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Entravision Plans Debt Amid Boosted Offerings: New Issue Alert

Entravision Communications Corp., a media company that targets Spanish-speaking customers, plans to sell debt as companies increase the size of their bond offerings to meet demand from investors.

Entravision Communications is marketing $385 million of senior notes due in 2017, the Santa Monica, California-based company said in a statement distributed by PR Newswire. Proceeds will be used to repay debt and for general corporate purposes, according to the statement.

At least 11 companies have increased the size of debt offerings since June 30, according to data compiled by Bloomberg, boosting sales by an average of 38 percent. The trend reflects demand for risky assets like junk bonds and may foreshadow accelerating issuance, wrote Barclays Plc analyst Bradley Rogoff in a July 16 note to clients.

“Given the limited supply of new bonds, high-yield investors have bid aggressively for those that are available,” Rogoff wrote. Contacted by e-mail, New York-based Rogoff didn’t elaborate on the report.

High-yield, high-risk company debt issued in July returned 1.83 percent on its first day of trading, compared with an average 0.61 percent for notes sold in the first half of the year, according to Rogoff.

“We believe this trend toward upsizing and strong secondary trading will eventually lead to an increase in high-yield issuance,” Rogoff wrote.

High-Yield Spreads

The extra yield investors demand to own bonds rated below Baa3 by Moody’s Investors Service and BBB- by Standard & Poor’s was unchanged at 677 basis points, according to the Bank of America Merrill Lynch U.S. High-Yield Master II Index. Spreads have narrowed 45 basis points since reaching 722 basis points, the highest this year, on June 11.

Moody’s assigned Entravision Communication’s notes a grade of B1 and S&P ranked them B, one step lower, according to separate reports.

Speculative-grade companies including Cedar Fair LP, the amusement-park operator that called off a takeover by Apollo Management LP in April, and NXP BV, the Eindhoven, Netherlands- based chipmaker, boosted the size of debt offerings last week, according to data compiled by Bloomberg and people familiar with the transactions.

Charles Schwab Corp., the largest independent brokerage by client assets, increased its sale yesterday of 10-year notes to $600 million from $500 million. The transaction was among $2.37 billion of investment-grade offerings, Bloomberg data show. That compares with $3.89 billion a week ago.

Spreads on investment-grade corporate debt were unchanged at 198 basis points, the tightest since May 24, Bank of America Merrill Lynch index data show.

Esterline Sale

Esterline Technologies Corp. sold $250 million of 10-year notes in yesterday’s only high-yield bond sale, Bloomberg data show. The company earlier sought to sell $200 million, according to a person familiar with the transaction who declined to be identified because the marketing was private. Companies sold $600 million of junk securities a week earlier.

Following is a description of at least $5.49 billion of pending sales of dollar-denominated bonds in the U.S.

Investment Grade

CHICAGO PARKING METERS LLC may sell $500 million of 10-year notes, according to a person familiar with the transaction. Proceeds from the sale will be used to fund a cash distribution to its owners, which include Morgan Stanley, Allianz AG and the Abu Dhabi Investment Authority, said the person, who declined to be identified because terms aren’t set. The issue was rated Baa3

NOMURA HOLDINGS INC. Japan’s largest brokerage, plans to sell dollar-denominated sukuk, or Islamic bonds, in Malaysia, according to a July 6 company statement. Nomura may sell $100 million of Ijarah sukuk that will mature in 2012. The securities will yield 160 basis points more than the London interbank offered rate, said Jamelah Jamaluddin, chief executive officer of Kuwait Finance House (Malaysia) Bhd., a unit of Kuwait’s

NASPERS LTD. hired Citigroup Inc., Barclays Capital and JPMorgan Chase & Co. for a sale of bonds in dollars, according to two people with knowledge of the transaction. The company plans to meet with European, U.S. and Asian investors, the people said. Moody’s Investors Service assigned a Baa3 rating to the proposed notes, which will be issued through the Myriad

CHILE plans to sell $1 billion of 10-year bonds, along with warrants and peso debt, according to a filing with the U.S. Securities and Exchange Commission. Chile will use the proceeds for general purposes, the filing said. The country is seeking financing for repairs after a Feb. 27 earthquake and subsequent tsunami killed more than 400 people and caused as much as $30 billion of damage. Moody’s upgraded Chile’s rating to Aa3 from A1 on June 16, citing “economic and financial resilience even

DOHA BANK QSC, Qatar’s third-largest bank, may raise as much as $1 billion from bond sales, its chief executive officer said. The money is likely to be raised for five years and is meant to “fix the maturity mismatch” on the bank’s balance sheet, Raghavan Seetharaman said in a June 16 telephone interview from Doha. The bank hasn’t decided which currency to sell the bonds in, he said. The lender said in April that it

FORETHOUGHT FINANCIAL GROUP INC. plans to sell $150 million of 10-year bonds, according to a person familiar with the transaction, who declined to be identified because terms aren’t

Not Rated

VANTAGE DRILLING CO. may sell $960 million of five-year debt to help pay for its acquisition of Mandarin Drilling Co.

The PROVINCE OF CORDOBA, Argentina, plans to sell as much as $350 million of bonds in international markets once the

SENSIENT TECHNOLOGIES CORP. said it entered into an agreement with a group of four financial institutions for the issuance of $110 million in fixed-rate, senior notes, according to a Nov. 19 statement distributed by Business Wire. The company

High Yield

ENTRAVISION COMMUNICATIONS CORP., a media company that targets Spanish-speaking customers, said it intends to offer $385 million aggregate principal amount of senior secured first lien notes due 2017 and enter into a new revolving credit

ACCURIDE CORP., the Evansville, Indiana-based maker of wheels for trucks and trailers, said it may sell $300 million of first-priority, senior-secured notes due 2018. Proceeds from the

E-LAND FASHION CHINA HOLDINGS LTD, the Hong Kong-based apparel products provider, hired Morgan Stanley to help it sell $200 million of three-year bonds, according to a person familiar with the matter. The company plans to begin meeting with investors in Asia, Europe and the U.S. on July 19, said the person who declined to be identified because terms aren’t set. Moody’s Investors Service assigned the proposed notes a Ba2, citing growing personal consumption in China, E-Land Fashion’s moderate scale and significant business volatility. Proceeds

ENERGYSOLUTIONS INC., the Salt Lake City-based nuclear services company, has amended its credit facility and plans to refinance that debt with borrowings under new loans and an offering of senior notes, the company said July 13 in a statement distributed by Marketwire. Standard & Poor’s assigned

INTERACTIVE DATA CORP., the Pearson Plc unit that provides financial market data and services, plans to sell $700 million of notes due 2018 that will help fund the company’s buyout by Silver Lake Technology Management LLC and Warburg Pincus LLC, according to a person familiar with the offering who declined to be identified because terms aren’t set. The Bedford, Massachusetts-based company will also use a five-year, $160 million revolving line of credit and a 6.5-year, $1.33 billion

CALUMET SPECIALTY PRODUCTS PARTNERS LP, the Indianapolis- based refiner of specialty hydrocarbon products, plans to sell $450 million of senior notes. Proceeds will be used to repay bank debt, the company said in a July 12 statement distributed by Business Wire. Calumet Specialty plans to market the 10-year notes beginning through July 16, according to a person familiar

GENTIVA HEALTH SERVICES INC., the U.S. home-nursing company that is buying Odyssey HealthCare Inc., plans to sell $305 million of eight-year notes, the Atlanta-based company said in a May 24 regulatory filing, without specifying the timing of the transaction. Proceeds will be used to help fund the takeover, according to the filing. Standard & Poor’s assigned the unsecured notes a B- credit rating on June 29. Moody’s

UNIVERSAL HEALTH SERVICES INC., the operator of more than 100 U.S. medical facilities that’s buying Psychiatric Solutions Inc., plans to sell $400 million of senior unsecured debt to

PROMSVYAZBANK OJSC, Russia’s third-largest private bank, plans to sell $200 million of six-year loan participation notes

TITAN INTERNATIONAL INC., the maker of tire and wheel systems for off-highway equipment, said it plans to sell at least $150 million of senior unsecured notes. Proceeds will be used to repurchase the 8 percent senior unsecured notes due in 2012 and for general corporate purposes, the Quincy, Illinois-

INVENTIV HEALTH INC., the provider of sales and marketing services to science companies that is being acquired by Thomas H. Lee Partners, may sell $275 million of senior notes to back the purchase, it said in a regulatory filing. Standard & Poor’s

Offerings in Pipeline

CZECH REPUBLIC plans to sell as much as $2 billion of dollar bonds to diversify from koruna and euro debt, Eduard

POTASH CORPORATION OF SASKATCHEWAN INC., the world’s largest fertilizer company by capacity, filed a registration

INDONESIA plans to name three banks to help it sell approximately $650 million of Islamic bonds in October, Dahlan Siamat, director for Islamic financing at the finance ministry,

OAO GAZPROMBANK, the lending unit of Russia’s gas export monopoly, hired Barclays Capital, Royal Bank of Scotland Group Plc, and UBS AG to organize meetings with investors in Europe

CORPORACION FINANCIERA DE DESAROLLO SA Peru’s state development bank known as Cofide, plans to sell as much as $250 million of dollar-denominated bonds, according to Chief Financial Officer Carlos Linares. Linares said in an interview in Lima, that the lender is selling long-term debt as it boosts lending to local infrastructure projects. “Peru’s need for infrastructure is huge,” Linares said. “The government is

SRI LANKA plans to sell dollar-denominated bonds, according to its central bank. The South Asian country’s third-ever overseas offering is likely after August, Central Bank of Sri

GEORGIAN RAILWAY LTD. plans to sell five-year bonds in dollars that may be priced to yield about 10 percent, according to two people with knowledge of the sale. The company hired Bank

JORDAN plans to sell about $500 million of bonds, Finance Minister Mohammad Abu Hammour said in an interview on June 23. The sale will be denominated in U.S. dollars “as it’s a stable

URUGUAY may sell as much as $1 billion of bonds in 2011, including $500 million of dollar-denominated debt, Carlos Steneri, director of public credit at Uruguay’s Ministry of Economy and Finance, said June 3 at a LatinFinance conference in

MALAYSIA plans to raise about $1 billion from its first sale of conventional dollar bonds in eight years after drawing bids for five times the Islamic debt it offered, a finance ministry official said. The government may hire the same banks, including CIMB Group Holdings Bhd. and HSBC Holdings Plc, to arrange the sale by Sept. 30, said the official, who declined to be named as the discussions are private. Malaysia raised $1.25

INDOSAT PALAPA CO., a unit of Indonesia’s second-largest phone operator, delayed a planned dollar bond sale until market conditions improve, a person familiar with the matter said May 26. Indosat began meetings with investors in Asia, the U.S. and Europe on May 12 to gauge demand for a global bond sale, according to a company statement sent to the Indonesian stock

SABIC CAPITAL, a unit of Saudi Basic Industries Corp., will sell bonds when market conditions and rates are favorable, its vice president for corporate finance Mutlaq al-Morished told al-Arabiya television in Dubai on June 16. Sabic delayed a bond sale because of unfavorable spreads, al-Morished said in a May 26 telephone interview. Sabic Capital had hired HSBC Holdings

GHANA is considering selling its second dollar bond in 2011 to tap investor demand as the start-up of oil production boosts economic growth and narrows the budget deficit, Deputy Finance Minister Fifi Kwetey said. The government is considering a “no-deal roadshow” as early as the fourth quarter to gauge international investors’ appetite, Kwetey said in a May 26 interview in Abidjan. Ghana sold its first global bond in 2007,

ANGOLA received credit ratings from Moody’s, S&P, and Fitch Ratings that put it on par with Nigeria, Lebanon and Belarus, and paved the way for a planned sale of international bonds. The southern African nation’s creditworthiness was rated at B+ by

EURASIAN NATURAL RESOURCES CORP., a London-based iron ore and alumina producer with operations in China and Russia, said it delayed its first dollar bond sale. The company is “postponing meetings with investors regarding a potential bond issuance under its Euro Medium Term Note program until further notice,” Charlotte Kirkham, a spokeswoman for ENRC, said in an e-mail. The company had hired Deutsche Bank AG and Morgan

KAZAKHSTAN plans to sell between $500 million and $750 million in bonds to investors abroad in the autumn, Kazakh Finance Minister Bolat Zhamishev said in a May 14 interview. The

CHINA ORIENTAL GROUP CO. plans to sell senior notes to provide working capital and possibly to finance the purchase of steel mills and iron ore assets in China. Deutsche Bank AG will

BANK FOR INVESTMENT & DEVELOPMENT OF VIETNAM received approval from the central bank to issue 7 trillion dong ($369 million) of notes and another 3 trillion dong of dollar-

BOLIVIA plans its first international bond sale in more

POWER SECTOR ASSETS AND LIABILITIES MANAGEMENT CORP. of the Philippines may sell between $750 million and $1.5 billion of dollar-denominated bonds “anytime” to help refinance maturing debt through next year, Vice Chairman Jose Ibazeta said. The

BRISBANE AIRPORT CORP., owner of Australia’s third-busiest airport, may sell bonds in the U.S. later this year as it pursues new markets to help refinance debt and pay for a new runway. The company is considering a 10- or 15-year U.S. private placement and a five- to seven-year Australian dollar bond sale

VIETNAM NATIONAL COAL-MINERAL INDUSTRIES GROUP, the state-owned coal producer known as Vinacomin, plans to sell as much as $500 million of bonds overseas this year to fund mining and

FINLAND may sell five-year bonds denominated in dollars

MONGOLIA plans to raise $500 million selling bonds this year and the remainder of a planned $1.2 billion program will be sold according to market conditions, Batbayar Balgan, director general of the financial and economic policy department of Mongolia, said at a forum in Ulan Bator on June 16. The government scaled back its plans for global bond sales this year after Europe’s debt crisis drove up borrowing costs. Investment banks are advising Mongolia to issue debt with maturities of 5

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