High Yield Calendar

Total amount of high-yield bond offerings being marketed: $3.350 billion and €130 million

WEEK OF APRIL 3

AUTONATION INC. $600 million (downsized from $800 million) senior unsecured notes in two tranches (Ba2/BB+/expected BB+): fixed-rate notes due 2014, non-callable for four years, price talk 7%-7¼% and floating-rate notes due 2013, non-callable for two years, price talk three-month Libor plus 225 basis points, tranche sizes to be determined; JP Morgan, Banc of America Securities, Wachovia Securities (joint); Rule 144A/Regulation S; bank loan increased by $300 million; to help fund purchase 50 million shares of its common stock at $23 per share and up to $323.5 million 9% senior notes due 2008; Fort Lauderdale, Fla., automotive retailer; roadshow started March 27; pricing expected Wednesday.

VAC FINANZIERUNGS GMBH: €130 million senior secured notes due 2016 (B3/CCC+); Citigroup (books); Rule 144A/Regulation S; non-callable for five years; financing subsidiary of Hanau, Germany-based Vacuumschmelze, a global manufacturer of advanced magnetic materials and related products; roadshow March 30-April 3.

HUGHES NETWORK SYSTEMS LLC: $375 million senior notes due 2014 (B1/B-); Bear Stearns & Co., Morgan Stanley (joint); Banc of America Securities; Rule 144A, non-callable for four years; three-year 35% equity clawback; to refinance existing debt and for general corporate purposes; provider of broadband satellite networks and services, with headquarters in Germantown, Md.; roadshow March 29-April 5.

MULTIPLAN MERGER CORP. (MULTIPLAN INC.): $250 million senior subordinated notes due 2016 (Caa1/B-); Goldman Sachs & Co., Banc of America Securities (books), Morgan Stanley (co); Rule 144A/Regulation S; non-callable for five years; proceeds, along with $450 million senior secured credit facility and equity investment by an investor group led by The Carlyle Group, to fund the acquisition of MultiPlan by affiliates of those investors and a member of MultiPlan's senior management; New York-based independent preferred provider organization; roadshow March 29-April 6.

BURLINGTON COAT FACTORY WAREHOUSE CORP. $500 million in two parts: $300 million senior notes due 2014, non-callable for four years (B3/CCC+) and $200 million senior subordinated notes due 2016, non-callable for five years (Caa1/CCC+); Banc of America Securities, Bear Stearns, Wachovia Securities; Rule 144A; also $800 million revolver and $775 million term loan and up to $500 million equity; to fund LBO by Bain Capital Partners LLC; Burlington, N.J., retailer of branded apparel at discount prices; roadshow March 29-April 6.

BASIC ENERGY SERVICES INC.: $200 million senior notes due 2016 (B1); UBS Investment Bank, Banc of America Securities, Lehman Brothers (joint books), Credit Suisse, Goldman Sachs & Co.; Rule 144A with registration rights; non-callable for five years; to repay bank debt related to acquisitions and for general corporate purposes; Midland, Texas, well site services provider to oil and gas drilling and production companies; roadshow March 30-April 7; expected to price on April 7.

PHI INC.: $150 million senior notes due 2013 (existing ratings B1/BB-); UBS Investment Bank (books); Rule 144A with registration rights; non-callable for four years; proceeds, together with proceeds from a concurrent equity offering, will be used to fund the tender of the 9 3/8% senior notes and to fund fleet expansion; Lafayette, La.-based commercial helicopter services provider to oil and gas, and health care industries; roadshow March 31-April 6; pricing on the morning of April 7.

JG WENTWORTH: $200 million five-year senior secured term loan expected to trade like a bond (B2/B); Deutsche Bank Securities (books), Bear Stearns & Co.; non-callable for one year, then callable at 102, 101, par; to fund distribution to shareholders; Bryn Mawr, Pa., company provides services to individuals who need to access the capital markets by exchanging some or all of their structured settlement or annuity for immediate cash payment; roadshow started March 29; expected to price late in week of April 3.

OWENS & MINOR INC.: $200 million senior notes due 2016 (Ba2/BBB); Lehman Brothers (books), Banc of America Securities, Citigroup, SunTrust Robinson Humphrey (senior co's), Goldman Sachs, JP Morgan, KeyBanc Capital Markets, Wachovia Securities (co's); SEC registered; callable with a make-whole call; proceeds, together with cash on hand, to repay existing 8½% notes due July 15, 2011; Mechanicsville, Va.-based distributor of medical and surgical supplies and health care supply-chain management services; expected to price week of April 3.

WOOD RESOURCES LLC/FINANCE CORP.: $75 million senior secured floating-rate notes due 2013 (B3/B-); Jefferies & Co. (books); Rule 144A/Regulation S; all existing and future domestic restricted subsidiaries will guarantee the notes on a senior secured basis; to repay substantially all outstanding debt and fund capital projects; Greenwich, Conn., company primarily produces plywood for specialized industrial markets that are underserved by large, integrated forest products companies as well as for the construction and residential repair and remodeling markets; price talk six-month Libor plus 750 basis points.

WEEK OF APRIL 10

CENDANT CAR RENTAL GROUP (AVIS BUDGET): $1 billion senior unsecured notes (Ba3/BB-) due 2014, non-callable for four years, and due 2016, non-callable for five years; JP Morgan, Deutsche Bank Securities, Wachovia Securities, Banc of America Securities, Citigroup; Rule 144A/Regulation S; to repay asset-backed vehicle debt; New York City-based Cendant Car Rental operates the Avis and Budget car rental businesses, and is expected to change its name to Avis Budget Car Rental LLC; roadshow started April 3; pricing April 11 or April 12.

2006 SECOND QUARTER

P.H. GLATFELTER CO.: $200 million debt securities; Rule 144A; to refinance existing 6 7/8% notes due July 2007, repay revolver and general corporate purposes; York, Pa., manufacturer of specialty papers and engineered products; expected to launch during the second quarter of 2006.

ON THE HORIZON

ACTIVANT SOLUTIONS INC.: New high-yield bonds and senior secured credit facility, debt commitment from Deutsche Bank; in connection with leveraged buyout of the company by Hellman & Friedman LLC and Thoma Cressey Equity Partners, expected to close May 8, 2005 (in connection with the transaction, Activant will tender for all of its senior floating-rate PIK notes due 2011, its 10½% senior notes due 2011 and its floating-rate senior notes due 2010); Activant, currently owned by HM Capital Partners LLC, is an Austin, Texas-based technology provider of business management solutions.

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.

KERZNER INTERNATIONAL LTD.: Senior subordinated notes, size to be determined; Deutsche Bank Securities; also new senior secured credit facilities led by Goldman Sachs; to help fund its leveraged buyout by an investor group that's led by management; Paradise Island, The Bahamas, developer and operator of destination resorts, luxury resort hotels and gaming properties; expected mid-2006.

KRONOS INTERNATIONAL INC.: €400 million senior secured notes due 2013; Rule 144A/Regulation S; to repay 8 7/8% senior secured notes due 2009; wholly owned subsidiary of Dallas-based Kronos Worldwide Inc., an international producer of titanium dioxide pigments.

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.

NPC INTERNATIONAL INC.: $200 million bonds; Merrill Lynch & Co., JP Morgan; also $350 million credit facility, bank meeting April 4; to finance Merrill Lynch Global Private Equity's acquisition of the company; Lenexa, Kan., franchisee of Pizza Hut restaurants.

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.

PINNACLE ENTERTAINMENT INC.: $1.25 billion bonds; also $2.15 billion credit facility led by Lehman Brothers and Bear Stearns & Co.; to back up the bond offering, the company has received a commitment for a $1.25 billion 365-day unsecured senior subordinated interim loan that would carry an interest rate of Libor plus 450 bps, increasing by 75 bps 180 days after funding and an additional 50 bps each 90 days thereafter up to a maximum of 11% per annum; proceeds to help finance Pinnacle's purchase of Phoenix-based gaming company, Aztar Corp., expected to close in the fourth quarter of 2005; Pinnacle Entertainment is a Las Vegas-based owner and operator of gaming entertainment facilities.

SEMGROUP LP: $400 million senior notes; Banc of America Securities; also $725 million credit facility; to help fund its purchase of TransMontaigne Inc.; TransMontaigne is a Denver-based refined petroleum products marketing and distribution company; SemGroup is a Tulsa, Okla.-based midstream service company.

SENSATA TECHNOLOGIES: $2 billion of debt including bonds and new $1.35 billion 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.

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

SOURCECORP INC.: $175 million in senior subordinated notes; Credit Suisse, UBS Securities; also $250 million senior secured credit facility; to help fund LBO by Apollo Management LP expected in the second or third quarter of 2006; as back-up for the bond offering, the company has received a commitment for a $175 million senior subordinated increasing rate bridge loan; Dallas-based provider of business process outsourcing solutions and specialized consulting services.

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.

ROADSHOWS

Started March 27: AUTONATION INC. $800 million; JP Morgan, Banc of America Securities, Wachovia Securities

March 29-April 6: BURLINGTON COAT FACTORY WAREHOUSE CORP. $500 million; Banc of America Securities, Bear Stearns, Wachovia Securities

March 29-April 6: MULTIPLAN MERGER CORP. (MULTIPLAN INC.) $250 million; Goldman Sachs & Co., Banc of America Securities

March 29-April 5: HUGHES NETWORK SYSTEMS LLC $375 million; Bear Stearns & Co., Morgan Stanley

Started March 29: JG WENTWORTH $200 million; Deutsche Bank Securities

March 30-April 3: VAC FINANZIERUNGS GMBH €130 million; Citigroup

March 31-April 6: PHI INC. $150 million; UBS Investment Bank

Started April 3: CENDANT CAR RENTAL GROUP (AVIS BUDGET) $1 billion; JP Morgan, Deutsche Bank Securities, Wachovia Securities, Banc of America Securities, Citigroup

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