High Yield Calendar

Total amount of high-yield bond offerings being marketed: $3.62 billion and €2.605 billion

WEEK OF APRIL 26

WASTE SERVICES INC.: $160 million senior subordinated notes due 2014 (B-); Lehman Brothers (books) CIBC World Markets (co); Rule 144A/Regulation S; non-callable for five years; proceeds along with borrowings under a planned new $160 million credit facility and private equity placement to repay existing credit facilities and fund acquisitions in Florida; integrated solid waste services company based in Burlington, Ont.; price talk 9½%-9¾%; pricing mid-day Monday.

SEA CONTAINERS LTD.: $150 million senior notes due 2014 (B3/B); Citigroup (books), Lazard, Fortis, Scotia Capital (co's); registered; non-callable for five years; 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; roadshow April 19-26.

TELE COLUMBUS: €475 million: €195 million senior floating-rate notes due 2010 (B1/B), non-callable for one year, and €280 million senior subordinated fixed rate notes due 2012 (B3/B-), non-callable for four years; Merrill Lynch & Co.; Rule 144A/Regulation S; to refinance debt, refinance shareholder loan and fund a small dividend payment; cable television and communications services company based in Hanover, Germany; roadshow started April 15 in Europe, one-day U.S. roadshow on Tuesday, pricing thereafter.

EMMIS OPERATING CO.: $350 million senior subordinated notes due 2012 (expected B2/confirmed B-); Goldman Sachs & Co., Deutsche Bank Securities, Banc of America Securities, Credit Suisse First Boston (joint); Rule 144A; non-callable for four years; also new $1 billion senior credit facility; to repay bank debt, repurchase or redeem Emmis Operating Co. subordinated notes and all or part of Emmis Communications' senior discount notes; wholly owned subsidiary of Emmis Broadcasting Corp., Indianapolis-based diversified media firm; roadshow started April 23; pricing expected April 28.

METRIS COS. INC.: $250 million senior secured notes due 2009; Goldman Sachs & Co., Deutsche Bank Securities, Banc of America Securities (joint); Rule 144A/Regulation S; non-callable for three years; to refinance bank debt, 10% senior notes due 2004, and part of 10 1/8% senior notes due 2006; Minnetonka, Minn.-based bankcard issuer; roadshow started April 21, pricing expected April 28.

GIANT INDUSTRIES INC. $150 million senior subordinated notes due 2014 (B3); Banc of America Securities (books), BNP Paribas (joint lead); registered; non-callable for five years; also selling three million common shares of stock; to tender and/or redeem its $150 million of 9% senior subordinated notes due 2007 at 103.25 and redeem 24% of its $195 million 11% senior subordinated notes due 2012 at 111 via the equity clawback; Scottsdale, Ariz.-based refiner and marketer of petroleum products; roadshow April 15-27; pricing expected April 27.

AMSCAN HOLDINGS INC.: $175 million senior subordinated notes due 2014 (B3/B-); Goldman Sachs & Co. (physical books), Credit Suisse First Boston (joint bookrunner); Rule 144A/Regulation S; non-callable for five years; to help fund acquisition of Amscan by Berkshire Partners and Weston Presidio from GS Capital Partners, including tender for its $110 million 9 7/8% senior subordinated notes; Elmsford, N.Y. manufacturer and distributor of decorative party goods; roadshow started April 20; pricing during April 26 week.

VALMONT INDUSTRIES INC.: $150 million senior subordinated notes due 2014 (Ba3/B+); Credit Suisse First Boston (books), Banc of America Securities, BNY Securities, Wachovia Securities (co's); Rule 144A; non-callable for five years; also new $175 million credit facility; to fund acquisition of Newmark International, repay revolver and promissory note; Omaha, Neb.-based manufacturer of engineered support structures for irrigation equipment and a provider of coating services; roadshow started April 21, pricing April 29.

SENECA GAMING CORP.: $225 million senior notes due 2012 (BB-); Merrill Lynch & Co., Banc of America Securities (joint), Wells Fargo Capital (co); Rule 144A; non-callable for four years; to fund construction of a new hotel, land acquisition and acquisition and refurbishment of an existing hotel, repay debt and fund a dividend payment; Western N.Y. State tribal gaming company; roadshow April 21-30.

TUI AG: €350 million notes due 2011 (not rated); The Royal Bank of Scotland, Commerz, WestLB; Rule 144A/Regulation S with no registration rights; non-callable for life; 0.75% coupon step up if notes are not rated after 18 months; to refinance debt; diversified travel industry company headquartered in Hanover, Germany; European roadshow started April 22, U.S. to follow.

WISE METALS GROUP LLC/WISE ALLOYS FINANCE CORP.: $150 million senior secured notes due 2012 (B); Deutsche Bank Securities, Wachovia Securities; Rule 144A; non-callable for four years; guaranteed by a first lien on property, plant, and equipment, second lien on accounts receivable and inventory; to repay debt and redeem preferred shares; Linthicum, Md. producer of aluminum beverage can stock; roadshow April 23-30.

AMERICAN EQUITY INVESTMENT LIFE HOLDING CO.: $150 million senior notes due 2014 and 2016 (BB+); Merrill Lynch & Co., Raymond James, Advest, Wachovia Securities; off-the-shelf; non-callable for life; to refinance bank debt and general corporate purposes; West Des Moines, Iowa-based underwriter of annuity and insurance products; roadshow starts April 26 and ends late in the April 26 week.

APRIL BUSINESS

REGAL CINEMAS BONDS CORP.: $400 million subordinated notes; Credit Suisse First Boston; Rule 144A; also $1.35 billion senior secured credit facility; to fund tender for Regal Cinemas Corp.'s $350 million 9 3/8% senior subordinated notes due 2012 and pay an extraordinary dividend of $5.00 per share to holders of class A and class B common stock, and for general corporate purposes including potential acquisitions.

GUNDLE/SLT ENVIRONMENTAL INC.: $150 million high yield bonds; UBS Investment Bank; also $65 million credit facility; to back acquisition of Gundle/SLT Environmental Inc. by Code Hennessy & Simmons LLC; Houston manufacturer and marketer of geosynthetic lining solutions, products and services; expected in early April.

CONTINENTAL CHEMICAL HOLDINGS LTD.: $150 million notes due 2009 (B1/B+); UBS Securities; Rule 144A/Regulation S; Singapore-based maker of intermediate chemicals and specialty resin products; expected to price in April.

WEEK OF MAY 3

CIRSA FINANCE LUXEMBOURG SA: €260 million senior notes due 2014 (Ba3/B+); Deusche Bank Securities; Rule 144A/Regulation; non-callable for five years; senior guarantees from all material subsidiaries; to repay debt and fund gaming investments; Spanish leisure and gaming company; roadshow April 27-30; pricing early May 3 week.

LABRANCHE & CO. INC.: $460 million senior notes due 2009, non-callable for three years and 2012, non-callable for four years; Credit Suisse First Boston; Rule 144A; to fund tender for 9 ½% senior notes due August 2004 and 12% senior subordinated notes due March 2007; New York City-based financial specialist firm; roadshow starts April 26; pricing middle of May 3 week.

WHITING PETROLEUM CORP.: $150 million senior subordinated notes due 2012 (B-); Merrill Lynch & Co., Lehman Brothers (joint), AG Edwards, Petrie Parkman & Co., Raymond James, BancOne Capital Markets, KeyBanc (co's); Rule 144A/Regulation S; non-callable for four years; to refinance Whiting Oil and Gas Corp. bank debt; Denver, Colo.-based oil and natural gas exploration and production company; roadshow April 26-May 5.

COGNIS: €745 million equivalent Rule 144A/Regulation S note offering in two parts (expected B): COGNIS KG €300 million second lien floating-rate notes due 2013 (9.5 year maturity), non-callable for one year, then at 104, 102, par, COGNIS GMBH: €445 million equivalent (in euros, with possible dollar tranche) fixed-rate senior secured notes due 2014, non-callable for five years; Goldman Sachs & Co., JP Morgan (joint); to fund recapitalization; specialty chemicals manufacturer formed by spin-off of Henkel's Chemical Products business to Permira and GS Capital Partners in 2001; Europe roadshow April 22-28, U.S. roadshow starts April 29; pricing expected during May 3 week.

POLYPORE INC.: $400 million equivalent senior subordinated unsecured notes due 2012 (Caa1/B-) in two tranches: $200 million and €165 million; JP Morgan (books), Bear Stearns & Co., Lehman Brothers, UBS Investment Bank (co's); Rule 144A/Regulation S; non-callable for four years; also $495 million credit facility; to help fund Warburg Pincus LLC's acquisition of Polypore from The InterTech Group Inc. and GTCR Golder Rauner LLC; North Charleston, S.C. manufacturer of specialized microporous filtration products; European roadshow during April 19 week, U.S. roadshow starts April 26; pricing expected during May 3 week.

RHODIA: €625 million equivalent senior notes due 2010 (confirmed B3/expected B-) in dollars and euros, tranche sizes to be determined; Credit Suisse First Boston, BNP Paribas, Goldman Sachs & Co. (joint books) Credit Lyonnais (joint lead manager); Rule 144A/Regulation S; non-callable for four years; also €450 million equivalent rights issue; to pay down bank debt and address medium term liquidity issues; specialty chemical manufacturer headquartered in France; roadshow started April 23 in Frankfurt and Paris, April 26-27 in London, global launch during week of May 3.

MAY BUSINESS

LBC: €150 million notes; Deutsche Bank Securities, Lehman Brothers; to finance LBO of the company by One Equity Partners from Fimalac for €243 million; chemical storage company in Europe and U.S.; roadshow expected during week of April 26.

ONO: €350 million senior notes; BNP Paribas, Morgan Stanley, Banc of America Securities, Deutsche Bank Securities; to refinance debt; Spanish cable company; expected to price in May.

LEINER HEALTH PRODUCTS: $150 million bonds, also $290 million credit facility to be led by UBS Investment Bank and Morgan Stanley; to back NorthCaste and Golden Gate Capital's recapitalization of Leiner Health Products; Carson, Calif.-based manufacturer of supplements, diet aids and pharmaceuticals; transaction expected to launch in early May.

BRENNTAG: €180 million; Goldman Sachs & Co.; to repay mezzanine debt and fund the acquisition of the company by Bain Capital; Mόlheim an der Ruhr, Germany-based distributor of specialty and industrial chemicals; possible May business.

UGS PLM SOLUTIONS: $1 billion split between high yield and bank transactions; bond deal to be led by Citigroup, JP Morgan, Morgan Stanley; to help support acquisition of UGS PLM by Bain Capital, Silver Lake Partners and Warburg Pincus from Electronic Data Systems Corp. for $2.05 billion in cash; Plano, Tex. provider of PLM software and related services; expected May business.

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. manufacturer of food products.

THIRD QUARTER

ROCKWOOD SPECIALTIES INC.: €500-€600 million high yield notes; Credit Suisse First Boston, Goldman Sachs & Co., UBS Investment Bank; to finance the €2.25 billion aquisition of MG Technologies CeramTec, Chemetall, Sachtleben and DNES divisions; the divisions will be combined with Rockwood; Princeton, N.J. chemical manufacturer' transaction expected to close third quarter of 2004.

ON THE HORIZON

ADESA INC.: $125 million (downsized from $200 million) senior subordinated notes due 2011 (B1); also $375 million credit facility (upsized from $350 million) via UBS, Merrill Lynch & Co.; also an IPO of common shares; to finance Adesa's spin-off from Allete Inc., expected to be completed during second quarter of 2004; Carmel, Ind. operator of used vehicle and auto salvage auctions.

TRIAD HOSPITALS INC.: $650 million senior notes and/or senior subordinated notes; to fund tender for $600 million 8 ¾% senior notes due 2009, Citigroup and Merrill Lynch & Co. co-dealer managers, expires May 17, 2004; Plano, Tex. manager of hospitals and ambulatory surgery centers.

REVLON CONSUMER PRODUCTS CORP.: $400 million new senior unsecured notes; Citigroup, JP Morgan; Rule 144A; also $680 million credit facility; to fund tender for 12% senior secured notes due 2005, the 8 1/8% senior notes due 2006, and 9% senior notes due 2006, offer expires May 14; subsidiary of Revlon, Inc.

TENNECO AUTOMOTIVE: $400 million senior subordinated notes; Rule 144A; also approximately $150 million issue of common stock via JP Morgan, Citigroup; to repurchase $500 million of 11 5/8% senior subordinated notes due 2009; Lake Forest, Ill. auto parts maker.

HOLLYWOOD ENTERTAINMENT: $600 million: $400 million senior notes $200 million senior subordinated notes; UBS Investment Bank; Rule 144A; to fund acquisition of Oscar by Carso Holdings Corp., a Delaware corporation formed by affiliates of Leonard Green & Partners, LP.

HYUNDAI MOTOR CO.: $150-$200 million offshore floating-rate bonds (Ba1/BB), maturity to be determined; to repay debt; South Korean auto maker; pre-marketing.

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.

PANAMSAT CORP.: High yield bonds and new credit facility; hear Credit Suisse First Boston, Citigroup to lead both components; to finance $4.3 billion acquisition by Kohlberg Kravis Roberts & Co. from The DirecTV Group Inc., expected to be completed in second half of 2004; Wilton, Conn. satellite operator.

CABLECOM HOLDING AG: CHF450 million high yield bond issue (CCC+); 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.

LABRANCHE & CO. INC.: New senior notes; Rule 144A; to fund tender for 9 ½% senior notes due August 2004 and 12% senior subordinated notes due March 2007, Credit Suisse First Boston dealer manager, expires May 3, 2004; New York City-based financial specialist firm.

ADELPHIA COMMUNICATIONS CORP.: $3.3 billion 10-year senior unsecured notes; non-callable for five years; 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.

SICPA: €150 million; BNP Paribas, Credit Suisse First Boston.

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.

US ONCOLOGY: $625 million high yield bonds to help fund LBO by Oiler Acquisition Corp., an affiliate of Welsh, Carson, Anderson & Stowe IX, LP; also $550 million senior secured credit facility via JPMorgan Chase Bank, Wachovia Bank and Citicorp North America Inc.

ROADSHOWS

Started April 15: TELE COLUMBUS €475 million; Merrill Lynch & Co.; Rule 144A/Regulation S; 6- and 7-year

April 15-27: GIANT INDUSTRIES INC. $150 million; Banc of America Securities; registered; 10NC5

April 19-26: SEA CONTAINERS LTD. $150 million; Citigroup; registered; 10NC5

Started week of April 19: POLYPORE INC. $200 million; JP Morgan; Rule 144A; 8NC4

Started April 19 week: REGAL CINEMAS BONDS CORP. $400 million; Credit Suisse First Boston; Rule 144A

Started April 20: AMSCAN HOLDINGS INC. $175 million; Goldman Sachs & Co.; Rule 144A/Regulation S; 10NC5

Started April 21: METRIS COS. INC. $250 million; Goldman Sachs & Co., Deutsche Bank Securities, Banc of America Securities; Rule 144A/Regulation S; 5NC3

Started April 21: VALMONT INDUSTRIES INC. $150 million; Credit Suisse First Boston; Rule 144A; 10NC5

Started April 22 in Europe: TUI AG €350 million; The Royal Bank of Scotland; Rule 144A/Regulation S; 7NC

Started April 22 in Europe: COGNIS: €745 million; Goldman Sachs & Co., JP Morgan; Rule 144A/Regulation S; 9.5NC1 and 10NC5

Started April 23: EMMIS OPERATING CO. $350 million; Goldman Sachs & Co.; Rule 144A

Started April 23: RHODIA: €625 million equivalent; Credit Suisse First Boston; Rule 144A/Regulation S; 6NC4

April 23-30: WISE METALS GROUP LLC/WISE ALLOYS FINANCE CORP. $150 million; Deutsche Bank Securities; Rule 144A; 8NC4

Starts April 26 week: LBC €150 million notes; Deutsche Bank Securities, Lehman Brothers

Starts April 26: LABRANCHE & CO. INC. $460 million; Rule 144A; five-year and eight-year

Starts April 26: AMERICAN EQUITY INVESTMENT LIFE HOLDING CO. $150 million; Merrill Lynch & Co.; off-the-shelf; 10NC and 12NC

April 26-May 5: WHITING PETROLEUM CORP. $150 million; Merrill Lynch & Co., Lehman Brothers; Rule 144A/Regulation S; 8NC4

April 27-30: CIRSA FINANCE LUXEMBOURG SA €260 million; Deutsche Bank Securities; Rule 144A/Regulation S; 10NC5

RECENT SHELF FILINGS WITH THE SEC:

COEUR D'ALENE MINES CORP. (Symbol: CDE): $250 million shelf filed April 21 for debt securities, preferred stock, common stock and warrants; securities may be issued as convertibles; Coeur d'Alene, Ida. silver miner will use proceeds for general corporate purposes, expansion, possible acquisitions, working capital and repayment of debt.

http://www.sec.gov/Archives/edgar/data/215466/000095015004000441/a97618sv3.htm

FAIRFAX FINANCIAL HOLDINGS LTD. (Symbol: FFH): $750 million shelf filed April 20 for subordinated voting shares, preferred shares, debt securities, warrants, share purchase contracts and units; securities may be issued as convertibles; Toronto financial services company will use proceeds for general corporate purposes.

http://www.sec.gov/Archives/edgar/data/915191/000090956704000549/t12653fv10.htm

K2 INC. (Symbol: KTO): $175 million shelf filed April 20 for debt securities, common stock, preferred stock, warrants, purchase contracts and units; securities may be issued as convertibles; Carlsbad, Calif. sporting and recreational goods company will use proceeds for general corporate purposes.

http://www.sec.gov/Archives/edgar/data/6720/000119312504065347/ds3.htm

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