Convertibles Calendar

FEBRUARY 4 WEEK

AAR CORP. (NYSE: AIR): $175 million in convertible senior notes in two tranches; A tranche due 2014, B tranche due 2016; $25 million greenshoe; A tranche talked at 1.25%-1.75% coupon, 27.5%-32.5% initial conversion premium; B tranche talked at 1.75%-2.25% coupon, 27.5%-32.5% initial conversion premium; both have call protection for life, no puts; full dividend, takeover protection on both; contingent conversion subject to 130% hurdle; engaging in hedge and warrant transactions with bookrunner; Merrill Lynch bookrunner; Rule 144A transaction; Wood Dale, Ill.-based defense contractor; proceeds to repay existing short-term debt and for general corporate purposes.

ON THE HORIZON

GMX RESOURCES INC. (Nasdaq: GMXR): $100 million convertible senior notes due 2013; $15 million greenshoe; Rule 144A transaction; Oklahoma City-based oil driller; proceeds to repay existing debt on bank credit facility.

CHIQUITA BRANDS INTERNATIONAL INC. (NYSE: CQB): Planned offering of convertible senior unsecured notes; no further details; to pay down portion of $326 million in outstanding debt on existing term loan C; Cincinnati-based fruit and vegetable distributor.

MACROVISION CORP. (Nasdaq: MVSN): Up to $150 million convertible debt or senior unsecured notes to help finance purchase of Gemstar-TV Guide International Inc.; secured $150 million bridge loan if it is unable to issue convertibles or other debt financing; also secured $650 million term loan B; Santa Clara, Calif.-based digital transmission protection, enhancement and distribution firm; JPMorgan, Merrill Lynch lead banks on financing.

DANAHER CORP. (NYSE: DHR): Equity-linked securities to help fund its acquisition of Tektronix, Inc.; company will use short-term debt to fund $2.8 billion, $38-per-share takeover of Tektronix; equity-linked securities to be used for long-term debt; Danaher is a Washington, D.C.-based manufacturer of professional instrumentation, industrial technologies and tools and components. Tektronix is a Beaverton, Ore.-based company that supplies test, measurement and monitoring products to the communications, computer and semiconductor industries.

AMERICAN WATER WORKS CORP. INC. (NYSE: AWK): $500 million equity notes; along with new issue of common stock; part of initial public offering and spinoff from RWE AG, a German utilities provider; proceeds to repay recent commercial paper borrowings and for general corporate purposes; Goldman Sachs, Citigroup, Merrill Lynch joint bookrunners.

WESTERN DIGITAL CORP. (NYSE: WDC): Convertible unsecured securities; along with senior unsecured notes, equity and/or a senior unsecured term loan; proceeds to refinance up to $1.25 billion unsecured bridge loan; bridge loan to fund acquisition of Komag Inc. for $32.25 per share in cash tender offer; 364-day bridge loan is led by Goldman Sachs, Citigroup and JPMorgan and is priced at Libor plus 62.5 basis points; Lake Forest, Calif.-based digital storage maker.

BLACK HILLS CORP. (NYSE: BKH): Mandatory convertible securities; proceeds, along with new equity and unsecured debt, to replace bridge facility; bridge facility will be used to fund the Rapid City, S.D.-based diversified energy company's acquisition of Aquila, Inc.'s electric utility in Colorado and gas utilities in Colorado, Kansas, Nebraska and Iowa, along with the associated liabilities, for $940 million.

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