Convertibles Calendar

APRIL 21 WEEK

AIRTRAN HOLDINGS INC. (NYSE: AAI): $65 million seven-year convertible senior notes; pricing Thursday after the close; talked at a coupon of 5% to 5.5% and an initial conversion premium of 20% to 25%; $9.75 million greenshoe; Morgan Stanley & Co. Inc. (books); off shelf; non-callable, no puts; concurrent common stock offering of 14.25 million shares with a greenshoe for 2.1375 million common shares; Orlando, Fla.-based airline will place part of the proceeds from the notes offering into an escrow account to fund the first six interest payments; remainder for general corporate purposes, which may include working capital, capital expenditures, debt retirement and strategic investments.

EAST WEST BANCORP INC. (Nasdaq: EWBC): $150 million perpetual convertible preferred stock; was set to price Wednesday after the close; Lehman Brothers Inc. (books); off shelf; $22.5 million greenshoe; non-callable for five years, then forced conversion subject to hurdles; parent company of Pasadena, Calif.-based community bank East West Bank, which specializes in Asian customers in the United States; proceeds for general corporate purposes, including increasing liquidity and capital and reducing borrowings.

ON THE HORIZON

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.

International Convertibles

APRIL 21 WEEK

NATIONAL CENTRAL COOLING CO. (PJSC) - TABREED: 1.5 billion dirham mandatory convertible trust certificates; no greenshoe; talked at a dividend of 6.5% to 7.5% and an initial conversion premium of 8% to 13%; three-year maturity; Regulation S deal; roadshow April 20 to April 22; sole books and joint lead manager Morgan Stanley, with Standard Chartered Bank and National Bank of Abu Dhabi joint lead managers; United Arab Emirates-based cooling services provider.

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