Convertibles Calendar

JUNE 18

ASSURED GUARANTY LTD. (NYSE: AGO): $150 million of convertible mandatories; after the market close Thursday; talked to yield 8%-8.5%, up 17.5%-22.5%; $22.5 million greenshoe; Bank of America is bookrunner; registered deal; concurrent offering of $400 million of common stock, with a greenshoe of $60 million of shares; convertibles at $50 per unit; to mature June 1, 2012; Hamilton, Bermuda, provider of credit enhancement for municipal finance, structured finance and mortgage markets.

ON THE HORIZON

CLOUD PEAK ENERGY INC.: $250 million of three-year mandatory convertible preferred stock, at a liquidation preference price of $50 per share, via underwriter Credit Suisse, concurrent initial public offering; Cloud Peak formerly part of Rio Tinto America Inc., an indirect wholly owned subsidiary of Rio Tinto plc, and Rio Tinto America; dividends payable on a cumulative basis; no proceeds go to Cloud Peak; Gillette, Wyo.-based coal producer.

INTERNATIONAL CONVERTIBLES

ON THE HORIZON

INTRALOT SA: up to €150 million of a convertible bond loan; up to seven-year duration; approved at a June 4 shareholders meeting; Athens-based provider of lottery gaming systems.

UNIONE DI BANCHE ITALIANE SCPA: €640 million of four-year convertible bonds; fixed coupon and will be listed for trading; convertible at the option of both the bondholders and the group; net share settlement; Bergamo, Italy, banking group resulting from the 2007 merger of BPU - Banche Popolari Unite and Banca Lombarda e Piemontese.

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