High Yield Calendar

Total amount of high-yield bond offerings being marketed: $4.555 billion

WEEK OF JUNE 12

INTELSAT/PANAMSAT Up to $3.5 billion combined notes offerings: PANAMSAT HOLDING CORP.: $725 million of senior notes due 2016, non-callable for five years; PANAMSAT CORP. (operating company) $575 million of senior notes due 2016, non-callable for five years; Deutsche Bank Securities, Citigroup, Credit Suisse, Lehman Brothers, Merrill Lynch & Co. (joint), Goldman Sachs & Co., BNP Paribas, JP Morgan, The Royal Bank of Scotland (co's); INTELSAT (BERMUDA) LTD. (holding company) $750 million senior notes due 2016, non-callable for five years, guaranteed by the operating company; INTELSAT (BERMUDA) LTD. (holding company) $1.16 billion senior notes in two tranches, not guaranteed by the operating company: floating-rate notes due 2013, non-callable for two years and fixed-rate noted due 2016, non-callable for five years; tranche sizes to be determined; Deutsche Bank Securities, Citigroup, Credit Suisse, Lehman Brothers, (joint), Goldman Sachs & Co., BNP Paribas, JP Morgan, The Royal Bank of Scotland, Merrill Lynch & Co. (co's); Rule 144A/Regulation S; proceeds, together with cash on hand, to fund a portion of the acquisition of PanAmSat Holding Corp. by Intelsat (Bermuda), Ltd., a subsidiary of Intelsat, Ltd.; PanAmSat is a Wilton, Conn.-based satellite network operator; Intelsat is a satellite communications company based in Pembroke, Bermuda, and London; roadshow June 6-15 week.

POKAGON GAMING AUTHORITY: $305 million senior notes due 2014 (B3/B); Banc of America Securities LLC; Rule 144A; non-callable for four years; to help fund costs associated with the designing, developing, constructing, equipping and opening the Four Winds Casino and Resort; Native American gaming company operated by the Potawatomi Indians of New Buffalo Township, Mich.; roadshow started June 7; pricing late in the June 12 week.

WILLIAMS PARTNERS LP: $150 million five-year senior unsecured notes (Ba3); Citigroup, Lehman Brothers (joint books), Merrill Lynch, Wachovia Securities, BNP Paribas; Rule 144A and Regulation; non-callable; to help finance asset purchase from corporate parent Williams Cos. Inc.; roadshow started June 12, pricing Thursday morning.

WEEK OF JUNE 19

INTERNATIONAL COAL GROUP INC.: $250 million senior notes due 2014 (B3/CCC+); UBS Investment Bank, JP Morgan, Goldman Sachs (joint), Banc of America Securities LLC, Wachovia Securities (co's); Rule 144A with registration rights; non-callable for four years; to repay revolver, retire term loan, fund future capital expenditures and for general corporate purposes; leading producer of coal in northern and central Appalachia and the Illinois Basin, headquarters in Ashland, Ky.; roadshow June 12-20; pricing June 20.

BAKER & TAYLOR INC.: $200 million senior notes due 2014 (B3); Credit Suisse, Goldman Sachs (joint books), UBS Investment Bank (co); Rule 144A for life; non-callable for four years; to fund the acquisition of the company by Castle Harlan, Inc.; Baker & Taylor is a Charlotte, N.C., specialty book and media distribution company; roadshow started June 12; pricing middle of June 19 week.

FLEETPRIDE CORP.: $150 million eight-year senior notes; Banc of America Securities LLC, Deutsche Bank Securities (joint books); Rule 144A; non-callable for four years; to repay debt incurred in acquisition of company; Woodland, Texas-based distributor of aftermarket heavy-duty truck and trailer parts; roadshow June 13-19, pricing late June 19 week.

JUNE BUSINESS

NTL CABLE PLC: $1 billion equivalent of new high-yield bonds in dollar-, euro- and sterling-denominated tranches; JP Morgan, Deutsche Bank, Goldman Sachs, The Royal Bank of Scotland; to refinance the £1.8 billion bridge facility incurred in connection with NTL's reverse acquisition of Telewest, which closed on March 3, 2006; subsidiary of London-based communications company, NTL Inc.; expected June business.

NORTEL NETWORKS CORP.: $1 billion (maximum) high-yield notes; JP Morgan, Citigroup; to repay a portion of the $1.3 billion bridge loan incurred to fund repayment of its $1.275 billion 6 1/8% notes due Feb. 15, 2006; Brampton, Ont., telecommunications networking equipment and services provider; expected June business.

TRANSDIGM INC.: New senior subordinated notes (existing ratings B3/B-) and senior secured credit facilities as part of overall $888.4 million debt refinancing; Credit Suisse expected to be involved in both bond and bank loan; proceeds along with available cash to refinance $400 million 8 3/8% senior subordinated notes due 2011 and $488.4 million of bank debt; wholly owned subsidiary of TransDigm Group Inc., a Cleveland-based designer, producer and supplier of highly engineered aircraft components; expected to launch before the middle of June.

WINDSTREAM CORP. $2.5 billion senior notes in two tranches (Ba3): $1.703 billion notes due 2016 and $800 million of short maturity notes; Merrill Lynch & Co., JP Morgan (joint books); proceeds, along with a $2.9 billion senior secured credit facility, will be used to fund the acquisition by Valor Communications of Alltel's fixed line wireless business; the merger of Valor and Alltel (which will change its name to Windstream) will create the leading rural-focused wire line telecommunications company, which will have headquarters in Little Rock, Ark.; expected to launch mid-to-late June.

WILLIAMS PARTNERS LP: $150 million senior notes (BB-); Citigroup expected to emerge as bookrunner; Rule 144A/Regulation S; also $216.9 million from offering of 7 million units of common stock via Lehman Brothers and Citigroup; to fund 25.1% interest in Four Corners system, which gathers and processes about 37% of the natural gas produced in the San Juan Basin and connects with the five pipeline systems that transport natural gas to end markets from subsidiaries of Williams; Tulsa, Okla.-based natural gas gathering, transporting and processing company; expected June business.

ON THE HORIZON

ACE CASH EXPRESS INC.: $175 million of senior unsecured notes also $400 million credit facility; Bear Stearns lead on both; in connection with its leveraged buyout by JLL Partners Fund V, LP; Irving, Texas, retailer of financial services, including check cashing, short-term consumer loans, bill payment and prepaid debit card services; expected to close in the fourth quarter.

ARAMARK CORP.: $6.25 billion of debt financing to include senior and/or subordinated debt securities or, pending market conditions, an interim bridge facility, and/or a senior credit facility and/or an accounts receivable securitization facility; financing to be arranged by Goldman Sachs Credit Partners LP and J.P. Morgan Securities, Inc.; to fund the acquisition of the company by chairman and chief executive officer Joseph Neubauer together with funds managed by sponsors GS Capital Partners, J.P. Morgan Partners, Thomas H. Lee Partners and Warburg Pincus LLC; Philadelphia-based professional services company which provides food, hospitality, facility management services as well as uniform and work apparel.

CHESAPEAKE ENERGY CORP.: Senior notes; proceeds along with proceeds from preferred equity, to fund $932 million Barnett Shale acquisitions, transaction to close by July 31, 2006; Oklahoma City-based independent natural gas producer.

DUNKIN' BRANDS INC.: High-yield bonds and new credit facility; to help back 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.

HANESBRANDS INC.: Senior unsecured notes; Rule 144A; also new senior secured credit facility; in part to pay a dividend to Sara Lee prior to the spinoff of the business into Hanesbrands including Hanes, Champion, Playtex, Bali, Just My Size, barely there and Wonderbra, which is expected to be completed between June and September; Winston-Salem, N.C.-based Hanesbrands will operate as a stand-alone, publicly traded, global apparel company.

KERZNER INTERNATIONAL LTD.: $400 million unsecured senior subordinated discount notes (at operating company level); private placement; also $2.775 billion senior secured credit facility led by Deutsche Bank Securities and Goldman Sachs Credit Partners; to help fund its LBO by an investor group that's led by management; Paradise Island, The Bahamas, developer and operator of destination resorts, luxury resort hotels and gaming properties; LBO expected to close mid-2006.

KINDER MORGAN INC.: $14.5 billion of funded debt; likely Goldman Sachs; help fund proposed public-to-private buyout by management and equity investors; Houston-based energy infrastructure provider.

NEG INC.(to be renamed National Energy Group Inc.): $200 million senior notes; also $460 million common stock IPO via Bear, Stearns & Co., Citigroup; $125 million to repay a portion of NEG Oil & Gas revolver, $245 million to repay debt owed to American Real Estate Partners, LP (AREP) by National Energy Group, National Onshore and National Offshore, subsidiaries of NEG Oil & Gas, to fund $194 million distribution to AREP; independent oil and gas exploration, development and production company based in Dallas.

NATIONAL MENTOR HOLDINGS INC.: $215 million senior subordinated notes due 2014 (CCC+); also $300 million in senior term loan debt via JP Morgan, UBS Securities, Bank of America; in connection with the buyout of the company by management and Vestar Capital Partners, expected to close in June, also to refinance existing term loan B and revolver, and fund a tender offer for 9 5/8% senior subordinated notes due 2012; Boston-based provider of home and community-based human services for individuals with developmental disabilities and acquired brain injuries, as well as for at-risk youth.

NEVADA POWER CO.: New debt financing to fund tender for $162.5 million of 10 7/8% general and refunding mortgage notes series E due 2009, Goldman, Sachs & Co. dealer manager, consent deadline June 14; Nevada Power is a wholly owned subsidiary of Reno, Nev.-based Sierra Pacific Resources, a holding company with interests in the distribution, transmission, generation, purchase and sale of electric energy.

PET VALU CANADA INC.: C$15 million 10% two-year unsecured subordinated debentures; private placement; notes will come with a two-year extension available at the subscribers' option subject to a prepayment right on the part of Pet Valu Canada; the existing investors to whom Pet Valu Canada will be making the offer are the holders of its outstanding 8½% debentures due July 24, 2006, including Holtcorp Inc., a company controlled by Pet Valu Canada's chief executive officer, Geoffrey F. Holt; to retire maturing 8½% debentures; offering will be subject to Pet Valu Canada obtaining all required third party approvals; Markham, Ont., specialty retailers of pet food and pet supplies.

PINNACLE ENTERTAINMENT INC.: $1.25 billion bonds; also $2.15 billion credit facility led by Lehman Brothers and Bear Stearns & Co.; to back up the bond offering, the company has received a commitment for a $1.25 billion 365-day unsecured senior subordinated interim loan that would carry an interest rate of Libor plus 450 bps, increasing by 75 bps 180 days after funding and an additional 50 bps each 90 days thereafter up to a maximum of 11% per annum; proceeds to help finance Pinnacle's purchase of Phoenix-based gaming company, Aztar Corp., expected to close in the fourth quarter of 2005; Pinnacle Entertainment is a Las Vegas-based owner and operator of gaming entertainment facilities.

SEMGROUP LP: $400 million senior notes; Banc of America Securities LLC; also $725 million credit facility; to help fund its purchase of TransMontaigne Inc.; TransMontaigne is a Denver-based refined petroleum products marketing and distribution company; SemGroup is a Tulsa, Okla.-based midstream service company.

SILGAN HOLDINGS INC.: New subordinated notes and/or borrowings under senior secured credit facility; to fund €230 million acquisition of Amcor Ltd.'s White Cap closures business, expected to close during second quarter of 2005; Silgan is a Stamford, Conn., manufacturer of consumer goods packaging products.

UTI WORLDWIDE INC.: $200 million senior notes; true private placement; proceeds along with cash reserves and $150 million draw from senior secured six-month term credit facility to fund $197.1 million acquisition of Portland, Ore.-based privately held third-party logistics services and multi-modal transportation capacity solutions provider Market Industries; ocean freight and logistics company, domiciled in the Virgin Islands with headquarters in Rancho Dominguez, Calif.

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.

WEST CORP.: $3.2 billion to $3.3 billion (approximate) of new debt including high-yield bonds; Deutsche Bank Securities, Lehman Brothers; also new credit facility; to fund LBO of the company by an investor group Led by Thomas H. Lee Partners and Quadrangle Group in a deal that values the company at about $4.1 billion, including debt; Omaha, Neb.-based provider of outsourced communication solutions; transaction expected to close in the fourth quarter of 2006.

WOOD RESOURCES LLC/FINANCE CORP.: $75 million senior secured floating-rate notes due 2013 (B3/B-); Jefferies & Co. (books); Rule 144A/Regulation S; all existing and future domestic restricted subsidiaries will guarantee the notes on a senior secured basis; to repay substantially all outstanding debt and fund capital projects; Greenwich, Conn., company primarily produces plywood for specialized industrial markets as well as for the construction and residential repair and remodeling markets; price talk six-month Libor plus 750 basis points.

PRIVATE PLACEMENT

BTSC HOLDINGS INC.: $100 million senior secured second-lien floating-rate notes due 2011 (B2/CCC+); Jefferies (arranger); Regulation D private-private; to fund a merger and refinance existing debt; holding company for Builders Trade Source Corp., which serves the residential homebuilding market in Southern California.

ROADSHOWS

Started June 6: PANAMSAT/INTELSAT $3.2 billion; Deutsche Bank Securities, Citigroup, Credit Suisse, Lehman Brothers

Started June 7: POKAGON GAMING AUTHORITY $305 million; Banc of America Securities LLC

June 12-20: INTERNATIONAL COAL GROUP INC. $250 million; UBS Investment Bank, JP Morgan, Goldman Sachs

Started June 12: BAKER & TAYLOR INC. $200 million; Credit Suisse, Goldman Sachs

June 13-19: FLEETPRIDE CORP.: $150 million eight-year senior notes; Banc of America Securities LLC, Deutsche Bank Securities

Started June 12: WILLIAMS PARTNERS LP: $150 million five-year senior unsecured notes; Citigroup, Lehman Brothers

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