Convertibles Calendar

JUNE 2 WEEK

SOUTHERN UNION CO. (Symbol: SUG): $125 million three-year mandatory convertible equity units, $18.75 million greenshoe; via bookrunners J.P. Morgan Securities Inc. and Merrill Lynch & Co.; co-managers are Credit Suisse First Boston, Wachovia, Credit Lyonnais, Jefferies, Gilford, Wells Fargo, Fleet and Banc One; talked to yield 5.75% to 6.25% with an initial conversion premium of 18% to 22%; $50 price per unit; Wilkes-Barre, Pa. distributor and seller of natural gas will use proceeds to help fund acquisition of Panhandle Eastern Pipe Line Co., to reduce debt and for general corporate purposes; scheduled to price June 5.

WESTERN WIRELESS CORP. (Symbol: WWCA): 144A; $100 million of 20-year convertible subordinated notes, with $15 million greenshoe; price talk of 4.375-4.875% yield, 38-42% initial conversion premium; noncallable for three years, then provisional at 150% of conversion price in years 4 and 7, and with 125% hurdle in years 7 through 10; sole bookrunning lead manager is Citigroup; co-managers are Wachovia Securities and JPMorgan; set to price after the close Thursday.

JUNE 9 WEEK

OMNICARE CAPITAL TRUST I (Symbol: OCR): $250 million of 30-year trust convertible preferreds in the PIERS structure (preferred income equity redeemable securities), with $37.5 million greeshoe, ranked as senior unsecured debt; $50 par; noncallable for 6 years; 120% contingent interest payment trigger; price talk of 4.0-4.5% yield, 30-35% initial conversion premium; expected ratings are B1/BB-; joint book-runners are Lehman Brothers Inc. and Wachovia Securities; joint lead managers are JPMorgan, SunTrust Robinson Humphrey and UBS Warburg; co-managers are CIBC World Markets, Bear Stearns & Co. Inc. and Thomas Weisel Partners LLC; proceeds, along with funds from other offerings, will be used in part to redeem Omnicare's 5% convertible subordinated debentures due 2007; set to price after the close Monday.

http://www.sec.gov/Archives/edgar/data/353230/000119312503008181/d424b5.htm

ON THE HORIZON

VALERO ENERGY CORP. (Symbol: VLO): $250 million of three-year mandatory convertibles; with $250 million cash, proceeds would go to purchase a Louisiana refinery from Orion Refining Corp., which has filed bankruptcy; timing depends on court approval of the sale.

RECENT SHELF FILINGS

NATIONWIDE HEALTH PROPERTIES, INC. (Symbol: NHP): $500 million shelf filed June 3 for debt securities, common stock, preferred stock and warrants; securities may be issued as convertibles; Newport Beach Calif. senior housing and long-term care real estate investment trust will use proceeds for general corporate purposes.

http://www.sec.gov/Archives/edgar/data/780053/000101706203001377/ds3.htm

NEW PLAN EXCEL REALTY TRUST, INC. (Symbol: NXL): $1 billion shelf filed May 30 for debt securities, preferred stock, depositary shares, common stock, warrants and rights; securities may be issued as convertibles; New York owner and manager of shopping centers will use proceeds for general business purposes.

http://www.sec.gov/Archives/edgar/data/798288/000104746903020205/a2112014zs-3.htm

PROLOGIS (Symbol: PLD): $1 billion shelf filed May 30 for common stock, debt securities and preferred shares; preferreds may be issued as convertibles; includes $308 million previously registered but unsold; Aurora, Colo. industrial real estate investment trust will use proceeds for acquisition and development of additional properties, to repay debt and for general corporate purposes.

http://www.sec.gov/Archives/edgar/data/899881/000095013403008747/d06429sv3.htm

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