High Yield Bonds

High Yield Bonds
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Alltell Corporation loan and bond financing

Alltel Corp. - Up to $24 billion in loan and bond financing, with proceeds financing the buyout of Alltel by TPG Capital and GS Capital Partners. The overall $16.25 billion loan financing package includes a $14 billion 7.5-year term loan, a $1.5 billion 6-year revolver and a $750 million delayed-draw term loan, while the bond component includes up to $7.7 billion in senior unsecured notes, consisting of $5.2 billion in cash-pay notes and $2.5 billion in pay-in-kind toggle notes, with $1 billion of the PIK toggle notes having been sold and $3.2 billion of the loan allocated in November. Pricing for the remaining tranches expected.

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Chrysler Marketing Budget Loan Dropped

Chrysler Group - $7.5 billion first-lien term loan deal for Chrysler Automotive, downsized from an initial $10 billion. Chrysler is expected to begin marketing between $3.5 billion and $5 billion of the loan.

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Carlyle buys Sequa

Sequa Corp. - $700 million of 144A-for-life notes in two parts, consisting of
$450 million of senior cash-pay notes due 2015 noncallable for 4 years and $250 million of senior discount 8.5-year notes noncallable for 4 years with a 2.5-year zero coupon. (Caa2/CCC+) Via Lehman Brothers, Citigroup and JPMorgan. Proceeds, along with a $1.2 billion senior secured term loan and $150 million senior secured revolver, will fund the $ 2.7 billion buyout of Sequa by Carlyle.

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Energy And Industrial Utilities Debt

Energy And Industrial Utilities Company (NASDAQ:EIUC)
$275 million in 144A-for-life senior unsecured notes due 2017, noncallable for 5 years, via Morgan Stanley and Barclays. Proceeds, along with a new $375 million senior secured term loan and $50 million revolver, will be used to repay inter-company debt and to fund a dividend to parent company DTE Energy Services.

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Petroleum Development Corporation Debt

Petroleum Development Corp.'s $250 million 10-year notes, not callable for five years, to repay bank debt and for general corporate purposes.

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