Convertibles Calendar: Ambac to price $500 million Thursday

March 6

AMBAC FINANCIAL GROUP INC. (NYSE: ABK): $500 million of 3.2 year mandatory convertible equity units; pricing after the close on Thursday; equity units are $50 per unit; talked to yield 8% to 8.5%, up 18% to 22%; concurrent offering of at least $1 billion of common stock; from shelf registration; bookrunners Credit Suisse, Citi, UBS, Banc of America, with co-manager Keefe, Bruyette & Woods; proceeds to raise capital; New York-based bond insurer.

ON THE HORIZON

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.

AMERICAN WATER WORKS CORP. INC. (NYSE: AWK): $500 million equity units; 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.

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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