High Yield Calendar: $394.5 million deals being marketed

WEEK OF APRIL 28

NEWPORT TELEVISION HOLDING LLC/NTV HOLDINGS FINANCE CORP.: $394.5 million (face) high-yield notes (Caa1/CCC+): $200 million 13% senior PIK toggle notes due March 15, 2017 (75 bps PIK step-up) non-callable for four years, and $194.5 million 13¾% senior discount notes due March 15, 2018; Wachovia Securities, Goldman Sachs & Co., UBS Investment Bank (joint), Merrill Lynch & Co. (co); Rule 144A for life; to repay bridge loan incurred in the acquisition of 56 TV stations from Clear Channel Communications Inc.; Kansas City-based television station holding company; roadshow started April 24; pricing expected late in the April 28 week.

EXPECTED APRIL BUSINESS

ABBOT GROUP PLC: $615 million equivalent notes due 2018 in possible dollar- and euro-denominated tranches; The Royal Bank of Scotland, Goldman Sachs & Co.; part of $2.16 billion LBO financing in which company will be acquired by First Reserve; Aberdeen, Scotland-based oilfield equipment and services provider; expected April business, pending market conditions.

EXPECTED FIRST HALF 2008 BUSINESS

ALLTEL COMMUNICATIONS INC./ALLTEL COMMUNICATIONS FINANCE INC.: Significant amount ($1 billion minimum) of $5.2 billion senior unsecured cash pay notes; Citigroup, Goldman Sachs, Barclays, RBS Securities; part of debt financing for the $27.5 billion acquisition of Alltel by TPG Capital and GS Capital Partners; Little Rock, Ark., provider of wireless voice and data communications services; expected to be marketed during April 7 week.

AVAYA INC.: $1.45 billion senior unsecured notes (CCC+): $700 million cash-pay notes and $750 million PIK toggle notes; Morgan Stanley, Citigroup, J.P. Morgan Securities Inc. (joint); also $4.335 billion credit facilities; to fund LBO by Silver Lake and TPG Capital; Basking Ridge, N.J., provider of communication systems, applications and services; expected first-half 2008 business.

BCE INC.: C$11.3 billion U.S. dollar equivalent bonds: up to $7.5 billion senior notes and $3.8 billion subordinated notes; also C$23.05 billion credit facility; Citigroup, Deutsche Bank, RBS Securities, TD Securities lead banks on financing; to fund LBO by Teachers Private Capital, Providence Equity Partners Inc. and Madison Dearborn Partners, LLC, expected to be completed first half of 2008; Montreal-based communications company.

BIL HOLDINGS (LYONDELL-BASELL FINANCE CO. LTD.): $8 billion equivalent: $5.5 billion equivalent senior secured second-lien notes (B2/B+) and $2.5 billion equivalent senior unsecured notes (B3/B-) both in dollar and euro tranches; Citigroup, Goldman Sachs, Merrill Lynch, ABN Amro, UBS Investment Bank; to finance acquisition of Houston-based Lyondell Chemical Co.; Basell is a Netherlands-based producer of polypropylene and polyethylene; expected first half 2008 business.

CATALINA MARKETING CORP.: $490 million notes (Caa1/B-): $330 million senior PIK toggle notes and $160 million senior subordinated notes; Bear Stearns, Goldman Sachs & Co., Morgan Stanley; Rule 144A; to fund the acquisition of the company by Hellman & Friedman Capital partners VI; St. Petersburg, Fla., provider of promotional marketing services; expected first half 2008 business.

CDW CORP.: $1.94 billion notes: $890 million senior unsecured cash-pay notes due 2015 (Caa1/CCC+), $300 million senior unsecured PIK toggle notes due 2015 (Caa1/CCC+) and $750 million senior subordinated notes due 2017 (Caa2/CCC+); J.P. Morgan Securities Inc., Lehman Brothers, Deutsche Bank Securities, Morgan Stanley; to refinance bridge loan related to LBO; Vernon Hills, Ill., provider of technology products and services.

FIRST DATA CORP.: $6.75 billion: $1.5 billion senior cash-pay notes, $2.75 billion senior PIK notes, $2.5 billion senior subordinated notes; Citigroup plus others; to help repay bridge financing for LBO of the company by Kohlberg Kravis Roberts & Co.; Greenwood Village, Colo., check and credit card transaction services provider.

INTELSAT HOLDINGS LTD.: $5.1 billion in senior notes, senior subordinated notes and possibly PIK notes; Credit Suisse, Banc of America Securities LLC, Morgan Stanley; to help fund LBO by BC Partners and certain other investors, including about $860 million of existing debt at Intelsat (Bermuda), Ltd. and to defease or retire the $400 million Intelsat, Ltd. 5¼% senior notes due 2008; Pembroke, Bermuda, provider of fixed satellite services; LBO completed on Feb. 5, 2008.

LAUREATE EDUCATION INC.: $995 million notes: $685 million senior unsecured notes due 2015 and $310 million senior subordinated notes due 2016; Goldman Sachs & Co., Citigroup (joints), J.P. Morgan Securities Inc., Credit Suisse (co's); to help fund LBO; Baltimore-based provider of higher education; bridge loan funded in August; timing to be determined (possible first-half 2008).

SEQUA CORP.: $700 million senior unsecured notes due 2015, non-callable for four years (Caa2/CCC+): senior unsecured notes and senior unsecured discount notes (2.5-year zero coupon); Lehman Brothers (lead bookrunner); Citigroup, J.P. Morgan Securities Inc. (joint books); Rule 144A for life/Regulation S; both tranches non-callable for four years, with three-year 35% equity clawback and 101 change-of-control put; to help fund $2.7 billion LBO by the Carlyle Group; New York-based diversified aerospace and industrial company.

ON THE HORIZON

AGILE PROPERTY HOLDINGS LTD.: Up to $400 million senior notes (Ba3/BB) in fixed-rate and floating-rate tranches; HSBC; Rule 144A/Regulation S; to finance new and existing projects; Hong Kong-based property developer.

ALLIS-CHALMERS ENERGY INC.: $350 million bridge loan, which could be taken out by high-yield bonds (backed by $350 million senior unsecured bridge facility arranged by RBC Capital Markets and GSCP); to help fund the acquisition of Bronco Drilling Co., Inc. for about $437.8 million and to repay assumed Bronco Drilling debt, RBC Capital Markets exclusive financial adviser to Allis-Chalmers, a Houston-based multi-faceted oilfield company; acquisition expected to occur mid-2008.

ALTRA NEBRASKA LLC: $130 million senior secured notes due 2018 (B); Morgan Stanley; to fund a portion of the cost to construct a 100 million gallon per year nameplate capacity, dry-mill ethanol plant in Carleton, Neb.; wholly owned subsidiary of Altra Inc., a California-based developer of renewable fuel projects.

CLEAR CHANNEL COMMUNICATIONS INC.: $2.6 billion of notes: $1.1 billion of senior cash pay notes and $1.5 billion in senior pay-in-kind option notes with expected eight-year maturities; Morgan Stanley, Citigroup, Deutsche Bank Securities (joint), Credit Suisse, RBS Greenwich Capital, Wachovia Securities also expected to be involved; Rule 144A; to help fund LBO; San Antonio media and entertainment company; expected first half 2008 business.

DRIVETIME AUTOMOTIVE GROUP INC.: $160 million senior notes due 2013 (B2/B); to replace the company's existing $80 million issue of senior unsecured notes due 2010; Phoenix-based company sells and finances used cars to subprime niche.

GENERAL MOLY: $540 million to $700 million debt financing including high-yield bonds, leveraged loans and possibly convertibles; underwriter to be determined; to fund the Mt. Hope molybdenum project, located in central Nevada; also $240 million to $400 million of equity; formerly Idaho General Mines, General Moly is a Lakewood, Colo.-based molybdenum mineral development, exploration and mining company; possible late 2008-early 2009 business.

PENN NATIONAL GAMING INC.: High-yield bonds and new credit facility via Deutsche Bank Securities and Wachovia Securities; to fund LBO by Fortress Investment Group LLC and Centerbridge Partners LP, valued at about $8.9 billion, including repayment of $2.8 billion of outstanding Penn National debt; Wyomissing, Pa., gaming company.

RIVERDEEP INTERACTIVE LEARNING USA: $820 million senior subordinated notes; Credit Suisse, Citigroup (joint); proceeds along with $1.87 billion senior bank debt, $750 million mezzanine debt and $1.5 billion equity to fund the acquisition of Houghton Mifflin by Riverdeep from Thomas H. Lee Partners, Bain Capital Partners, LLC and Blackstone Group for $3.4 billion; Riverdeep, based in Dublin, Ireland, is a publisher of interactive products for the consumer and school markets.

TELESAT: $910 million senior notes; Morgan Stanley, UBS Investment Bank; to help fund acquisition of Telesat by a joint venture company formed by Loral Space & Communications Inc. and the Public Sector Pension Investment Board; acquisition closed October 2007, bridge funded; new company will be one of the world's largest operators of telecommunications satellites, based in Ottawa; expected first half of 2008.

TRIBUNE CO.: $1.6 billion senior notes or senior subordinated notes; Merrill Lynch, J.P. Morgan Securities Inc., Citigroup and Bank of America; to help finance public-to-private transaction; Chicago-based media company; acquisition closed in December.

UNITED TEST AND ASSEMBLY CENTER LTD. (UTAC): $475 million senior notes due 2015: $275 million senior cash-pay notes and $200 million senior PIK notes; J.P. Morgan Securities Inc., Merrill Lynch, ABN Amro; non-callable for four years; to finance LBO; Singapore-based semiconductor testing and assembly company.

UNIVAR NV: $600 million senior subordinated notes; also $1.375 billion credit facility via Bank of America and Deutsche Bank; to fund the acquisition of the company by CVC Capital Partners; to help fund the acquisition of Univar; Netherlands-based distributor of industrial chemicals and provider of related specialty services.

ROADSHOW

Started April 24: NEWPORT TELEVISION HOLDING LLC/NTV HOLDINGS FINANCE CORP.: $394.5 million (face); Wachovia Securities, Goldman Sachs & Co., UBS Investment Bank

© 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.