High Yield Calendar

Total amount of high-yield bond offerings being marketed: $9.440 billion, €130 million and £500 million

WEEK OF DEC. 6

CDRV INVESTORS INC. (VWR HOLDING CO.): $300 million proceeds senior discount notes due 2014; Deutsche Bank Securities, Citigroup, Banc of America Securities (joint); Rule 144A; non-callable for five years; three-year 35% equity clawback; pay dividend to sponsor Clayton, Dubilier & Rice; West Chester, Pa.-based distributor of laboratory supplies to the industrial pharmaceutical, educational and government markets; investor conference call 10 a.m. Tuesday; pricing late Tuesday afternoon.

H-LINES FINANCE HOLDING CORP. (HORIZON LINES): $110 million senior discount notes due April 1, 2013 (Caa2/CCC+), zero coupon until April 1, 2008, first cash pay Oct. 1, 2008; Goldman Sachs & Co., UBS Investment Bank (joint); Rule 144A; non-callable before April 1, 2008; to refinance convertible notes and make a distribution to shareholders, Carlyle Group, sponsor; Charlotte, N.C.-based container shipping and logistics company; investor conference call 10 a.m. ET Tuesday; pricing Tuesday afternoon.

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; price talk 8¼% area; pricing Wednesday.

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 started Nov. 30.

THIEL LOGISTIK AG: €130 million senior subordinated notes due 2012; Deutsche Bank Securities, Morgan Stanley (joint); Rule 144A; non-callable for four years; to refinance short-term debt; Grevenmacher, Luxembourg-based logistics company; roadshow started Nov. 30; pricing expected early Dec. 6 week.

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 started Dec. 1; pricing expected Dec. 8.

COMMUNITY HEALTH SYSTEMS INC.: $250 million senior subordinated notes due 2012 (/B/B+); JP Morgan, Banc of America Securities, Citigroup, Goldman Sachs & Co., Wachovia Securities, KeyBanc, NatCity Investments, Raymond James, SunTrust Robinson Humphrey; Rule 144A/Regulation S; to repay bank debt; Brentwood, Tenn.-based operator of general acute care hospitals in non-urban communities throughout the country; roadshow started Dec. 6; pricing middle of Dec. 6 week.

TEXAS GENCO LLC: $1.125 billion senior notes due 2014 (B1/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 started 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-based automotive maintenance, repair and parts business; roadshow started Dec. 1; pricing expected Dec. 9.

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 (B1/B+), WRG FINANCE PLC (newly formed parent of WRG Acquisitions plc) £250 million fixed-rate senior notes due 2014 (B3/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.

CASABLANCA RESORTS $160 million two-part offering: $120 million senior secured second-lien notes due 2011, non-callable for four years and $40 million proceeds senior subordinated discount notes due 2012, non-callable for four years, with four year zero coupon; Jefferies & Co.; Rule 144A; also $60 million equity contribution; to redeem and/or purchase the equity interest not affiliated with Robert Black; Mesquite, Nev. owner and operator of the CasaBlanca Resort, Casino, Golf & Spa, the Oasis Resort, Casino Golf & Spa, and the Virgin River Hotel, Casino & Bingo; roadshow Started Dec. 2; pricing expected Dec. 10.

AVENTINE RENEWABLE ENERGY INC.: $160 million senior secured floating-rate notes due 2011 (B3); Morgan Stanley, JP Morgan (joint), Banc of America Securities, Bear Stearns & Co. (co's); Rule 144A; callable after two years at 103, 102, 101, par; equity clawback for 35%; to fund expansion at the Illinois facility and to fund a dividend to shareholders; Pekin, Ill.-based producer and marketer of ethanol; roadshow Started Dec. 2; pricing late Dec. 6 week.

HUDBAY MINING & SMELTING INC.: $200 million seven-year senior notes (B3/B); Credit Suisse First Boston (books), WestLB (co); Rule 144A/Regulation S; non-callable for four years; guaranteed by first lien on Hudson's properties and second lien on accounts receivable and inventories; to back the acquisition of Hudson Bay Mining & Smelting assets by Ontzinc Corp. from Anglo American International for approximately $325 million; financing subsidiary of Winnipeg, Manitoba, Canada-based zinc mining company Hudson Bay Mining & Smelting Inc.; roadshow started Dec. 1; expected to price week of Dec. 6.

SCIENTIFIC GAMES CORP.: $200 million senior subordinated notes due 2014 (B+); JP Morgan, Bear Stearns & Co. (joint); Rule 144A with registration rights; non-callable for five years; to repay part of term loan and to finance tender for its 12½% senior subordinated notes due 2010; New York City-based provider of products and services to the lottery and pari-mutuel wagering industries; roadshow started Dec. 6; pricing late in Dec. 6 week.

INTERDENT SERVICE CORP.: $80 million senior secured second-lien notes due 2011 (B3/B); Jefferies & Co.; Rule 144A; non-callable for four years; to purchase financial sponsor DDJ Capital Management LLC's $47.5 million equity stake, retire approximately $30 million of existing debt, and repay capital leases and seller notes (current minority shareholder, Levine Leichtman Capital Partners, will become the new majority shareholder); El Segundo, Calif.-based InterDent Inc. provides management services to 124 affiliated dental practices in eight states; roadshow Started Dec. 3; expected to price Dec. 10.

CAJUN FUNDING CORP. (CHURCH'S CHICKEN): $155 million senior secured second lien notes due 2011 (B3); 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 DEC. 13

DOUGLAS DYNAMICS LLC/FINANCE CO.: $150 million senior notes due 2011; Credit Suisse First Boston; Rule 144A; non-callable for four years; to repay bank debt and fund a dividend payment; sponsor is Aurora Capital; Milwaukee-based manufacturer of snow and ice removal equipment; roadshow Started Dec. 3; pricing early in the week of Dec. 13.

RELIANT ENERGY INC. $1.1 billion senior secured notes in two parts (expected ratings B1/B+) Goldman Sachs, Banc of America Securities, Barclays Capital, Deutsche Bank Securities, Merrill Lynch & Co. (joint), ABN Amro, Scotia Capital, UBS Investment Bank, JP Morgan (co's): 10-year non-call-five fixed-rate notes and six-year non-call-two floating-rate notes, tranche sizes to be determined; also new credit facility and fixed-rate tax-exempt bonds; off-the-shelf; to refinance debt, including $2.1 billion revolver and $1.7 billion term loan at the parent company, $300 million of Orion Power Midwest bank debt, and $400 million of floating-rate tax-exempt bonds; Houston-based energy company; roadshow started Dec. 6; pricing Dec. 15.

GOODMAN GLOBAL HOLDINGS INC. $650 million in two parts: 7.5-year non-call-two senior floating-rate notes and eight-year non-call-four senior subordinated notes, tranche sizes to be determined; UBS Investment Bank, JP Morgan, Credit Suisse First Boston (joint); to back the $1.43 billion acquisition of the company by Apollo Management, LP; Goodman Global Holdings is a Houston-based manufacturer of residential and light commercial heating and air conditioning products; roadshow starts Dec. 7; to price Dec. 15.

VENOCO INC.: $150 million senior notes due 2011 (CCC+); Lehman Brothers, Harris Nesbitt (joint); make-whole call first four years; three-year 35% equity clawback; to repay bank debt, make a dividend payment and fund an acquisition; Carpinteria, Calif.-based independent energy company primarily engaged in the acquisition, exploitation and development of oil and gas in California; roadshow starts Dec. 7; pricing middle of Dec. 13 week.

COOPER STANDARD AUTOMOTIVE $550 million in two parts: $200 million eight-year non-call-four senior notes (B2/B) and $350 million 10-year non-call-five subordinated notes (B3/B); Deutsche Bank, Lehman Brothers, Goldman Sachs & Co., UBS Investment Bank (joint), BNP Paribas, Scotia Capital (co's); 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; roadshow Dec. 6-15; expected to price Dec. 15 or 16.

MAGNACHIP SEMICONDUCTOR $750 million in three parts: $500 million split between seven-year non-call-one floating-rate and seven-year non-call-four fixed-rate second priority senior secured notes, also $250 milion of 10-year non-call-five senior subordinated fixed-rate notes; UBS Investment Bank, Citigroup, Goldman Sachs & Co., JP Morgan (joint); Rule 144A; to refinance approximately $329 million of senior bank debt and redeem about $358 million of preferred shares; Chungbuk, South Korea-based chip-maker; roadshow Dec. 7-16.

LANDRY'S RESTAURANTS INC.: $450 million senior notes due 2014; Wachovia Capital Markets, Banc of America Securities and Deutsche Bank Securities; Rule 144A; non-callable for five years; to refinance substantially all of its outstanding debt and for general corporate purposes, which may include acquisitions, investments and repurchases of its common stock; Houston-based operator of more than 280 restaurants under a number of brands specializing in seafood and steaks; roadshow starts Monday; pricing mid-week during Dec. 13 week.

2004 BUSINESS

ATRIUM COS. INC.: $125 million senior notesdue 2012 (B3); UBS Investment Bank, Citigroup; also $375 million credit facility; to lower interest rate and extend debt maturities; Dallas-based manufacturer/supplier of residential windows; roadshow expected to start week of Dec. 6.

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.

IWO ESCROW CO. (INDEPENDENT WIRELESS ONE CORP.): $225 million proceeds in two parts: $150 million senior secured floating-rate notes due 2012, non-callable for two years and $75 million proceeds senior discount notes due 2015, with five-year zero coupon; Bear Stearns & Co., Lehman Brothers, Merrill Lynch & Co. (joint); Rule 144A with registration rights; to repay existing credit facility, restructuring fees and expenses and general corporate purposes as part of Chapter 11 restucturing; Lake Charles, La.-based Sprint PCS affiliate; roadshow starts Dec. 14.

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.

ALLIANCE IMAGING INC.: Senior subordinated notes; Rule 144A/Regulation S; also new term loan; to redeem outstanding $260 million 10 3/8% senior subordinated notes due 2011, Deutsche Bank Securities dealer manager, runs through Dec. 28; Anaheim, Calif.-based diagnostic imaging systems operator for more than 1,300 hospitals and other health care providers in nearly 45 states.

Acquisition of AMERICAN MEDICAL RESPONSE, INC and EMCARE INC. by Onex Partners, LP.: High-yield bonds and credit facility via Banc of America Securities and JP Morgan; to fund $980 million acquisition of Laidlaw International Inc. subsidiaries, American Medical Response Inc. and EmCare Inc.; AMR, based in Denver, is the largest U.S. provider of ambulance transport services; EmCare, based in Dallas, is the leading provider of outsourced hospital emergency department physician staffing and management services; financing expected to launch in January.

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

OTELCO (RURAL LEC): 8.56 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.

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.

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

Started Nov. 30: THIEL LOGISTIK AG €130 million; Deutsche Bank Securities, Morgan Stanley

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

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

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

Started Dec. 1: HUDBAY MINING & SMELTING INC. $200 million; Credit Suisse First Boston

Started Dec. 2: AVENTINE RENEWABLE ENERGY INC. $160 million; Morgan Stanley, JP Morgan

Started Dec. 2: CASABLANCA RESORTS $160 million; Jefferies & Co.

Started Dec. 3: DOUGLAS DYNAMICS LLC/FINANCE CO. $150 million; Credit Suisse First Boston

Started Dec. 3: INTERDENT SERVICE CORP. $80 million; Jefferies & Co.

Started Dec. 6: SCIENTIFIC GAMES CORP. $200 million; JP Morgan, Bear Stearns & Co.

Started Dec. 6: RELIANT ENERGY INC. $1.1 billion; Goldman Sachs, Banc of America Securities, Barclays Capital, Deutsche Bank Securities, Merrill Lynch & Co.

Started Dec. 6: LANDRY'S RESTAURANTS INC. $450 million; Wachovia Capital Markets, Banc of America Securities and Deutsche Bank Securities

Started Dec. 6: COMMUNITY HEALTH SYSTEMS INC. $250 million; JP Morgan

Dec. 6-15: COOPER STANDARD AUTOMOTIVE $550 million; Deutsche Bank, Lehman Brothers, Goldman Sachs & Co., UBS Investment Bank

Dec. 7-16: MAGNACHIP SEMICONDUCTOR $750 million; UBS Investment Bank, Citigroup, Goldman Sachs & Co., JP Morgan

Starts Dec. 7: GOODMAN GLOBAL HOLDINGS INC. $650 million; UBS Investment Bank, JP Morgan, Credit Suisse First Boston

Starts Dec. 7: VENOCO INC. $150 million; Lehman Brothers, Harris Nesbitt

Started Dec. 6 week: COOPER STANDARD AUTOMOTIVE $550 million; Deutsche Bank, Lehman Brothers, Goldman Sachs & Co., UBS Investment Bank

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