purposes; diversified chemical company; price talk 12¼% area, including about 3 points of OID; roadshow was in late November 2011; likely business for the first quarter of 2012.

ZAYO GROUP LLC $1.25 billion: $750 million senior secured notes and $500 million senior unsecured notes; also $1.75 billion credit facility; Morgan Stanley Senior Funding Inc. and Barclays Capital Inc. (joint), SunTrust Robinson Humphrey Inc., UBS Securities LLC, RBC Capital Markets LLC, Goldman Sachs & Co.; to fund the acquisition of AboveNet Inc., expected to close by the middle of 2012; financing also includes $290 million of equity from GTCR and Charlesbank Capital Partners and cash on hand; Zayo is a Louisville, Colo.-based provider of fiber-based bandwidth infrastructure and network-neutral colocation and interconnection services.

Roadshows

Started April 24: OPI INTERNATIONAL $125 million; Global Hunter.

Started April 30: CARLSON WAGONLIT: $850 million; JPMorgan, BNP, Jefferies, Lloyds, Morgan Stanley.

Starts May 2: ALIMAK HEK INC.; SEB, Handelsbanken.

Pricing mid-May 7 week: GARDEN RIDGE CORP. $360 million; Jefferies, UBS.

Pricing May 7 week: MAGNUM HUNTER RESOURCES $450 million; Citigroup, Credit Suisse, BMO, Capital One Southcoast, Deutsche Bank, Goldman Sachs, RBC, UBS.

Started May 7: PENN VIRGINIA RESOURCE PARTNERS $450 million; RBC, JPMorgan, Wells Fargo, SunTrust.

Started May 7: INMET MINING CORP. $1 billion; JPMorgan, Credit Suisse, Bank of America Merrill Lynch, Citigroup, Morgan Stanley, RBC.

Starts May 8: NORTHERN OIL AND GAS, INC. $250 million; RBC.

Starts May 8: TEKNI-PLEX, INC. $480 million; Bank of America Merrill Lynch, Credit Suisse.

Starts May 8: SELECT MEDICAL CORP. $365 million; Morgan Stanley, Bank of America Merrill Lynch, Goldman Sachs, J.P. Morgan, RBC, Wells Fargo.

May 8-9: LOUISIANA-PACIFIC CORP. $300 million; Goldman Sachs, Bank of America Merrill Lynch, RBC.


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