Convertibles Calendar

MAY 20

CEPHALON INC. (Nasdaq: CEPH): $350 million of five-year convertibles; after the close Wednesday; to yield 2.5%-3% up 10%-15%; concurrent offering of $300 million of common stock; greenshoe of an additional $45 million of common stock and an additional $52.5 million of convertible notes; off the shelf; proceeds for general corporate purposes; hedge and warrant transactions; bookrunner Deutsche Bank; Frazer, Pa., biopharmaceutical concern.

HERTZ GLOBAL HOLDINGS INC. (NYSE: HTZ): $250 million of five-year convertible notes; after the close Wednesday; to yield 5.25%-5.75%, up 22.5%-27.5%; registered offering; via joint bookrunners J.P. Morgan Securities Inc., Goldman Sachs & Co., Merrill Lynch and Barclays Capital; greenshoe of $37.5 million; concurrent offering of about 40 million shares of common stock; investment funds associated with Clayton, Dubilier & Rice, Inc. and the Carlyle Group, existing stockholders of Hertz Holdings, to purchase at least $150 million of common stock in a substantially concurrent transaction; proceeds to increase liquidity and for general corporate purposes, including the repayment of consolidated debt; Park Ridge, N.J.-based auto and equipment rental company.

MAY 21

SAKS INC. (NYSE: SKS): $80 million of four-year convertibles; Rule 144A; up to $10 million greenshoe; timing and talk to be determined; convertible at the option of the holders into cash, shares or a combination; non-callable; proceeds to pay down amounts outstanding under Saks' revolving credit facility and for general corporate purposes; New York-based retailer.

COMMSCOPE INC. (NYSE: CTV): $200 million of six-year convertible bonds; after the close of markets Thursday; to yield 3%-3.5%, up 22.5%-27.5%; concurrent offering of eight million shares of common stock; registered; greenshoe of $30 million of additional convertible notes and 1.2 million of additional shares; six-year bullets; joint books J.P. Morgan, Merrill Lynch and Wachovia Capital; proceeds to repay a portion of the amounts outstanding under CommScope's senior secured credit facilities in conjunction with an amendment to the credit facilities; proceeds in excess of $400 million will be used for general corporate purposes; Hickory, N.C. network infrastructure company.

ON THE HORIZON

DELTA PETROLEUM CORP. (Nasdaq: DPTR): up to $175 million of convertible preferred shares; proceeds to be used to reduce amounts outstanding under its senior credit facility, pay other accounts payable and for working capital and general corporate purposes; company has asked lenders related to this credit agreement to forebear contingent on the rights offering to raise equity capital; par of $3, yield of 3% PIK, holders can convert immediately with mandatory conversion in three years; SEC hasn't yet declared Delta's shelf registration effective; Tracinda Corp., 39% shareholder, and another stockholder intend to purchase their pro rata share of securities under the rights offering; Denver-based independent oil and gas company.

CLOUD PEAK ENERGY INC.: $250 million of three-year mandatory convertible preferred stock, at a liquidation preference price of $50 per share, via underwriter Credit Suisse, concurrent initial public offering; Cloud Peak formerly part of Rio Tinto America Inc., an indirect wholly owned subsidiary of Rio Tinto plc, and Rio Tinto America; dividends payable on a cumulative basis; no proceeds go to Cloud Peak; Gillette, Wyo.-based coal producer.

INTERNATIONAL CONVERTIBLES

ON THE HORIZON

UNIONE DI BANCHE ITALIANE SCPA: €640 million of four-year convertible bonds; fixed coupon and will be listed for trading; convertible at the option of both the bondholders and the group; net share settlement; Bergamo, Italy, banking group resulting from the 2007 merger of BPU - Banche Popolari Unite and Banca Lombarda e Piemontese.

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