High Yield Calendar

Total amount of high-yield bond offerings being marketed: $6.190 billion and €1.0 billion

WEEK OF JAN. 9

INERGY FINANCE CORP.: $200 million senior unsecured notes due 2016 (B1/B); Lehman Brothers, JP Morgan, Wachovia Securities (joint); Rule 144A/Regulation S; non-callable for five years; to repay revolver; wholly owned subsidiary of Inergy, LP, a Kansas City, Mo., owner and operator of a retail and wholesale propane marketing and distribution business; roadshow starts Jan. 9; pricing expected Jan. 11.

R.H. DONNELLEY CORP. $2.1 billion proceeds Rule 144A/Regulation S notes (Caa1/B+): $1.2 billion series A-3 senior notes due 2016, $600 million proceeds series A-2 6 7/8% senior discount notes due Jan. 15, 2013, proceeds to fund a portion of the repurchase of outstanding shares of convertibles, also $332 million proceeds series A-1 6 7/8% senior discount notes due Jan. 1, 2013, proceeds to fund a dividend to shareholders in connection with the acquisition of Englewood, Colo.-based print directories and internet-based local search services provider Dex Media, Inc. and for general corporate purposes; JP Morgan, Bear Stearns & Co., Credit Suisse First Boston (joint), Goldman Sachs & Co, Deutsche Bank Securities, Wachovia Securities, UBS Investment Bank, Banc of America Securities (co's, with other co's expected to emerge); all three tranches and the existing R.H. Donnelley (Holdco) 6 7/8% due Jan. 15, 2013 ($300 million priced at par on Jan. 11, 2005) are pari passu; R.H. Donnelley is a Cary, N.C.-based R.H. Donnelley is a Yellow Pages publisher and directional media company; two-team roadshow Jan. 9-11; pricing Jan. 12 or Jan. 13.

DOWNTOWN RESORTS LLC/DOWNTOWN CAPITAL CORP.: $140 million senior secured notes due 2014 (B3/B-); Lehman Brothers (books), CIBC World Markets (co); Rule 144A with registration rights; non-callable for four years; to fund development and construction of The Downtown casino (formerly the Lady Luck Casino); Las Vegas casino; roadshow expected to begin Jan. 2 week.

ALLIS-CHALMERS ENERGY INC.: $150 million of senior notes due 2014 (expected B3/confirmed B-); RBC Capital Markets (sole); Rule 144A/Regulation S with registration rights; non-callable for four years; to fund the acquisition of Specialty Rental Tools, Inc. and to repay existing debt; Houston-based provider of oilfield services and equipment to oil and gas exploration and production companies; roadshow started Jan. 4; pricing expected Jan. 12.

FRESENIUS FINANCE BV €1 billion senior notes in two parts (Ba2/BB+ amended to Ba2/BB on closing of Renal Care Group acquisition): seven-year notes non-callable for life and 10-year notes, non-callable for five years, tranche sizes to be determined; Credit Suisse First Boston (physical books), Morgan Stanley (joint books), Dresdner Kleinwort Wasserstein (joint lead); Rule 144A/Regulation S; to fund acquisition of Helios Kliniken GmbH, fund tender for Fresenius AG's €300 million 7¾% notes due 2009 and for general corporate purposes; Bad Homburg, Germany-based integrated provider of kidney dialysis products and services; roadshow starts Jan. 10; pricing expected Jan. 13.

WEEK OF JAN. 23

NRG ENERGY INC: $3.6 billion senior unsecured notes (B-) in three tranches: Eight-year fixed-rate notes, non-callable for four years, 10-year fixed-rate notes, non-callable for five years, and eight-year floating-rate notes, non-callable for two years; Morgan Stanley, Citigroup (joint), Lehman Brothers, Banc of America Securities, Deutsche Bank Securities, Goldman Sachs & Co., Merrill Lynch & Co.; off the shelf; also $5.2 billion of bank facilities and $1 billion of common stock, $500 million of mandatory convertible preferred stock; to help finance $5.8 billion acquisition of Houston-based Texas Genco and refinance existing debt; NRG is a Princeton, N.J.-based independent power producer; roadshow Jan. 9-23; pricing Jan. 23 week.

ON THE HORIZON

AMC ENTERTAINMENT INC.: $325 million senior subordinated notes (CCC+); also new $850 million credit facility; to finance the merger of AMC with New York City-based movie theater chain operator Loews Cineplex Entertainment Corp and refinance AMC's and Loews' existing bank debt and fund tender for $315 million of Loews' outstanding 9% senior subordinated notes due 2014, dealer managers Credit Suisse First Boston, Citigroup, JP Morgan; AMC is a Kansas City, Mo., movie theater chain operator.

ART FIVE BV INC. (WIND TELECOMMUNICATIONS): €250 million equivalent blended-rate senior secured notes due 2014 (nine years) in dollar and euro tranches (implied ratings B1/B+); ABN Amro, Deutsche Bank Securities (joint); to support the acquisition of Wind by Weather Investment; fixed-line and mobile telecommunications company based in Rome, Italy; blended rate is three-month Euribor plus 300 basis points until 2013 and three-month Euribor plus 325 basis points until 2014.

THE BON-TON STORES INC: $600 million senior notes; to partially finance the proposed acquisition of the Northern Department Store Group from Saks Inc.; Rule 144A/Regulation S; York, Pa., operator of department stores and furniture stores.

DAVE & BUSTERS INC.: $175 million of senior unsecured debt securities, also $100 million in term loans; proceeds from the debt, along with a $108 million equity contribution from Wellspring, will be used to fund the LBO of the company by Wellspring Capital Management LLC, and refinance any debt that may become due as a result of the LBO; JP Morgan Securities Inc. lead arranger for the financing; Dallas-based operator of upscale restaurant/entertainment complexes; transaction expected in second quarter of 2006.

DRS TECHNOLOGIES INC. $700 million: $500 million senior notes and $200 million senior subordinated notes; also new bank debt and convertible notes; to help fund its acquisition of Engineered Support Systems Inc., a St. Louis-based diversified supplier of integrated military electronics, support equipment and technical services; committed financing from Bear Stearns & Co.; DRS Technologies is Parsippany, N.J.-based provider of technology products and services to defense, government intelligence and commercial customers; transaction expected to close by March 2006.

DUNKIN' BRANDS INC.: High-yield bonds and new credit facility; to help back its leveraged buyout by Bain Capital Partners, The Carlyle Group and Thomas H. Lee Partners; Canton, Mass., quick service restaurant franchisor; LBO expected to close in the first quarter of 2006.

INTELSAT LTD.'s $7 billion acquisition of PANAMSAT HOLDING CORP.: $4 billion (approximate) minimum: PANAMSAT OPERATING CO. $572.9 million senior notes with the option to issue additional $663.57 million if PanAmSat 9% notes are refinanced, PANAMSAT HOLDING CO. $721.2 million in senior notes with option to issue additional $301.9 million if PanAmSat 10 3/8% notes are refinanced, INTELSAT OPERATING CO. up to $557 million of senior notes, INTELSAT HOLDING CO. up to $1.4155 billion in senior notes; also approximately $2.88 billion aggregate bank debt; financing provided by Deutsche Bank, Citigroup, Credit Suisse First Boston and Lehman Brothers; PanAmSat is a Wilton, Conn.-based satellite network operator; Intelsat is a Pembroke, Bermuda, satellite communications company; expected to be completed in 2006.

LINENS 'N THINGS INC.: $650 million of high-yield bonds; also $600 million revolver, via UBS and Bear Stearns; also $633.4 million of equity; to fund the approximately $1.2 billion LBO of the company by Apollo Management, expected to close in the first or early second quarter of 2006; Clifton, N.J., retailer of home textiles, housewares and home accessories.

MEGASTEEL HARTA (L): $450 million senior secured notes (B1/B+) due 2010, non-callable for three years, price talk high-10%-range and due 2015, non-callable for five years, price talk high-11% range; Credit Suisse First Boston; Rule 144A/Regulation S; both notes carry make-whole call; steel producer Megasteel Sdn. Bhd. and its subsidiary Secomex will guarantee; Kuala Lumpur-based Megasteel is a subsidiary of conglomerate Lion Corp. Bhd.; 2006 first quarter business.

NTL INC./TELEWEST GLOBAL INC.: £1.8 billion high-yield debt; to help fund NTL'S acquisition of Telewest Global, Inc. for about $6 billion; Goldman Sachs advised NTL, Deutsche Bank Securities advised Telewest, the U.K.'s second largest cable provider; expected to close in the first quarter of 2006.

PER-SE TECHNOLOGIES INC.: $250 million senior subordinated notes; also $460 million credit facility, financing commitment from Bank of America; proceeds in addition to $240 million of Per-Se stock and cash on hand to help fund its acquisition of NDCHealth Corp.; Per-Se is an Alpharetta, Ga., provider of connective health care solutions to physicians and hospitals; transaction expected to be completed late 2005 or early 2006

SERENA SOFTWARE INC.: $255 million unsecured senior subordinated notes; also $450 million senior secured credit facility via Lehman Brothers, Merrill Lynch and UBS Securities expected to be 2006 business; to help fund the acquisition of Serena by Silver Lake Partners for about $1.2 billion; San Mateo, Calif., provider of software products for managing process and controlling change across the information technology environment.

VALOR COMMUNICATIONS GROUP/ALLTEL CORP.: $800 million of senior notes; also up to $4.2 billion credit facility via JP Morgan and Merrill Lynch; to fund the merger of Valor with Alltel; new entity expected to be based in Central Arkansas; expected second quarter of 2006.

VENETIAN MACAU LTD.: $300 million floating-rate notes; Goldman Sachs.

ROADSHOWS

Started Jan. 4: ALLIS-CHALMERS ENERGY INC. $150 million; RBC Capital Markets

Expected to begin Jan. 2 week: DOWNTOWN RESORTS LLC/DOWNTOWN CAPITAL CORP.: $140 million; Lehman Brothers

Starts Jan. 10: FRESENIUS FINANCE BV €1 billion; Credit Suisse First Boston, Morgan Stanley

Jan. 9-11: R.H. DONNELLEY CORP. $2.1 billion; JP Morgan, Bear Stearns & Co., Credit Suisse First Boston (joint), Goldman Sachs & Co, Deutsche Bank Securities, Wachovia Securities, UBS Investment Bank, Banc of America Securities (co's, with other co's expected to emerge)

Jan. 9-23: NRG ENERGY INC $3.6 billion; Morgan Stanley, Citigroup

Starts Jan. 9: INERGY FINANCE CORP. $200 million; Lehman Brothers, JP Morgan, Wachovia Securities

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