Convertibles Calendar

JUNE 16 WEEK

CITIGROUP GLOBAL MARKETS HOLDINGS INC. (Symbol: REG): $300 million, with 15% greenshoe, of three-year SynDECS mandatorily exchangeable into Regency Centers Corp. shares pledged by Security Capital Group Inc., a unit of General Electric Capital Corp.; talked to yield 1.5-2.0% plus the pass-through of current stock divdends and 83.333% of any dividend increase; conversion premium is set at 20%; via sole book-runner Citigroup; Merrill Lynch is co-lead manager; set to price after the close Wedneday following a full road show; GECC is also selling up to 34.3 million Regency shares through an underwritten common stock offering and in private-sale contracts with underwriters, and is selling back to Regency up to $150 million of shares at the public offering price.

XEROX CORP. (Symbol: XRX): $650 million three-year mandatory; price talk of 6.25-6.75% yield, 18-22% initial conversion premium; after full roadshow, pricing expected June 19; joint book-runners are Citigroup, Goldman Sachs, Merrill Lynch and JPMorgan; conversion can be forced if stock is 150% of the threshold conversion price, with a dividend make-whole discounted to Treasuries; part of a refinancing package that also includes a new $1 bllion bank facility, $1 billion in junk bonds and an estimated $434 million of stock, with proceeds used to take out the existing $3.1 billion bank facility.

http://www.sec.gov/Archives/edgar/data/108772/000119312503009461/d424b5.htm

ON THE HORIZON

VALERO ENERGY CORP. (Symbol: VLO): $250 million of three-year mandatory convertibles; with $250 million cash, proceeds would go to purchase a Louisiana refinery from Orion Refining Corp., which has filed bankruptcy; timing depends on court approval of the sale.

RECENT SHELF FILINGS

AMERICAN INTERNATIONAL GROUP, INC. (Symbol: AIG): $5.14 billion shelf filed June 12 for debt securities, warrants, purchase contracts, units, preferred stock, depositary shares and common stock; securities may be issued as convertibles; New York insurance company will use proceeds for general corporate purposes.

http://www.sec.gov/Archives/edgar/data/5272/000095012303006976/y87112sv3.txt

BAXTER INTERNATIONAL INC. (Symbol: BAX): $1 billion shelf filed June 12 for common stock, preferred stock, convertible preferred stock, warrants, convertible debt securities, equity purchase contracts, equity purchase units and debt securities; Deerfield, Ill. healthcare products and services company will use proceeds for general corporate purposes.

http://www.sec.gov/Archives/edgar/data/10456/000119312503009434/ds3.txt

FIRST DATA CORP. (Symbol: FDC): $2 billion shelf filed June 12 for debt securities, preferred stock and common stock; securities may be issued as convertibles; Greenwood Village, Colo. money transfer, merchant services and credit card company will use proceeds for general corporate purposes.

http://www.sec.gov/Archives/edgar/data/883980/000104746903021211/a2112724zs-3.htm

KIMCO REALTY CORP. (Symbol: KIM): $1 billion shelf filed June 13 for debt securities, preferred stock, depositary shares, common stock and warrants; securities may be issued as convertibles; includes $63.7 million previously registered but unsold; New Hyde Park, N.Y. shopping center owner and operator will use proceeds for general corporate purposes.

http://www.sec.gov/Archives/edgar/data/879101/000112528203003854/b325361_s3.txt

PNM RESOURCES, INC. (Symbol: PNM): $400 million shelf filed June 12 for debt securities, common stock, preferred stock, purchase contracts and purchase units; Albuquerque, N.M. energy company will use proceeds to retire outstanding debt, to finance capital expenditures and for other general corporate purposes.

http://www.sec.gov/Archives/edgar/data/1108426/000095013403009141/d06543sv3.txt

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