Convertibles Calendar

MARCH 21 WEEK

PNM RESOURCE INC. (Symbol: PNM): $215 million of three-year mandatory convertible preferreds; $35 million greenshoe; non-callable; price talk for 6.5% to 7.0% dividend, 18% to 22% initial conversion premium; full dividend protection; concurrent sale of 3.4 million common shares; joint bookrunner on convertible are Banc of America Securities, JPMorgan Securities Inc. and Morgan Stanley & Co. Inc. joint bookrunners of the stock offering are Banc of America, Morgan Stanley and Wachovia Capital Markets; proceeds from both deals earmarked to retire debt assumed in its $1.024 billion acquisition of TNP Enterprises, finance the completion of construction of the recently acquired Luna Energy Facility and other general corporate purposes; slated to price after the market close Wednesday.

ON THE HORIZON

CHIQUITA BRANDS INTERNATIONAL INC. (Symbol: CQB): Rule 144A; $75 million perpetual convertible preferred; to be sold in conjunction with $150 million of senior bonds; also plans new $650 million bank credit facility that is slated to launch Wednesday; joint lead arrangers Wachovia Securities and Morgan Stanley & Co. Inc.; proceeds plus at least $75 million of cash on hand are earmarked to fund the Cincinnati-based produce distributor's $855 million cash acquisition of the Fresh Express unit of Performance Food Group Co.

LAZARD LTD. (Symbol: LAZ): $287.5 million mandatory convertible and $150 million privately placed exchangeable; added to initial public offering estimated at $850 million; registration statement also refers to a $200 million capital investment from French bank Ixis in the form of $150 million as a security exchangeable into common stock and $50 million of common stock; French investment bank to use proceeds to buy out the 36% stake in the firm owned by Lazard chairman Michel David-Weill and his allies, including the French investment firm Eurazeo; Goldman Sachs & Co. Inc. is sole bookrunner; co-managers are Citigroup, Lazard, Merrill Lynch, Morgan Stanley, Credit Suisse First Boston and JPMorgan; timing uncertain.

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