High Yield Calendar

Total amount of dollar-denominated high-yield bond offerings being marketed: $3.067 billion

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; price talk 10½% area; pricing Friday.

AMERICAN ROCK SALT CO. LLC: $100 million senior secured notes due 2014 (B3/B-); Jefferies & Co.; Rule 144A; non-callable for five years; to repay debt; Mount Morris, N.Y. highway de-icing rock salt mine; price talk 9½%-9 5/8%; pricing Friday.

EVERGREEN RESOURCES, INC.: $200 million senior subordinated notes due 2012 (Ba3/BB-); Goldman Sachs & Co. (books), BNP Paribas, UBS Investment Bank, Wachovia Securities (joint leads), AG Edwards, BancOne Capital Markets, First Albany, Hibernia, Howard Weil, Raymond James, RBC (co's); Rule 144A; non-callable for four years; to repay $149.5 million of bank debt, fund future development expenditures and general corporate purposes; Denver-based natural gas exploration and production company; price talk 6%-6¼%; pricing Friday morning.

CLONDALKIN INDUSTRIES BV: €170 million senior notes due 2014; (B3/B-); Deutsche Bank Securities, Barclays Capital, Lehman Brothers (joint); Rule 144A/Regulation S (no registration rights); non-callable for four years; to help fund €630 million acquisition by Warburg Pincus from Candover; Dublin, Ireland-based producer of specialty packaging and printing products; price talk 8 1/8%-8 3/8%; pricing Friday in London.

CELLU TISSUE HOLDINGS: $160 million senior secured notes due 2010 (B2/B); JP Morgan; Rule 144A; non-callable for three years; first lien on all assets except accounts receivable and inventory, which will have a second lien; to repay bank debt and fund a dividend payment; Hartford, Conn. manufacturer of specialty tissues and machine-glazed paper products; price talk 9¾%-10%; pricing Friday afternoon.

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; price talk 11¼%-11½%; pricing late Friday or early Monday.

TRINITY INDUSTRIES, INC.: $300 million senior notes due 2014 (BB-); JP Morgan, Credit Suisse First Boston (joint); Rule 144A; non-callable for five years; to repay bank debt and for general corporate purposes, including capital expenditures and funding working capital requirements of railcar manufacturing operations; Dallas-based diversified industrial company; price talk 6¾% area; pricing Friday afternoon.

GRANDE COMMUNICATIONS HOLDINGS INC.: $125 million senior notes due 2014 (Caa2/CCC); Bear Stearns & Co. (books), Deutsche Bank Securities (co); Rule 144A; non-callable for five years; to refinance existing debt, fund capital expenses and general corporate purposes; San Marcos, Tex.-based internet, local and long-distance telephone and cable TV company; roadshow Feb. 24-March 3; expected to price March 3.

NEWARK GROUP: $200 million senior subordinated notes due 2014 (B-); Wachovia Securities; Rule 144A; non-callable for five years; concurrent $125 million revolver via Wachovia; refinance bank debt; Cranford, N.J. paper and cardboard recycler; roadshow started Feb. 26; expected to price late in the week of March 1.

WEEK OF MARCH 8

ESCHELON TELECOM: $100 million ($85 million proceeds) senior notes due 2010 (CCC+); Jefferies & Co., Wachovia Securities; non-callable for three years; to repay bank debt; Minneapolis-based voice, data and internet services provider; notes to be offered at a discount price of 85; roadshow started Feb. 25; pricing March 8.

OMEGA HEALTHCARE INVESTORS, INC.: $200 million senior notes due 2014; Deutsche Bank Securities, UBS Investment Bank; Rule 144A; $125 million new senior credit facility, to repay senior secured credit facility due 2007, to redeem 9¼% series A preferred stock and for general corporate purposes; Timonium, Md.-based real estate investment trust investing in long-term care industry; roadshow starts March 8; pricing expected early March 15 week.

BEAL FINANCIAL CORP.: $500 million senior secured notes due 2014 (B1/BB-); Friedman Billings Ramsey (books), Howe Barnes (co); Rule 144A; callable at 105 in 2007; secured by a first priority perfected lien on all capital stock of subsidiary banks; to fund growth and for general corporate purposes; Dallas bank; roadshow started middle of March 1 week; pricing expected on March 11.

TEAM HEALTH: $180 million senior subordinated notes due 2012; Banc of America, JP Morgan, Merrill Lynch & Co. (joint); Rule 144A; non-callable for four years; to refinance existing senior debt, help fund tender for 12% senior subordinated notes, redeem 10% preferred PIK shares, and possible cash dividend to shareholders; Knoxville, Tenn. provider of outsourced physician services; roadshow March 3-11.

INTERACTIVE HEALTH FINANCE CORP.: $80 million in senior notes due 2011 (B2/B-); Jefferies & Co. (books), Imperial Capital LLC (co); Rule 144A with registration rights; to repay bank debt and fund a dividend payment; robotic massage chair producer and marketer; roadshow to start during March 8 week.

WEEK OF MARCH 16

AMERICAN ACHIEVEMENT CORP.: $150 million senior subordinated notes due 2012; Goldman Sachs & Co., Deutsche Bank Securities; Rule 144A/Regulation S; also proposed $195 million credit facility; to help fund acquisition of American Achievement by a new company organized and managed by Fenway Partners from Castle Harlan Inc.; Austin, Tex. manufacturer and seller of high school and college class rings and yearbooks; roadshow expected to start March 9; pricing expected March 17.

STANDARD COMMERCIAL CORP.: $150 million senior notes due 2012; Deutsche Bank Securities; Rule 144A; non-callable for four years; to redeem 8 7/8% senior notes due 2005 and 7¼% convertible subordinated debentures due 2007 and repay bank debt; Wilson, N.C. independent leaf tobacco dealer; roadshow starts March 8 in Europe, March 18 in U.S.

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 £2.425 billion credit facility; Credit Suisse First Boston, Deutsche Bank Securities, Goldman Sachs & Co., Morgan Stanley; Rule 144A/Regulation S; to refinance debt; New York City-based company provides cable TV services in U.K.

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.

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.

SEA CONTAINERS LTD.: $150 million senior notes due 2014; Citigroup; 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.

INVISTA INC.: $1.2 billion senior notes; also $1.8 billion of credit facility, via Credit Suisse First Boston, JP Morgan (four-B ratings expected); help fund acquisition of Invista by Koch Industries Inc. from DuPont for $4.4 billion in cash; Wilmington, Del., integrated fiber and intermediates business; acquisition expected to close during first half of 2004.

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.

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 OFFERINGS IN THE MARKET

AES GENER SA: $300 million senior unsecured bonds due 2014 (Ba3/BB+/BB); Deutsche Bank Securities; Rule 144A/Regulation S (with registration rights); to repurchase and redeem 6% U.S. convertible senior notes due 2005, 6% Chilean convertible bonds due 2005, 6½% Yankee notes due 2006 and for working capital; Santiago, Chile power generating company; roadshow March 3-8, pricing expected on March 9.

KOREA FIRST BANK: $300 million notes due 2034; Lehman Brothers and UBS Warburg; Price talk 300-325 bps over Treasuries; Seoul-based financial institution; Expected to price in early March.

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.

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.

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

ROADSHOWS

Feb. 24-March 3: GRANDE COMMUNICATIONS HOLDINGS INC. $125 million; Bear Stearns & Co.; Rule 144A; 10NC5

Started Feb. 25: ESCHELON TELECOM $100 million ($85 million proceeds); Jefferies & Co., Wachovia Securities; 6NC3

Started Feb. 26: NEWARK GROUP $200 million; Wachovia Securities; Rule 144A; 10NC5

Started middle of March 1 week: BEAL FINANCIAL CORP. $500 million; Friedman Billings Ramsey; Rule 144A; 10NC3

Started March 4: AES GENER SA $300 million; Deutsche Bank Securities; Rule 144A/Regulation S; 10-year

Starts March 8: OMEGA HEALTHCARE INVESTORS, INC. $200 million; Deutsche Bank Securities, UBS Investment Bank; senior notes due 2014; Rule 144A; 10-year

Starts March 9: AMERICAN ACHIEVEMENT CORP. $150 million; Goldman Sachs & Co., Deutsche Bank Securities; Rule 144A/Regulation S; eight-year

Starts March 8 week: INTERACTIVE HEALTH FINANCE CORP. $80 million; Jefferies & Co.; Rule 144A; seven-year

Starts March 8 in Europe: STANDARD COMMERCIAL CORP. $150 million; Deutsche Bank Securities; Rule 144A; 8NC4

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