High Yield Calendar: $3.990 billion, €750 million and ZAR 5.866 billion deals being marketed

WEEK OF APRIL 16

ENERGY PARTNERS LTD. $450 million senior unsecured notes (Caa1/B-): $300 million fixed-rate notes due 2014, non-callable for four years, price talk 9¾% area, and $150 million floating-rate notes due 2013, callable after one year at 102.0, price talk Libor plus 500 bps area; Banc of America Securities LLC (books), BNP Securities, Merrill Lynch & Co., UBS Investment Bank, Friedman Billings Ramsey, Johnson Rice; Rule 144A with registration rights/Regulation S; proceeds, together with new revolver, to fund tender for up to 8.7 million common shares at $23 per share and $150 million 8¾% senior notes due 2010, and to refinance existing revolver; independent oil and natural gas exploration and production company based in New Orleans; pricing Wednesday.

PEERMONT GLOBAL: ZAR 5.866 billion euro-denominated bonds: PEERMONT GLOBAL ZAR 4.979 billion equivalent in euro-denominated (approximately €520 million) senior secured notes due 2014 (B3/B), non-callable for three years, price talk 7 7/8% area, and PEERMONT GLOBAL II (PTY) LTD.: ZAR 887 million senior PIK notes due 2015, callable in three years at 102, 101, par (not rated), price talk 18% to 18¼%; Citigroup; Rule 144A/Regulation S; to fund acquisition of Peermont by a consortium led by the Mineworker's Investment Co.; Peermont is a Johannesburg, South Africa-based lodging and gaming company; pricing Wednesday.

PFLEIDERER FINANCE BV: €200 million to €250 million perpetual subordinated hybrid bonds (B1//BB-); ABN Amro, Barclays Capital (joint books); non-callable for seven years; fixed-rate coupon until first call, the floating rate with 150 bps step-up; to repay the bridge loan drawn to finance Pfleiderer's recent strategic acquisition of Pergo AB; holding company of timber products maker Pfleiderer AG, headquarters in Neumarkt, Germany; roadshow started April 16.

HUNGARIAN TELEPHONE AND CABLE CORP.: €200 million floating-rate notes; Merrill Lynch & Co., BNP Paribas, Calyon Securities; to partially fund HTTC's acquisition of Invitel; HTTC, 62% owned by Danish telecom TDC, with remaining shares traded on Nasdaq, has headquarters in Budapest and Seattle; roadshow Tuesday in London, Paris and Frankfurt on Wednesday, pricing thereafter.

TAM CAPITAL INC. (TAM SA): $200 million senior notes due 2017 (/BB-/BB); Citigroup, UBS (joint books), Calyon Securities (joint lead); Rule 144A with registration rights/Regulation S; non-callable with make-whole provision; to finance fleet renewal and expansion and for general corporate purposes; Brazilian air carrier based in Sao Paulo; roadshow U.S. West Coast on April 16, London and Los Angeles on April 17, Zurich and Boston on April 18, New York area on April 19.

WEEK OF APRIL 23

USI HOLDINGS CORP. $425 million in two tranches: $225 million senior floating-rate notes due 2014 (B3/CCC), 7.5 -year tenor, non-callable for two years, and $200 million senior subordinated notes due 2015 (Caa1/CCC), non-callable for four years; Goldman Sachs & Co., JP Morgan (joints); Rule 144A for life/Regulation S; also $625 million credit facility; to fund LBO and refinance USI debt; Briarcliff Manor, N.Y., insurance and financial products and services company; roadshow started April 17; pricing late April 23 week.

CLARKE AMERICAN CORP.: $615 million senior notes due 2015 (Caa1/B-) in floating-rate notes, non-callable for two years, and fixed-rate notes, non-callable for four years; Credit Suisse, Bear Stearns & Co., Citigroup, JP Morgan; Rule 144A/Regulation S; acquisition financing; San Antonio-based provider of checks and related products, and direct marketing services; roadshow started April 16; pricing late April 23 week.

OSI RESTAURANT PARTNERS LLC: $700 million senior notes due 2015; Banc of America Securities LLC, Deutsche Bank Securities (joint), ABN Amro, GE Capital Markets, Rabo Securities, SunTrust Robinson Humphrey, Wells Fargo Securities (co's); Rule 144A with registration rights; non-callable for four years; also $1.33 billion credit facility; to fund LBO; Tampa, Fla., casual dining restaurants company; roadshow April 17-26.

NOVAE GROUP PLC: Sterling-denominated lower tier II subordinated notes (Ba1); size to be determined; ABN Amro; to refinance existing debt and for general corporate purposes; London-based insurance group; Europe-only roadshow April 16-18.

PETROPLUS FINANCE LTD.: $1.2 billion senior notes (BB-) due 2014, non-callable for four years, and due 2017, non-callable for five years, tranche sizes to be determined; Morgan Stanley (left), Credit Suisse, UBS Investment Bank, Barclays Capital (joint books), BNP Paribas, JP Morgan (joint leads), ABN Amro, ING (co's); Rule 144A for life/Regulation S; 35% equity clawbacks on both tranches; to fund refinery acquisition and refinance bank debt; Switzerland-based oil refiner; roadshow started April 16 in Europe, April 18 in U.S.; pricing April 23 week.

NEXANS: €300 million senior notes with seven-year to 10-year maturity (BB); BNP Paribas, SG Corporate & Investment Banking, UBS Investment Bank; non-callable; for general corporate purposes including the refinancing of existing debt; manufacturer of telecommunications cable and provider of related services, headquarters in Paris; roadshow starts April 23.

CARILLON LTD.: $100 million floating-rate U.S. wind-risk catastrophe bonds to be redeemed on Jan. 8, 2011 (B); Morgan Stanley; Rule 144A; coupon to float at a spread to three-month Libor; catastrophe trigger is Property Claims Services industry loss estimates related to wind damages in the United States; proceeds will be used to fund a collateral account; counterparty is Munich RE (Aa3/AA-); Europe roadshow expected to start April 18, U.S. roadshow week of April 23.

CHINA PROPERTIES GROUP: $300 million global bonds due 2014; Merrill Lynch & Co.; non-callable for four years; launch expected late April 16 week.

EXPECTED SECOND QUARTER BUSINESS

MOBILE MINI INC.: $125 million senior notes; Deutsche Bank Securities, CIBC World Markets (joint books, with other syndicate names expected to emerge); Rule 144A with registration rights; to repay debt; Phoenix-based provider of portable storage solutions; expected to launch late April/early May

RIVERDEEP INTERACTIVE LEARNING USA: $820 million senior subordinated notes; Credit Suisse, Citigroup (joint); proceeds along with $1.87 billion senior bank debt, $750 million mezzanine debt and $1.5 billion equity to fund the acquisition of Houghton Mifflin by Riverdeep from Thomas H. Lee Partners, Bain Capital Partners, LLC and Blackstone Group for $3.4 billion; Riverdeep, based in Dublin, Ireland, is a publisher of interactive products for the consumer and school markets.

SMART & FINAL INC.: $200 million senior subordinated notes, also $325 million credit facility via Bank of America, Bear Stearns and Credit Suisse; to fund the LBO by Apollo Management, LP, estimated value $812.9 million, expected to close in the second quarter; Smart & Final is a City of Commerce, Calif., operator of non-membership warehouse stores for food and foodservice supplies.

GREAT ATLANTIC & PACIFIC TEA CO. INC.: $780 million senior secured high-yield bonds; Banc of America Securities LLC, Lehman Brothers, also $600 million ABL revolver; to help fund its purchase of Pathmark Stores Inc. for $1.3 billion in cash, stock and debt assumption or retirement, expected to be completed during the second half of A&P's fiscal 2007 year, structure of financing and timing pending market conditions; A&P is a Montvale, N.J.-based supermarket chain.

THE SERVICEMASTER CO.: $1.15 billion high-yield bonds; Banc of America Securities LLC, Citigroup, JP Morgan; also $3.35 billion credit facility; to fund the LBO of the company by Clayton, Dubilier & Rice, Inc., total enterprise value is $5.5 billion; expected late second-quarter business.

UNIVERSAL HOSPITAL SERVICES INC.: New high-yield notes related to the acquisition of the company by Bear Stearns Merchant Banking, transaction expected to close in second quarter of 2007, and the expected tender for Universal Hospital Services' $260 million 10 1/8% senior notes due 2011; Edina, Minn.-based provider of medical equipment lifecycle services.

ON THE HORIZON

AFFILIATED COMPUTER SERVICES INC.: $2.515 billion of high-yield notes and $4.05 billion senior secured credit facility; to help finance public-to-private bid by Darwin Deason, founder and chairman, and Cerberus Capital Management LP for about $8.2 billion; Citigroup has provided the bidders with a "highly confident" letter regarding its ability to raise the necessary debt; investment partners are prepared to enter into negotiations with the company immediately and are ready to move quickly to complete the transaction; Dallas-based provider of business process outsourcing and information.

BIOMET INC.: $2.565 billion in senior unsecured and/or senior subordinated unsecured high-yield notes, also $4.35 billion senior secured credit facility; financing to be led by Bank of America, Goldman Sachs, Bear Stearns, Lehman Brothers, Merrill Lynch and Wachovia; to finance LBO by Blackstone Group, Goldman Sachs Capital Partners, Kohlberg Kravis Roberts & Co. and TPG in a transaction with a total equity value of about $10.9 billion, expected to be completed by Oct. 31, 2007; Biomet is a Warsaw, Ind., designer and manufacturer of musculoskeletal medical products.

CLAIRE'S STORES INC. $937 million notes: $537 million senior unsecured notes and $400 million senior subordinated notes; Bear Stearns, Credit Suisse, Lehman Brothers; also $1.65 billion credit facility; to fund LBO by Apollo Management, LP; Pembroke Pines, Fla., specialty retailer; expected third quarter of 2007.

CLEAR CHANNEL COMMUNICATIONS INC.: $4.1 billion high-yield bonds and $17.375 billion credit facility; Citigroup, Deutsche Bank, Morgan Stanley, Credit Suisse, RBS Greenwich Capital and Wachovia are lead banks on the debt financing; to help back its leveraged buyout by Thomas H. Lee Partners, LP and Bain Capital Partners, LLC, expected to be completed by the end of 2007; $2.6 billion senior unsecured bridge loan and a $1.5 billion senior subordinated unsecured bridge loan backing bonds; San Antonio media and entertainment company.

CONSUMER SOURCE INC.: $150 million second-lien loan and/or notes; to fund dividend to Primedia Inc., which Primedia will use to extinguish all existing bank debt; Consumer Source is a New York-based publisher and distributor of free real estate and automobile guides.

DOLLAR GENERAL CORP. $2.1 billion bonds: $1.45 billion senior unsecured notes, $650 million senior subordinated notes, backed up by $2.1 billion bridge loans via Goldman Sachs, Citigroup, Lehman Brothers, Wachovia ; also $3.5 billion credit facility; to help fund LBO, expected to close third quarter of 2007; Goodlettsville, Tenn., discount retailer.

HUB INTERNATIONAL LTD. $590 million: $340 million senior unsecured notes and $250 million of senior subordinated notes backed by bridge loans provided by Morgan Stanley and Merrill Lynch; also $795 million credit facility; to help fund LBO by Apax Partners and Morgan Stanley Principal Investments, expected to close late 2007 second quarter; Chicago-based insurance broker.

INTEGRA TELECOM INC.: $215 million senior notes; Deutsche Bank and CIBC have provided the company with the commitment letter to purchase the notes; also $965 million revolver via Deutsche Bank, Morgan Stanley and CIBC; to help fund the acquisition of Minneapolis-based Eschelon Telecom, Inc. and repay Eschelon debt; transaction expected to close in third quarter of 2007; Integra is a Portland, Ore.-based provider of telecommunications and internet services for businesses.

INVERNESS MEDICAL INNOVATIONS INC.: $450 million of unsecured senior subordinated notes backed by a commitment for a $450 million senior subordinated unsecured bridge loan facility with UBS as the sole arranger; also $1.3 billion credit facility; financing backing bid to purchase Biosite Inc., a San Diego-based bio-medical company; Inverness is a Waltham, Mass.-based developer of advanced diagnostic devices.

KINDER MORGAN INC.: $14.5 billion of funded debt including senior and/or subordinated notes; to help fund proposed $22 billion buyout of the company by management and equity investors led by Goldman Sachs, Citigroup, Deutsche Bank, Wachovia, Merrill Lynch, expected to be completed by early 2007; Houston-based energy infrastructure provider.

LAUREATE EDUCATION INC. $1.05 billion: $725 million senior unsecured notes and $325 million senior subordinated notes, also $1.15 billion credit facility; financing led by Goldman Sachs, Citigroup; to help fund LBO expected to close in June; Baltimore-based provider of higher education.

TELESAT: $900 million senior notes and $2.2 billion credit facility; Morgan Stanley, UBS Investment Bank to lead financing; to help fund acquisition of Telesat by a joint venture company formed by Loral Space & Communications Inc. and the Public Sector Pension Investment Board, expected to close by mid-2007; new company will be one of the world's largest operators of telecommunications satellites, with a combined fleet of 11 satellites and four additional satellites to be launched over the next three years.

TRIBUNE CO.: $2.1 billion senior notes or senior subordinated notes backed up by $2.1 billion bridge via Merrill Lynch, JPMorgan, Citigroup and Bank of America; also $10.133 billion credit facility; to help finance public-to-private transaction; Chicago-based media company; expected to be completed by end of 2007.

ROADSHOWS

Started April 16: PFLEIDERER FINANCE BV €200 million; ABN Amro, Barclays Capital

Started April 16: TAM CAPITAL INC. $200 million; Citigroup, UBS

Started April 16: CLARKE AMERICAN CORP. $615 million; Credit Suisse, Bear Stearns & Co., Citigroup, JP Morgan

Started April 16: PETROPLUS FINANCE LTD. $1.2 billion; Morgan Stanley

April 16-18: NOVAE GROUP PLC Sterling denominated (size to be determined); ABN Amro

Started April 17: USI HOLDINGS CORP. $425 million; Goldman Sachs & Co., JP Morgan

Started April 17: HUNGARIAN TELEPHONE AND CABLE CORP. €200 million; Merrill Lynch & Co., BNP Paribas, Calyon Securities

April 17-26: OSI RESTAURANT PARTNERS LLC $700 million; Banc of America Securities LLC, Deutsche Bank Securities

Starts April 18: CARILLON LTD. $100 million; Morgan Stanley

Launch expected late April 16 week: CHINA PROPERTIES GROUP: $300 million; Merrill Lynch & Co.

Starts April 23: NEXANS €300 million; BNP Paribas, SG Corporate & Investment Banking, UBS Investment Bank

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