Convertibles Calendar

MAY 15

HEALTH MANAGEMENT ASSOCIATES INC. (NSYE: HMA): up to $225 million of 20-year convertible senior subordinated notes; pricing after close Thursday; Rule 144A; via bookrunners BAC, JPM and Wachovia; $25 million greenshoe; talked at coupon of 4% to 4.75%, up 57.5% to 62.5%; non-call six; puts in years six, 10 and 15; dividend and takeover protection; proceeds from the offering are earmarked for repurchasing a portion of its 1.5% convertible senior subordinated notes due 2023, which are puttable Aug. 1; Naples, Fla.-based hospital operator.

MAY 21

SHENGDATECH INC. (Nasdaq: SDTH): $100 million of 10-year senior convertible notes; pricing May 21; talked to yield 4.5%-5%, up 22.5%- 27.5%; Rule 144A deal; via bookrunner Oppenheimer & Co.; $15 million greenshoe; non-callable for three years, then provisionally callable for two years subject to a 150% hurdle; put after 3.5 years; proceeds to expand its nano precipitated calcium carbonate, or NPCC, production capacity and for coal-based chemical acquisitions, strategic investments and to fund working capital; Tai'an City, Shandong Province, China-based maker and marketer of NPCC and coal-based chemicals.

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

MAY 15

3i GROUP PLC: about £425 million of three-year unsecured convertible bonds; talked to yield 3.625%-4.125%, up 25%-30%; to refinance existing €550 million of 1.375% convertible bonds that mature Aug. 1; joint bookrunners Dresdner Kleinwort and Lehman Brothers; concurrent call spread overlay agreements raising the effective conversion premium for the company to about 60% above the market reference price; U.K. based venture capital and private equity firm.

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 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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