High Yield Calendar: $1.355 billion, £200 million and CHF 750 million deals marketed

JAN. 17 WEEK

CONSTELLATION ENTERPRISES: $130 million five-year first-priority senior secured notes (B2/B); Credit Suisse Securities (sole); Rule 144A for life; non-callable for 2.5 years; three-year 35% equity clawback; 101% poison put; to refinance existing ABL revolver and term loans; specialty manufacturer of engineered metal products; roadshow starts Tuesday; pricing Jan. 17 week.

DIRECTBUY: $325 million senior secured second-lien notes due 2017 (B2/B); J.P. Morgan Securities LLC; non-callable for three years; to refinance debt; Merrillville, Ind., members-only showroom and home design center that offers merchandise at manufacturer-direct prices; roadshow started Jan. 11.

ANGLIAN WATER (OSPREY) FINANCING PLC: £200 million senior secured notes due 2016 (Ba3//BB+); Barclays Capital, BNP Paribas, HSBC, Lloyds TSB, Morgan Stanley, the Royal Bank of Scotland; to fund the LBO of the company by Canada Pension Investment Board, Colonial First State Global Asset Management and 3i Group; Huntingdon, England-based water company that operates in the east of England; roadshow starts Jan. 17 week.

JAN. 24 WEEK

EXCEL MARITIME CARRIERS LTD.: $250 million senior notes due 2019 (Caa1/B-/); Deutsche Bank Securities, Citigroup; Rule 144A/Regulation S; non-callable for four years; to repay about $240 million of revolver and for general corporate purposes; Athens, Greece-based seaborne cargo transportation services provider; roadshow starts Jan. 17 week; pricing Jan. 24.

GREAT LAKES DREDGE & DOCK CORP.: $250 million senior notes due 2019; Deutsche Bank Securities Inc., Bank of America Merrill Lynch (joint); Lazard Capital Markets (co); Rule 144A/Regulation S; non-callable for four years; to repay 7¾% senior subordinated notes due December 2013 and for general corporate purposes, which may include acquisitions; Oak Brook, Ill.-based provider of dredging services and commercial and industrial demolition services; roadshow Jan. 19-24; pricing early in Jan. 24 week.

SWISSPORT: CHF 750 million equivalent senior secured notes due 2018 (B2/B) in Swiss francs and dollars; Citigroup (left), Barclays Capital, BNP Paribas, RBC Capital Markets (joint); non-callable for three years; to fund LBO of the company by Pai Partners; Zurich-based air passenger and cargo logistics and infrastructure company; roadshow Jan. 18-24.

PACKAGING DYNAMICS CORP.: $400 million senior secured notes due 2016; Goldman Sachs & Co. (left lead), Deutsche Bank Securities Inc. (joint books); Rule 144A for life; non-callable for two years; to repay notes maturing 2016 and credit facility, and pay dividend; Chicago-based flexible packaging company; roadshow Jan. 17 week and early Jan. 24 week, pricing thereafter.

EXPECTED JANUARY BUSINESS

ASHLAND DISTRIBUTION: $600 million high-yield bonds and bank debt; Bank of America Merrill Lynch; to fund LBO by TPG Capital, expected to close by end of March 2011; also $400 million equity.

REALOGY CORP.: Expected $700 million secured high-yield notes; to prepay a portion of the extended term loans; the company launched an amendment and extension for its senior secured credit facility via J.P. Morgan Securities LLC on Jan. 18 (amendment conditioned upon completion of the debt financing; commitments are due on Jan. 25); Parsippany, N.J.-based provider of real estate and relocation services.

EXPECTED EARLY 2011 BUSINESS

AFREN PLC: Dollar-denominated senior secured notes; to repay debt and for general corporate purposes; Deutsche Bank Securities, Goldman Sachs & Co., BNP Paribas; London-based independent oil and gas exploration and production company; expected early 2011 business.

DEL MONTE FOODS CO.: $1.6 billion senior notes and $3 billion credit facility; J.P. Morgan Securities LLC, Barclays Capital Inc., Morgan Stanley & Co. Inc., Bank of America Merrill Lynch, KKR Capital Markets to lead debt financing; to fund LBO by Kohlberg Kravis Roberts & Co. LP, Vestar Capital Partners and Centerview Partners, expected to be completed by the end of March 2011; San Francisco-based branded pet and consumer products company; expected early 2011 business.

GALA CORAL GROUP, LTD.: Up to £600 million senior notes with minimum seven-year tenor; Goldman Sachs & Co. and the Royal Bank of Scotland expected to be involved; to repay senior secured bank loans; Nottingham, England-based gaming and off-track betting company; expected early 2011 business.

SI ORGANIZATION INC.: $175 million senior subordinated notes; J.P. Morgan Securities LLC; to help fund $815 million to help fund Veritas Capital's acquisition of Lockheed Martin Corp.'s Enterprise Integration Group; Valley Forge, Pa.-based provider of engineering, integration services, modeling, simulation, analysis and risk mitigation services to the U.S. intelligence community; possible early 2011 business.

VIKING RIVER CRUISES: Expected $200 million high-yield notes; Credit Suisse; Los Angeles-based river cruise line; possible January business.

ON THE HORIZON

ACE CASH EXPRESS, INC.: $350 million debt financing, proceeds, together with available cash, to fund the tender offer for 10¼% notes due 2014, to repay certain other debt, with any remaining proceeds for general corporate purposes; financial services provider focused on serving unbanked and underbanked consumers.

AMERICAN TOWER CORP.: Expected issue of high-yield notes, as part of a refinancing of bank debt maturing in 2012; Boston-based wireless and broadcast communications infrastructure company.

CANADIAN SATELLITE RADIO HOLDINGS INC.: (parent company of XM CANADA): about C$130 million of senior notes; to help fund the all-stock merger of equals of XM Canada with Sirius Canada Inc., with a combined enterprise value of about $520 million, transaction subject to approval by CSR's shareholders (other than Sirius XM and its affiliates) at a special meeting anticipated to be held in February 2011.

CPI INTERNATIONAL INC.: $215 million notes and $178 million credit facility; UBS Investment Bank; to fund LBO of the company by Veritas Capital; Palo Alto, Calif.-based provider of microwave, radio frequency, power and control solutions for critical defense, communications, medical, scientific and other applications.

ENERGY PARTNERS, LTD.: New senior notes; to help fund the acquisition of oil and natural gas assets in the shallow-water central Gulf of Mexico shelf from Anglo-Suisse Offshore Partners, LLC for $201.5 million; independent oil and natural gas exploration and production company based in New Orleans and Houston.

IGATE CORP.: Up to $700 million senior unsecured notes via Rule 144A or other private placement; backed by $700 million bridge loan from Jefferies Finance LLC and Royal Bank of Canada; to help fund the acquisition of a majority stake in Patni Computer Systems Ltd., a Mumbai, India-based information technology services company, expected to close during the first half of 2011; debt financing also includes $50 million revolver; iGate is a Freemont, Calif.-based integrated technology and operations solutions provider.

J. CREW GROUP INC.: $600 million senior notes; Goldman Sachs & Co., Bank of America Merrill Lynch (joint); proceeds, along with $1 billion term loan and $250 million ABL revolver, to fund the approximately $3 billion LBO of the company by TPG Capital and Leonard Green & Partners LP; also $1.1 billion of equity financing; New York-based retailer of clothing and accessories; expected early 2011 business.

LODGENET INTERACTIVE CORP.: Possible debt financing that could include bonds; to repay bank debt; Sioux Falls, S.D.-based provider of interactive media and connectivity solutions to the hospitality industry and interactive patient education, information and entertainment systems to health care facilities; ($435 million six-year senior secured second-lien notes, B3/B/, via Bank of America Merrill Lynch, J.P. Morgan Securities LLC, put on hold Sept. 28 as company announced it is seeking alternatives).

WESTMORELAND COAL CO.: $150 million senior secured notes due 2018; Rule 144A/Regulation S; proceeds expected to be used to pay all accrued and unpaid dividends on the company's Series A preferred stock, to repay certain debt, to retire approximately $2.5 million of the outstanding principal owed on the senior secured convertible notes (with the remaining principal balance of the senior secured notes to be converted to common stock at closing) and for general corporate purposes; Colorado Springs-based coal producer.

ROADSHOWS

Jan.17 week and early Jan. 24 week: PACKAGING DYNAMICS CORP. $400 million; Goldman Sachs & Co., Deutsche Bank Securities Inc.

Starts Jan. 18: CONSTELLATION ENTERPRISES $130 million; Credit Suisse Securities.

Starts Jan. 18: EXCEL MARITIME CARRIERS LTD. $250 million; Deutsche Bank Securities, Citigroup.

Started Jan. 18-24: SWISSPORT CHF 750 million; Citigroup (left), Barclays Capital, BNP Paribas, RBC Capital Markets.

Starts Jan. 17 week: ANGLIAN WATER (OSPREY) FINANCING PLC £200 million; Barclays Capital, BNP Paribas, HSBC, Lloyds TSB, Morgan Stanley, the Royal Bank of Scotland.

Jan. 19-24: GREAT LAKES DREDGE & DOCK CORP. $250 million; Deutsche Bank Securities Inc., Bank of America Merrill Lynch.

© 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.