High Yield Calendar: $15.735 billion and €1.80 billion deals being marketed

WEEK OF NOV. 6

BRITANNIA BULK PLC: $215 million senior secured notes due 2011; (B3/B-); Jefferies & Co, ABN Amro (joint) Davy Securities (co); Rule 144A with registration rights/Regulation S; non-callable for three years; three-year 35% equity clawback; deal was restructured, was previously in market with a seven-year maturity with four years of call protection; secured by first lien on existing vessels and vessels to be acquired, vessel acquisition account and certain other collateral; to repay all outstanding debt, fund acquisition of vessels and general corporate purposes; London-based owner and operator of drybulk, tug and barge vessels; price talk 10¾% to 11%; pricing expected Tuesday.

CONEXANT SYSTEMS INC.: $250 million floating-rate senior secured notes due 2010 (B1/B+); JP Morgan, Credit Suisse; Rule 144A/Regulation S; non-callable for two years; proceeds, together with cash, cash equivalents and marketable securities, to repay at maturity or otherwise retire its outstanding 4% convertible subordinated notes due Feb. 1, 2007; Newport Beach, Calif., electronics company; price talk three-month Libor plus 375-400 bps; books closed noon ET Tuesday, pricing Tuesday afternoon.

NRG ENERGY INC.: $1.10 billion senior unsecured notes due 2017 (expected ratings B1/B-); Merrill Lynch & Co., Morgan Stanley (joint books); SEC registered; non-callable for five years; to fund payments to counterparties under certain existing long-term hedging agreements to reset hedge price levels to current market prices; Princeton, N.J., wholesale power generation company; investor call 10 a.m. ET Wednesday; pricing Wednesday or Thursday.

GATEWAY TELECOMMUNICATIONS PLC: $100 million senior secured notes due 2013 (B3/B); Citigroup; Rule 144A/Regulation S; non-callable for four years; to repay debt and fund a dividend; telecommunications company with headquarters in London and Johannesburg, South Africa; roadshow Thursday and Friday in London, Paris early in Nov. 6 week; pricing expected Wednesday.

HERCULES HOLDING II LLC (HCA INC.) $5.70 billion (B2/BB-): $4.2 billion senior secured second-lien notes with expected maturities in 2014, non-callable for four years, and 2016, non-callable for five years, $1.5 billion senior second-lien toggle notes expected to mature in 2016, cash-pay or PIK for first five years; expected fourth quarter of 2006; Citigroup, Banc of America Securities LLC, JP Morgan, Merrill Lynch, Deutsche Bank Securities, Wachovia Securities; Rule 144A with registration rights/Regulation S; also $16.80 billion credit facility; to help fund LBO by Bain Capital, Kohlberg Kravis Roberts & Co., Merrill Lynch Global Private Equity and company founder Thomas F. Frist Jr.; Nashville health care services company roadshow Oct. 26-27 in Europe, U.S. roadshow Oct. 31-Nov. 7, pricing thereafter.

BOMBARDIER CAPITAL FUNDING LP (BOMBARDIER INC.) €1.8 billion equivalent in three tranches (Ba2/BB): euro-denominated senior floating-rate notes due 2013, non-callable for two years, dollar denominated senior fixed-rate notes due 2014, non-callable for four years and euro-denominated fixed-rate senior notes due 2016, non-callable for five years; Deutsche Bank Securities, JP Morgan, BNP Paribas (joint); to fund tender for Bombardier Capital Funding's €500 million 6 1/8% notes due 2007 and a portion of Bombardier Inc.'s €500 million 5¾% notes due 2008; Montreal-based aerospace and rail transportation equipment, and financial services company; roadshow started Oct. 30 in United States, Nov. 6 in Europe.

GRIFFIN COAL MINING CO.: $400 million senior notes due 2016 (Ba2/BB-); Merrill Lynch & Co.; Rule 144A for life; non-callable for five years; to repay debt and fund capital expansion and investments; Griffin Coal is a private coal mining company based in Western Australia.

NCO GROUP INC. $365 million notes in two parts: $165 million senior floating-rate notes due 2013 (B3/B-), callable in year two at 102, and $200 million senior subordinated fixed-rate notes due 2014 (Caa1), non-callable for four years; Morgan Stanley, JP Morgan, Banc of America; Rule 144A; to help fund $1.26 billion LBO of the company by chairman and chief executive officer Michael J. Barrist in partnership with One Equity Partners II LP; Horsham, Pa., provider of business process outsourcing services; roadshow started Oct. 31; pricing mid-to-late Oct. 6 week.

SALLY HOLDINGS LLC $710 million notes in two parts: $430 million senior unsecured notes due 2014, non-callable for four years (B2/CCC+) and $280 million senior subordinated notes due 2016, non-callable for five years (Caa1/CCC+); Merrill Lynch & Co., Banc of America Securities LLC, JP Morgan, Morgan Stanley (joint books); Rule 144A with registration rights; proceeds to help fund the special cash dividend that Sally Beauty will be paying Alberto-Culver as part of the spinoff; Melrose Park, Ill., beauty supplies distribution business; roadshow Nov. 1-10; pricing Nov. 10.

WEEK OF NOV. 13

GNC CORP./GNC PARENT CORP.: $325 million floating-rate senior PIK notes due 2011; JP Morgan, Goldman Sachs & Co.; Rule 144A/Regulation S; non-callable for one year; proceeds, together with cash on hand, to redeem GNC's outstanding series A preferred stock, repay a portion of term loan debt of General Nutrition Centers, Inc. and fund a dividend to the common stockholders of GNC Parent Corp.; Pittsburgh-based nutritional supplements retail business; roadshow starts early Nov. 6 week; pricing expected Nov. 15.

FIRESTONE ACQUISITION CORP. (FREESCALE SEMICONDUCTOR INC.) $5.95 billion equivalent: $4.35 billion equivalent senior notes due 2104 in dollar and euro tranches (B1/B) with floating-rate, fixed-rate and PIK tranches, and $1.6 billion of senior subordinated notes due 2016 in dollar and euro tranches (B2/B); Credit Suisse, Citigroup, JP Morgan, UBS Investment Bank, Lehman Brothers (joint books); Rule 144A; to help fund LBO by private equity consortium led by The Blackstone Group and including The Carlyle Group, Permira Funds and Texas Pacific Group; Austin, Texas, semiconductor company; U.S. roadshow started Nov. 6, Europe roadshow starts late Nov. 6 week; pricing expected late in the week of Nov. 13.

RENTAL SERVICES CORP.: $620 million senior notes due 2014(Caa1/B-); Deutsche Bank Securities, Citigroup (joint books), GE Capital (co); non-callable for four years; to fund the acquisition of the company by Ripplewood Holdings and Oak Hill Capital Management; second-largest equipment rental company in North America; roadshow Nov. 8-16.

ON THE HORIZON

ARAMARK CORP.: $2.470 billion bonds including $770 million senior subordinated notes and $1.7 billion senior cash pay and/or senior PIK notes, with 50% of the principal having to come in the form of PIK notes, also $4.605 billion credit facilities led by JP Morgan and Goldman Sachs; to fund the approximately $8.3 billion LBO of the company by chairman and chief executive officer Joseph Neubauer together with funds managed by sponsors by Thomas H. Lee Partners LP, Warburg Pincus LLC, JPMorgan Partners, GS Capital Partners and CCMP Capital Advisors, expected to close late 2006 or early 2007; Philadelphia-based professional food, hospitality and facility management services company.

ARMOR HOLDINGS INC.: $400 million senior subordinated notes (B1/B+); company disclosed in a 10-Q form filed Oct. 31 with the SEC that it is monitoring the interest rate environment seeking an opportunity to return with the transaction it withdrew on June 27, 2006, due to market conditions; Jacksonville, Fla., maker of security products.

CABLEVISION SYSTEMS CORP. $2.81 billion high-yield bonds: SUPER HOLDCO $1.13 billion unsecured senior fixed-rate and floating-rate notes with 10-year minimum maturities; INTERMEDIATE HOLDCO $900 million unsecured senior fixed-rate and floating-rate notes with eight-year minimum maturities; RAINBOW PROGRAMMING HOLDINGS LLC $780 million unsecured senior fixed-rate and floating-rate notes with eight-year minimum maturities; also $9.55 billion in new credit facilities via Merrill Lynch and Bear Stearns; to help fund the buyout of Cablevision by the Dolan Family Group; Cablevision is a Bethpage, N.Y., media, entertainment and telecommunications company.

CONSUMER SOURCE INC.: $150 million second-lien loan and/or notes; to fund dividend go Primedia Inc., which Primedia will use to extinguish all existing bank debt; Consumer Source is a New York-based publisher and distributor of free real estate and automobile guides.

HANESBRANDS INC.: $500 million of senior notes; Morgan Stanley, Merrill Lynch & Co.; also $2.6 billion senior secured credit facility; substantial portion of the proceeds from the term loan and the bond offering to pay a dividend to Sara Lee prior to the spinoff; following the spinoff, Winston-Salem, N.C.-based Hanesbrands will operate as a publicly traded apparel company; expected third-quarter business.

INFOR GLOBAL SOLUTIONS: High-yield notes (Caa2) to refinance a $1.425 billion senior subordinated bridge facility; also $2.4 billion credit facility via JP Morgan, Credit Suisse and Merrill Lynch & Co. joint bookrunners; part of financing to help fund the acquisitions of Systems Union Group and SSA Global, finance the combination of Infor and Extensity - both currently Golden Gate Capital portfolio companies - and to refinance debt at all four companies; Infor is an Alpharetta, Ga.-based software provider.

KINDER MORGAN INC.: $14.5 billion of funded debt including senior and/or subordinated notes; to help fund proposed $22 billion buyout of the company by management and equity investors led by Goldman Sachs, Citigroup, Deutsche Bank, Wachovia, Merrill Lynch, expected to be completed by early 2007; Houston-based energy infrastructure provider.

MOSAIC CO.: New senior notes; JP Morgan: also amended, restated credit facility; to fund $1.5 billion tender offers for Mosaic Global Holdings Inc. 6 7/8% debentures due 2007, 10 7/8% senior notes due 2008, 11¼% senior notes due 2011, and 10 7/8% senior notes due 2013, also to repurchase Phosphate Acquisition Partners LP 7% senior notes due 2008, offers expire Nov. 29; Plymouth, Minn.-based phosphate and potash crop nutrients producer.

PAPELES INDUSTRIALES DE MICHOACAN SA DE CV: $320 million senior guaranteed notes due 2016 (Ba3/BB-/BB-); Citigroup; Rule 144A/Regulation S (no registration rights); non-callable for five years, three-year equity clawback; for acquisition finance; issuer formed when Kimberly-Clark de Mexico SA de CV spun off paper and notebooks division.

PT POLYFIN CANGGIH: $75 million senior secured notes due 2011 and 250 warrants to purchase shares; Jefferies & Co.; private placement and Regulation S; non-callable for two years; two-year 35% equity clawback; to repay existing debt, for working capital and general corporate purposes; producer of polyester chips and synthetic yarn in Indonesia, to be incorporated in The Netherlands (guarantors are incorporated in Indonesia, Singapore and the British Virgin Islands; the company's registered office is in Bandung, Indonesia); September business.

REXNORD CORP.: $460 million (expected size) high-yield bonds; to be issued under the indenture of the existing 9½% senior notes due Aug. 1, 2014 or 11¾% senior subordinated notes due Aug. 1, 2016; proceeds for Zurn purchase of Jacuzzi Brands, Inc.'s plumbing products business for about $950 million, expected to close 2007 first quarter; Milwaukee-based power train manufacturer.

RITE AID CORP: $875 million six-year notes (could be increased by $850 million if Jean Coutu 8½% senior subordinated notes are not assumed); Citigroup; also $1.105 billion senior secured term loan; to fund the acquisition of Jean Coutu Group USA Inc., transaction expected to close late 2006 or early 2007; Rite Aid is a Camp Hill, Pa., national drugstore chain.

SUN HEALTHCARE GROUP INC.: $250 million senior subordinated notes; also $505 million senior secured credit facility via Credit Suisse and CIBC; to fund its acquisition of Harborside Healthcare Corp., expected to close in first half of 2007; Sun is an Irvine, Calif., operator of long-term and postacute care facilities, and a provider of therapy, medical staffing, home care and hospice services.

TROPICANA ENTERTAINMENT: $975 million in high-yield bonds; also $2.175 billion in credit facilities; Credit Suisse is the lead bank on the debt transactions; in connection with acquisition of Aztar Corp.; a newly formed subsidiary of Columbia Entertainment, a Fort Mitchell, Ky., owner, developer and operator of hotel properties and casinos; expected to close by the end of 2006.

UNIVISION COMMUNICATIONS INC.: $2 billion high-yield bonds via Credit Suisse (Deutsche Bank, Bank of America Securities and Wachovia expected to be involved), also new $8.25 billion credit facility; to help back leveraged buyout by Madison Dearborn Partners, Providence Equity Partners, Texas Pacific Group, Thomas H. Lee Partners and Saban Capital Group; expected to close in spring 2007; Los Angeles-based Spanish-language media company.

ROADSHOWS

Oct. 26-Nov. 7: HERCULES HOLDING II LLC (HCA INC.) $5.70 billion; Citigroup, Banc of America Securities LLC, JP Morgan, Merrill Lynch, Deutsche Bank Securities, Wachovia Securities

Started Oct. 30: CONEXANT SYSTEMS INC. $250 million; JP Morgan

Started Oct. 30: GRIFFIN COAL MINING CO. $400 million; Merrill Lynch & Co.

Started Oct. 30: BOMBARDIER CAPITAL FUNDING LP (BOMBARDIER INC.) €1.8 billion; Deutsche Bank Securities, JP Morgan, BNP Paribas

Started Oct. 31: NCO GROUP INC. $365 million; Morgan Stanley, JP Morgan, Banc of America Securities LLC

Nov. 1-10: SALLY HOLDINGS LLC $710 million; Merrill Lynch & Co., Banc of America Securities LLC, JP Morgan, Morgan Stanley

Started Nov. 2: GATEWAY TELECOMMUNICATIONS PLC $100 million; Citigroup

Started Nov. 6: FIRESTONE ACQUISITION CORP. (FREESCALE SEMICONDUCTOR INC.) $5.95 billion equivalent; Credit Suisse, Citigroup, JP Morgan, UBS Investment Bank, Lehman Brothers

Starts early Nov. 6 week: GNC CORP./GNC PARENT CORP. $325 million; JP Morgan, Goldman Sachs & Co.

Nov. 8-16: RENTAL SERVICES CORP. $620 million; Deutsche Bank Securities, Citigroup

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