High Yield Calendar

Total amount of high-yield bond offerings being marketed: $5.853 billion and €140 million

WEEK OF JUNE 19

PETROHAWK ENERGY CORP.: $650 million seven-year notes (B-); Credit Suisse (left books), BNP Paribas, Bank of America Securities, JP Morgan (expected joint books), Lehman Brothers, BMO Capital Markets and Morgan Stanley; non-callable for four years; to help fund acquisition of KCS Energy Corp. and refinance existing debt; Houston-based oil and gas exploration and production company; roadshow started June 15, expected to price June 19 week.

HILCORP ENERGY CO.: $200 million 12-year senior notes (B2/B); Lehman Brothers, Deutsche Bank Securities (joint books), JP Morgan, Wachovia Securities, Harris Nesbitt (co's); Rule 144A for life; Houston-based oil and gas exploration and development company; proceeds to repay bank debt incurred for acquisitions; roadshow June 19-22, pricing soon after.

BAKER & TAYLOR INC.: $200 million senior notes due 2014 (B3/B-); 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 (Caa1/CCC+); 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.

SNF SA: €140 million seven-year senior notes; Calyon Securities (books), Banc of America Securities (joint lead); non-callable for three years; to refinance existing debt and to buy out minority shareholders; Andrezieux, France, specialty chemical maker; roadshow started Monday in Paris, stops in London Tuesday and Wednesday, Frankfurt and Amsterdam Thursday; pricing late in the week.

WEEK OF JUNE 26

WINDSTREAM CORP.: $2.503 billion two-part offering of seven- and 10-year senior notes (B3/BB-); Merrill Lynch & Co., JP Morgan (joint books), Banc of America Securities, Citigroup, Wachovia Securities, Barclays Capital (co's); Rule 144A; $800 million seven-year notes, non-callable for life, $1.703 billion 10-year notes, non-callable for five years; Little Rock, Ark.-based telecommunications company; proceeds, along with $2.9 billion in new senior secured credit facilities, will be used to help fund the acquisition by Irving, Tex.-based Valor Communications Group Inc. of Alltel Corp. Inc.'s landline telecom business; roadshow started June 19, investor call Wednesday, pricing expected early in June 26 week.

NORTEL NETWORKS LTD.: $2 billion three-tranche issue of fixed- and floating-rate senior notes (B3); JP Morgan, Citigroup (joint books), Royal Bank of Canada, ABN Amro, Credit Suisse, Deutsche Bank Securities; Rule 144A/Regulation S; seven-year non-callable fixed-rate notes, 10-year fixed-rate notes non-callable for five years, five-year non-callable floating-rate notes, tranche sizes to be determined; operating subsidiary of Nortel Networks Corp., a Brampton, Ont.-based manufacturer and supplier of telecommunications networking equipment; proceeds to repay $1.3 billion one-year credit facility entered into in February and for general corporate purposes; roadshow started June 19; pricing expected June 26 week.

HEADWATERS INC.: $150 million 10-year senior subordinated notes (B3/B); Morgan Stanley (books), Canaccord Adams Inc., Stephens Inc., RBC Capital Markets, Wedbush Morgan Securities, Rule 144A with registration rights/Regulation S; South Jordan, Utah-based provider of products, technologies and services to the energy and construction materials industries; proceeds to repay bank debt; roadshow starts June 21, pricing expect mid to late June 26 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.

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.

GEORGIA GULF CORP.: Senior and senior subordinated high-yield bonds to help fund the acquisition of Royal Group Technologies Ltd.; lead banks Merrill Lynch, Bank of America, Lehman Brothers; Atlanta-based manufacturer of commodity chemicals, vinyl resins and vinyl compounds.

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.

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.

WCA WASTE CORP.: $150 million senior notes due 2014 (B2/B-); Rule 144A/Regulation S; part of recapitalization; Houston-based integrated company engaged in the transportation, processing, and disposal of non-hazardous solid waste.

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 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 15: PETROHAWK ENERGY CORP.: $650 million seven-year notes; Credit Suisse, BNP Paribas, Bank of America Securities, JP Morgan

Started June 19: NORTEL NETWORKS LTD.: $2 billion three-tranche issue of fixed- and floating-rate senior notes; JP Morgan, Citigroup

Started June 19: WINDSTREAM CORP.: $2.503 billion two-part offering of seven- and 10-year senior notes; Merrill Lynch & Co., JP Morgan

June 19-22: HILCORP ENERGY CO.: $200 million 12-year senior notes; Lehman Brothers, Deutsche Bank Securities

June 19-22: SNF SA: €140 million seven-year senior notes; Calyon Securities

Starts June 21: HEADWATERS INC.: $150 million 10-year senior subordinated notes; Morgan Stanley

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