High Yield Calendar

Total amount of dollar-denominated high-yield bond offerings being marketed: $2.810 billion

WEEK OF FEB. 23

CALPINE GENERATING CO., LLC: $1.05 billion non-recourse second priority secured notes (B-); Deutsche Bank Securities; Rule 144A; $525 million floating-rate tranche talked at Libor plus 725 basis points, 1.5% Libor floor, 50 basis points original issue discount and seven-year non-call; $525 million fixed-rate tranche talked at a coupon of 11 7/8% priced at a discount to yield 11¼%; pricing expected Tuesday; to refinance bank debt maturing in November; San Jose, Calif. power generator.

ESSELTE GROUP HOLDINGS AB: €130 million senior notes due 2011; Credit Suisse First Boston (books) UBS Investment Bank (joint lead); Rule 144A/Regulation S with no registration rights; non-callable for three years; guaranteed on a senior subordinated basis by operating company; to repay mezzanine debt and bank debt; Stamford, Conn.-based office supply company; roadshow Feb. 19-20; pricing Monday or Tuesday.

AINSWORTH LUMBER CO.: $200 million senior notes due 2014 (B1/B+); Goldman Sachs & Co. (books), Deutsche Bank Securities (co); Rule 144A; non-callable for five years; proceeds together with the excess cash, to fund tender for $89.085 million of 13 7/8% senior secured notes due July 15, 2007, and $184.6 million 12½% senior secured notes due July 15, 2007; Vancouver, B.C.-based forest products company; roadshow started Feb. 19; pricing Feb. 27.

AMH HOLDINGS INC.: $258 million proceeds senior discount notes due 2014 (Caa1/B-); UBS Investment Bank; Rule 144A; to redeem $177.5 million of holding company preferred stock, pay $59 million cash dividend to shareholders and $15 million special bonus to management; parent of Cuyahoga Falls, Ohio-based Associated Materials Inc., maker of vinyl, aluminum and steel siding, vinyl windows, fencing, decking and railings; roadshow starts Monday, pricing likely Thursday or Friday.

FEDDERS NORTH AMERICA, INC.: $160 million senior subordinated notes due 2014 (confirmed Caa1/existing CCC+); Credit Suisse First Boston; Rule 144A; non-callable for five years; to fund tender for 9 3/8% senior subordinated notes due 2007; subsidiary of Fedders Corp., Liberty Corner, N.J. maker of air treatment products; roadshow started Feb. 19; pricing week of Feb. 23.

THE READER'S DIGEST ASSOCIATION, INC.: $300 million of senior notes due 2011 (Ba3/BB-); JP Morgan; Rule 144A/Regulation S; non-callable for four years; to repay bank debt; Pleasantville, N.Y.-based publisher of the Reader's Digest; roadshow Feb. 19-26; pricing Feb. 27.

NEBRASKA BOOK CO., INC. (operating company): $190 million senior subordinated notes due 2012 (Caa1), non-callable for four years, three-year 40% equity clawback; JP Morgan, Citigroup (joint), Fleet Securities (co). NBC ACQUISITION CORP. (holding company): $50 million proceeds senior discount notes due 2013 (Caa2), non-callable four years, three-year 40% equity clawback; ; JP Morgan, Citigroup (joint), Fleet Securities (co). Both Rule 144A offerings: proceeds to fund recapitalization, including repayment of bank debt and funding of tenders for 8¾% senior subordinated notes due 2008 and 10¾% senior discount notes due 2009 (Weston Presidio, which currently holds approximately 32.1% of the capital stock of NBC Acquisition Corp., will acquire control over substantially all of the rest of the outstanding capital stock of the company not held by management); Lincoln, Neb.-based wholesale distributor of used college text books; roadshow Feb. 19-27.

INVENSYS: £650 million (equivalent) senior notes due 2011 in dollar and euro tranches; Deutsche Bank Securities; non-callable for four years; part of £2.7 billion refinancing plan; new five-year £1.6 billion credit facility; British engineering company based in London; currently on the road; currently roadshowing.

FEBRUARY BUSINESS

MRS. FIELDS FAMOUS BRANDS LLC/MRS. FIELDS FINANCING CO. INC.: up to $121.7 million senior secured notes due 2011 (B3); Jefferies & Co.; Rule 144A; non-callable for four years; three-year 35% equity clawback; to repay debt; Salt Lake City-based franchisor in snack food industry; expected to price late February or early March.

GOODYEAR TIRE & RUBBER CO.: $650 million senior secured notes due 2011; non-callable for four years; JP Morgan, Citigroup, Credit Suisse First Boston (placement agents); to be secured by junior liens on certain of the collateral securing the company's senior secured U.S. credit facilities; to repay bank debt and general corporate purposes; Akron, Ohio tire maker; marketing expected to begin during February.

SOFTBANK CORP. €350 million or more senior notes due March 15, 2011; Deutsche Bank AG London; non-callable for four years; to reduce short term debt; settles March 3, 2004; to be listed on Luxembourg exchange; Tokyo-based internet company incubator; European roadshow started early Feb. 23 week.

WEEK OF MARCH 1

GOLD KIST INC.: $200 million senior notes due 2014 (B2); Credit Suisse First Boston; Rule 144A/Regulation S; non-callable for five years; to repay bank debt and for general corporate purposes; Atlanta-based chicken processor; roadshow starts Feb. 23; pricing during March 1 week.

KNOLOGY, INC.: $280 million senior notes due 2014 (Caa2/CCC-); UBS Investment Bank, Morgan Stanley (joint), Jefferies & Co. (co); Rule 144A/Regulation S; non-callable for five years; to repay bank debt and general corporate purposes; West Point, Ga. provider of interactive communications and entertainment services in the Southeast; roadshow Feb. 23-March 2.

SECOND QUARTER

B&G FOODS HOLDINGS CORP.: senior debt offering, likely high yield bonds; Lehman Brothers; also common stock and subordinated notes IPO via RBC Capital Markets, Credit Suisse First Boston, Merrill Lynch & Co., Lehman Brothers and Piper Jaffray; registered deal; to repay bank debt, call $220 million 9 5/8% senior subordinated notes due 2007 at 103.208% and repurchase preferred stock and a significant portion of outstanding class B common stock; Parsippany, N.J. company manufacturer of shelf-stable food products across the U.S., Canada and Puerto Rico.

ON THE HORIZON

NTL INC.: £1 billion bond offering; also £2.2 billion credit facility; Credit Suisse First Boston, Deutsche Bank Securities, Goldman Sachs & Co., Morgan Stanley; to refinance debt; New York City-based company provides cable TV services in U.K.

CABLECOM HOLDING AG: CHF450 million high yield bond issue; CHF1.4 billion credit facility via BNP Paribas, Credit Suisse First Boston, Deutsche Bank Securities, Goldman Sachs & Co., JP Morgan; to refinance debt; Swiss cable TV company.

PEGASUS COMMUNICATIONS CORP.: $100 million add-on to 11 ¼% senior notes due Jan. 15, 2010; Banc of America Securities; Rule 144/Regulations S; callable on Jan. 15, 2006 at 105.625, 102.813, par; to fund tender for outstanding debt securities maturing in 2005 through 2007, which commenced on Jan. 26, 2004, remainder, if any, for general corporate purposes; Bala Cynwyd, Pa. company.

ADELPHIA COMMUNICATIONS CORP.: High yield bonds as part of $8 billion bond and bank loan exit financing from Chapter 11; Deutsche Bank Securities; Greenwood Village, Colo. cable television company.

SEA CONTAINERS LTD.: $150 million senior notes due 2014; to retire $80 million 12½% debentures due Dec. 1, 2004 at par, acquisitions currently under negotiation, or other corporate purposes; marine container lessor, passenger and freight transport operator and leisure industry investor based in Hamilton, Bermuda.

FRIENDLY ICE CREAM CORP.: $165 million of senior notes; Rule 144A; to help fund tender for $176 million 10½% senior notes due 2007, Goldman, Sachs & Co. dealer manager, expires March 16, 2004; Wilbraham, Mass.-based ice cream company.

AMERICAN ACHIEVEMENT CORP.: high yield bonds; Goldman Sachs & Co., Deutsche Bank Securities; to help fund acquisition sponsored by Fenway Partners from Castle Harlan Inc.; Austin, Tex. manufacturer and seller of high school and college class rings and yearbooks.

CELANESE AG: High yield bonds; Morgan Stanley Dean Witter, Deutsche Bank Securities; to help fund €3.1 billion LBO by Blackstone; Frankfurt, Germany industrial chemical company.

SEITEL, INC.: $180 million high-yield bonds to help fund exit from Chapter 11; Houston seismic information and technology company.

GLOBAL MOTORSPORT GROUP INC.: $85 million senior secured notes due 2008 (B-); Jefferies & Co.; Rule 144A; non-callable for three years; to repay bank debt; Morgan Hill, Calif.-based aftermarket supplier of motorcycle parts.

LOEWS CINEPLEX THEATRES: senior subordinated notes; Rule 144A; coming with senior credit facility and IPO; IPO via Goldman Sachs, Citigroup, Credit Suisse First Boston and Merrill Lynch; to repay debt and for general corporate purposes; motion picture exhibitor headquartered in New York City.

SEAT PAGINE GIALLE: €1.2 billion bonds; to help fund €6 billion LBO by BC Partners, CVC, Investitori Associati and Permira.

EMERGING MARKETS CORPORATE OFFERINGS

INDUSTRIAL DEVELOPMENT BANK OF INDIA (IDBI): $300 million due 2009 (Baa3//BB+); JP Morgan, Citigroup (joint); Regulation S only; roadshow Feb. 19 in Singapore, Feb. 20 in Hong Kong, Feb. 23 in London; pricing middle of Feb. 23 week.

EMERGING MARKETS OFFERINGS ON THE HORIZON

RELIANCE INDUSTRIES: $750 million bond due 2008 (existing ratings Ba2/BB); Credit Suisse First Boston; Regulation S; diversified Indian company.

KOREA DEVELOPMENT BANK: $500 million (approximately) global bonds; Citigroup, Deutsche Bank Securities; Korean financial institution; expected during first quarter of 2004.

PRIVATBANCK: $150 million three-year notes (B-); Credit Suisse First Boston; Ukrainian bank.

COLVIS FINANCE LTD. (Yuzhmash): $107.5 million bond issue due 2011 (B1/B); JP Morgan; Regulation S; for capex and working capital purposes relating to the Sea Launch project; Dnepropetrovsk, Ukraine rocket manufacturer.

PHILIPPINE NATIONAL BANK: $140 million lower tier II sub bonds due 2013; JP Morgan; non-callable for five years; roadshow expected to start Nov. 14 in Manila, Nov. 17 in Singapore, Nov. 19 in Hong Kong.

FILINVEST LAND INC.: $100 million bonds due 2008 (unrated); JP Morgan; to refinance debt and fund capital expenditures; Philippine homebuilder; price talk 9 ¼%-9 ½%.

PT BANK MANDIRI: up to $400 million of new debt securities; expected first quarter of 2004.

ROADSHOWS

Feb. 17-20: ESSELTE GROUP HOLDINGS AB €130 million; Credit Suisse First Boston; Rule 144A/Regulation S; 7NC3

Concludes Feb. 19: CALPINE GENERATING CO., LLC $1.05 billion; Deutsche Bank Securities; Rule 144A

Started Feb. 19: FEDDERS NORTH AMERICA, INC. $160 million; Credit Suisse First Boston; Rule 144A; 10NC5

Started Feb. 19: AINSWORTH LUMBER CO. $200 million; Goldman Sachs & Co.; Rule 144A; 10NC5

Started Feb. 19: INDUSTRIAL DEVELOPMENT BANK OF INDIA (IDBI) $300 million; JP Morgan, Citigroup; Regulation S; five-year

Feb. 19-26: THE READER'S DIGEST ASSOCIATION, INC. $300 million; JP Morgan; Rule 144A/Regulation S; 7NC4

Feb. 19-27: NEBRASKA BOOK CO., INC. $190 million; JP Morgan, Citigroup; Rule 144A; 8NC4

Feb. 19-27: NBC ACQUISITION CORP. $50 million proceeds; JP Morgan, Citigroup; Rule 144A; 9NC4

Starts Feb 23: AMH HOLDINGS INC. $258 million proceeds senior discount notes due 2014; UBS Investment Bank; Rule 144A

Starts Feb. 23: GOLD KIST INC. $200 million; Credit Suisse First Boston; Rule 144A/Regulation S; 10NC5

Feb. 23-March 2: KNOLOGY, INC. $280 million; UBS Investment Bank, Morgan Stanley; Rule 144A/Regulation S; 10NC5

Starts early Feb. 23 week: SOFTBANK CORP. €350 million or more; Deutsche Bank AG London; 7NC4

RECENT SHELF FILINGS WITH THE SEC:

BROADCOM CORP.: $750 million shelf filed Feb. 20 for class A common stock, debt securities and warrants; securities may be issued as convertibles; Irvine, Calif. maker of communications and networking semiconductors will use proceeds for general corporate purposes.

http://www.sec.gov/Archives/edgar/data/1054374/000089256904000206/a96710orsv3.htm

NAVISTAR INTERNATIONAL CORP.: $1 billion shelf filed Feb. 19 for debt securities, common stock, preferred stock, preference stock, depositary shares, warrants, purchase contracts and units; securities may be issued as convertibles; Warrenville, Ill. truck and bus manufacturer will use proceeds for general corporate purposes and refinancing.

http://www.sec.gov/Archives/edgar/data/808450/000104746904005006/a2129004zs-3.htm

SHAW GROUP INC.: $500 million shelf filed Feb. 19 for debt securities, common stock, preferred stock, depositary stock and warrants; securities may be issued as convertibles; Baton Rouge, La. provider of engineering, consulting and construction services will use proceeds for general corporate purposes.

http://www.sec.gov/Archives/edgar/data/1226732/000095012904000712/h12763sv3.htm

WIRELESS FACILITIES, INC.: $200 million shelf filed Feb. 19 for common stock, preferred stock, debt securities and warrants; securities may be issued as convertibles; San Diego provider of communications and security systems engineering and integration services will use proceeds for acquisitions, working capital, capital expenditures and other general corporate purposes.

http://www.sec.gov/Archives/edgar/data/1069258/000119312504026600/ds3.htm

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