Convertibles Calendar: Globalstar next: set for April 9

April 9

GLOBALSTAR INC. (Nasdaq: GSAT): $135 million 20-year convertible senior notes; Merrill Lynch, Deutsche Bank (joint books); off shelf; $15 million greenshoe; pricing Wednesday after the close; talked at a coupon of 5.25% to 5.75% and an initial conversion premium of 45% to 50%; non-callable for five years, puts in years five, 10 and 15; Milpitas, Calif., provider of satellite voice and data services will use part of the proceeds for an interest escrow covering the first six semiannual interest payments. It will also use the proceeds to help buy and launch Globalstar's second-generation satellite and related ground facilities and for other general corporate purposes.

ON THE HORIZON

MACROVISION CORP. (Nasdaq: MVSN): up to $150 million convertible debt or senior unsecured notes to help finance purchase of Gemstar-TV Guide International Inc.; secured $150 million bridge loan if it is unable to issue convertibles or other debt financing; also secured $650 million term loan B; Santa Clara, Calif.-based digital transmission protection, enhancement and distribution firm; JPMorgan, Merrill Lynch lead banks on financing.

AMERICAN WATER WORKS CORP. INC. (NYSE: AWK): $500 million equity units; along with new issue of common stock; part of initial public offering and spinoff from RWE AG, a German utilities provider; proceeds to repay recent commercial paper borrowings and for general corporate purposes; Goldman Sachs, Citigroup, Merrill Lynch joint bookrunners.

BLACK HILLS CORP. (NYSE: BKH): mandatory convertible securities; proceeds, along with new equity and unsecured debt, to replace bridge facility; bridge facility will be used to fund the Rapid City, S.D.-based diversified energy company's acquisition of Aquila, Inc.'s electric utility in Colorado and gas utilities in Colorado, Kansas, Nebraska and Iowa, along with the associated liabilities, for $940 million.

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