High Yield Calendar

Total amount of high-yield bond offerings being marketed: $8.46 billion

WEEK OF DEC. 12

OMNICARE INC.: $750 million senior subordinated notes in two tranches (Ba3/BB+): eight-year notes, non-callable for four years, price talk 6¾% area, and 10-year notes, non-callable for five years, price talk 7% area; Lehman Brothers, JP Morgan, SunTrust Robinson Humphrey (joint), CIBC World Markets, Merrill Lynch & Co., Wachovia Securities, Credit Suisse First Boston (co's); registered; also $750 million convertible bonds and about $750 million of equity; to repay bank debt incurred in acquisitions including NeighborCare and repurchase $375 million of outstanding 8 1/8% senior subordinated notes due 2011; Omnicare, based in Covington, Ky., is a provider of pharmaceutical care for the elderly, serving residents in long-term care facilities and other chronic care in 47 states, the District of Columbia and Canada; pricing early Dec. 12 week.

NATIONAL COAL CORP.: $80 million senior secured notes due 2012; Jefferies & Co.; Rule 144A; non-callable for four years; to repay existing debt and for general corporate purposes; coal producer operates in eastern Tennessee and southeastern Kentucky, headquarters in Knoxville, Tenn.; roadshow started Nov. 28; price talk 10½% with warrants for common stock; pricing late Dec. 5 week.

BLOCK COMMUNICATIONS INC.: $150 million senior notes due 2015 (B-); Banc of America Securities, Deutsche Bank Securities (books), BNP Paribas (joint lead), BNY Securities, NatCity Investments (co's); Rule 144A; non-callable for five years; to repurchase all of its 9¼% senior subordinated notes due 2009, repay existing senior credit facility, and for general corporate purposes; privately held diversified media company with operations in telecommunications, newspaper publication and TV broadcasting, headquarters in Toledo, Ohio; roadshow Dec. 6-12.

KIMBALL HILL INC.: $200 million senior subordinated notes due 2012 (B); JP Morgan, Harris Nesbitt (joint); non-callable for four years; to repay debt; Rolling Meadows, Ill., builder of single-family detached homes, townhouses and condominiums in the Chicago area, California, Florida, Nevada, Ohio, Oregon, Texas, Washington and Wisconsin; pricing expected Dec. 13.

VERASUN ENERGY CORP.: $200 million senior secured notes due 2012 (B3/B-); Lehman Brothers, Morgan Stanley (books); Rule 144A with registration rights; make-whole call first four years then callable at a premium; three-year 35% equity clawback; to repay debt and deposit funds into escrow account to finance construction/start up costs for Charles City facility; Brookings, S.D.-based ethanol producer; roadshow Dec. 5-13, pricing thereafter.

HERTZ CORP.: $2.80 billion two-part bonds in dollar and euro denominations, sizes to be determined: $2.2 billion equivalent senior notes due 2013, non-callable for five years (expected B1/confirmed B/confirmed BB-) and $600 million senior subordinated notes due 2015, non-callable for five years (expected B3/confirmed B/confirmed B+); Deutsche Bank Securities, Lehman Brothers, JP Morgan, Goldman Sachs & Co., Merrill Lynch & Co. (joint); to help fund the approximately $15 billion LBO of the company by Clayton, Dubilier & Rice Inc., The Carlyle Group and Merrill Lynch Global Private Equity from Ford Motor Co.; Park Ridge, N.J, vehicle rental company; Europe roadshow started Nov. 30, U.S. roadshow started Dec. 5; expected to price Dec. 14.

SKILLED HEALTHCARE GROUP INC.: $200 million eight-year senior subordinated notes (Caa1/CCC+); Credit Suisse First Boston, JP Morgan; Rule 144A with registration rights/Regulation S; non-callable for four years; to help fund the C$750 million LBO of the company by Onex Corp.; company operates nursing and assisted living homes in California, Texas, Kansas and Nevada, headquarters in Foothill Ranch, Calif.; pro forma 10¾%; roadshow started Dec. 5; expected to price Dec. 14.

PAXSON COMMUNICATIONS CORP $1.130 billion: $700 million floating-rate first-priority senior secured notes due 2012 (CCC+) and $430 million floating-rate second-priority senior secured notes due 2013 (CCC-); Citigroup, Bear Stearns & Co., CIBC World Markets, Goldman Sachs & Co., UBS Investment Bank (joint); Rule 144A; both tranches non-callable for 18 months; to fund tender for $365 million senior secured floating-rate notes due 2010, approximately $496.3 million 12¼% senior subordinated discount notes due 2009 and $200 million 10¾% senior subordinated notes due 2008; West Palm Beach, Fla., company owns and operates the nation's largest broadcast television station group; to be marketed Dec. 7-9; pricing expected Dec. 14 or Dec. 15.

SGS INTERNATIONAL INC.: $200 million senior subordinated notes due 2013 (Caa1/B-); UBS Investment Bank, Lehman Brothers (books); Rule 144A with registration rights; non-callable for four years; to partially fund the LBO of Southern Graphics Systems Inc. by Citigroup Venture Capital; digital imaging and communications services provider, also provides graphic services to the consumer products packaging market, based in Louisville, Ky.; roadshow started Dec. 6; pricing expected on Dec. 14.

PIPE ACQUISITION LTD.: $125 million senior secured floating-rate notes due 2010 (B3); Jefferies & Co.; Rule 144A with registration rights; callable after one year at 103; equity clawback for one year for 35% at par plus applicable coupon; secured by a lien on all of the issuer's assets; proceeds along with an equity contribution from funds managed by Jefferies Capital Partners and certain co-investors to finance the acquisition of Murray International Metals Ltd. Ltd.; financing subsidiary of Murray International Metals Ltd., a distributor of structural steel products for use in niche applications, primarily in the offshore oil and gas industry headquartered in Midlothian, Scotland; roadshow started Dec. 1; pricing middle of Dec. 12 week.

SPANSION INC.: $400 million senior unsecured notes due 2015 (Caa1/B/B-); Citigroup, Credit Suisse First Boston; Rule 144A; non-callable for five years; to repay debt; flash memory producer based in Sunnyvale, Calif., a unit of Advanced Micro Devices; roadshow started Dec. 2; pricing expected Dec. 15.

STRIPES ACQUISITION/SUSSER FINANCE: $170 million senior notes due 2013 (B2/B); Banc of America Securities, Merrill Lynch & Co.; Rule 144A with registration rights; non-callable for four years; to partially fund the acquisition of Susser Holdings and repay existing debt; independent convenience store operator and non-refining fuel distributor, based in Houston; roadshow started Dec. 6., investor call 12:30 p.m. ET Dec. 7; pricing Dec 15.

COMSTOCK HOMEBUILDING COS. INC.: $150 million five-year (due 2011) senior subordinated notes (B3/B-); Friedman Billings Ramsey (books), BB&T Capital Markets (co-lead); Rule 144A with registration rights, Regulation S; non-callable; for general corporate purposes and real estate development projects; homebuilder operating in the Washington, D.C. area and Raleigh, N.C., markets, develops single-family homes and townhouses; roadshow started Dec. 6; pricing expected Dec. 15.

ATLAS PIPELINE PARTNERS LP: $250 million senior notes due 2015 (B1/B+); Wachovia Securities (books), Banc of America Securities (joint lead), Lehman Brothers (co); Rule 144A with registration rights; non-callable for five years; to repay revolver; midstream energy services provider engaged in transmission, gathering, & processing of natural gas, corporate headquarters in Moon Township, Pa.; roadshow started Dec. 6; pricing expected Dec. 15.

EUROFRESH INC. $195 million in two parts: $170 million senior notes due 2013 (B3/B-), non-callable for four years and $25 million senior subordinated discount notes 2014 (Caa2/CCC+), non-callable for four years, pay-in-kind for four years; Banc of America Securities; Rule 144A; proceeds, along with proceeds from new credit facility and sale of stock, to fund the recapitalization of the company; greenhouse tomato producer based in Willcox, Ariz., roadshow Dec. 7-15.

MIRANT NORTH AMERICA LLC: $850 million senior notes due 2013 (B1/B-); JP Morgan, Deutsche Bank Securities, Goldman Sachs & Co. (joint); Rule 144A with registration rights; non-callable for four years; to make distributions as part of plan of reorganization to fund exit from bankruptcy; independent power producer based in Atlanta; roadshow starts Dec. 12; pricing Dec. 16.

ADVANCE AGRO PCL $250 million in seven-year bonds (B3); Deutsche Bank, ABN Amro; Rule 144A/Regulation S; roadshow finished Dec. 6; Bangkok-based paper and pulp producer; revised guidance at 11½% to 11 5/8% from initial guidance of mid-11%.

WEEK OF DEC. 19

MAJESTIC STAR CASINO $285 million: MAJESTIC STAR CASINO LLC, via Rule 144A with registration rights: $200 million senior notes due Jan. 15, 2011 (B3), non-callable for three years and $30 million add-on to the 9½% senior secured notes due Oct. 15, 2010 (B2), callable on or after Oct. 15, 2007 at 104.75, equity clawback until Oct. 15, 2006 for up to 35% at 109.5, $260 million priced at par in September 2003; also MAJESTIC HOLDCO LLC $55 million proceeds senior discount notes due Oct. 15, 2011 (Caa2), Rule 144A, non-callable for three years; Jefferies & Co.; to finance the purchase of all Trump Indiana Inc. stock, refinance $17.4 million Buffington Harbor Parking Associates, LLC debt and $0.3 million Buffington Harbor Riverboats, LLC debt, defease Majestic Investor Holdings $16.3 million 11.653% senior notes; roadshow started Dec. 7; expected to price Dec. 19 or Dec. 20.

ON THE HORIZON

AMADEUS GLOBAL TRAVEL DISTRIBUTION SA: €1 billion (approximate); Credit Suisse First Boston; to fund the LBO of the company by BC Partners and Cinven; travel reservations firm based in Madrid, Spain; expected during first half of 2005.

THE BON-TON STORES INC: $600 million senior notes; to partially finance the proposed acquisition of the Northern Department Store Group from Saks Inc.; Rule 144A/Regulation S; York, Pa., operator of department stores and furniture stores.

BRASKEM SA: $100 million perpetual senior notes (/BB-/BB-); Banco Itau; Rule 144A/Regulation S; non-callable for five years; Sao Paulo, Brazil, petrochemical company.

DAVE & BUSTERS INC.: $175 million of senior unsecured debt securities, also $100 million in term loans; proceeds from the debt, along with a $108 million equity contribution from Wellspring, will be used to fund the LBO of the company by Wellspring Capital Management LLC, and refinance any debt that may become due as a result of the LBO; JP Morgan Securities Inc. sole lead arranger for the financing; Dallas-based operator of upscale restaurant/entertainment complexes; transaction expected in second quarter of 2006.

R.H. DONNELLEY CORP.: $1.842 billion senior notes; DEX MEDIA INC.: $250 million senior notes; to fund the acquisition of Dex Media by R.H. Donnelley; Cary, N.C.-based R.H. Donnelley is a Yellow Pages publisher and directional media company. Englewood, Colo.-based Dex provides print directories and internet-based local search services; expected to be completed during the first quarter of 2006.

DRS TECHNOLOGIES INC. $700 million: $500 million senior notes and $200 million senior subordinated notes; also new bank debt and convertible notes; to help fund its acquisition of Engineered Support Systems Inc., a St. Louis-based diversified supplier of integrated military electronics, support equipment and technical services; committed financing from Bear Stearns & Co.; DRS Technologies is Parsippany, N.J.-based provider of technology products and services to defense, government intelligence and commercial customers; transaction expected to close by March 2006.

INTELSAT LTD.'s $7 billion acquisition of PANAMSAT HOLDING CORP.: $4 billion (approximate) minimum: PANAMSAT OPERATING CO. $572.9 million senior notes with the option to issue additional $663.57 million if PanAmSat 9% notes are refinanced, PANAMSAT HOLDING CO. $721.2 million in senior notes with option to issue additional $301.9 million if PanAmSat 10 3/8% notes are refinanced, INTELSAT OPERATING CO. up to $557 million of senior notes, INTELSAT HOLDING CO. up to $1.4155 billion in senior notes; also approximately $2.88 billion aggregate bank debt; financing provided by Deutsche Bank, Citigroup, Credit Suisse First Boston and Lehman Brothers; PanAmSat is a Wilton, Conn.-based satellite network operator; Intelsat is a Pembroke, Bermuda, satellite communications company; expected to be completed in 2006.

LINENS 'N THINGS INC.: $650 million of high-yield bonds; also $600 million revolver, via UBS and Bear Stearns; also $633.4 million of equity; to fund the approximately $1.2 billion LBO of the company by Apollo Management, expected to close in the first or early second quarter of 2006; Clifton, N.J., retailer of home textiles, housewares and home accessories.

MEGASTEEL HARTA (L): $450 million senior secured notes (B1/B+) due 2010, non-callable for three years, price talk high-10%-range and due 2015, non-callable for five years, price talk high-11% range; Credit Suisse First Boston; Rule 144A/Regulation S; both notes carry make-whole call; steel producer Megasteel Sdn. Bhd. and its subsidiary Secomex will guarantee; Kuala Lumpur-based Megasteel is a subsidiary of conglomerate Lion Corp. Bhd.; 2006 first quarter business.

NRG ENERGY INC: $3.6 billion senior unsecured notes via Rule 144A; also $4.8 billion of bank facilities and $1.5 billion of equity or equity-linked securities; commitment for the bank facilities plus a $5.1 billion bridge loan Morgan Stanley, Citigroup; to help finance $5.8 billion acquisition of Houston-based Texas Genco; NRG is a Princeton, N.J.-based independent power producer.

NTL INC./TELEWEST GLOBAL INC.: £1.8 billion high-yield debt; to help fund NTL'S acquisition of Telewest Global, Inc. for about $6 billion; Goldman Sachs advised NTL, Deutsche Bank Securities advised Telewest, the U.K.'s second largest cable provider; expected to close in the first quarter of 2006.

PER-SE TECHNOLOGIES INC.: $250 million senior subordinated notes; also $460 million credit facility, financing commitment from Bank of America; proceeds in addition to $240 million of Per-Se stock and cash on hand to help fund its acquisition of NDCHealth Corp.; Per-Se is an Alpharetta, Ga., provider of connective health care solutions to physicians and hospitals; transaction expected to be completed late 2005 or early 2006

PETROHAWK ENERGY CORP.: $170 million notes due 2013; BNP Paribas expected bookrunner; non-callable for four years; to back the consolidation of the bank debt of Petrohawk and soon-to-be-acquired Mission Resources Corp.; bank group includes BNP Paribas; Petrohawk is a Houston-based energy company; Mission Resources is a Houston-based independent exploration and production company.

SERENA SOFTWARE INC.: $255 million unsecured senior subordinated notes; also $450 million senior secured credit facility via Lehman Brothers, Merrill Lynch and UBS Securities expected to be 2006 business; to help fund the acquisition of Serena by Silver Lake Partners for about $1.2 billion; San Mateo, Calif., provider of software products for managing process and controlling change across the information technology environment.

VALOR COMMUNICATIONS GROUP/ALLTEL CORP.: $800 million of senior notes; also up to $4.2 billion credit facility via JP Morgan and Merrill Lynch; to fund the merger of Valor with Alltel; new entity expected to be based in Central Arkansas; expected second quarter of 2006.

VENETIAN MACAU LTD.: $300 million floating-rate notes; Goldman Sachs

PREFERRED SHARE OFFERINGS

QUANTA CAPITAL HOLDING LTD.: $75 million series A perpetual preferred shares (non-rated); non-callable for five years; Friedman Billings Ramsey (books), BB&T Capital Markets (co); public (to be listed on New York Stock Exchange); 3 million shares to be sold at $25 par; also $45 million common shares; to maintain its rating of A- from AM Best; price talk 10%-plus; Hamilton Bermuda-based provider of insurance and reinsurance products; expected to price week of Dec. 12.

CATASTROPHE BONDS

CHAMPLAIN LTD. $150 million catastrophe bonds with an initial maturity of Jan. 7, 2009, which is extendable quarterly up to June 7, 2009: $75 million class A bonds (/B/B-), initial guidance three-month Libor plus 1250-1300 basis points, linked to risk of Japanese and U.S. earthquakes, and $75 million class B bonds (/B+/B-) linked to risk of U.S. earthquakes and U.S. hurricanes, initial guidance three-month Libor plus 1,150-1,200 basis points; Goldman Sachs (books), Lehman Brothers (co); Rule 144A; special purpose vehicle for Montpelier Re, a reinsurance company based in Hamilton, Bermuda; roadshow through Dec. 12; expected to price Dec. 12 week.

ROADSHOWS

Started Nov. 30: HERTZ CORP. $2.80 billion; Deutsche Bank Securities, Lehman Brothers, JP Morgan, Goldman Sachs & Co., Merrill Lynch & Co.

Started Dec. 1: PIPE ACQUISITION LTD. $125 million; Jefferies

Started Dec. 2: SPANSION INC. $400 million; Citigroup, Credit Suisse First Boston

Started Dec. 2: KIMBALL HILL INC. $200 million; JP Morgan, Harris Nesbitt

Started Dec. 5: SKILLED HEALTHCARE GROUP INC. $200 million; Credit Suisse First Boston, JP Morgan

Dec. 5-13: VERASUN ENERGY CORP. $200 million; Lehman Brothers, Morgan Stanley

Started Dec. 6: SGS INTERNATIONAL INC. $200 million; UBS Investment Bank, Lehman Brothers

Started Dec. 6: STRIPES ACQUISITION/SUSSER FINANCE $170 million; Banc of America Securities, Merrill Lynch & Co.

Started Dec. 6: COMSTOCK HOMEBUILDING COS. INC. $150 million; Friedman Billings Ramsey

Dec. 6-12: BLOCK COMMUNICATIONS INC. $150 million; Banc of America Securities, Deutsche Bank Securities

Dec. 7-9: PAXSON COMMUNICATIONS CORP. $1.130 billion; Citigroup, Bear Stearns & Co., CIBC World Markets, Goldman Sachs & Co., UBS Investment Bank

Dec. 7-15: EUROFRESH INC. $195 million; Banc of America Securities

Started Dec. 7: MAJESTIC STAR CASINO $285 million; Jefferies

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