High Yield Calendar: $450 million deals being marketed

DAY TO DAY

FERRO CORP.: $200 million senior notes due 2016 (B2); Credit Suisse, Citigroup, J.P. Morgan Securities Inc. (joint), KeyBanc Capital Markets, National City Capital Markets, Fifth Third Securities, Morgan Stanley, Piper Jaffray, RBS Greenwich Capital; SEC registered; make-whole call first four years then callable at a premium; three-year 35% equity clawback; change-of-control put; proceeds plus available cash, including revolver, to redeem all of Ferro's outstanding 9 1/8% senior notes due 2009, and for general corporate purposes; Cleveland-based supplier of technology-based performance materials for manufacturers; day to day.

FERRELLGAS, LP & FERRELLGAS FINANCE CORP.: $250 million mirror notes to the 6¾% senior notes due May 1, 2014 (Ba3/B+); Banc of America Securities LLC, J.P. Morgan Securities Inc. (joint), BNP Paribas, Credit Suisse, Deutsche Bank Securities, Fifth Third, SG Corporate & Investment Banking, Wells Fargo Securities; Rule 144A with registration rights; callable May 1, 2009 at 103.375; to reduce bank debt; Overland Park, Kan.-based distributor of propane and related equipment; day to day.

ON THE HORIZON

ABBOT GROUP PLC: $615 million equivalent notes due 2018 in possible dollar- and euro-denominated tranches; The Royal Bank of Scotland, Goldman Sachs & Co.; part of $2.16 billion LBO financing in which company will be acquired by First Reserve; Aberdeen, Scotland-based oilfield equipment and services provider; originally scheduled for April, pending market conditions.

AGILE PROPERTY HOLDINGS LTD.: Up to $400 million senior notes (Ba3/BB) in fixed-rate and floating-rate tranches; HSBC; Rule 144A/Regulation S; to finance new and existing projects; Hong Kong-based property developer.

ALLIS-CHALMERS ENERGY INC.: $350 million bridge loan, which could be taken out by high-yield bonds (backed by $350 million senior unsecured bridge facility arranged by RBC Capital Markets and GSCP); to help fund the acquisition of Bronco Drilling Co., Inc. for about $437.8 million and to repay assumed Bronco Drilling debt, RBC Capital Markets exclusive financial adviser to Allis-Chalmers, a Houston-based multi-faceted oilfield company; acquisition expected to occur mid-2008.

APRIA HEALTHCARE GROUP INC.: $1 billion senior secured notes; also $250 million credit facility; Banc of America Securities LLC, Wachovia Securities, Barclays Capital; to fund LBO by the Blackstone Group, expected to close in the second half of 2008; Lake Forest, Calif., home health care services company.

ASHLAND INC.: $750 million senior unsecured notes; also $1.95 billion credit facility via Bank of America, Scotia Capital; to help fund the acquisition of Hercules Inc., expected to close by 2008 year-end; Ashland is a Covington, Ky.-based chemical company.

AVAYA INC.: $1.45 billion senior unsecured notes (CCC+): $700 million cash-pay notes and $750 million PIK toggle notes; Morgan Stanley, Citigroup, J.P. Morgan Securities Inc. (joint); also $4.335 billion credit facilities; to fund LBO by Silver Lake and TPG Capital; Basking Ridge, N.J., provider of communication systems, applications and services; expected first-half 2008 business.

BCE INC.: C$11.3 billion U.S. dollar equivalent bonds: up to $7.5 billion senior notes and $3.8 billion subordinated notes; also C$23.05 billion credit facility; Citigroup, Deutsche Bank, RBS Securities, TD Securities lead banks on financing; to fund LBO by Teachers Private Capital, Providence Equity Partners Inc. and Madison Dearborn Partners, LLC, expected to be completed first half of 2008; Montreal-based communications company.

BIL HOLDINGS (LYONDELL-BASELL FINANCE CO. LTD.): $8 billion equivalent: $5.5 billion equivalent senior secured second-lien notes (B2/B+) and $2.5 billion equivalent senior unsecured notes (B3/B-) both in dollar and euro tranches; Citigroup, Goldman Sachs, Merrill Lynch, ABN Amro, UBS Investment Bank; to finance acquisition of Houston-based Lyondell Chemical Co.; Basell is a Netherlands-based producer of polypropylene and polyethylene; expected first-half 2008 business.

CATALINA MARKETING CORP.: $490 million notes (Caa1/B-): $330 million senior PIK toggle notes and $160 million senior subordinated notes; Bear Stearns, Goldman Sachs & Co., Morgan Stanley; Rule 144A; to fund the acquisition of the company by Hellman & Friedman Capital partners VI; St. Petersburg, Fla., provider of promotional marketing services; expected first-half 2008 business.

CDW CORP.: $1.94 billion notes: $890 million senior unsecured cash-pay notes due 2015 (Caa1/CCC+), $300 million senior unsecured PIK toggle notes due 2015 (Caa1/CCC+) and $750 million senior subordinated notes due 2017 (Caa2/CCC+); J.P. Morgan Securities Inc., Lehman Brothers, Deutsche Bank Securities, Morgan Stanley; to refinance bridge loan related to LBO; Vernon Hills, Ill., provider of technology products and services.

CLEAR CHANNEL COMMUNICATIONS INC.: $2.31 billion of notes: $980 million of 10¾% senior cash pay notes due 2016 and $1.33 billion 11% (11¾% if PIK) senior PIK toggle notes due 2016; Deutsche Bank Securities Inc., Morgan Stanley & Co. Incorporated, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Greenwich Capital Markets, Inc. and Wachovia Capital Markets, LLC; Rule 144A; LBO financing; San Antonio media and entertainment company.

EMPLOYERS HOLDINGS INC.: $150 million senior notes due 2018; Rule 144A; to fund a portion of the $193.9 million acquisition of AmCOMP Inc., expected to close during the second quarter of 2008; Reno, Nev.-based provider of worker compensation insurance to U.S. small businesses; pro forma interest rate is 8%.

FIRST DATA CORP.: $6.75 billion: $1.5 billion senior cash-pay notes, $2.75 billion senior PIK notes, $2.5 billion senior subordinated notes; Citigroup plus others; to help repay bridge financing for LBO of the company by Kohlberg Kravis Roberts & Co.; Greenwood Village, Colo., check and credit card transaction services provider.

FRESENIUS SE: Approximately $1.5 billion equivalent senior unsecured notes expected to be issued in euro and dollar denominations; Credit Suisse, JPMorgan, Deutsche Bank Securities (joint); also approximately $1.985 billion equivalent credit facility; to help fund the acquisition of Schaumburg, Ill.-based intravenous drug manufacturer APP Pharmaceuticals, Inc., expected end-of-year business; Fresenius is a Germany-based manufacturer of intravenous drugs.

GENERAL MOLY: $540 million to $700 million debt financing including high-yield bonds, leveraged loans and possibly convertibles; underwriter to be determined; to fund the Mt. Hope molybdenum project, located in central Nevada; also $240 million to $400 million of equity; formerly Idaho General Mines, General Moly is a Lakewood, Colo.-based molybdenum mineral development, exploration and mining company; possible late 2008-early 2009 business.

LANDRY'S RESTAURANTS INC.: $315 million senior secured notes; Jefferies & Co.; also $300 million credit facility; to fund the buyout by Fertitta Holdings Inc., expected to close late third quarter or early fourth quarter of 2008; Landry's is a Houston-based restaurant, hospitality and entertainment company.

NORTH AMERICAN ENERGY ALLIANCE: $325 million senior unsecured notes; Barclays Capital; also $545 million credit facility (BB+); to help back the roughly $1.477 billion acquisition of 1,706 megawatts of generation projects by Industry Funds Management from Consolidated Edison Inc.

RELIANCE STEEL & ALUMINUM CO.: $750 million via new debt and equity securities; to fund the acquisition of PNA Group Holding Corp., transaction expected to close by mid-August; Reliance Steel is a Los Angeles-based metals service center company.

RIVERDEEP INTERACTIVE LEARNING USA: $820 million senior subordinated notes; Credit Suisse, Citigroup (joint); proceeds along with $1.87 billion senior bank debt, $750 million mezzanine debt and $1.5 billion equity to fund the acquisition of Houghton Mifflin by Riverdeep from Thomas H. Lee Partners, Bain Capital Partners, LLC and Blackstone Group for $3.4 billion; Riverdeep, based in Dublin, Ireland, is a publisher of interactive products for the consumer and school markets.

OAO SEVERSTAL: Benchmark-sized dollar-denominated eurobond (Ba2/BB/BB); ABN Amro, BNP Paribas, Citigroup (joint books); Rule 144A/Regulation S; Cherepovets, Russia-based steel producer; roadshow in the United States and Europe from June 26 to June 30.

UNITED TEST AND ASSEMBLY CENTER LTD. (UTAC): $475 million senior notes due 2015: $275 million senior cash-pay notes and $200 million senior PIK notes; J.P. Morgan Securities Inc., Merrill Lynch, ABN Amro; non-callable for four years; to finance LBO; Singapore-based semiconductor testing and assembly company.

WCI COMMUNITIES INC.: $350 million of senior secured PIK option notes due 2012; Rule 144A with registration rights; callable; 101.0 change-of-control put; to repay the Tower Construction loan agreement and existing bank debt; Bonita Springs, Fla.-based homebuilder.

PRIVATE PLACEMENT

CHET MORRISON CONTRACTORS INC.: $100 million senior secured notes due 2013 in private placement (B3); Global Hunter Securities; to refinance about $59 million of debt and to fund $37 million of planned capital expenditures; also $30 million revolver (JPMorgan); Houma, La.-based wholly owned subsidiary of Morrison Energy Group, LLC, which will be a co-issuer of the senior secured notes; pricing expected by end of July.

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