Convertibles Calendar

WEEK OF JUNE 23

GENERAL MOTORS CORP. (Symbol: GM): $3.5 billion 30-year convertible senior debentures; non-callable for seven years, puts in years 15, 20 and 25; contingent conversion feature with 120% hurdle and 95% parity trigger; dividend protection; 15% greenshoe; via bookrunners Merrill Lynch & Co., Morgan Stanley and Citigroup; proceeds to help fund U.S. pension funds and other retiree benefit obligations; Detroit automaker; pricing after close Thursday.

http://www.sec.gov/Archives/edgar/data/40730/000119312503011346/d424b3.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

CITIGROUP GLOBAL MARKETS HOLDINGS INC. (Symbol: C): $10.41 billion shelf filed June 19 for debt securities, index warrants and trust preferreds; includes $410 million previously registered but unsold; securities may be issued as convertibles; New York broker-dealer will use proceeds for general corporate purposes.

http://www.sec.gov/Archives/edgar/data/200245/000095012303007243/y86590sv3.txt

PIEDMONT NATURAL GAS COMPANY, INC. (Symbol: PNY): $690 million shelf filed June 19 for debt securities, common stock, purchase contracts and units; includes $190 million previously registered but unsold; securities may be issued as convertibles; Charlotte energy company will use proceeds to repay short-term debt to be used to initially finance the purchase of NCNG and Progress' equity interest in EasternNC and for general corporate purposes.

http://www.sec.gov/Archives/edgar/data/78460/000095014403007846/g83354sv3.htm

REMINGTON OIL AND GAS CORP. (Symbol: REM): $200 million shelf filed June 19 for common stock, preferred stock, debt securities and warrants; securities may be issued as convertibles; Dallas oil and gas exploration and production company will use proceeds for general corporate purposes.

http://www.sec.gov/Archives/edgar/data/874992/000095013403009304/d06375sv3.txt

SMITHFIELD FOODS, INC. (Symbol: SFD): $750 million shelf filed June 20 for common shares, preferred shares, depositary shares, warrants, senior debt securities, subordinated debt securities, trust preferred securities, stock purchase contracts and stock purchase units; securities may be issued as convertibles; Smithfield, Va. pork and beef processor will use proceeds for general corporate purposes.

http://www.sec.gov/Archives/edgar/data/91388/000095016803002183/ds3.htm

XTO ENERGY INC. (Symbol: XTO): $1 billion shelf filed June 20 for debt securities, preferred stock, common stock and warrants; securities may be issued as convertibles; Fort Worth, Texas independent energy company will use proceeds for general corporate purposes.

http://www.sec.gov/Archives/edgar/data/868809/000119312503011696/ds3.htm

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