Convertibles Calendar: Regis to price $125 million of notes

JULY 8

REGIS CORP. (NYSE: RGS): $125 million of five-year convertible senior notes; after the market close on Wednesday; talked to yield 4.75% to 5.25%, up 22.5% to 27.5%; registered; greenshoe of up to an additional $18.75 million; concurrent offering of 11.5 million shares of common stock; non-callable for life, with no puts; proceeds will be used to repay $267 million of private placement debt of varying maturities, with remaining proceeds earmarked for general corporate purposes, including the repayment of bank debt; Merrill Lynch & Co. and Credit Suisse Securities (USA) LLC are joint books; Minneapolis-based hair care salon franchise company.

JULY 9

VERIGY LTD. (NYSE: VRGY): $110 million of five-year convertibles; after the market close Thursday; to yield 5.5%-6%, up 20%-25%; Rule 144A offering; greenshoe of $16.5 million; via joint bookrunners Morgan Stanley & Co. Inc. and J.P. Morgan Securities Inc.; non-callable until July 20, 2012 and provisionally callable thereafter at a price hurdle of 130%; proceeds for general corporate purposes, which may include financing potential acquisitions and strategic transactions, and working capital; Cupertino, Calif.-based semiconductor test company.

ON THE HORIZON

WACCAMAW BANKSHARES INC. (Nasdaq: WBNK): up to $10 million of mandatory convertible perpetual preferred stock, or 400,000 of series B mandatories, with a liquidation amount of $25; to yield 7%; together with warrants, which will purchase one share of common stock at $5 per share for five years; distribution via shareholder rights offering and public offering for remainder; via McKinnon & Co., as bookrunner on a best-efforts basis; greenshoe of $1.5 million of units; proceeds to enhance bank's capital ratios and support growth through lending, or to retire outstanding debt and to redeem securities, and for general corporate purposes; preferred stock and warrants will each be listed on the Nasdaq Global Market; Whiteville, N.C.-based bank holding 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

EVRAZ GROUP SA (London: EVR): $600 million five-year convertible bonds; talked to yield 6.75%-7.25%, up 28%-35%; concurrent offering of $300 million in Global Depository Receipts listed on the London Stock Exchange; via Goldman Sachs International, Morgan Stanley & Co. International and Deutsche Bank AG as joint bookrunners; proceeds to refinance existing debt and for general corporate purposes; majority shareholder Lanebrook with 77.6% of the company's shares intends to subscribe for about $400 million of the offerings, split about evenly between the bond and equity offerings; greenshoe of $50 million of convertibles and $15 million of GDRs; borrow facility being created via Morgan Stanley; Moscow-based vertically integrated steel and mining concern.

BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC (LSE: BRLA): up to $75 million of six-year convertible bonds; talked to yield 3.5%; Cenkos Securities plc is bookrunner; subject to shareholder approval at a general meeting of shareholders expected to be held in late August or early September; conversion price will be based on the investment fund's U.S. dollar net asset value on the penultimate business day before the general meeting, plus a conversion premium of 5% for the first three years, ratcheting up to 15% for the second three years; distribution will be mainly in Europe, and issue won't be offered in the United States; proceeds will be invested; London-based investment fund.

INTRALOT SA: up to €150 million of a convertible bond loan; up to seven-year duration; approved at a June 4 shareholders meeting; Athens-based provider of lottery gaming systems.

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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