High Yield Calendar

Total amount of high-yield bond offerings being marketed: $4.165 billion and €120 million

WEEK OF JAN. 10

CITY TELECOM (H.K.) LTD.: $110 million senior notes due 2015 (Ba3/BB-); Citigroup; Rule 144A/Regulation S; non-callable for five years; to repay HK$196.7 million of bank debt, for capital expenditures, which may include the costs of expanding the company's Metro Ethernet network in Hong Kong, and for working capital and general corporate purposes; price talk 8¾% area; pricing late Wednesday or early Thursday.

WARNER CHILCOTT CORP.: $600 million (decreased from $750 million with $150 million shifted to bank loan) senior subordinated notes due 2015 (Caa1/CCC+); Credit Suisse First Boston, Deutsche Bank Securities, JP Morgan (joint); Rule 144A/Regulation S; non-callable for five years; to fund the acquisition of Warner Chilcott plc by DLJ Merchant Banking, JP Morgan Partners, Bain Capital and Thomas H. Lee; Craigavon, U.K.-based branded pharmaceutical manufacturer and marketer; roadshow started Jan. 5; pricing Jan. 10 week.

FAGE DAIRY INDUSTRY SA: €120 million senior notes due 2015 (B1/BB-); Citigroup; Rule 144A/Regulation S; non-callable for five years; to refinance debt and fund U.S. expansion; Athens, Greece-based producer and distributor of branded dairy products in Greece and other markets; European roadshow started Jan. 10; pricing expected Jan. 14.

WEEK OF JAN. 17

LESLIE'S POOLMART INC.: $170 million senior notes due 2013 (B2/B-); Banc of America Securities, Lehman Brothers (joint) UBS Investment Bank (co); Rule 144A; non-callable for four years; proceeds to fund the recapitalization of the company by sponsors Leonard Green Partners and CalPERS, including the tender for the 10 3/8% senior notes due 2008; Phoenix-based specialty retailer of swimming pool supplies and related products, through 470 retail stores in 36 states; roadshow started Jan. 10, investor conference call at 12:30 p.m. ET Jan. 13; expected to price early in the week of Jan. 17.

DEL LABORATORIES: $150 million senior subordinated notes due 2012 (CCC+); Bear Stearns, JP Morgan (joint) Deutsche Bank Securities (co); non-callable for three years; also $260 million credit facility; to fund the acquisition of Del Laboratories by Kelso and Church Dwight; Uniondale, N.Y.-based manufacturer and marketer of over-the-counter pharmaceuticals; roadshow Jan. 10-18.

INTELSAT BERMUDA LTD. $2.55 billion senior notes in three tranches: $500 million floating-rate notes due 2012, non-callable for six months, floats with three-month Libor, $1.3 billion eight-year non-call-four fixed-rate notes, $750 million 10-year non-call-five fixed-rate notes; Deutsche Bank Securities, Credit Suisse First Boston, Lehman Brothers (joint), Banc of America Securities, Bear Stearns & Co., BNP Paribas, Merrill Lynch & Co., CIBC World Markets, RBC Capital Markets, The Royal Bank of Scotland, Guggenheim Capital Markets, SG Corporate & Investment Banking (co's); Rule 144A; 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 Jan. 10; expected to price Jan. 19.

CARRIAGE SERVICES, INC.: $130 million of senior notes due 2015 (B2/B-); Merrill Lynch & Co., Banc of America Securities (joint); Rule 144A/Regulation S; non-callable for five years; to take out existing senior notes due 2006 and 2008, to bring current the Tides preferred securities' unpaid interest that has been deferred since September 2003, to repay revolver, and for general working capital purposes; Houston-based death care company operates 135 funeral homes and 30 cemeteries in 28 states; roadshow started Jan. 11; pricing expected Jan. 19.

ALLIANCE LAUNDRY SYSTEMS LLC: $150 million senior subordinated notes due 2013 (B3/CCC+); Lehman Brothers; Rule 144A; also $250 million credit facility; to fund the acquisition of Alliance Laundry by Teachers' Private Capital, the private equity arm of the Ontario Teachers' Pension Plan Board, from Bain Capital, and to repay about $280 million of Alliance Laundry's outstanding debt, including the $110 million 9 5/8% senior subordinated notes, and mandatorily redeemable preferred interests; Ripon, Wis.-based designer, manufacturer and marketer of commercial laundry equipment used in laundromats, multi-housing laundries and on-premise laundries; roadshow Jan. 11-19; pricing expected Jan. 20.

DI GIORGIO CORP.: $150 million senior notes due 2013 (B2/B-); Merrill Lynch & Co., Deutsche Bank Securities (joint); Rule 144A/Regulation S (no registration rights); non-callable for four years; to fund a tender offer for its existing $148.3 million of 10% senior notes due 2007 and fund a $10 million dividend to shareholders; Carteret, N.J.-based independent food distributor; roadshow starts Jan. 12; pricing expected Jan. 21.

JANUARY BUSINESS

RAYOVAC CORP.: $500 million senior subordinated notes (B3); Banc of America Securities, Citigroup, Merrill Lynch & Co.; also $1.2-$1.25 billion credit facility via same banks; to help fund the approximately $1.2 billion acquisition of United Industries, including $880 million of United Industries debt; transaction also has Rayovac issuing 13.75 million common shares and putting up $70 million cash; United Industries, based in St. Louis, makes consumer products for lawn and garden care and household insect control; Rayovac is an Atlanta-based maker of battery, shaving and grooming, and lighting consumer products; bonds launching later in January.

CAJUN FUNDING CORP. (CHURCH'S CHICKEN): $155 million senior secured second-lien notes due 2011 (B3); SunTrust Robinson Humphrey; Rule 144A with 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.

2005 FIRST QUARTER

ACCURIDE CORP.: High-yield bonds; Citigroup, Lehman Brothers (books), UBS Investment Bank (co); also $740 million credit facility to launch Thursday, via Citigroup, Lehman Brothers; Evansville, Ind.-based manufacturer and supplier of wheels for heavy and medium trucks and trailers.

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.

Acquisition of AMERICAN MEDICAL RESPONSE INC. and EMCARE INC. by ONEX PARTNERS LP: High-yield bonds and credit facility via Banc of America Securities LLC 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.

DAVITA INC.: $4.3 billion debt financing new high-yield bonds and new credit facility; bank loan to back $3.05 billion acquisition of renal dialysis services company Gambro Healthcare and refinance existing credit facility; JP Morgan has committed financing; DaVita is a Torrance, Calif.-based provider of dialysis services for patients suffering from chronic kidney failure; interest rate on total net debt expected to be in the 6½% to 8% range.

DYNCORP INTERNATIONAL LLC: New high-yield bonds and credit facility; Goldman Sachs & Co., Bear Stearns; to help fund Veritas Capital's acquisition of DynCorp from Computer Sciences Corp. for $850 million, with $775 million in cash payable at closing plus $75 million of senior preferred stock, expected to be completed in the first quarter of 2005; DynCorp is a Fort Worth, Texas-based provider of mission critical support to its customers, primarily the U.S. government.

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 spinoff 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.

PENN NATIONAL GAMING INC.: $300 million high-yield bonds; Deutsche Bank Securities; to back the $1.4 billion acquisition of Argosy Gaming Corp.; Wyomissing, Pa., gaming firm.

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

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.

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 Jan. 5: WARNER CHILCOTT CORP. $750 million; Credit Suisse First Boston, Deutsche Bank Securities, JP Morgan

Started Jan. 10: INTELSAT BERMUDA LTD. $2.55 billion; Deutsche Bank Securities, Credit Suisse First Boston, Lehman Brothers

Started Jan. 10: FAGE DAIRY INDUSTRY SA €120 million; Citigroup

Started Jan. 10: LESLIE'S POOLMART INC. $170 million; Banc of America Securities, Lehman Brothers

Jan. 10-18: DEL LABORATORIES $150 million; Bear Stearns, JP Morgan

Jan. 11-19: ALLIANCE LAUNDRY SYSTEMS LLC $150 million; Lehman Brothers

Started Jan. 11: CARRIAGE SERVICES, INC. $130 million; Merrill Lynch & Co., Banc of America Securities

Starts Jan. 12: DI GIORGIO CORP. $150 million; Merrill Lynch & Co., Deutsche Bank Securities

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