Convertibles Calendar: Black Hills to price $260 million of equity units

November 17

BLACK HILLS CORP.:

• $260 million equity units or mandatory convertible preferred shares

• Maturity 2018

• Talked to yield 7.25%-7.75%, up 17.5%-22.5%

• Concurrent offering of $250 million of common stock

• 15% greenshoe

• Joint bookrunners Credit Suisse Securities (USA) LLC, Wells Fargo Securities LLC (lead), RBC Capital Markets LLC and BofA Merrill Lynch

• Co-managers J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and U.S. Bancorp Investments Inc.

• Proceeds from both offerings will be used for partial funding of the previously announced acquisition of SourceGas Holdings LLC, which is expected to close in the first half of 2016

• Rapid City, S.D-based vertically integrated energy company

• NYSE: BKH

On The Horizon

TEVA PHARMACEUTICAL INDUSTRIES LTD.:

• Up to 5 million mandatory convertible preferred shares

• Maturity 2018

• Talked to yield not more than 8.5%

• Proceeds to finance part of the cash consideration of its acquisition of the Allergan plc global generics business

• Petah Tikva, Israel-based pharmaceutical company.

• Nasdaq: TEVA

ZION OIL & GAS INC.:

• Rights offering of up to $72 million of five-year convertible bonds

• Maturity Feb. 15, 2021

• Par $100

• Talked to yield 10%, up 30%

• Issuance seen in February

• Non-callable for two years

• Takeover protection

• Holders of 100 shares entitled to one right for two bonds until Jan. 15, 2016

• Proceeds to drill two initial wells in Israel, for production testing, for additional exploration and for general corporate purposes

• Dallas-based oil and gas exploration and production company focused on Israel

• Nasdaq: ZN

International Convertibles

On The Horizon

NATIONAL BANK OF GREECE SA:

• Unsecured subordinated contingent convertible bonds

• Concurrent common share offerings in Greece and internationally

• Part of the bank’s recapitalization plan following stress tests

• Athens, Greece-based central bank providing diversified financial services

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