High Yield Calendar

Total amount of high-yield bond offerings being marketed: $1.055 billion and €545 million

WEEK OF NOV. 22

OWENS-BROCKWAY GLASS CONTAINER INC.: $650 million equivalent senior notes due 2014 (B2/B); in dollar and euro tranches, sizes to be determined; Goldman Sachs & Co. (physical books), Citigroup (joint), Banc of America Securities, BNP Paribas, Deutsche Bank Securities, Scotia Capital (co-leads), Calyon Securities, JP Morgan (co-managers); Rule 144A/Regulation S with registration rights; non-callable for five years; proceeds together with borrowings under secured credit agreement, if necessary, to fund tender by Owens-Illinois Inc. for $350 million 7.15% senior notes due 2005, by BSN Glasspack SA for €140 million 10¼% senior subordinated notes due 2009 of BSN Financing Co. SA and by BSN Glasspack SA for €160 million of 9¼% senior subordinated notes due 2009 of BSN Glasspack Obligation SA; Toledo, Ohio-based container company; price talk 6¾%-7%; pricing Tuesday.

CASCADES INC.: $100 million add-on to 7¼% senior notes due Feb. 15, 2013 (Ba3/BB+); CIBC World Markets, Scotia Capital (books), Citigroup (co), Rule 144A; callable after Feb. 15, 2008 at 103.625, 102.417, 101.208, par on or after Feb. 15, 2011, equity clawback for 35% at 107.25 until Feb. 15, 2006; to repay bank debt; original $450 million issue priced at par on Jan. 31, 2003; $100 million add-on priced at 104.5 June 30, 2003; Kingsey Falls, Quebec-based packaging company; price talk 106.50-107; pricing Tuesday.

PROPEX FABRICS INC.: $150 million senior notes due 2012 (Caa1/B-); BNP Paribas; Rule 144A; non-callable for four years; to help finance the acquisition of the polypropylene fabrics business of BP Amoco (renamed Propex Fabrics Inc.) by a group of financial sponsors led by the Sterling Group; Atlanta-based polypropylene fabric manufacturer; roadshow week of Nov. 15; pricing Tuesday.

AFC ENTERPRISES INC.: $155 million senior secured second lien notes due 2011; SunTrust Robinson Humphrey; Rule 144A (no registration rights); non-callable for four years; to back AFC's sale of Church's Chicken brand to Crescent Capital Investments Inc. for $390 million; Atlanta-based franchisor and operator of restaurants, bakeries and cafes in the U.S., Puerto Rico and 38 foreign countries under the brand names Popeyes, Chicken & Biscuits, Church's Chicken and Cinnabon, and the franchisor of Seattle's Best Coffee in Hawaii, on military bases and internationally.

WEEK OF NOV. 29

WDAC SUBSIDIARY CORP. (WORLD DIRECTORIES): €545 million equivalent senior notes due 2014 in dollar and euro tranches; JP Morgan, Goldman Sachs & Co., Credit Suisse First Boston (joint); Rule 144A/Regulation S (no registration rights); non-callable for five years; to repay bank debt incurred in acquisition of VNU's World Directories Group by Apax and Cinven; company produces telephone books and Yellow Pages directories in print and on-line in Belgium, The Netherlands, Ireland, Portugal, Romania, Puerto Rico and South Africa; U.S. roadshow Nov. 19-22, Europe roadshow Nov. 23-29.

2004 BUSINESS

TEXAS GENCO: $1.375 billion second lien notes due 2014 (Ba3/B+) in fixed and floating-rate tranches; Goldman Sachs & Co., Morgan Stanley, Deutsche Bank Securities, Citigroup; Rule 144A; also $1.375 billion term loans and $325 million revolver; to fund acquisition of Texas Genco by the Blackstone Group, Hellman & Friedman, Kohlberg Kravis Roberts and Texas Pacific Group; also $2.2 billion credit facility; Houston wholesale electric power generator; post-Thanksgiving business.

UNIVERSAL CITY FLORIDA HOLDING CO. I/UNIVERSAL CITY FLORIDA HOLDING CO. II: $450 million fixed-rate notes due 2011 and floating-rate notes due 2010; JP Morgan, Banc of America Securities; Rule 144A; proceeds to be distributed to NBC Universal and Blackstone entities that each own, indirectly, 50% of the two partnerships; prospective issuers are partnerships of Orlando, Fla. theme park owner operator Universal City Development Partners, Ltd.; expected to price after Thanksgiving.

CARROLS CORP.: $200 million eight-year senior subordinated notes (B3); JP Morgan; also $250 million senior secured loan; to make a $141 million distribution to shareholders; Syracuse, N.Y., restaurant company operating 536 restaurants in 17 states, and also largest franchisee of Burger King restaurants; 2004 business.

ON THE HORIZON

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.

CHURCH & DWIGHT CO., INC.: $175 million senior subordinated notes; Rule 144A; to fund tender offer for Armkel, LLC and Armkel Finance, Inc.'s 9½% senior subordinated notes due 2009, expires Dec. 21, JP Morgan dealer manager; Princeton, N.J. company manufactures and markets personal care, household and specialty products.

COOPER STANDARD AUTOMOTIVE: $400 million bonds; Deutsche Bank, Lehman Brothers, Goldman Sachs & Co., UBS Investment Bank (joint); also $625 million credit facility; to help fund acquisition of Cooper-Standard by The Cypress Group and Goldman Sachs Capital Partners from Cooper Tire & Rubber Co. for about $1.165 billion; Novi, Mich.-based manufacturer of fluid handling systems, body sealing systems, and active and passive vibration control systems, primarily for automotive original equipment manufacturers; expected to close in fourth quarter.

EGL HOLDING CORP.: $660 million of senior subordinated notes; also $780 million senior secured credit facility to be led by JP Morgan, Wachovia Securities and Merrill Lynch & Co.; also equity contribution; to help fund approximately $2.3 billion acquisition of Select Medical Corp; issuer is a new company formed by an investment group led by Welsh, Carson, Anderson & Stowe; acquisition to close first quarter of 2005.

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., aftermarket supplier of motorcycle parts.

HOLLYWOOD MERGER CORP.: $550 million in bonds; also $275 million credit facility to be led by UBS Securities LLC; part of its amended merger agreement with affiliates of Leonard Green & Partners LP; Wilsonville, Ore., video chain; expected end of the fourth quarter 2004, or early first quarter 2005.

INTELSAT: New bonds and bank loan; Deutsche Bank Securities, Credit Suisse First Boston, Lehman Brothers; to help fund the approximately $5 billion acquisition of Intelsat by Zeus Holdings Ltd., a company formed by a consortium of funds advised by Apax Partners, Apollo Management, Madison Dearborn Partners and Permira; Intelsat is a Bermuda-based worldwide satellite telecommunications company; early fourth quarter of 2004.

PHIBRO ANIMAL HEALTH CORP. $22.5 million add-on offering of units comprised of PHIBRO ANIMAL HEALTH CORP.: $4.284 million senior secured notes due 2007 and PHIBRO BELGIUM: $18.207 million senior secured notes due 2007; Rule 144A/Regulation S; to build inventory of virginiamycin and to finance purchase of equipment for Brazilian plant to produce virginiamycin; Fort Lee, N.J. manufacturer of animal health products.

STAR GAS PARTNERS LP: $300 million public or private offering of debt securities; JP Morgan; also $300 million asset-based senior secured revolving credit facility; to support its working capital requirements for the near term; Stamford, Conn.-based distributor of home heating oil and propane.

VERIZON HAWAII: New high-yield bonds; also new credit facility to be led by JPMorgan, Goldman Sachs, Lehman Brothers (same banks to lead bond deal, although not necessarily in that order); to fund Carlyle Group's $1.65 billion acquisition of Verizon Hawaii from Verizon Communications Inc.; pending regulatory approvals.

VNU WORLD DIRECTORIES: Approximately $450 million equivalent bonds; JP Morgan; to fund Apax Partners Worldwide LLP and Cinven Ltd.'s €2.075 billion acquisition of the company from parent VNU NV, a Dutch information and media business.

INCOME SECURITIES OFFERINGS IN THE MARKET

ALLIANCE LAUNDRY HOLDINGS INC.: up to $375 million of Income Deposit Securities comprised of 20.63 million shares of class A common stock and $100 million senior subordinated notes due 2019; also separate offering of $13.9 million senior subordinated notes (Caal/CCC on notes); CIBC World Markets, Lehman Brothers (joint), UBS Investment Bank (co) estimated price $14.00 and $16.00 per IDS; company supplies washers and driers to laundromats.

DAVCO ACQUISITION HOLDING INC. 7.99 million Enhanced Income Securities (EIS), price range $14.50 and $15.50 per EIS: comprised of 7.99 class A common stock and $59 million senior subordinated notes due 2016, also separate offering of $7.5 million senior subordinated notes due 2016; RBC Capital Markets (books), KeyBanc Capital Markets, Oppenheimer, SunTrust Robinson Humphrey; both issues of notes guaranteed on an unsecured senior subordinated basis by all domestic subsidiaries (DavCo Operations Inc., FriendCo Restaurants Inc., Heron Realty Corp., and MDF Inc.); about $13.0 million of the proceeds will be used to repurchase class B common stock from Citicorp Venture Capital Ltd. and affiliates; subsidiary of Crofton, Md.-based DavCo Restaurants Inc., the largest franchisee of Wendy's International Inc.

EYE CARE CENTERS OF AMERICA: $375 million Income Units comprised of class A common stock and senior subordinated notes due 2014; Banc of America Securities, Merrill Lynch & Co. (books), Citigroup, Lehman Brothers (co's); proceeds along with available cash to repay credit facility, redeem $100 million 9 1/8% senior subordinated notes due 2008 and $50 million subordinated term notes, also redeem all outstanding preferred stock and repurchase common stock from existing shareholders; San Antonio prescription optical retail chain owner.

RURAL LEC ACQUISITION LLC: 8.66 million (decreased from 9.1 million) Income Deposit Securities comprised of class A common stock and $65.1 million senior subordinated notes due 2019, estimated price range $15.20 and $16.80 per IDS; also separate $8.5 million offering of senior subordinated notes due 2019; CIBC World Markets, RBC Capital Markets UBS Investment Bank (leads), Deutsche Bank Securities, Harris Nesbitt, KeyBanc Capital Markets, Raymond James; to repay $81.2 million of long-term notes and $18 million Mid-Missouri Holding long-term notes and for general corporate purposes; Oneonta, Ala., provider of telephone services in Alabama and Missouri, plans to change name to Otelco Inc. before offering closes.

XERIUM TECHNOLOGIES INC.: 28.1 million (decreased from 40.625 million) Income Deposit Securities, expected offering price $15.20 and $16.80: securities comprised shares of class A common stock and $201 million (reduced from $298.6 million) senior subordinated notes due 2019, price range $15.20 and $16.80; also separate offering of $45.3 million (reduced from $52.4 million) of senior subordinated notes due 2019; CIBC World Markets (books), Citigroup, Merrill Lynch & Co., Robert W. Baird & Co., Calyon Securities, KeyBanc Capital Markets, Legg Mason (co's); to repay debt, including senior and mezzanine credit facilities and to redeem part of class A common stock; Westborough, Mass., manufacturer of clothing and machinery covers.

ROADSHOWS

Started Nov. 19: WDAC SUBSIDIARY CORP. (WORLD DIRECTORIES) €545 million equivalent; JP Morgan, Goldman Sachs & Co., Credit Suisse First Boston

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