High Yield Calendar

Total amount of high-yield bond offerings being marketed: $5.030 billion, €645 million and £500 million

WEEK OF NOV. 29

WDAC SUBSIDIARY CORP. (WORLD DIRECTORIES): €545 million equivalent senior notes due 2014 in dollar and euro tranches, tranche sizes to be determined (CCC+); 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; price talk 8 ½%-8 ¾% on euro-denominated notes, 8 3/8%-8 5/8% on dollar-denominated notes; pricing Tuesday.

CAJUN FUNDING CORP. (CHURCH'S CHICKEN): $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.

CHESAPEAKE CORP.: €100 million senior subordinated notes due 2014 (B+); Citigroup, Banc of America Securities (joint), Wachovia Securities, Barclays Capital; registered; non-callable for five years; three-year 35% equity clawback; to retire $85 million 7.20% notes due March 15, 2005, repay senior credit facility, make open-market purchases of other debt securities and for general corporate purposes; Richmond, Va.-based supplier of paperboard packaging products in Europe and international supplier of plastic packaging products; pricing late in the week of Nov. 29.

WASTE RECYCLING GROUP LTD. Approximately £500 million equivalent: WRG ACQUISITIONS PLC (parent of Waste Recycling Group Ltd.) £250 million second lien floating-rate notes due 2011 (B+), WRG FINANCE PLC (newly formed parent of WRG Acquisitions plc) £250 million fixed-rate senior notes due 2014 (B); Deutsche Bank Securities, Merrill Lynch & Co., Barclays Capital (joint); Rule 144A/Regulation S; to refinance debt and fund a dividend; equity sponsor Terra Firma Capital; Doncaster, United Kingdom-based company handles household, commercial and industrial waste; roadshow started Nov. 29.

SBA COMMUNICATIONS CORP.: $250 million senior notes due 2012; Lehman Brothers, Deutsche Bank Securities (joint), Friedman Billings Ramsey, Raymond James, RBC Capital Markets, TD Securities (co's); Rule 144A/Regulation S; make-whole call for first four years, then callable at a premium; to fund tender for 10¼% senior notes due 2009, repurchase 9¾% senior discount notes or repay part of revolver; Boca Raton, Fla.-based operator of wireless communications infrastructure; investor conference call at 1 p.m. ET Tuesday, pricing mid-to-late Nov. 29 week.

UNIVERSAL CITY FLORIDA HOLDING CO. I/UNIVERSAL CITY FLORIDA HOLDING CO. II $450 million equivalent notes due 2010: $150 million fixed-rate notes, callable May 2011 (3.5 years) and $300 million floating-rate notes callable in Nov. 2006 at 103, 102, 101; JP Morgan, Banc of America Securities (joint); Rule 144A; also an amended credit facility comprised of a $100 million revolver and $550 million term loan; 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.; roadshow started Nov. 29; pricing late Nov. 29 week.

WEEK OF DEC. 6

INTELSAT: $2.55 billion bonds in more than one tranche; Deutsche Bank Securities, Credit Suisse First Boston, Lehman Brothers; to help fund the $5 billion acquisition of Intelsat by Zeus Holdings Ltd., a company formed by Apax Partners, Apollo Management, Madison Dearborn Partners and Permira; Intelsat is a Bermuda-based worldwide satellite telecommunications company; roadshow starts Nov. 30.

CARROLS CORP.: $200 million senior subordinated notes due 2012 (B3/B-); JP Morgan, Banc of America Securities (joint), co-managers expected to emerge; Rule 144A; non-callable for four years; also $250 million senior secured loan; to fund recapitalization, including the tender for its $170 million 9½% senior subordinated notes, and pay $141 million distribution to shareholders; sponsors are Madison Dearborn Partners, BIB Holdings; Syracuse, N.Y., restaurant company, largest franchisee of Burger King restaurants; roadshow starts Dec. 1; pricing expected Dec. 8.

TEXAS GENCO LLC: $1.125 billion senior notes due 2014 (B); Goldman Sachs & Co. (physical books), Morgan Stanley, Deutsche Bank Securities, Citigroup (joint books); Rule 144A; non-callable for five years; also $1.375 billion term loan and $325 million revolver; to fund acquisition of Texas Genco by the Blackstone Group, Hellman & Friedman, Kohlberg Kravis Roberts and Texas Pacific Group; Houston wholesale electric power generator; roadshow starts Dec. 1; pricing Dec. 9.

THE PEP BOYS-MANNY, MOE & JACK: $150 million senior subordinated notes due 2014 (B3/B); Goldman Sachs & Co. (books), Wachovia Securities, Morgan Stanley (co's); off the shelf; non-callable for five years; to fund the tender for its $100 million 7% notes due 2005 and repay its revolver; Philadelphia, Pa.-based automotive maintenance, repair and parts business; roadshow starts Dec. 1; pricing expected Dec. 9.

RYERSON TULL INC.: $150 million senior notes due 2011 (B2/B); JP Morgan, UBS Investment Bank (joint); Rule 144A/Regulation S; non-callable for four years; guaranteed by Ryerson Procurement Corp.; to repay revolver drawn to fund the acquisition of Integris Metals Inc.; Chicago-based processor and distributor of metals; roadshow starts Nov. 30; pricing week of Dec. 6.

2004 BUSINESS

GOODMAN GLOBAL HOLDINGS, INC.: Approximately $1 billion bond and bank loan financing (expected 50/50 split) backing $1.43 billion acquisition of the company by Apollo Management, LP; bond financing via UBS Investment Bank, JP Morgan, Credit Suisse First Boston; Goodman Global Holdings is a Houston-based unit manufacturer of residential and light commercial heating and air conditioning products; expected to price in early December.

CHURCH & DWIGHT CO., INC.: $175 million senior subordinated notes; JP Morgan; Rule 144A; to fund tender offer for Armkel, LLC and Armkel Finance, Inc.'s 9½% senior subordinated notes due 2009; Princeton, N.J. company manufactures and markets personal care, household and specialty products; to price by end of 2004.

RELIANT ENERGY, INC. $4 billion in new debt: senior secured notes and fixed-rate, tax-exempt bonds; Goldman Sachs, Banc of America Securities, Merrill Lynch & Co., Barclays Capital; off-the-shelf; also $1.7 billion revolving credit facility and a combination of a term loan B; to refinance bank and bond debt; Houston-based energy company; roadshow to start week of Dec. 6.

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.

ATRIUM COMPANIES, INC.: $125 million bonds; also $375 million credit facility via UBS Investment Bank (also involved in bonds); to lower interest rate and extend debt maturities; Dallas-based manufacturer/supplier of residential windows.

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.

NOVELIS: $1.3 billion senior notes; Citigroup, Morgan Stanley, UBS Investment Bank; also $2 billion senior secured credit facility; to help fund Alcan Inc.'s proposed spin-off of its rolled aluminum products into an independent company named Novelis; Alcan is a Montreal based aluminum and packaging producer, and aluminum recycler; expected to launch in 2005.

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.

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. 29: WASTE RECYCLING GROUP LTD. approximately £500 million equivalent; Deutsche Bank Securities, Merrill Lynch & Co., Barclays Capital

Started Nov. 29: UNIVERSAL CITY FLORIDA HOLDING CO. I/UNIVERSAL CITY FLORIDA HOLDING CO. II $450 million; JP Morgan, Banc of America Securities

Starts Nov. 30: CHESAPEAKE CORP. €100 million; Citigroup, Banc of America Securities

Starts Nov. 30: INTELSAT $2.55 billion; Deutsche Bank Securities, Credit Suisse First Boston, Lehman Brothers

Starts Nov. 30: RYERSON TULL INC. $150 million; JP Morgan, UBS Investment Bank

Starts Dec. 1: CARROLS CORP. $200 million; JP Morgan, Banc of America Securities

Starts Dec. 1: THE PEP BOYS-MANNY, MOE & JACK $150 million; Goldman Sachs & Co.

Starts Dec. 1: TEXAS GENCO LLC $1.125 billion; Goldman Sachs & Co.

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