N&W Global Vending adds to building calendar; inVentive recent deal slips; ‘go-tos’ mixed

By Paul A. Harris and Stephanie N. Rotondo

Seattle, Oct. 3 – The primary high-yield bond market was taking a breather on Monday, as Rosh Hashanah kept some players away from their desks.

N&W Global Vending SpA generated the only primary market news heard on Monday, as it began a roadshow for a €300 million offering of seven-year senior secured fixed-rate notes (expected ratings B2/B).

The deal is expected to price on Thursday.

Goldman Sachs International and Deutsche Bank are joint global coordinators and joint bookrunners. Banca IMI and Credit Agricole are also joint bookrunners.

The notes come with three years of call protection.

Proceeds will be used to repay the bridge loan used in the financing of Lone Star Funds' acquisition of N&W Global Vending, a vending machine company with headquarters in the United Kingdom.

The issuing entity will be LSF9 Canto Investments SpA, an affiliate of Lone Star.

N&W Global Vending takes its place on a calendar already populated by handful of deals expected to price by the end of the week.

Lions Gate Entertainment Corp. is on the road with a $520 million offering of eight-year senior notes (expected ratings B2/B-).

Alliance One International is roadshowing $275 million, expected to price in the week ahead.

Also on the road is CBS Corp. with $460 million.

Virgin Australia Holdings Ltd. plans to sell a to-be-determined amount of five-year senior notes in the week ahead.

And Confie is in the market with $350 million of six-year senior notes.

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