High Yield Calendar

Total amount of high-yield bond offerings being marketed: $1.420 billion

WEEK OF MARCH 6

LEVEL 3 FINANCING INC. (LEVEL 3 COMMUNICATIONS INC.): $400 million senior notes in two parts (Caa1/CCC-) five-year floating-rate notes, non-callable for two years, price talk Libor plus 700-725 bps and seven-year fixed-rate notes, non-callable for four years, price talk 12¾%-13%, tranche sizes to be determined; Merrill Lynch & Co. (books), Credit Suisse, Morgan Stanley & Co., JP Morgan; Rule 144A with registration rights/Regulation S; to finance acquisition of WilTel Communications Group LLC and help finance acquisition of Progress Telecom; Broomfield, Colo.-based telecommunications company will use proceeds; pricing Thursday.

LEVI STRAUSS & CO. $470 million equivalent (B3//B): $350 million senior notes due 2016, non-callable for five years, and €100 million add-on to 8 5/8% senior notes due April 1, 2013, callable after April 1, 2009 at 104.313, equity clawback until April 1, 2008 for 35%; Banc of America Securities, Citigroup (joint books), Goldman Sachs & Co., JP Morgan, Merrill Lynch & Co., Scotia Capital; Rule 144A with registration rights; proceeds plus cash on hand to prepay its senior secured term loan; San Francisco-based branded apparel company; investor call 11 a.m. ET Thursday; pricing expected Friday morning.

WEEK OF MARCH 13

QUICKSILVER RESOURCES INC.: $300 million senior subordinated notes due 2016 (B2); JP Morgan, Credit Suisse (joint); SEC registered; non-callable for five years; to refinance existing debt; Fort Worth, Texas-based oil and gas exploration and production company; roadshow started March 6; pricing expected March 13.

ANGIOTECH PHARMACEUTICALS: $250 million eight-year senior subordinated notes (B2/B); Credit Suisse, Merrill Lynch & Co. (joint books); Rule 144A/Regulation S; non-callable for four years; Vancouver, B.C.-based specialty pharmaceuticals producer will use proceeds to help fund acquisition of American Medical Instruments Holdings Inc.; roadshow started March 7.

FIRST QUARTER 2OO6

BURLINGTON COAT FACTORY WAREHOUSE CORP. $500 million: $200 million senior unsecured notes, $300 million senior subordinated notes; part of $2.075 billion in debt financing to fund LBO by Bain Capital Partners LLC; Bank of America and Bear Stearns; also up to $500 million equity from Bain; Burlington, N.J., retailer of branded apparel at discount prices.

ON THE HORIZON

AUTONATION INC.: $900 million senior unsecured notes in fixed-rate and floating-rate tranches (Ba2/pending BB+/expected BB+); Rule 144A/Regulation S; proceeds, together with $300 million term loan (which may be increased to $400 million), via JP Morgan, and approximately $150 million drawdown of its amended $600 million revolver and existing cash, to purchase 50 million shares of its common stock at $23 per share and up to $323.5 million 9% senior notes due 2008, via dealer-managers JP Morgan and Wachovia Securities; tenders to commence by no later than March 10, 2006; Fort Lauderdale, Fla., automotive retailer.

PT DAVOMAS ABADI TBK: $150 million senior unsecured notes due 2011 (B2/B+); Lehman Brothers; Rule 144A/Regulation S; non-callable for three years; to refinance all existing debt, fund capital expenditures and for general corporate purposes; Jakarta, Indonesia-based producer and exporter of cocoa butter and cocoa powder; roadshow started Jan. 23 in Singapore, Jan. 24 in London, Jan. 25 in Boston, Jan. 26 in Los Angeles, Jan. 27 in New York; price talk 11% (revised from 10¼%-10½%).

DUNKIN' BRANDS INC.: High-yield bonds and new credit facility; to help back leveraged buyout by Bain Capital Partners, The Carlyle Group and Thomas H. Lee Partners; Canton, Mass., quick-service restaurant franchisor; LBO expected to close in the first quarter of 2006.

EDUCATION MANAGEMENT CORP.: $760 million bonds; Goldman Sachs & Co., Credit Suisse (joint), Merrill Lynch, Banc of America Securities; $1.435 billion credit facility; in connection with its LBO by Providence Equity Partners and Goldman Sachs Capital Partners; Pittsburgh-based provider of private post-secondary education.

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 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.

NEG INC.(to be renamed National Energy Group Inc.): $200 million senior notes; also $460 million common stock IPO via Bear, Stearns & Co., Citigroup; $125 million to repay a portion of NEG Oil & Gas revolver, $245 million to repay debt owed to American Real Estate Partners, LP (AREP) by National Energy Group, National Onshore and National Offshore, subsidiaries of NEG Oil & Gas, to fund $194 million distribution to AREP; independent oil and gas exploration, development and production company based in Dallas.

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.

SILGAN HOLDINGS INC.: New subordinated notes and/or borrowings under senior secured credit facility; to fund €230 million acquisition of Amcor Ltd.'s White Cap closures business, expected to close during second quarter of 2005; Silgan is a Stamford, Conn., manufacturer of consumer goods packaging products

TEXAS INSTRUMENTS INC.'S SENSORS & CONTROLS: $2 billion of debt including bonds and new credit facility; Morgan Stanley, Bank of America and Goldman Sachs to lead debt financing; to help fund its leveraged buyout by Bain Capital LLC; Sensors & Controls is an Attleboro, Mass., supplier of engineered sensors and controls to the appliance, climate control, industrial, automotive, lighting and aircraft markets; first half of 2006 pending regulatory approvals.

UTI WORLDWIDE INC.: $200 million senior notes; true private placement; proceeds along with cash reserves and $150 million draw from senior secured six-month term credit facility to fund $197.1 million acquisition of Portland, Ore.-based privately held third-party logistics services and multi-modal transportation capacity solutions provider Market Industries; ocean freight and logistics company, domiciled in the Virgin Islands with headquarters in Rancho Dominguez, Calif.

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.

PREFERRED OFFERING

ATP OIL & GAS CORP.: $100 million or more non-convertible, perpetual preferred stock; private placement; to expand its scope in certain projects, to accelerate its development activities and for general corporate purposes; Houston-based energy company focused on development and production of natural gas and oil in the Gulf of Mexico and the North Sea.

ROADSHOWS

Started March 6: QUICKSILVER RESOURCES INC. $300 million; JP Morgan, Credit Suisse

Started March 7: ANGIOTECH PHARMACEUTICALS $250 million; Credit Suisse, Merrill Lynch & Co.

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