High Yield Calendar

Total amount of high-yield bond offerings being marketed: $1.765 billion and €2.625 billion

WEEK OF JAN. 23

COMPAGNIE GENERALE DE GEOPHYSIQUE: $165 million add-on to 7½% senior notes due May 15, 2015 (existing ratings Ba3/BB-); Credit Suisse, BNP Paribas; Rule 144A/Regulation S; callable after May 15, 2010 at 103.75; equity clawback until May 15, 2008 for 35% at 107.50; to repay approximately $140 million remaining under CGG's $375 million bridge loan used to finance the acquisition of Exploration Resources; $165 million issue priced at par in April 2005; Massy, France-based provider of geophysical services to the petroleum industry.

INDALEX ALUMINUM SOLUTIONS: $280 million second-lien notes (restructured from senior notes) due 2014 (B3/B-) JP Morgan (books), Harris Nesbitt, Credit Suisse, Morgan Joseph, Piper Jaffray; Rule 144A with registration rights/Regulation S; non-callable for four years; proposed tranche of floating-rate notes dropped; to fund the LBO by Sun Capital Partners, Inc.; Mississauga, Ont.-based aluminum extrusion company; price talk 11%-11¼%; pricing Friday.

WEEK OF JAN. 30

INEOS GROUP HOLDINGS PLC €2.355 billion equivalent (downsized from €3.105 billion equivalent, with $750 million shifted to bank faclilty) senior fixed-rate notes due 2016 (B2) in two parts: dollar-denominated tranche talked 8½% area, euro-denominated tranche talked 8% area, sizes to be determined; Merrill Lynch & Co., Barclays Capital, Morgan Stanley (joint); non-callable for five years; floating-rate notes tranches abandoned; to fund the acquisition of Innovene and refinance debt; Ineos is a U.K.-based diversified chemical company; pricing expected Tuesday.

COPANO ENERGY LLC: $225 million of senior notes due 2016 (B2/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.

RATHGIBSON INC.: $200 million senior notes due 2014 (B2/B-); Bear Stearns (books), Wachovia Securities (joint lead manager); Rule 144A with registration rights; to fund the LBO of the company by Castle Harlan, Inc.; Janesville, Wis., tubing and piping supplier for oil and gas, power generation, food and dairy, biotechnology and chemical processing industries; roadshow Jan. 24-Feb. 1.

COVALENCE SPECIALTY MATERIALS $495 million in two tranches: $200 million second-lien senior secured floating-rate notes due 2013, non-callable for two years and $295 million senior subordinated notes due 2016, non-callable for five years; Banc of America Securities, Credit Suisse, Merrill Lynch, Morgan Stanley (joint), Bear Stearns, CIBC World Markets (co's); Rule 144A with registration rights; to fund Apollo Management's acquisition of the company from Tyco International; manufacturer of plastic film products, adhesives and flexible packaging products; roadshow Jan. 25-Feb. 2, investor call 12:30 p.m. ET, Jan. 31.

ONO FINANCE II PLC: €270 million senior notes due 2014 (B3); JP Morgan, The Royal Bank of Scotland, Calyon Securities (joint); Rule 144A for life/Regulation S; to repay a bridge facility drawn in conjunction with ONO's acquisition of Auna Group in November 2005; financing subsidiary of Spain-based cable TV company Grupo Corporativo ONO SA, with headquartered in Madrid; roadshow Jan. 27-Feb. 2.

CMA-CGM GROUPE: $250 million senior notes due 2013 (non-rated); BNP Paribas; Rule 144A; non-callable for three years; to finance the purchase of new container vessels; French based container ship company; Marseille, France, global container shipping services provider; roadshow Jan. 23 week in Asia and U.S., Jan. 30 week in Europe, pricing thereafter.

WEEK OF FEB. 6

STRATOS GLOBAL CORP.: $150 million senior notes due 2013 (B2); RBC Capital Markets, Banc of America Securities (joint); Rule 144A; to fund the acquisition of Xantic BV; St. John's, Newfoundland, satellite-based communications services provider; expected to price late Feb. 26 week.

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.

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 started Jan. 23 in Singapore, Jan. 24 in London, Jan. 25 in Boston, Jan. 26 in Los Angeles, Jan. 27 in New York; price talk 11% (revised from 10¼%-10½%).

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%.

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

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

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

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

Jan. 23 week in Asia and U.S., Jan. 30 week in Europe: CMA-CGM GROUPE $250 million; BNP Paribas

Jan. 24-Feb. 1: RATHGIBSON INC. $200 million; Bear Stearns

Jan. 25-Feb. 2: COVALENCE SPECIALTY MATERIALS $495 million; Banc of America Securities, Credit Suisse, Merrill Lynch, Morgan Stanley

Jan. 27-Feb. 2: ONO FINANCE II PLC €270 million; JP Morgan, The Royal Bank of Scotland, Calyon Securities

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