Convertibles Calendar

JUNE 9 WEEK

TEKELEC (Symbol: TKLC): Rule 144A; $125 million of five-year non-callable convertible senior subordinated notes, with $25 million greenshoe; price talk of 2.25-2.75% yield, 50-55% initial conversion premium; via lead manager Morgan Stanley; set to price after Wednesday's close; proceeds to redeem 3.25% convertible due 2004.

GUILFORD PHARMACEUTICALS INC. (Symbol: GLFD): Rule 144A; $50 million of five-year convertible subordinated notes, with $7.5 million greenshoe; price talk of 5.0-5.5% yield, 28-32% initial conversion premium; set to price after Wednesday's close; via lead manager Citigroup; Guilford said it would use up to $10 million of proceeds to buy shares from short sellers participating in the convertible, and remaining proceeds will be used for general corporate purposes, including working capital and potential acquisitions.

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

ALCAN INC. (Symbol: AL): $1 billion shelf filed June 10 for debt securities, preference shares, common shares and warrants; securities may be issued as convertibles; Montreal, Que. aluminum and specialty packaging company will use proceeds for general corporate purposes.

http://www.sec.gov/Archives/edgar/data/4285/000000428503000003/s3.htm

ISTAR FINANCIAL INC. (Symbol: SFI): $500 million shelf filed June 6 for common stock, preferred stock, depositary shares, debt securities and warrants; includes $100.84 million previously registered but unsold; securities may be issued as convertibles; New York commercial real estate finance company will use proceeds for general corporate purposes.

http://www.sec.gov/Archives/edgar/data/1095651/000104746903020754/a2112626zs-3.htm

MBIA INC. (Symbol: MBI): $400 million shelf filed June 10 for debt securities, preferred stock, common stock, depositary shares, warrants, stock purchase contracts and stock purchase units; securities may be issued as convertibles; Armonk, N.Y. financial guarantee, investment management and financial services company will use proceeds for general corporate purposes.

http://www.sec.gov/Archives/edgar/data/814585/000119312503009155/ds3.htm

UNIVISION COMMUNICATIONS INC. (Symbol: UVN): $1 billion shelf filed June 6 for common stock, preferred stock, debt securities, warrants, purchase contracts, units, depositary shares and trust preferreds; securities may be issued as convertibles; Los Angeles Spanish-language media company will use proceeds to repay debt and for general corporate purposes.

http://www.sec.gov/Archives/edgar/data/1227788/000104746903020744/a2108944zs-3.htm

WATTS INDUSTRIES, INC. (Symbol: WTS): $100 million shelf filed June 10 for debt securities, preferred stock, class A common stock; securities may be issued as convertibles; North Andover, Mass. valve company will use proceeds for general corporate purposes.

http://www.sec.gov/Archives/edgar/data/795403/000104746903020924/a2112620zs-3.htm

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