Convertibles Calendar: Medicis to price $400 million, Ryland to price $150 million

MAY 10

MEDICIS PHARMACEUTICAL CORP. (NYSE: MRX): $400 million of five-year convertible senior notes; pricing seen after the market close Thursday; registered, off the shelf; talk revised to 1%-1.5%, up 25% from original talk of 1.5%-2%, up 20%-25%; via joint bookrunners Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC; $50 million greenshoe; non-callable and no puts; net share settlement; dividend protection via conversion rate adjustment; proceeds for general corporate purposes, including working capital, capital expenditures, repurchasing shares of common stock, repaying outstanding debt and corporate acquisitions; concurrent call spread; Scottsdale, Ariz.-based specialty pharmaceutical company focused on dermatology treatments.

RYLAND GROUP INC. (NYSE: RYL): $150 million of six-year convertible senior notes; pricing after the market close Thursday; registered, off the shelf; $22.5 million greenshoe; talked 1.625%- 2.125%, up 37.5%-42.5%; Citigroup Global Markets Inc. and J.P. Morgan Securities LLC joint bookrunners, with UBS as co-manager; bullet structure; proceeds for general corporate purposes, including debt repayment; Calabasas, Calif.-based home builder and mortgage finance company.

On the Horizon

UNITED TECHNOLOGIES CORP. (NYSE: UTX): $1.5 billion of mandatory convertibles; to fund proposed acquisition of Goodrich Corp.; Hartford, Conn.-based technology and services provider to the building and aerospace industries.

International

May 7 Week

GREENFIELDS PETROLEUM CO. (Toronto: GNF): C$20 million five-year convertible debentures; to yield 7.5%, up 37%; C$3 million greenshoe; proceeds to fund its work-over and drilling program in Gum Deniz Oil Field and Bahar Gas Field as well as for general corporate and working capital purposes; distributed in Canada, except Quebec, and under Rule 144A in the U.S.; non-callable for three years, then provisionally callable subject to a 125% price hurdle; scheduled to price Tuesday; closing May 30 subject to regulatory approvals; Houston-based oil and natural gas company focused on reserves in the Republic of Azerbaijan.

On the Horizon

ATLANTIC POWER CORP. (NYSE: AT, Toronto APC): up to C$125 million of convertible unsecured subordinated debentures; concurrently with common stock offering; proceeds to fund its equity commitment in Canadian Hills, remaining proceeds to fund growth and for general corporate purposes; British Columbia-incorporated, Boston-headquartered independent power producer.

TRANSEURO ENERGY CORP. (Norway: TSU): NOK 60 million to NOK 90 million three-year convertible bonds; to yield 12%; set initial conversion price of NOK 0.85; via bookrunner Fondsfinans ASA; Regulation S; Transeuro is also negotiating a second funding facility of about C$20 million; proceeds are for general corporate purposes and to ensure the company can develop up to seven of its existing wells in the next 12 months, including three wells in Ukraine and up to four wells in Canada; oil and natural gas company based in Vancouver, B.C.

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