High Yield Calendar

Total amount of dollar-denominated high-yield bond offerings being marketed: $3.31 billion

WEEK OF JAN. 26

QWEST COMMUNICATIONS INTERNATIONAL INC.: $1.75 billion in Rule 144A (CCC+): $750 million of senior notes due 2011, non-callable for four years, price talk 7%-7¼%; Banc of America Securities, Credit Suisse First Boston, Deutsche Bank Securities, Goldman Sachs (joint), Lehman Brothers, Merrill Lynch, Wachovia Securities (co's); $750 million senior notes due 2014, non-callable for five years, price talk 7¼%-7 %; Banc of America Securities, JP Morgan, Lehman Brothers, Merrill Lynch (joint), Credit Suisse First Boston, Deutsche Bank Securities, Wachovia Securites (co's); $250 million floating-rate notes due 2009, non-callable for two years, price talk Libor plus 325 basis points area; Banc of America Securities, JP Morgan, Morgan Stanley, UBS Investment Bank (joint); Guaranteed on a senior subordinated basis by Qwest Services Corp.; proceeds to repay debt including the tender for Qwest Capital Funding's notes due 2004, and for general corporate purposes; Denver, Colo.-based telephone company; investor conference call Thursday afternoon; pricing Friday afternoon.

PETRO STOPPING CENTERS LP: $215 million senior secured notes due 2012 (B3); Banc of America Securities; Rule 144A; non-callable for four years; to fund the tender for the 10 ½% senior notes due 2007, and the exchange for the 15% senior discount notes due 2008; El Paso, Tex.-based owner-operator of truck stops; price talk 9%-9¼%; pricing Friday.

NECTAR MERGER CORP.: $150 million senior subordinated notes due 2014 (B3/B-); Credit Suisse First Boston, UBS Investment Bank (joint), Wells Fargo Capital (co); Rule 144A; non-callable for five years; to help fund the acquisition of FTD, Inc. by Leonard Green & Partners, LP; proceeds to be held in escrow pending acquisition; floral services and products company is headquartered in Downers Grove, Ill.; roadshow started Jan. 23; price talk 7¾%-8%; pricing Friday afternoon.

WEEK OF FEB. 2

SCHEFENACKER AG: €175 million senior subordinated notes due 2014; Citigroup; Rule 144A; non-callable for five years; to repay bank debt; auto parts company based in Esslingen, Germany; roadshow started Jan. 28; pricing Feb. 4.

BLUEGREEN CORP.: $150 million of senior notes due 2014 (B3/CCC+); Citigroup; Rule 144A/Regulation S; non-callable for five years; to redeem 10½% senior secured notes due 2008, repay debt, general corporate purposes; Boca Raton, Fla. owner and operator of vacation ownership resorts and residential communities; roadshow Jan. 27-Feb. 4.

INVERNESS MEDICAL INNOVATIONS: $150 million senior subordinated notes due 2012 (B-); UBS Investment Bank, Merrill Lynch & Co. (joint); Rule 144A/Regulation S; non-callable for four years; to refinance debt; manufacturer, marketer of diagnostic products for the over the counter women's test market and professional diagnostic market, based in Waltham, Mass.; roadshow Jan. 27-Feb. 5; pricing Feb. 5.

PLIANT CORP.: $225 million of senior secured discount notes due 2009 (B3/B); JP Morgan, Deutsche Bank Securities, Credit Suisse First Boston; Rule 144A; non-callable for three years; to pre-pay approximately $220 million term bank debt; Schaumburg, Ill. producer of film and flexible packaging products (formerly known as Huntsman Packaging Corp.); pricing Feb. 5 or 6.

PLY GEM INDUSTRIES: $180 million senior subordinated notes due 2012 (B3/B-); UBS Investment Bank, Deutsche Bank Securities (joint); CIBC World Markets, Merrill Lynch & Co.; Rule 144A/Regulation S; non-callable for four years; to fund Caxton-Iseman Capital's $570 million LBO of windows, doors and siding business from Nortek Inc.; Kearney, Mo.-based exterior building products manufacturer; roadshow Jan 28-Feb. 5; pricing Feb. 6.

AFFINITY GROUP HOLDING, INC.: $190 million senior subordinated notes due 2012 (B3/B-); CIBC World Markets; Rule 144A; to repay debt and pay a one-time dividend to the sole shareholder; Ventura, Calif. provider of products for outdoor and recreational vehicles; roadshow started Jan. 28; pricing Feb. 6.

FEBRUARY BUSINESS

PHILLIPS-VAN HEUSEN CORP.: $150 million new notes; Credit Suisse First Boston (books), JP Morgan, Fleet Securities (co's); Rule 144A; to fund tender for $150 million 9½% senior subordinated notes due 2008; New York City-based apparel company; expected to price early February.

ON THE HORIZON

ADELPHIA COMMUNICATIONS CORP.: High yield bonds as part of $8 billion bond and bank loan exit financing from Chapter 11; Deutsche Bank Securities; Greenwood Village, Colo. cable television company.

BUFFETS HOLDINGS, INC.: $100 million senior discount notes due 2014 (Caa1); Credit Suisse First Boston; Rule 144A; proceeds, along with cash on hand and borrowings under the amended credit facility to refinance term loan, redeem Buffets' 11 ¼% senior subordinated notes due 2010 and/or repay bank debt, redeem Buffets Holdings' series A senior subordinated and series B junior subordinated notes due 2011, and make a distribution to stockholders; Eagan, Minn.-based restaurant operator and franchisor; expected to close in February.

RUSSEL METALS INC./RMI USA LLC: $175 million senior notes due 2014; Rule 144A; to fund tender for $115.6 million units made up of 10% senior notes due 2009, to repurchase its 7½% Class II preferred shares, Citigroup dealer manager, consent solicitation expires Feb. 5, also to repurchase 7½% class II preferred shares, series C and 8% subordinated debentures due June 15, 2006; Toronto-based metals distributor.

SOLO CUP CO.: $325 million high yield bonds; to help fund acquisition of SF Holdings Group Inc. (Sweetheart Cup, Hoffmaster Tissue and The Fonda Brands); also $800 million credit facility led by Bank of America; Solo Cup is based in Highland Park, Ill. and SF Holdings is based in Owings Mills, Md. Both companies are manufacturers and distributors of disposable foodservice and beverage-related products.

AMERICAN ACHIEVEMENT CORP.: high yield bonds; Goldman Sachs & Co., Deutsche Bank Securities; to help fund acquisition sponsored by Fenway Partners from Castle Harlan Inc.; Austin, Tex. manufacturer and seller of high school and college class rings and yearbooks.

CELANESE AG: High yield bonds; Morgan Stanley Dean Witter, Deutsche Bank Securities; to help fund €3.1 billion LBO by Blackstone; Frankfurt, Germany industrial chemical company.

GOODYEAR TIRE & RUBBER CO.: $250 million (minimum) of new debt securities; to repay bank debt.

SEITEL, INC.: $180 million high-yield bonds to help fund exit from Chapter 11; Houston seismic information and technology company.

GLOBAL MOTORSPORT GROUP INC.: $85 million senior secured notes due 2008 (B-); Jefferies & Co.; Rule 144A; non-callable for three years; to repay bank debt; Morgan Hill, Calif.-based aftermarket supplier of motorcycle parts; pricing expected in January.

LOEWS CINEPLEX THEATRES: senior subordinated notes; Rule 144A; coming with senior credit facility and IPO; IPO via Goldman Sachs, Citigroup, Credit Suisse First Boston and Merrill Lynch; to repay debt and for general corporate purposes; motion picture exhibitor headquartered in New York City.

SEAT PAGINE GIALLE: €1.2 billion bonds; to help fund €6 billion LBO by BC Partners, CVC, Investitori Associati and Permira.

EMERGING MARKETS CORPORATE OFFERINGS

PGN EURO FINANCE: $150 million notes due 2014 (B2/B); Credit Suisse First Boston; put-able in seven years; Rule 144A; Regulation S; guaranteed by PT Perusahaan Gas Negara (Persero) Tbk; Indonesian natural gas company; roadshow starts Feb. 2 in Hong Kong.

RELIANCE INDUSTRIES: $750 million bond due 2008 (existing ratings Ba2/BB); Credit Suisse First Boston; Regulation S; diversified Indian company.

EMERGING MARKETS OFFERINGS ON THE HORIZON

KOREA DEVELOPMENT BANK: $500 million (approximately) global bonds; Citigroup, Deutsche Bank Securities; Korean financial institution; expected during first quarter of 2004.

EXPORT-IMPORT BANK OF KOREA (KEXIM): $500 million bonds; Citigroup, Barclays Capital, UBS Investment Bank; expected during first quarter of 2004.

WOORI BANK: $500 million bonds (BB+ subordinated debt ratings from Standard & Poor's; JP Morgan, Credit Suisse First Boston, Merrill Lynch & Co. (joint); Korean financial services company; expected to price during first quarter of 2004.

PRIVATBANCK: $150 million three-year notes (B-); Credit Suisse First Boston; Ukrainian bank.

COLVIS FINANCE LTD. (Yuzhmash): $107.5 million bond issue due 2011 (B1/B); JP Morgan; Regulation S; for capex and working capital purposes relating to the Sea Launch project; Dnepropetrovsk, Ukraine rocket manufacturer.

INDUSTRIAL DEVELOPMENT BANK OF INDIA: $300 million eurobonds due 2009 (Ba1/BB); JP Morgan, Citigroup (joint); Regulation S; to help restructure Indian steel industry; state-run financial institution; expected to launch early February 2004.

PHILIPPINE NATIONAL BANK: $140 million lower tier II sub bonds due 2013; JP Morgan; non-callable for five years; roadshow expected to start Nov. 14 in Manila, Nov. 17 in Singapore, Nov. 19 in Hong Kong.

FILINVEST LAND INC.: $100 million bonds due 2008 (unrated); JP Morgan; to refinance debt and fund capital expenditures; Philippine homebuilder; price talk 9 ¼%-9 ½%.

PT BANK MANDIRI: up to $400 million of new debt securities; expected first quarter of 2004.

ROADSHOWS

Jan 27-Feb. 4: BLUEGREEN CORP. $150 million; Citigroup; Rule 144A/Regulation S; 10NC5

Jan. 27-Feb. 5: INVERNESS MEDICAL INNOVATIONS $150 million; UBS Investment Bank, Merrill Lynch & Co.; Rule 144A/Regulation S; 8NC4

Started Jan. 28: SCHEFENACKER AG €175 million; Citigroup; Rule 144A; 10NC5

Started Jan. 28: AFFINITY GROUP HOLDING, INC. $190 million; CIBC World Markets; Rule 144A; 8NC4

Jan. 28-Feb. 5: PLY GEM INDUSTRIES $180 million; UBS Investment Bank, Deutsche Bank Securities; Rule 144A/Regulation S; 8NC4

Pricing Feb. 5 or 6: PLIANT CORP. $225 million; JP Morgan; Rule 144A; 5NC3

Starts Feb. 2: PGN EURO FINANCE $150 million; Credit Suisse First Boston; Rule 144A; Regulation S; 10-year tenor

RECENT SHELF FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION

CRIIMI MAE INC. (Symbol: CMM): $200 million shelf filed Jan. 27 for common stock, preferred stock, debt securities and warrants; securities may be issued as convertibles; Rockville, Md. commercial mortgage company will use proceeds to invest in real estate-related assets, to repay debt or for working capital and general corporate purposes.

http://www.sec.gov/Archives/edgar/data/847322/000104746904001971/a2126357zs-3.htm

UNITED STATES STEEL CORP. (Symbol: X): $697.9 million shelf filed Jan. 27 for debt securities, common stock, preferred stock, depositary shares, warrants, stock purchase contracts and stock purchase units; securities may be issued as convertibles; includes $97.9 million previously registered but unsold; Pittsburgh steel company will use proceeds for general corporate purposes.

http://www.sec.gov/Archives/edgar/data/1163302/000095015204000519/j0514601sv3.txt

URS CORP. (Symbol: URS): $325 million shelf filed Jan. 27 for common stock, preferred stock, depositary shares, warrants and debt securities; securities may be issued as convertibles; includes $154.8 million previously registered but unsold; San Francisco professional engineering firm will use proceeds for general corporate purposes.

http://www.sec.gov/Archives/edgar/data/102379/000095014904000202/f95913sv3.htm

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