Convertibles Calendar

WEEK OF MAY 12

AMERICAN INTERNATIONAL GROUP INC. (NYSE: AIG): to price concurrent offerings of three-year convertible equity units and common stock, totaling $7.5 billion; $75 each unit price; talked to yield of 8% to 8.5%, up 18% to 22%; non-callable, with maturities staggered in 2011 between Feb. 15 and Aug. 1; dividend and change-of-control protection; joint bookrunners Citigroup and J.P. Morgan Securities Inc., with Banc of America Securities LLC, Merrill Lynch, Morgan Stanley, UBS and Wachovia Securities as co-managers; New York-based provider of insurance and financial services.

ON THE HORIZON

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

WEEK OF JUNE 2

SUNCORP-METWAY LTD. (ASX: SUN): A$325 million five-year mandatory convertible preference shares; Citi Global, J.P. Morgan Securities Inc., Macquarie, UBS (joint books); A$75 million greenshoe; offering set to open May 16 and expected to close June 4; non-innovative residual tier 1 capital; proceeds for general corporate purposes, including financing asset growth and repaying existing debt; Brisbane, Queensland, Australia, finance, insurance and banking group.

ON THE HORIZON

PACIFIC ASIA PETROLEUM INC. (Pink Sheets: PFAP): $75 million of redeemable convertible preference shares; Regulation S; proceeds to fund the purchase of participating interests held by ChevronTexaco in four coalbed methane and tight gas sand resource blocks in China; Hartsdale, N.Y.-based oil and gas company with a specific focus on China.

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