Convertibles Calendar

APRIL 21

EVERGREEN SOLAR INC. (Nasdaq: ESLR): $165 million of five-year convertible senior notes; Wednesday ahead of the market open; talked to yield 13%, up 52%; initial conversion rate of 525.2462 shares; putable for cash on April 15, 2013; Rule 144A deal; sold via Piper Jaffray & Co.; proceeds to purchase part of Evergreen's outstanding 4% convertible senior notes due 2013 - initially priced in June 2008; remainder for general corporate purposes, working capital and capital expenditures for further expansion of its manufacturing facility in Wuhan, China; Marlboro, Mass.-based solar power panel maker.

MGIC INVESTMENT CORP. (NYSE: MTG): $300 million of seven-year convertible senior notes; after the close of markets Wednesday; talked to yield 5.25%-5.75%, up 20%-25%; registered deal; $45 million greenshoe; concurrent offering of $700 million of common equity and a 15% greenshoe; senior to MGIC's existing 9% convertible junior subordinated debentures due 2063; proceeds to repay 5.625% senior notes due 2011 and for general corporate purposes; Goldman Sachs & Co. is bookrunner, with co-managers including Barclays Capital Inc., Dowling & Partners Securities LLC, Keefe, Bruyette & Woods, Northland Securities and Piper Jaffray & Co.; Milwaukee-based mortgage lender.

DRYSHIPS INC. (Nasdaq: DRYS): $150 million add-on to 5% five-year convertible senior notes; add-on to issue initially priced last November; after the close Wednesday; $22.5 million greenshoe; Deutsche Bank is running the books; proceeds for vessel acquisitions, working capital and general corporate purposes; concurrent share lending agreement with Deutsche Bank AG, London Branch; also equity underwriting agreement with Deutsche Bank Securities; shares will be offered under an existing shelf registration to facilitate hedging transactions; bonds are non-callable for life, with no puts; dividend and takeover protection; Athens, Greece-based marine transportation services company.

ON THE HORIZON

WACCAMAW BANKSHARES INC. (Nasdaq: WBNK): Up to $10 million of mandatory convertible perpetual preferred stock; $25 liquidation amount; to yield 7%; together with warrants, which will purchase one share of common stock at $5 per share for five years; distribution via shareholder rights offering and public offering for remainder; via McKinnon & Co. on a best-efforts basis; $1.5 million greenshoe; proceeds to enhance bank's capital ratios and support growth through lending, or to retire outstanding debt and to redeem securities, and for general corporate purposes; preferred stock and warrants will each be listed on the Nasdaq Global Market; Whiteville, N.C.-based bank holding company.

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, 2009 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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