High Yield Calendar

Total amount of high-yield bond offerings being marketed: $5.40 billion and €3.105 billion

WEEK OF JAN. 23

C&M FINANCE LTD. $550 million in two tranches of senior unsecured notes (Ba2/BB+): Five-year floating-rate notes, non-callable for life, price talk Libor plus 262.5 bps area (revised from 275 bps area) and 10-year fixed-rate notes, non-callable for five years, price talk 8 1/8%-8¼ (revised from 8¼%-8½%), tranche sizes to be determined; Goldman Sachs, Citigroup (books); Rule 144A/Regulation S; to repay existing credit facilities, acquire minority interests in system operators, acquire competing system operators, fund capital expenditures and for general corporate purposes; Seoul, Korea-based cable TV company; pricing Monday.

NRG ENERGY INC: $3.6 billion senior unsecured notes (/B-/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.

CRC HEALTH CORP.: $220 million senior notes due 2016 (Caa1/CCC+); JP Morgan, Merrill Lynch & Co., Citigroup, Credit Suisse (joint); Rule 144A with registration rights/Regulation S; non-callable for five years; to repay debt in connection with the acquisition of the company by Bain Capital from North Castle Partners; Cupertino, Calif., owner and operator of residential and outpatient addiction treatment facilities; roadshow started Jan. 17; pricing expected Jan. 25.

EXOPACK HOLDING CORP.: $235 million senior notes due 2014 (B2/B-); Goldman Sachs & Co. (books), Lehman Brothers, Harris Nesbitt (co's); Rule 144A with registration rights; non-callable for four years; to refinance existing debt related to the acquisition of the company by Sun Capital; Boca Raton, Fla., flexible packaging converter and provider of paper and plastic packaging solutions; roadshow started Jan. 17; pricing expected Jan. 26.

INEOS GROUP HOLDINGS PLC €3.105 billion equivalent in four tranches: Senior fixed-rate notes and senior floating-rate notes due 2016, both in dollar and euro tranches (B2/B-), sizes to be determined; Merrill Lynch & Co., Barclays Capital, Morgan Stanley (joint); to fund the acquisition of Innovene and refinance debt; Ineos is a U.K.-based diversified chemical company; roadshow started Jan. 16 in London, U.S. roadshow starts Jan. 23 in New York.

INDALEX ALUMINUM SOLUTIONS $280 million senior notes due 2014 in two parts: fixed-rate notes non-callable for four years and floating-rate notes non-callable for two years; JP Morgan (books), Harris Nesbitt, Credit Suisse, Morgan Joseph, Piper Jaffray; Rule 144A with registration rights/Regulation S; to fund the LBO by Sun Capital Partners, Inc.; Mississauga, Ont.-based aluminum extrusion company; roadshow Jan. 18-26; pricing Jan. 23 week.

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; three-year 35% equity clawback; to fund development and construction of The Downtown casino (formerly the Lady Luck Casino); Las Vegas casino; price talk 11½%-11¾%.

WEEK OF JAN. 30

P.T. DAVOMAS ABADI TBK: $150 million senior unsecured notes due 2011 (B2/B+); Lehman Brothers; Rule 144A/Regulation S; non-callable for three years; to refinance all existing debt, fund capital expenditures and for general corporate purposes; Jakarta, Indonesia-based producer and exporter of cocoa butter and cocoa powder; roadshow starts Jan. 23 in Singapore, Jan. 24 in London, Jan. 25 in Boston, Jan. 26 in Los Angeles, Jan. 27 in New York; pricing expected Jan. 30 week.

COPANO ENERGY LLC: $225 million of senior notes due 2016 (B); Banc of America Securities (books), Credit Suisse, Goldman Sachs, Lehman Brothers (senior co's), Comerica, Fortis, KeyBank, Piper Jaffray, RBC Capital Markets (co's); Rule 144A with registration rights; non-callable for five years; to repay its senior unsecured term loan incurred in connection with its acquisition of ScissorTail Energy, LLC and pay down other existing debt; Houston-based midstream natural gas company with natural gas gathering, intrastate pipeline and natural gas processing assets in the Texas Gulf Coast region and in central and eastern Oklahoma; roadshow Jan. 20-31, investor call at 12:30 p.m. ET Jan. 25.

ON THE HORIZON

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.

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 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; 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.

TEXAS INSTRUMENTS INC.'S SENSORS & CONTROLS: $2 billion of debt including bonds and new credit facility; Morgan Stanley, Bank of America and Goldman Sachs to lead debt financing; to help fund its leveraged buyout by Bain Capital LLC; Sensors & Controls is an Attleboro, Mass., supplier of engineered sensors and controls to the appliance, climate control, industrial, automotive, lighting and aircraft markets; first half of 2006 pending regulatory approvals.

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

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

Started Jan. 16 in London, Jan. 23 in New York: INEOS GROUP HOLDINGS PLC €3.105 billion equivalent; Merrill Lynch & Co., Barclays Capital, Morgan Stanley

Started Jan. 17: EXOPACK HOLDING CORP. $235 million; Goldman Sachs

Started Jan. 17: CRC HEALTH CORP. $220 million; JP Morgan, Merrill Lynch & Co., Citigroup, Credit Suisse

Jan. 18-26: INDALEX ALUMINUM SOLUTIONS $280 million; JP Morgan

Jan. 20-31: COPANO ENERGY LLC $225 million; Banc of America Securities

Starts Jan. 23: P.T. DAVOMAS ABADI TBK $150 million; Lehman Brothers

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