High Yield Calendar: $2.315 billion deals being marketed

JULY 20 WEEK

DUANE READE INC.: $325 million in two parts: $215 million senior secured notes due 2015 (B3/B-), and $110 million senior subordinated notes due 2016 (Caa2/CCC); Goldman Sachs & Co. (left lead), Banc of America Securities/Merrill Lynch (joint); Rule 144A with registration rights/Regulation S; both tranches non-callable for three years; to fund tender for $210 million senior secured floating-rate notes due 2010 and $195 million 9¾% senior subordinated notes due 2011 and repay asset-based loan; New York City-based drugstore chain; roadshow starts July 16; pricing early July 20 week.

MTR GAMING GROUP, INC.: $250 million senior secured notes due 2014 (expected B2/confirmed B); Goldman Sachs & Co. (left lead), Deutsche Bank Securities (joint); Rule 144A with registration rights/Regulation S; non-callable for two years; proceeds, together with cash on hand, to fund tender for the outstanding 9¾% senior secured notes due 2010; Chester, W.Va.-based gaming company; roadshow starts Thursday; pricing mid-July 20 week.

RELIANCE INTERMEDIATE HOLDINGS LP: $250 million senior notes due 2019 (Ba2/BB-//DBRS: BB); Credit Suisse; Rule 144A for life; approximately C$103 million to be invested in the company's wholly owned subsidiary, Reliance LP, in the form of additional equity, with the balance used to fund transaction costs and a distribution to Reliance Intermediate's owners; Oshawa, Ont., heating and cooling products and services provider; roadshow started July 13; expected to price Tuesday.

PROSPECT MEDICAL HOLDINGS INC.: $160 million senior secured first-lien notes due 2014 (B3/B); RBC Capital Markets (left books), Jefferies & Co. (joint books); Rule 144A/Regulation S with registration rights; non-callable for three years; change-of-control put at 101%; to repay amounts outstanding under the credit facility; Los Angeles-based hospital and health management services company; roadshow starts July 13; pricing July 20 week.

CAPITALSOURCE, INC.: $300 million senior secured notes due 2014 (Ba3/expected BB); Credit Suisse, Citigroup, JP Morgan, Wells Fargo Securities; Rule 144A for life; non-callable; to repay bank debt; commercial lender and money manager based in Chevy Chase, Md.

ONE COMMUNICATIONS CORP.: $275 million first-priority senior secured notes due 2015 (expected B-); Morgan Stanley & Co. Inc., J.P. Morgan Securities Inc.; Rule 144A; non-callable for four years; to repay bank debt; Burlington, Mass.-based privately held regional provider of telecommunications services.

BASIC ENERGY SERVICES INC.: $225 million senior notes due 2017; Goldman Sachs & Co. (books), UBS Investment Bank, Jefferies & Co. Inc., Banc of America Securities LLC, Capital One, Comerica Inc., Natixis Bleichroeder Inc. (co-managers); Rule 144A/Regulation S; to repay $180 million of bank debt and for general corporate purposes; Midland, Texas-based oilfield services company.

JULY 27 WEEK

PENINSULA GAMING, LLC: $530 million notes in two tranches: $215 million senior secured notes due 2015 (Ba2/BB), non-callable for three years, and $315 million senior unsecured notes due 2017 (B3/B), non-callable for four years; Jefferies & Co. (left books), Wells Fargo Securities (joint), Credit Suisse (co); to fund acquisition consideration of Amelia Belle and to refinance existing debt; Dubuque, Ia.-based company owns and operates gaming facilities in Iowa and Louisiana; roadshow July 20-29.

EXPECTED JULY BUSINESS

NEWPAGE CORP.: $595 million (proceeds) senior secured notes due 2014; Goldman Sachs & Co.; Rule 144A/Regulation S; to help fund tender; Miamisburg, Oh.-based coated paper manufacturer; timing of new notes offer to be determined (early tender deadline is July 28); full roadshow not expected.

ON THE HORIZON

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., Deutsche Bank Securities Inc., Morgan Stanley & Co. Inc.; to refinance bridge loan related to LBO; Vernon Hills, Ill., provider of technology products and services.

GENERAL MOLY: $540 million to $700 million debt financing including high-yield bonds, leveraged loans and possibly convertibles; Credit Suisse and Barclays, arrangers; 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.

NORTH AMERICAN ENERGY ALLIANCE: $325 million senior unsecured notes; Barclays Capital Inc.; also $545 million credit facility (BB+); to help back the roughly $1.477 billion acquisition of 1,706 megawatts of generation projects by Industry Funds Management from Consolidated Edison Inc.

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.

TRIDENT RESOURCES: New senior unsecured notes and new revolver in conjunction with IPO led by Deutsche Bank Securities Inc. and Jefferies & Co.; to recapitalize the company and repay debt; Calgary, Alta.-based natural gas production company.

ROADSHOWS

Started July 13: PROSPECT MEDICAL HOLDINGS INC. $160 million; RBC Capital Markets.

Started July 13: RELIANCE INTERMEDIATE HOLDINGS LP $250 million; Credit Suisse.

Pricing late July 13 week: CAPITAL SOURCE, INC. $300 million; Credit Suisse, Citigroup, JP Morgan, Wells Fargo Securities.

Started July 16: DUANE READE INC. $325 million; Goldman Sachs & Co.

Started July 16: MTR GAMING GROUP, INC. $250 million; Goldman Sachs & Co.

July 20-29: PENINSULA GAMING, LLC $530 million; Jefferies & Co.

© 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.