Convertibles Calendar: Beazer Homes to price $75 million equity units

MAY 4

BEAZER HOMES USA INC. (NYSE: BZH): $75 million of 3.25-year tangible equity units, at $25 per unit; post close Tuesday, talked to yield 7%-7.5%, up 20%-25%; 15% greenshoe, concurrent offerings of 12.5 million shares of common stock and $300 million of senior straight notes due 2018; via effective shelf registration; may force conversion of the stock purchase contracts at the maximum conversion rate, or at the minimum rate if the share price is greater than 130% of conversion price, and investors will have the right to require Beazer to repurchase the amortizing note; bookrunners Citigroup and Credit Suisse, with Deutsche Bank as joint lead manager, and Moelis & Co. as co-manager; proceeds to repurchases straight notes; application being made to list the units on the NYSE under the symbol BZU; Atlanta-based homebuilder.

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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