High Yield Calendar: $1.39 billion and £475 million deals being marketed

November 19 Week

AMERICAN PIPING PRODUCTS, INC.: $100 million senior secured notes due 2017 (Caa1); Imperial Capital (sole); Rule 144A and Regulation S for life; callable in two years at par plus 50% of the coupon; to repay debt, redeem preferred and founder's stock, and pay a dividend to common stock holders; St. Louis-based distributor of specialty pipes, fittings and flanges.

GLOBAL A&T ELECTRONICS LTD.: $625 million senior secured notes due 2018 (expected ratings B1/B); Bank of America Merrill Lynch, Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, UBS Investment Bank; Rule 144A and Regulation S with registration rights; non-callable for three years; proceeds, together with a drawdown from revolver and cash, to prepay the entire outstanding amount under the existing first-lien facilities; Singapore-based semiconductor test and assembly services company; global roadshow Nov. 8-19.

REX ENERGY CORP.: $250 million senior notes due 2020 (expected B3/confirmed B-); Wells Fargo Securities LLC (left books), KeyBanc Capital Markets LLC, SunTrust Robinson Humphrey Inc., RBC Capital Markets LLC (joint books), BMO Capital Markets Corp., Capital One Financial Corp., Mitsubishi UFJ Securities (senior co's), U.S. Bancorp Investments Inc., Brean Capital LLC, Global Hunter Securities LLC (co's); Rule 144A and Regulation S with registration rights; non-callable for four years; to repay all revolver debt, to repay and terminate second-lien term loan and for general corporate purposes; independent oil and gas exploration and production company based in State College, Pa.; pricing Nov. 12 week.

ANNINGTON FINANCE NO. 5 PLC (ANNINGTON HOMES): £500 million senior PIK notes due January 2023 (expected Caa1/CCC+); Barclays; Rule 144A and Regulation S for life; non-callable for five years; three-year 35% equity clawback; 101% poison put; to fund the acquisition of Annington by Terra Firma Capital Partners Ltd. from Nomura Holdings Inc.; one of the largest private owners of residential property in the United Kingdom, based in London; roadshow starts Nov. 20.

November 26 Week

TUSCANY INTERNATIONAL DRILLING INC.: Dollar-denominated senior notes (expected ratings /B/B+); Credit Suisse, Scotia Capital; Rule 144A and Regulation S; proceeds together with funds drawn under an amended and upsized revolver, to repay the term loans under the company's credit agreement; Calgary, Alta.-based oilfield services provider; roadshow Nov. 22-27.

Expected Fourth Quarter Business

ANCESTRY.COM: $300 million senior notes; Morgan Stanley & Co. LLC (left lead), Barclays, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., RBC Capital Markets LLC; bonds are backed by a commitment for a $300 million one-year senior unsecured bridge loan priced at Libor plus 825 bps with a 1.25% Libor floor (spread will increase by 50 bps after three months and every three months thereafter up to an undisclosed cap); also a $720 million senior secured credit facility; to fund the acquisition of the company by Permira Funds, in a transaction valued at $1.6 billion, expected to close early in 2013; Provo, Utah-based online family history resource; expected late November or early December business.

INERGY MIDSTREAM, LP: $225 million unsecured debt financing from Citigroup Global Markets Inc. and JPMorgan; to purchase Rangeland Energy, LLC; financing also includes $225 million of common units in a private placement; expected to close in early December; Kansas City, Mo., master limited partnership primarily engaged in the development and operation of natural gas and NGL storage and transportation assets.

MERRILL COMMUNICATIONS LLC: $135 million 5.5-year second-lien notes (Caa3/CCC) with warrants for 25% (increased from 10%) of the company; bond deal downsized from $150 million, with proceeds shifted to the term loan; Credit Suisse Securities (USA) LLC; non-callable; to refinance bank debt; St. Paul, Minn.-based provider of technology-enabled services for the financial, legal, health care, real estate and other corporate markets; Libor plus 1,450 bps, including 2% PIK, with no floor and an original issue discount of 98 (being marketed primarily to bank loan accounts).

PETAQUILLA MINERALS LTD.: $210 million senior secured notes due 2017 (Caa1); Global Hunter Securities (sole); non-callable for two years; to refinance debt and to finance capital expenditures related to the Lomero-Poyatos mine in Spain; Vancouver, B.C.-based Petaquilla Copper is a copper exploration company; price talk 12% yield with warrants.

TEMPUR-PEDIC INTERNATIONAL INC.: $350 million senior notes (B1) and $1.77 billion credit facilities; Bank of America Merrill Lynch (lead arranger and bookrunner); to help fund its acquisition of Sealy Corp. for $2.20 per share including repayment of all of Sealy's outstanding convertible and non-convertible debt, for a total transaction value of about $1.3 billion, expected to close in the first half of 2013; Tempur-Pedic is a Lexington, Ky.-based bedding manufacturer; Sealy is a Trinity, N.C.-based bedding manufacturer.

On The Horizon

CKX ENTERTAINMENT, INC.: $360 million senior secured second-lien notes due 2019 (/B-/); Goldman Sachs & Co. (left books), Macquarie Group Ltd. (joint books); Rule 144A and Regulation S; non-callable for four years; to fund the purchase of common stock and repay existing credit facility; New York City-based owner and developer of entertainment content; possible business for the first quarter of 2012.

ENERGY TRANSFER EQUITY, LP: $3.2 billion high-yield bonds to help complete the $7.9 billion merger of Energy Transfer and Southern Union Co., including repayment of $3.7 billion of Southern Union debt; Energy Transfer is a Dallas-based oil and gas pipeline company.

FTS INTERNATIONAL, INC.: $400 million secured notes to repay term loan; company is soliciting consents from holders of its 7 1/8% notes due 2018 to amendments to the indenture governing the notes, Bank of America Merrill Lynch and Citigroup Global Markets Inc. are the solicitation agents; provider of well completion services for the oil and gas industry with corporate offices in Fort Worth and Cisco, Texas; expected Autumn 2012 business.

GLOBALIVE WIRELESS MANAGEMENT CORP.: Up to $1 billion equivalent in U.S. dollar- and Canadian dollar-denominated notes; Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC, BMO Capital Markets Corp.; Rule 144A; to fund expansion of its wireless network and for general corporate purposes; Toronto-based wireless communications services provider; expected during first quarter of 2012.

GREENFIELD ETHANOL INC.: C$175 million of five-year senior second-lien notes (/B+//DBRS: B); Scotia Capital Inc. (lead); Macquarie Capital Markets Canada Ltd., Societe Generale (Canada) and TD Securities Inc. (co-managers); non-callable for three years, 101% change-of-control put; equity clawback for up to 35% in first three years; Canada call at 50 bps over Canadian government benchmark; guarantors GreenField Ethanol (Johnstown) Inc.; GreenField Ethanol (Hensall) Inc.; GreenField Hensall LP; GreenField Hensall GP Inc.; Pharmco Products Inc.; Aaper Alcohol and Chemical Co., Aaper Holdings Inc.; GreenField Ethanol of Quebec Inc. and all future restricted subsidiaries of GreenField.; proceeds to repay debt, to terminate existing interest rate swap agreements and for general corporate purposes; Ontario-based GreenField Ethanol is Canada's largest ethanol company.

M&G FINANCE CORP.: $200 million to $300 million senior secured notes due 2019 (expected B3//BB), downsized from $500 million; J.P. Morgan Securities LLC (sole); Rule 144A and Regulation S for life; non-callable (call protection increased from four years); to finance construction of new PET and PTA production facilities, pay back intercompany debt and fund working capital; Houston-based Mossi & Ghisolfi (M&G) produces polyethylene terephthalate (PET) resin for packaging applications; price talk 10% coupon to yield 12% at an issue price of approximately 90.

NAL OIL & GAS: C$150 million to C$250 million notes; RBC Capital Markets, BMO Nesbitt Burns; Calgary, Alta., trust acquires interests in Canada's upstream conventional oil and gas industry.

OPI INTERNATIONAL: $160 million first-lien senior secured notes due 2017; Global Hunter Securities; non-callable for three years; to help fund the acquisition of offshore construction vessels and refinance debt; Houston-based services provider to the offshore oil and gas industry; expected May business.

PPG COMMODITY CHEMICALS: $660 million notes and $240 million term loan in connection with its spin-off from PPG Industries and merger with Georgia Gulf Corp., expected to occur in late 2012 or early 2013; Barclays and J.P. Morgan Securities LLC have provided the debt commitment; PPG Commodity Chemicals is a producer of chlorine, caustic soda and related chemicals; PPG is Pittsburgh-based coatings and specialty products company.

PVH CORP.: $4.33 billion new debt comprised of senior notes and a credit facility; Barclays, Bank of America Merrill Lynch, Citigroup Global Markets Inc.; notes are backed by a bridge loan commitment; to fund the cash portion of the acquisition of Warnaco Group Inc., expected to close early in 2013, and refinance debt at both companies and provide liquidity going forward; PVH is a Bridgewater, N.J.-based apparel company.

SILVERLEAF RESORTS, INC.: $175 million senior secured notes due 2019; Deutsche Bank Securities Inc.; non-callable for three years; to pre-fund development of vacation ownership inventory, to refinance a portion of the company's existing debt, to pay a dividend to the sponsor; Dallas-based resort operator.

SPOTTED HAWK DEVELOPMENT LLC: $100 million five-year senior secured notes; Global Hunter Securities (sole books), Knight Capital (co); non-callable for three years; to fund oil production in the Bakken Field Play; New Town, N.D.-based energy exploration and production company; currently being marketed.

TDF GROUP (TELEFFUSION DE FRANCE): Euro-denominated high-yield bonds; BNP Paribas expected to be involved; to refinance debt; Paris-based multiple-platform telecommunications company.

TPC GROUP INC.: Up to $655 million senior secured notes, upsized from $600 million, and $250 million senior secured asset-based revolver; Bank of America Merrill Lynch, Morgan Stanley Senior Funding Inc. and Jefferies Finance LLC, Deutsche Bank Securities Inc. and Goldman Sachs; to help fund its acquisition by First Reserve Corp. and SK Capital Partners; expected to close in the fourth quarter; TPC Group is a Houston-based processor and service provider of value-added products derived from niche petrochemical raw materials; expected late third quarter or early fourth quarter business.

Roadshows

Starts Nov. 20: ANNINGTON HOMES £500 million; Barclays

Nov. 22-27: TUSCANY INTERNATIONAL DRILLING; Credit Suisse, Scotia Capital

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