High Yield Calendar: $13.093 billion and €970 million and £500 million deals being marketed

WEEK OF JUNE 18

SURGICAL CARE AFFILIATES LLC $300 million: $150 million senior PIK election notes due 2015 (B3/CCC+), non-callable for four years, price talk 8¾% area, and $150 million senior subordinated notes due 2017 (Caa1/CCC+), non-callable for five years, price talk 9¾% area; Goldman Sachs & Co., JP Morgan (joint); Rule 144A for life; to help fund the acquisition of Surgical Care Affiliates by TPG Capital; books close end of day Wednesday; pricing Thursday.

AMERICREDIT CORP.: $200 million senior notes due 2015 (Ba3/B+); Deutsche Bank Securities, Lehman Brothers (joint), Wachovia Securities, Friedman Billings Ramsey (co's); Rule 144A; for general corporate purposes, including repayment of its 1.75% convertible senior notes due in 2023, callable in November 2008; Fort Worth, Texas, automobile finance company; pricing expected June 22.

U.S. FOODSERVICE INC. $1.55 billion in two tranches: $1 billion senior PIK notes due 2015, non-callable for four years (PIK for life), and $550 million senior subordinated notes due 2017, non-callable for five years; Deutsche Bank Securities, Citigroup, Goldman Sachs & Co., JP Morgan, Morgan Stanley, RBS Greenwich Capital; to help fund LBO; Columbia, Md., broadline foodservice distributor; roadshow started June 14; pricing expected June 22.

SHINGLE SPRINGS TRIBAL GAMING: $450 million senior notes due 2015 (B); Morgan Stanley (books), Wells Fargo Securities (co); Rule 144A for life/Regulation S; to fund construction of the Foothill Oaks Casino and refinance debt; Shingle Springs band of Miwok Indians, located in Shingle Springs, Calif.; roadshow started June 13; pricing late in the June 18 week.

THOMSON LEARNING: $2.14 billion: TL ACQUISITIONS INC. $1.35 billion 7.5-year senior unsecured toggle notes (Caa1) and $250 million senior subordinated notes due 2015 (Caa2), also TL HOLDINGS INC. $540 million senior unsecured PIK toggle notes due 2015 (Caa2); JP Morgan, Citigroup, UBS Investment Bank, RBC Capital Markets, RBS Greenwich Capital; all tranches non-callable for four years; to fund LBO; Stamford, Conn., publisher of textbooks and other learning products; roadshow started June 13; pricing June 18 week.

CALCIPAR SA: €200 million senior unsecured floating-rate notes due 2014 (Ba2/BB+); BNP Paribas, Fortis; Regulation S only; callable in three years at 102; to refinance debt and lengthen maturities; Luxembourg-listed subsidiary of Netherlands lime producer L.V.I. Holding NV; roadshow Wednesday in Paris, Thursday in London, Friday in Amsterdam, possibly pricing before the end of the week.

HYNIX SEMICONDUCTOR: $500 million senior unsecured notes due 2017 (Ba2/BB-/BB); Citigroup, Credit Suisse, Goldman Sachs & Co., Korea Development Bank, Merrill Lynch & Co.; Rule 144A/Regulation S; to refinance debt; semiconductor company based in Kyongki-do, South Korea; price talk 8 1/8% area.

REXAM PLC: Up to £500 million equivalent euro-denominated subordinated hybrid securities due 2067 (Ba2/BB+); Barclays Capital, Citigroup (joint); to help fund acquisition; consumer packaging beverage can manufacturer based in London; U.K. and European roadshow started June 14.

WEEK OF JUNE 25

FRESENIUS MEDICAL CARE AG & CO. KGaA: $500 million senior notes due 2017; Banc of America Securities LLC (left books), Deutsche Bank Securities, Morgan Stanley (joint books); Rule 144A with registration rights; make-whole call; to repay bank debt; Bad Homburg, Germany, provider of dialysis products and services; roadshow June 20-25, pricing early June 25 week.

CATALYST PAPER CORP.: $200 million senior notes due 2017 (expected ratings B2/B+); Deutsche Bank Securities, Merrill Lynch (joint books), RBC Capital Markets (joint lead), BMO Nesbitt Burns, CIBC World Markets, Scotia Capital (co's); Rule 144A; non-callable for five years; for general corporate purposes, which may include acquisitions and investments to support growth; producer of mechanical printing papers, headquartered in Vancouver, B.C.; roadshow June 20-22; pricing June 25.

DOLLAR GENERAL CORP. $1.9 billion high-yield notes: $1.35 billion senior notes due 2015 (Caa1), non-callable for four years: $625 million cash-pay notes and $725 million PIK toggle notes, also $550 million senior subordinated notes due 2017 (Caa2), non-callable for five years; Goldman Sachs & Co., Citigroup, Lehman Brothers, Wachovia Securities (joint); Rule 144A/Regulation S with registration rights; to help fund merger; Goodlettsville, Tenn., discount retailer; roadshow started June 18; pricing week of June 25.

VARIETAL DISTRIBUTION MERGER SUB INC. (VWR INTERNATIONAL INC.): $675 million senior PIK toggle notes due 2015 (Caa1/CCC+); Goldman Sachs & Co., Banc of America Securities LLC, JP Morgan, Deutsche Bank Securities; Rule 144A/Regulation S with registration rights; non-callable for four years; to refinance debt and fund acquisition; West Chester, Pa., laboratory equipment company; roadshow started June 18; pricing June 25 week.

COMMUNITY HEALTH SYSTEMS INC.: $3.365 billion senior unsecured notes (B3/B-): floating-rate notes due 2015, non-callable for two years, fixed-rate notes due 2015, non-callable for four years, and fixed-rate notes due 2017, non-callable for five years; Credit Suisse, Wachovia Securities; Rule 144A/Regulation S; to help fund acquisition of Triad Hospitals Inc.; Nashville operator of general acute care hospitals in non-urban communities; roadshow started June 18; pricing middle of June 25 week.

MAGNUM COAL CO.: $350 million senior secured second-lien notes due 2014 (B3/B-); Lehman Brothers (books), BMO Nesbitt Burns (co); Rule 144A for life; non-callable for four years; three-year 35% equity clawback; change-of-control put at 101.0; to refinance existing term loan, finance letter-of-credit facility and general corporate purposes; Central Appalachian coal producer; roadshow June 19-26, pricing thereafter.

BLAZE RECYCLING & METALS LLC/BLAZE FINANCE CORP.: $110 million senior secured notes due July 15, 2012; Jefferies & Co.; Rule 144A for life; non-callable for three years; to fund a portion of the acquisition of Blaze Recycling & Metals, fund capital expenditures, and for general corporate purposes; Norcross, Ga., metal recycler; roadshow June 19-27.

TELCORDIA TECHNOLOGIES INC.: $555 million first-lien senior secured floating-rate notes due 2012 (B2/B); Credit Suisse, JP Morgan; Rule 144A for life; non-callable for one year; to refinance debt; Piscataway, N.J., software and services provider to communications networks; roadshow started June 18; pricing week of June 25.

SIG via SIG (Beverage Packaging Holdings (Luxembourg) II SA) €770 million notes: €450 million senior notes due 2016, non-callable for four years, and €320 million senior subordinated notes due 2017, non-callable for five years; Credit Suisse; Rule 144A for life/Regulation S; to refinance LBO-related debt; Neuhausen am Rheinfall, Switzerland, packaging company; roadshow started June 19.

PAETEC HOLDING CORP.: $300 million senior notes due 2015 (Caa2/CCC+); Merrill Lynch & Co., Deutsche Bank Securities, Wachovia Securities; Rule 144A with registration rights/Regulation S; non-callable for four years; to repay term loans; Fairport, N.Y.-based communications services provider to businesses; roadshow June 20-27, investor call June 21; pricing expected June 28.

EXPECTED JUNE BUSINESS

BIOMET INC.: $2.565 billion: $775 million senior notes (B3/B-), $775 million senior PIK notes (B3/B-), $1.1015 billion senior subordinated notes (Caa1/B-); Banc of America Securities LLC, Goldman Sachs & Co., Bear Stearns & Co., Lehman Brothers, Wachovia Securities; also $4.35 billion senior secured credit facility; to finance LBO; Warsaw, Ind., designer and manufacturer of musculoskeletal medical products; expected June business.

EUROFINS SCIENTIFIC: €68 million perpetual securities; Dresdner Kleinwort, HSBC; non-callable for seven years; for general corporate purposes; Brussels-based life sciences company.

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 senior toggle notes due 2015 (CCC+); Citigroup, Banc of America Securities LLC, 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.

SOURCE INTERLINK COS. INC.: $465 million senior subordinated notes expected to price with coupon in the high 9% area; also $1.18 billion credit facility led by Citigroup, JP Morgan, bank meeting June 19; to fund the acquisition of Primedia Inc.'s Enthusiast Media; Source Interlink is a Bonita Springs, Fla., provider of merchandising and fulfillment services for home entertainment products.

ON THE HORIZON

AEROFLEX INC.: $370 million senior subordinated unsecured high-yield securities; also $560 million credit facility; Goldman Sachs & Co. leads debt financing; to help fund LBO of the company by Veritas Capital for $1.1 billion; Plainview, N.Y., provider of technology services to the aerospace, defense, cellular and broadband communications markets.

ALLIANCE DATA SYSTEMS CORP. $2.21 billion bonds: $1.8 billion senior unsecured notes and $410 million senior subordinated notes; also $4.4 billion credit facility; Credit Suisse lead bank on financing; to help fund $7.8 billion LBO by The Blackstone Group expected to close by end of 2007; Dallas-based provider of marketing, loyalty and transaction services.

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.

ALLTEL COMMUNICATIONS INC.: $7.7 billion bonds backed by $4.7 billion senior unsecured cash pay bridge loan and a $3 billion senior unsecured PIK option bridge loan via Citigroup, Goldman Sachs, Barclays, RBS Securities; also $15.5 billion credit facility and up to $4.6 billion of sponsor equity; financing backing $27.5 billion acquisition of Alltel by TPG Capital and GS Capital Partners, expected in fourth quarter of 2007; Little Rock, Ark., provider of wireless voice and data communications services.

CATALINA MARKETING CORP.: $490 million high-yield bonds and $760 million credit facility in LBO financing via Morgan Stanley, Bear Stearns & Co., Goldman Sachs & Co.; Catalina, St. Petersburg, Fla., provider of behavior-based promotional messaging, loyalty programs and direct-to-patient information, is being acquired by Hellman & Friedman Capital Partners VI, LP for $1.7 billion, in transaction expected to be completed during third quarter of 2007.

CERIDIAN CORP. $1.4 billion: $1 billion senior unsecured notes and $400 million senior subordinated notes; also $2.3 billion credit facility; Deutsche Bank and Credit Suisse lead banks on financing; to fund LBO by Thomas H. Lee Partners, LP and Fidelity National Financial Inc., expected to close in the fourth quarter; Minneapolis-based management services provider.

CEVA GROUP PLC: $1.447 billion senior unsecured notes and/or senior unsecured PIK toggle notes; also $1.5 billion credit facility; Credit Suisse, Morgan Stanley, Bear Stearns, JPMorgan, UBS leads on debt financing; to help fund its acquisition of EGL Inc. expected to close in the third quarter; CEVA is a Hoofddorp, Netherlands-based logistics and supply chain management company.

CLEAR CHANNEL COMMUNICATIONS INC.: $2.6 billion high-yield bonds (decreased from $4.1 billion) and $19.525 billion credit facility (upsized from $17.375 billion); 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; also $3.44 billion sponsor equity; 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.

FIRST DATA CORP.: $8 billion notes; Citigroup plus others; also $16 billion bank loan, bank meeting May 30; to fund Kohlberg Kravis Roberts & Co.'s $34-per-share buyout of First Data; Greenwood Village, Colo., check and credit card transaction services provider.

HARMAN INTERNATIONAL INDUSTRIES INC.: $1.74 billion high-yield bonds; also new credit facility; Banc of America Securities LLC, Credit Suisse, Goldman Sachs & Co., Lehman Brothers; part of financing for LBO by Kohlberg Kravis Roberts & Co. LP and GS Capital Partners, expected in the third quarter; manufacturer of high fidelity audio products.

INTELSAT HOLDINGS LTD.: $5.11 billion expected in two approximately equal-sized tranches; Credit Suisse, Banc of America Securities LLC, Morgan Stanley; to help fund LBO by BC Partners and certain other investors, including about $860 million of existing debt at Intelsat (Bermuda), Ltd. and to defease or retire the $400 million Intelsat, Ltd. 5¼% senior notes due 2008, expected to close between November 2007 and February 2008; Pembroke, Bermuda, provider of fixed satellite services.

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.: $317.5 million senior subordinated notes (decreased from $450 million) backed by bridge from UBS and General Electric Capital Corp.; also $1.3 billion credit facility; financing for acquisition of Biosite Inc.; Inverness is a Waltham, Mass.-based diagnostic devices company.

LAUREATE EDUCATION INC. $1.05 billion: $725 million senior unsecured notes (B3) and $325 million senior subordinated notes (Caa1), 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.

MYERS INDUSTRIES INC.: $265 million senior secured notes via Rule 144A and $685 million credit facility; Goldman Sachs & Co. lead on debt financing; to help fund acquisition of the company by GS Capital Partners in a transaction valued at $1.07 billion; Akron, Ohio, manufacturer of polymer products for industrial, agricultural, automotive, commercial and consumer markets.

MYLAN LABORATORIES INC.: $2.85 billion senior notes and $4.85 billion credit facility in financing led by Merrill Lynch, Citigroup and Goldman Sachs & Co.; to help fund acquisition of Merck KGaA's generic business, expected to close in the second half of 2007; Canonsburg, Pa., pharmaceutical company.

PENN NATIONAL GAMING INC.: High-yield bonds and new credit facility via Deutsche Bank Securities and Wachovia Securities; to fund LBO by Fortress Investment Group LLC and Centerbridge Partners LP, valued at about $8.9 billion, including repayment of $2.8 billion of outstanding Penn National debt; Wyomissing, Pa., gaming company.

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.

SLM CORP. (SALLIE MAE): $4 billion senior secured second-lien notes; backed by $4 billion bridge financing via Bank of America and JP Morgan; also $12.5 billion term loan; to fund LBO by an investor group led by J.C. Flowers & Co. expected to close late 2007.

SOURCE INTERLINK COS. INC.: High-yield bonds and bank debt to fund acquisition of Primedia Inc.'s Enthusiast Media division, expected to close mid-summer; single-B credit ratings expected, 9% area expected interest rate on bonds; Bonita Springs, Fla., provider of merchandising and fulfillment services for home entertainment products.

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.

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.

PASS THROUGH CERTIFICATES

UNITED AIR LINES, INC.: $208.571 Series 2007-1 pass through certificates with high yield ratings via Rule 144A: $106.835 million class B certificates due July 2, 2019 (Ba2/BB-); $101.736 million class C floating-rate certificates due July 2, 2014 (B1/B); also includes $485.086 million class A certificates due July 2, 2022 (Baa2/BBB) combined transaction size $693.657 million; Morgan Stanley, Credit Suisse; to refinance the existing debt on certain aircraft and for general corporate purposes; Chicago-based air carrier.

PRIVATE PLACEMENT

BIO SOLUTIONS MANUFACTURING INC.: $31.2 million senior secured notes due 2014 with warrants; Regulation D/Regulation S; to finance up to 12 biodiesel fuel facilities and for working capital and general corporate purposes; Las Vegas-based developer of microbiological products for waste bioremediation.

INCOME DEPOSIT SECURITIES

OTELCO INC. 3 million income deposit securities representing 3 million shares of class A common stock and $22.5 million 13% senior subordinated notes due 2019; CIBC World Markets, UBS Investment Bank, Raymond James; to pay down term loan that matures on July 3, 2011; Oneonta, Ala., traditional wireline telephone services provider in several rural communities in Alabama, Maine and Missouri.

ROADSHOWS

Started June 13: SURGICAL CARE AFFILIATES LLC $300 million; Goldman Sachs & Co., JP Morgan

Started June 13: SHINGLE SPRINGS TRIBAL GAMING $450 million; Morgan Stanley

Started June 13: THOMSON LEARNING $2.14 billion; JP Morgan, Citigroup, UBS Investment Bank, RBC Capital Markets, RBS Greenwich Capital

Started June 14: U.S. FOODSERVICE INC. $1.55 billion; Deutsche Bank Securities, Citigroup, Goldman Sachs & Co., JP Morgan, Morgan Stanley, RBS Greenwich Capital

Started June 14: REXAM PLC £500 million equivalent; Barclays Capital, Citigroup

Started June 18: DOLLAR GENERAL CORP. $1.9 billion; Goldman Sachs & Co., Citigroup, Lehman Brothers, Wachovia Securities

Started June 18: VARIETAL DISTRIBUTION MERGER SUB INC. (VWR INTERNATIONAL INC.) $675 million; Goldman Sachs & Co., Banc of America Securities LLC, JP Morgan, Deutsche Bank Securities

Started June 18: COMMUNITY HEALTH SYSTEMS INC. $3.365 billion; Credit Suisse, Wachovia Securities

Started June 18: TELCORDIA TECHNOLOGIES INC. $555 million; Credit Suisse, JP Morgan

Started June 18: AMERICREDIT CORP. $200 million; Deutsche Bank Securities, Lehman Brothers

Started June 19: SIG €770 million; Credit Suisse

Started June 19: MAGNUM COAL CO. $350 million; Lehman Brothers

June 19-27: BLAZE RECYCLING & METALS LLC/BLAZE FINANCE CORP. $110 million; Jefferies & Co.

Starts June 20: CALCIPAR SA €200 million; BNP Paribas, Fortis

June 20-22: CATALYST PAPER CORP. $200 million; Deutsche Bank Securities, Merrill Lynch

June 20-25: FRESENIUS MEDICAL CARE AG & CO. KGaA $500 million; Banc of America Securities LLC

June 20-27: PAETEC HOLDING CORP. $300 million; Merrill Lynch & Co., Deutsche Bank Securities, Wachovia Securities

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