Convertibles Calendar: Cobalt to price $1 billion of converts; Iridium on tap

May 8

COBALT INTERNATIONAL ENERGY INC.:

• $1 billion of 10-year convertible senior notes

• Via joint bookrunners Goldman Sachs & Co. and RBC Capital Markets LLC

• Registered, off the shelf

• $150 million over-allotment option

• Talked 2.625%-3.125%, up 25%-30%

• Non-callable for five years, then provisionally callable if shares exceed $30.00 for a specified period

• Proceeds to fund capital expenditures and general corporate purposes

• Houston-based independent oil exploration and development company

• NYSE: CIE

IRIDIUM COMMUNICATIONS INC.:

• $125 million of perpetual convertible preferreds

• Via joint bookrunners Deutsche Bank Securities Inc. and Raymond James & Associates Inc.

• Co-managers Canaccord Genuity and Societe Generale

• Registered, off the shelf

• Concurrent offering of $45 million of common stock

• Preferreds talked 6.25%-6.75%, up 20%-35%

• Non-callable for five years, then soft call if shares exceed 150% of conversion price

• Proceeds for general corporate purposes, including capital expenditures like development and deployment of Iridium NEXT system, working capital and general and administrative expenses

• Listing expected on the Nasdaq Global Select market under symbol IRDM.B

• McLean, Va.-based mobile satellite service company

• Nasdaq: IRDM

On The Horizon

Exelon Corp.:

• Convertible mandatories

• Via underwriters Barclays and Goldman Sachs & Co.

• Concurrent offering of shares

• Proceeds to fund partially $6.8 billion purchase of Pepco Holdings Inc.

• Chicago-based electricity and gas utility

• NYSE: EXC

500.COM LTD.:

• Up to $120 million of convertible senior notes

• Via underwriter Deutsche Bank Securities Inc.

• F-1 regulatory filing

• Concurrent offering of ADS

• Concurrent share lending agreement with Deutsche Bank AG

• Takeover protection

• No exchange listing

• Proceeds for R&D, business expansion, general corporate purposes, including working capital needs, incremental costs

• Shenzhen, China-based online sports lottery service provider.

• NYSE: ADS: WBAI

INTERNATIONAL CONVERTIBLES CALENDAR

On The Horizon

UTTAM STRIPS LTD.:

• $200 million of 10-year convertible bonds

• To yield 6%-8%

• Private placement via U.S.-based private equity fund Exhilway Global as sole agent for placing the bond

• Proceeds to repay Indian bank liabilities and for possible acquisitions

• New Delhi-based metal home products manufacturer.

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