High Yield Calendar

Total amount of high-yield bond offerings being marketed: $2.735 billion

WEEK OF MARCH 21

SMART MODULAR TECHNOLOGIES (WWH) INC.: $125 million of senior secured second-lien floating-rate notes due 2012 (B2/B); Citigroup, Lehman Brothers; Rule 144A/Regulation S; non-callable for one year; to repay bank debt; distributor, manufacturer and supplier of memory technology and provider of related services with corporate headquarters in the Cayman Islands; price talk three-month Libor plus 425 basis points area; pricing March 21.

AMERICAN TIRE DISTRIBUTORS INC. $330 million in two parts (Caa2/CCC+): $130 million seven-year non-call-two floating-rate notes price talk three-month Libor plus 525 basis points area, and $200 million 10-year non-call-five senior subordinated notes, price talk 10% area; Banc of America Securities (books), Credit Suisse First Boston, Wachovia Securities (co's); Rule 144A; to finance the sale of American Tire Distributors Inc. to Investcorp; Charlotte, N.C.-based independent wholesale supplier of tires to the replacement tire market in the U.S.; roadshow March 8-17; pricing Friday.

AFFINITY GROUP HOLDING CO.: $75 million senior notes due Feb. 15, 2012, three-year PIK (Caa1/B-); CIBC World Markets; Rule 144A; to fund a preferred share investment in FreedomRoads; Ventura, Calif.-based membership-based direct marketing organization selling club memberships and publications to select recreational groups; price talk 10½%-10¾%; pricing Friday afternoon.

DACOM CORP.: $300 million notes due 2010 (expected ratings Ba3/BB-); Credit Suisse First Boston; Rule 144A/Regulation S; non-callable for life; to refinance debt; South Korea-based integrated service provider of telecommunications and internet related services; roadshow started March 14 week in Asia, March 17 in London, March 18-21 in Boston and New York City; pricing early in the March 21 week.

STILE ACQUISITION CORP./MASONITE INTERNATIONAL CORP. $825 million in two parts: $300 million eight-year non-call-two senior floating-rate notes (B3/B-) and $525 million 10-year non-call-five senior subordinated notes (Caa1/B-); Deutsche Bank Securities, UBS Investment Bank, Scotia Capital (joint); also approximately $1.525 billion credit facility; to help fund Kohlberg Kravis Roberts & Co.'s acquisition of Masonite; Mississauga, Ont.-based building products company; roadshow March 14-23.

IAAI FINANCE CORP. (INSURANCE AUTO AUCTIONS INC.): $150 million senior subordinated notes due 2012 (Caa1/CCC+); Deutsche Bank Securities, Bear Stearns & Co. (joint); Rule 144A; non-callable for three years; to fund the acquisition by Kelso & Co.; Insurance Auto is a Westchester, Ill., provider of automotive total loss and specialty salvage services; roadshow March 16-24, pricing thereafter.

SUNSTATE EQUIPMENT LLC/SUNSTATE EQUIPMENT CO.: $175 million second-priority senior secured floating-rate notes due 2012 (CCC+); Banc of America Securities (books), CIBC World Markets (co); Rule 144A for life; non-callable for two years; to repay debt, repurchase membership interests, and make certain member distribution.; provides construction, industrial, and special event companies with rental tools and equipment; roadshow March 16-24 (investor call 12:30 p.m. ET Monday, March 21), pricing March 24.

WHITE BIRCH PAPER CO. (BEAR ISLAND PAPER CO.): $400 million in two tranches (B2/B): 10-year non-call-five senior fixed-rate notes and seven-year non-call-two senior floating-rate notes; Credit Suisse First Boston (books) TD Securities (co); Rule 144A/Regulation S; proceeds along with cash and borrowings from new revolver to repay outstanding debt of Brant-Allen Industries and certain of its affiliates, including the company's outstanding 10% senior secured notes due 2007, to purchase the equity interests of certain of Brant-Allen's equity partners and for general corporate purposes; Toronto-based newsprint company; launched March 15; pricing late March 21 week.

NAVARRE CORP.: $125 million senior notes due 2012; Bear Stearns & Co. (books), Jefferies & Co. (co); Rule 144A/Regulation S; non-callable for four years; to fund the initial cash portion of the pending, previously announced FUNimation acquisition purchase price and for general corporate purposes; Minneapolis-based distributor of entertainment software to more than 500 retailers and wholesalers; roadshow started March 17; pricing late March 21 week.

155 EAST TROPICANA LLC/FINANCE CORP.: $125 million senior secured notes due 2012 (B-); Jefferies & Co.; Rule 144A; non-callable for four years; to repay debt and fund construction of Hooters Casino; Las Vegas gaming and lodging company; roadshow started March 15; pricing end of March 21 week.

AMERIQUAL: $105 million senior secured notes due 2012 (B1/B+); Jefferies & Co.; Rule 144A; non-callable for four years; to purchase 50% of the company not owned by Aries; Evansville, Ind., supplier of shelf stable food rations for U.S. Department of Defense; roadshow started March 15; pricing end of March 21 week.

APRIL BUSINESS

DIRECTV GROUP INC.; $500 million unsecured senior notes; Rule 144A/Regulation S; guaranteed on a senior basis by all of DirecTV Holdings' material domestic subsidiaries; also $2 billion credit facility to be led by Bank of America and JP Morgan; to repay and terminate the existing $1.26 billion senior secured credit facility of DirecTV Holdings and to repay an unsecured promissory note in the amount of $875 million owing to DirecTV Group, with remaining proceeds to be available for working capital or other purposes; El Segundo, Calif., provider of digital multichannel television entertainment, broadband satellite networks and services; to be completed in early April.

CHIQUITA BRANDS INTERNATIONAL: $150 million senior notes; Morgan Stanley; Rule 144A/Regulation S also $650 million credit facility, via Wachovia Securities, Morgan Stanley leads, Goldman Sachs & Co. (documentation agent) to launch Wednesday and $75 million convertible perpetual preferred stock; to fund acquisition of the Fresh Express unit of Performance Food Group, which is expected to close around the end of April; Cincinnati-based international marketer, producer and distributor of high-quality bananas and other fresh produce.

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.

AMADEUS GLOBAL TRAVEL DISTRIBUTION SA: €1 billion (approximate); Credit Suisse First Boston, BNP Paribas plus others; 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.

AMERICAN LAWYER MEDIA INC.: $27.3 million 13% senior discount notes due 2013 (CCC); also $344.5 million credit facility; to help fund tender for $175 million 9¾% senior notes due 2007, Credit Suisse First Boston and UBS Securities dealer managers, expired Feb. 11; New York City-based integrated media company focused on the legal and business communities.

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.

HYUNDAI MOTOR MANUFACTURING ALABAMA (HMMA): $100 million overseas bond issue; subsidiary of Korea-based Hyundai Motor Co.

MOVIE GALLERY INC.: $475 million senior notes; Wachovia Securities; also $720 million credit facility; to fund acquisition of Hollywood Entertainment Corp.; Movie Gallery is a Dothan, Ala.-based video rental chain.

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.

ROADSHOWS

March 14-23: STILE ACQUISITION CORP./MASONITE INTERNATIONAL CORP. $825 million; Deutsche Bank Securities, UBS Investment Bank, Scotia Capital

Started March 14 week: DACOM CORP. $300 million; Credit Suisse First Boston

Started March 15: 155 EAST TROPICANA LLC/FINANCE CORP. $125 million; Jefferies & Co.

Started March 15: AMERIQUAL $105 million; Jefferies & Co.

Started March 15: WHITE BIRCH PAPER CO. (BEAR ISLAND PAPER CO.) $400 million; Credit Suisse First Boston

March 16-24: SUNSTATE EQUIPMENT LLC/SUNSTATE EQUIPMENT CO. $175 million; Banc of America Securities

March 16-24: IAAI FINANCE CORP. (INSURANCE AUTO AUCTIONS INC.) $150 million; Deutsche Bank Securities, Bear Stearns & Co.

Started March 17: NAVARRE CORP. $125 million; Bear Stearns & Co.

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