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One-Pagers Credit Research January 26, 2012 High Yield One-Pagers Credit Research A reference book for high yield investors This reference guide contains single-page summaries for many of the companies in the high yield universe and serves as a companion to our Investment Grade One-Pager publication. In addition to credits covered by the Goldman Sachs credit research team, we also include summary pages for some uncovered companies that we view as benchmark high yield names. We hope you find this book to be a useful tool. Please contact the sector analysts for additional information. Contributing analysts Erin Blum Jason Kim Gregory Chwatko Raymond M. Leung Kevin Coyne Amanda R. Lynam, CPA Karen Eltrich Kristen McDuffy Justine Fisher Joshua Pinkerton Jason Gilbert Joseph Stivaletti Brian Jacoby, CFA Scott Wipperman, CFA Franklin Jarman Global Investment Research (212) 902-1000 Investors should consider this report as only a single factor in Erin Blum making their investment decision. For Reg AC certification and (212) 855-7718 [email protected] Goldman, Sachs & Co. other important disclosures, see the Disclosure Appendix, or Gregory J. Chwatko go to www.gs.com/research/hedge.html. This research (212) 902-0673 [email protected] Goldman, Sachs & Co. discusses Rule 144a securities, which generally are available Kevin Coyne (212) 357-9918 [email protected] Goldman, Sachs & Co. only to Qualified Institutional Buyers. The Goldman Sachs Group, Inc. Global Investment Research January 26, 2012 High Yield This Page Intentionally Left Blank Goldman Sachs Credit Research 2 January 26, 2012 High Yield Table of contents Company Page Company Page Accellent (ACCINC) 5 Del Monte Foods (DLM) 55 Advanced Micro Systems, Inc (AMD) 6 Delta Air Lines Inc. (DAL) 56 AES Corporation (AES) 7 Denbury Resources (DNR) 57 Aircastle Ltd. (AYR) 8 Dillard's Inc. (DDS) 58 Alcatel-Lucent (ALU) 9 DineEquity, Inc. (DIN) 59 Alere Inc. (ALR) 10 DISH Network Corporation (DISH) 60 American Achievement (AMEACH) 11 Dole Foods (DOL) 61 American Axle (AXL) 12 DR Horton Inc. (DHI) 62 Amerigroup Corp. (AGP) 13 Dynegy Holdings inc. (DYN) 63 Ameristar Casinos Inc. (ASCA) 14 Edison Mission Energy (EIX) 64 Amkor Technology (AMKR) 15 El Paso Corp. (EP) 65 Apria Healthcare Group Inc. (AHG) 16 Elan Corporation (ELN) 66 Ashland Inc. (ASH) 17 Emergency Medical Services (EMS) 67 Avis Budget Group (CAR) 18 Endo Pharmaceuticals (ENDP) 68 AWAS Aviation Capital (AWAS) 19 Energy XXI (EXXI) 69 Ball Corporation (BLL) 20 Exopack Holding Corp. (EXOPAC) 70 Basic Energy Services (BAS) 21 Felcor Lodging Inc. (FCH) 71 Bausch + Lomb Inc. (BOL) 22 First Data Corp. (FDC) 72 Beazer Homes USA Inc. (BZH) 23 Ford Motor Company (F) 73 Berry Petroleum (BRY) 24 Forest Oil (FST) 74 Berry Plastics (BERRY) 25 Fortescue Metals Group Ltd (FMGAU) 75 Bombardier Inc. (BBDBCN) 26 Freescale Semiconductor, Inc. (FSL) 76 Bon-Ton Department Stores (BONT) 27 Frontier Communications (FTR) 77 Boyd Gaming Corp. (BYD) 28 Gannett Company Inc. (GCI) 78 Bristow Group (BRS) 29 Gaylord Entertainment Company (GET) 79 Brookstone (BRSTNE) 30 GenOn Energy Corp. (GEN) 80 Brunswick Corporation (BC) 31 Goodyear Tire (GT) 81 Burger King Holdings, Inc. (BK) 32 Graphic Packaging Corporation (GPK) 82 Burlington Coat Factory (BCFACT) 33 Great Canadian Gaming Corp. (GRTCAN) 83 Cablevision Systems Corporation (CVC) 34 Greektown Superholdings (GREEK) 84 Caesars Ent. Operating Company (HET) 35 Gymboree Corp. (GYMB) 85 Calpine Corp. (CPN) 36 Hanesbrands Inc. (HBI) 86 Cascades Inc. (CASCN) 37 HCA, Inc. (HCA) 87 Catalent Pharma Solutions (PTSAC) 38 Health Management Associates, Inc. (HMA) 88 Catalyst Paper Corporation (CTLCN) 39 HealthSouth (HLS) 89 CF Industries (CF) 40 Hornbeck Offshore Services (HOS) 90 Charter Communications Inc. (CCMM) 41 Host Hotels & Resorts Inc. (HST) 91 Chesapeake Energy (CHK) 42 Huntsman Corp. (HUN) 92 Chiquita Brands (CQB) 43 IASIS Healthcare (IAS) 93 Chrysler Group LLC (CHRYGR) 44 IMS Health (RX) 94 CityCenter Holdings (CCTRH) 45 Isle of Capri Casinos (ISLE) 95 Clearwire Communications LLC (CLWR) 46 iStar Financial (SFI) 96 CMS Energy Corporation (CMS) 47 J. Crew Group Inc. (JCG) 97 Community Health Systems (CYH) 48 J.C. Penney Co. Inc. (JCP) 98 Constellation Brands (STZ) 49 Jarden Corp. (JAH) 99 Convatec Healthcare (CONVAT) 50 JDA Software Group Inc. (JDAS) 100 Cooper Tire (CTBUS) 51 JetBlue Airways Corp. (JBLU) 101 Crown Holdings, Inc. (CCK) 52 KB Home (KBH) 102 DaVita, Inc (DVA) 53 Kindred Healthcare (KND) 103 Dean Foods (DF) 54 Koppers Inc. (KOP) 104 Goldman Sachs Credit Research 3 January 26, 2012 High Yield Company Page Company Page L-3 Communications (LLL) 105 Rock-Tenn Company (RKT) 158 Las Vegas Sands Corp. (LVS) 108 Royal Caribbean Cruises Ltd. (RCL) 159 Leap Wireless International, Inc. (LEAP) 107 Ryland Group Inc., The (RYL) 160 Lennar Corp. (LEN) 108 Saks Inc (SKS) 161 Levi Strauss & Co. (LEVI) 109 Sally Holdings LLC (SBH) 162 Liberty Interactive Corp. (LINTA/QVC) 110 Sanmina-SCI Corp. (SANM) 163 Lifepoint Hospitals Inc. (LPNT) 111 Scientific Games International, Inc. (SGMS) 164 Limited Brands Inc. (LTD) 112 Seagate Technology (STX) 165 Liz Claiborne (LIZ) 113 Sealy Mattress Co. (ZZ) 166 Louisiana-Pacific Corp. (LPX) 114 Sirius XM Radio Inc. (SIRI) 167 Marina District & Finance Co., Inc. (BORGAT) 115 Sitel LLC (SITEL) 168 McClatchy Co., The (MNI) 116 Smithfield Foods (SFD) 169 McMoRan Exploration (MMR) 117 Solo Cup (SOLOC) 170 MDC Holdings Inc. (MDC) 118 Southwest Airlines Co. (LUV) 171 Mediacom Communications Corporation (MCCC) 119 Southwestern Energy (SWN) 172 MediMedia USA, Inc. (MEDIME) 120 Sprint Nextel Corporation (S) 173 Meritor (MTOR) 121 Standard Pacific Corp. (SPF) 174 MetroPCS Communications, Inc. (PCS) 122 Steel Dynamics (STLD) 175 MGM Resorts International (MGM) 123 Stone Energy Corp (SGY) 176 Michaels Stores (MIK) 124 Stream Global Services (SGS) 177 Millar Western Forest Products (MILLAR) 125 Sunoco Inc. (SUN) 178 Mohegan Tribal Gaming Authority (TRIBAL) 126 Surgical Care Affiliates LLC (SCAFF) 179 Momentive Performance (MOMENT) 127 Swift Energy Co. (SFY) 180 Momentive Specialty Chemicals (HXN) 128 Telesat Canada (TELSAT) 181 MTR Gaming Group, Inc. (MNTG) 129 Tenet Healthcare Corporation (THC) 182 Mylan Inc. (MYL) 130 Tenneco Inc. (TEN) 183 Neenah Paper (NP) 131 Tesoro Corp. (TSO) 184 Neiman Marcus Group, The (NMG) 132 Textron Inc. (TXT) 185 New York Times Co., The (NYT) 133 Toll Brothers Inc. (TOL) 186 Newfield Exploration (NFX) 134 TPC Group Inc. (TPCG) 187 Nova Chemicals (NCX) 135 TRW Automotive (TRW) 188 NRG Energy (NRG) 136 U.S. Steel (X) 189 NXP B.V. (NXPBV) 137 Unisys (UIS) 190 Olin Corporation (OLN) 138 United Continental Holdings, Inc. (UAL) 191 Omnicare Inc.(OCR) 139 United Surgical Partners Intl (USPI) 192 Owens-Illinois, Inc. (OI) 140 Universal Health Services (UHS) 193 Parker Drilling Company (PKD) 141 US Airways Group, Inc. (LCC) 194 Peabody Energy (BTU) 142 Valeant Pharmaceuticals (VRX) 195 Pilgrim's Pride Corp. (PPC) 143 Vanguard Health (VHS) 196 Pinnacle Entertainment (PNK) 144 Venoco Inc. (VQ) 197 Pioneer Natural Resources (PXD) 145 Viasystems, Inc. (VIAS) 198 Plains Exploration & Production (PXP) 146 Videotron Ltd (QBRCN) 199 Plastipak Holdings, Inc. (PLASPK) 147 Visant Corp. (VISANT) 200 PolyOne (POL) 148 VWR Funding (VWRINT) 201 PulteGroup Inc. (PHM) 149 W&T Offshore (WTI) 202 PVH Corp. (PVH) 150 Warner Chilcott (WCRX) 203 Quicksilver Resources (KWK) 151 Whiting Petroleum Corp. (WLL) 204 Quiksilver, Inc. (ZQK) 152 Windstream Corp. (WIN) 205 R.R. Donnelley & Sons Co. (RRD) 153 Wynn Las Vegas (WYNN) 206 RadioShack Corp. (RSH) 154 Yankee Candle Co., The (YCC) 207 Range Resources (RRC) 155 Reynolds Group Holdings Limited 156 Rite Aid Corp. (RAD) 157 Note that the source of all data in this report is Goldman Sachs, Goldman Sachs Credit Research, or company data. Goldman Sachs Credit Research 4 January 26, 2012 High Yield Accellent (ACCINC) Updated 01/25/12 Erin Blum 212-855-7718 Contact analyst or see latest research for updates to ratings, estimates, and other information. Cindy Guan 212-902-9758 IN-LINE (on secureds and subs) We rate both the Accellent secureds and subs In-Line. While the bonds are among the widest in our coverage, we see this as only fair value because: (1) leverage is also among the highest of the group and especially when considered against the low EV/EBITDA multiples of the public competitors; (2) LTM FCF remains weak; and (3) we see ACCINC’s business as riskier because the company is a contract manufacturer and therefore has less control over its order flow and pipeline. Bond Summary Size Coupon Agency Next Call Bid YTW STW (MM) (%) Priority Maturity Ratings Price Date Price (%) bp $400 8.375 Sr. Sec. 1-Feb-17 B1/B+ $106.281 2/1/2013 $100.500 8.226% 790 $315 10.000 Sub. Nts 01-Nov-17 Caa2/CCC+ $107.500 11/1/2013 $81.500 14.887% 1,409 Company Description Investment Strengths: Accellent is a contract manufacturer in the medical device industry with a focus in cardiology, orthopedics and - Sales force and plant expansion. Following ACCINC's sales force endoscopy. Cardiology is the company’s strongest segment, with orthopedics its weakest segment in terms of realignment, we have seen an upward revision of new business wins. The performance and company expertise. The company has 14 manufacturing facilities in the United States and 3 in company is also staffing and equipping its Malaysian facility that will not only Europe, and it recently completed the addition of a facility in Malaysia. ACCINC expects shipping to begin early facilitate expansion into Asia, but also provide low-cost manufacturing. 2012 from this facility. - Resilient end-market demand. Device end-market growth, while slowed, has ACCINC does business with the major OEMs such as Boston Scientific, Johnson & Johnson, and Medtronic. MDT remained in the positive low-single-digit territory. and JNJ each accounted for more than 10% of sales in 2010.
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