High Yield Calendar

Total amount of high-yield bond offerings being marketed: $3.495 billion, €200 million and £300 million

WEEK OF JULY 10

AVIS FINANCE CO. PLC (AVIS EUROPE PLC): €200 million senior floating-rate notes due 2013 (unrated high-yield notes); Barclays Capital, The Royal Bank of Scotland, Dresdner Kleinwort, Societe Generale (joint books), Fortis Bank (co); Regulation S only; non-callable for two years; to refinance maturing debt; car rental company in Europe, Africa, the Middle East and Asia, headquarters in Bracknell, Berkshire, U.K.; roadshow started July 10 in London, July 12 in Edinburgh, Scotland, July 13 in Frankfurt, Germany.

EL PASO CORP.: $500 million performance-linked trust certificates due 2011 (B2); non-callable for life; to refinance bank debt; Houston-based provider of natural gas and related energy products; books close Wednesday.

REXNORD CORP. $840 million in two tranches: $420 million senior notes due 2014, non-callable for four years (B3/CCC+) and $420 million senior subordinated notes due 2016, non-callable for five years (Caa1/CCC+); Credit Suisse, Merrill Lynch, Bear Stearns, Lehman Brothers (joint); Rule 144A with registration rights; proceeds, together with an equity investment by an affiliate of Apollo Management, LP and borrowings under new senior secured credit facilities, to finance Apollo's purchase of RBS Global from The Carlyle Group as previously announced on May 25, 2006; Rexnord is a Milwaukee-based manufacturer of highly engineered precision motion technology products, primarily focused on power transmission, and is a wholly owned subsidiary of RBS Global; roadshow started July 6.

COALCORP MINING INC.: Dollar-denominated units comprised of $1,000 senior unsecured note maturing in five years and one day and 190 common share purchase warrants, deal size to be determined; GMP Securities, Canaccord Capital, Sprott Securities; securities regulatory authorities in Ontario, Manitoba, Alberta and British Columbia; to help fund investments in infrastructure projects in Colombia totaling $125 million; Toronto-based mining, exploration and development company with interests in the La Francia and La Caypa coal mines and related infrastructure projects and a number of coal exploration properties, all located in Colombia; pricing expected July 10 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.

WEEK OF JULY 17

PENHALL INTERNATIONAL CORP.: $175 million second-lien notes due 2014; Deutsche Bank Securities, CIBC World Markets; Rule 144A for life; non-callable for four years; Anaheim, Calif.-based construction equipment company will use proceeds to fund the acquisition of the company by Code Hennessey; roadshow is July 10-17; pricing thereafter.

NTL CABLE PLC: £300 million equivalent senior notes due 2016 in dollar and sterling tranches; JP Morgan, Deutsche Bank, Goldman Sachs, The Royal Bank of Scotland (joint), BNP Paribas, HSBC (senior co's), Calyon Securities, Fortis Bank (co's); off the shelf; make-whole call for first five years; three-year 40% equity clawback; to help refinance the £1.8 billion bridge facility incurred in connection with NTL's reverse acquisition of Telewest, which closed on March 3, 2006; communications and content distribution company in the U.K., with executive offices in New York City and operational offices in Hook, Hampshire, England.; roadshow starts July 12; expected to price July 18.

MOBILE SERVICES U.S./MOBILE STORAGE GROUP INC.: $160 million senior note due 2014; Lehman Brothers (books), Goldman Sachs, Wachovia Securities (co's); Rule 144A for life; make-whole call first four years then callable at a premium; to fund the LBO of the Burbank, Calif., storage units company by Welsh, Carson, Anderson & Stowe; roadshow July 12-19.

JULY BUSINESS

VNU NV $1.67 billion senior unsecured debt due 2014 and senior subordinated debt due 2016, in dollars and euros; Deutsche Bank Securities, JP Morgan, Citigroup, ABN Amro, ING; also €4.89 billion credit facility; to partially fund the €7.6 billion acquisition of VNU by Valcon Acquisition BV, a group of investors that includes Kohlberg Kravis Roberts & Co. and Carlyle Group; Haarlem, The Netherlands-based market research company; expected to launch July 10 week.

H&E EQUIPMENT SERVICES: $250 million minimum high-yield notes; Credit Suisse; to help fund tender for $200 million senior secured notes due 2012 and $53 million senior subordinated notes due 2013; Baton Rouge, La., heavy equipment manufacturing and services company; expected to launch July 10 week.

ON THE HORIZON

ACE CASH EXPRESS INC.: $175 million of senior unsecured notes due 2014; Bear Stearns; also $400 million credit facility and $178.8 million of equity; 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.

ENCORE MEDICAL CORP.: $215 million senior subordinated notes and $325 million senior credit facility; Bank of America, Credit Suisse to lead debt financing transactions (as a back-up for the bonds, the company has received a commitment from the two lead banks for a bridge loan); to help fund about $870 million LBO by Blackstone Capital Partners V LP (Blackstone has committed to provide up to $335 million in equity); subject to shareholder and regulatory approvals and completion of tender for all of an Encore subsidiary's outstanding 9¾% senior subordinated notes; Austin, Texas, orthopedic device company.

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.

INFOR GLOBAL SOLUTIONS: High-yield notes (Caa2) to refinance a $1.675 billion subordinated bridge facility; part of financing to help fund the acquisitions of Systems Union Group and SSA Global, finance the combination of Infor and Extensity - which are both currently Golden Gate Capital portfolio companies - and to refinance debt at all four companies; also $150 million revolving credit facility and a $2 billion first-lien term loan; JP Morgan, Credit Suisse and Merrill Lynch are joint bookrunners and co-lead arrangers on the bank facility, with JPMorgan the left lead; Infor is an Alpharetta, Ga.-based software provider.

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.

PEABODY ENERGY CORP.: New bond debt and term loan debt to help fund its acquisition of Australian independent coal company Excel Coal Ltd. for $1.34 billion plus assumed debt of about $190 million, targeted to close in the fourth quarter of 2006, subject to Excel shareholders approval, court approval, regulatory approval and other conditions; Peabody is a St. Louis-based private-sector coal company.

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.

UNIVISION COMMUNICATIONS INC.: $2 billion high-yield bonds via Credit Suisse (Deutsche Bank, Bank of America Securities and Wachovia expected to be involved), also new $8.25 billion credit facility (Deutsche Bank left lead); to help back its leveraged buyout by Madison Dearborn Partners, Providence Equity Partners, Texas Pacific Group, Thomas H. Lee Partners and Saban Capital Group, transaction is valued at about $13.7 billion (total leverage for the transaction is 12.5-times); expected to close in the spring of 2007 pending shareholder and regulatory approvals; Univision is a Los Angeles-based Spanish-language media company.

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.

ROADSHOWS

Started early June 26 week: COALCORP MINING INC. Dollar-denominated notes and warrants, size to be determined; GMP Securities

Started July 6: REXNORD CORP. $840 million; Credit Suisse, Merrill Lynch, Bear Stearns, Lehman Brothers

Started July 10: AVIS FINANCE CO. PLC (AVIS EUROPE PLC) €200 million; Barclays Capital, The Royal Bank of Scotland, Dresdner Kleinwort, Societe Generale

July 10-17: PENHALL INTERNATIONAL CORP. $175 million; Deutsche Bank Securities, CIBC World Markets

Starts July 12: NTL CABLE PLC £300 million equivalent; JP Morgan, Deutsche Bank, Goldman Sachs, The Royal Bank of Scotland

July 12-19: MOBILE SERVICES U.S./MOBILE STORAGE GROUP INC. $160 million; Lehman Brothers

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