High Yield Calendar

Total amount of high-yield bond offerings being marketed: $3.500 billion and €215 million

WEEK OF JAN. 31

LAS VEGAS SANDS CORP. $250 million senior notes due 2015 (B2/B); Goldman Sachs & Co., Lehman Brothers, Citigroup, JP Morgan, Merrill Lynch, UBS Investment Bank, Scotia Capital; Rule 144A; non-callable for five years; also $400 million amended term loan; to fund tender for 11% mortgage notes due 2010; Las Vegas-based hotel, gaming, resort and exhibition/convention company; price talk 6¼% area; pricing Thursday.

SELECT MEDICAL CORP.: $660 million of senior subordinated notes due 2015 (B3/B-); Merrill Lynch & Co., JP Morgan, Wachovia Securities, (joint), CIBC World Markets, PNC (co's); Rule 144A with registration rights; non-callable for five years; also $880 million senior secured credit facility; also equity contribution; to help fund approximately $2.3 billion acquisition of Select Medical Corp.; issuer is a new company formed by an investment group led by Welsh, Carson, Anderson & Stowe; acquisition to close first quarter of 2005; price talk 7¾% area; pricing Thursday.

PQ CORP.: $300 million senior subordinated notes due 2013 (B3/B-); Credit Suisse First Boston, JP Morgan, UBS Investment Bank (joint); non-callable for four years; to help fund JPMorgan Partners' leveraged buyout of PQ, a Berwyn, Pa.-based chemicals and engineered glass materials company; roadshow started Jan. 24 week; expected to price Jan 31 week.

DIGITAL REALTY TRUST INC.: $75 million series A cumulative redeemable preferred stock; Citigroup (physical books), UBS Investment Bank (joint books), Merrill Lynch & Co. (co-lead), Credit Suisse First Boston, McDonald Investments, SunTrust Robinson Humphrey (co's); 3 million shares for $75 per share; non-callable for five years; to repay revolver, acquire other properties and general corporate purposes; Menlo Park, Calif.-based real estate investment trust; expected to price Jan. 31 week.

WS FINANCING CORP./WORLDSPAN LP: $350 million senior secured second-lien floating-rate notes due 2011 (CCC+); JP Morgan, UBS Investment Bank, Lehman Brothers, Deutsche Bank Securities (joint), Goldman Sachs & Co. (co); Rule 144A/Regulation S; non-callable for one year; also new $440 million senior credit facility; to repay bank debt and redeem the 9 5/8% senior notes due 2011, refinance senior secured debt, redeem preferred stock issued by Worldspan's parent, Worldspan Technologies Inc. (WTI), prepay and terminate sponsor advisory fees and dividends on WTI's class B common stock, and general corporate purposes; sponsors are CVC Group and The Ontario Teachers' Pension Plan; Atlanta-based operator of computerized reservation systems; roadshow started Jan. 27; pricing expected Feb. 4.

RADIO ONE INC.: $200 million senior subordinated notes due 2015 (B2); Credit Suisse First Boston (books), Banc of America Securities, Merrill Lynch & Co. plus others (co's) Rule 144A; to redeem outstanding 6½% convertible preferred securities (High Tides); Washington, D.C., broadcasting company that primarily targets African-American and urban listeners, owns and/or operates 69 radio stations in 22 urban markets in the United States; roadshow Feb. 3-4; pricing Friday.

ATLANTIS PLASTICS INC.: $125 million senior subordinated notes due 2012 (Caa1/CCC+); Bear Stearns & Co. (books), BNP Paribas, Jefferies & Co. (co's); Rule 144A; proceeds together with new amended, restated credit facility, to repay existing senior secured debt and a special dividend to shareholders of up to $118 million; Atlanta-based manufacturer of specialty plastic films and custom molded and extruded plastic products used for storage and transportation, food service, appliance, automotive, commercial and consumer applications; roadshow Jan. 18-25.

WEEK OF FEB. 7

MERCER INTERNATIONAL: $300 million senior notes due 2013 (Caa1/B); RBC Capital Markets, Credit Suisse First Boston (joint), CIBC World Markets (co's); public offering; non-callable for four years; 35% equity clawback; also concurrent $100 million equity offering; to fund the acquisition of Celgar pulp mill in British Columbia and refinance existing debt; Mercer International is a Seattle-based pulp producers with facilities in Germany and British Columbia; U.S. roadshow started Jan. 24; expected to price in early Feb. 7 week.

BUILDERS FIRSTSOURCE INC.: $250 million second-priority senior secured floating-rate notes due 2012 (expected ratings B3/B-); UBS Investment Bank, Deutsche Bank Securities; Rule 144A; non-callable for two years; also new credit facility; to pay a $237 million dividend to sponsor Joseph Littlejohn & Levy ahead of an IPO and repay existing debt; Dallas-based building materials company; roadshow Jan. 31-Feb. 8; pricing expected Feb. 8.

VALOR TELECOMMUNICATIONS ENTERPRISES LLC/VALOR TELECOMMUNICATIONS ENTERPRISES FINANCE CORP.: $280 million senior notes due 2015 (B1/B); Banc of America Securities, JP Morgan, Merrill Lynch & Co. (joint), CIBC World Markets, Wachovia Securities (co's), Rule 144A; non-callable for five years; also approximately $500 million concurrent offering of common shares (stock will pay a large dividend); to repay $306 million of its newly issued $1.3 billion senior secured term loan, $265 million second-lien loan, and $135 million senior subordinated loan; Irving, Texas-based provider of telecom services in rural communities in the southwestern U.S.; roadshow started Jan. 27; pricing expected early Feb. 7 week.

AMERICAN COMMERCIAL LINES LLC/ACL FINANCE CORP.: $200 million senior notes due 2015 (B3/B-); UBS Investment Bank, Banc of America Securities (joint), Merrill Lynch & Co. (co); Rule 144A/Regulation S; non-callable for five years; also $225 million asset-backed revolver; to repay existing $35 million asset-based revolver, repay its $225 million senior secured term loan, including accrued interest, repay its $140 million junior secured term loan (as of Jan. 26), including accrued interest; Jeffersonville, Ind.-based marine transportation and services company; roadshow Jan. 28-Feb. 8; pricing expected Feb. 8.

IESY REPOSITORY GMBH & CO. KG: €215 million senior notes due 2015 (CCC+); JP Morgan, Citigroup (joint books), Lehman Brothers (joint lead); Rule 144A/Regulation S; non-callable for five years; to help fund the acquisition of Ish or, if acquisition does not occur, to fund a dividend, sponsor Apollo Management; parent of German cable TV operator Isey GmbH; roadshow started Feb. 1; pricing expected early in Feb. 7 week.

CONSTAR INTERNATIONAL INC.: $210 million senior secured floating-rate notes due 2012 (B2/B); Citigroup, Credit Suisse First Boston; Rule 144A/Regulation S; non-callable for two years; also $80 million senior secured asset-based credit facility; to repay revolver and term B and second-lien term loans and for general corporate purposes; Philadelphia-based producer of PET (polyethylene terephthalate) plastic containers for food, soft drinks and water; roadshow starts Feb. 3; pricing middle of Feb. 7 week.

HILITE INTERNATIONAL INC.: $150 million senior subordinated notes due 2012 (confirmed B3/expected B); JP Morgan (books), NatCity Investments (co); Rule 144A/Regulation S; non-callable for three years; to repay bank debt; Cleveland precision valve manufacturer for the automotive industry; will present on Feb. 2 at the JP Morgan High Yield Conference, then Feb. 7 in Boston, Feb. 8 in New York City; pricing late in the Feb. 7 week.

HYDROCHEM INDUSTRIAL SERVICES: $150 million senior subordinated notes due 2013 (Caa1/B-); Morgan Stanley, Credit Suisse First Boston; Rule 144A; non-callable for four years; three-year equity clawback; to refinance existing debt and help fund the acquisition of the company by Oak Tree Capital Management; Deer Park, Texas-based industrial cleaning services provider; roadshow started Feb. 2; pricing expected Feb. 7 week.

ON THE HORIZON

ADELPHIA COMMUNICATIONS CORP.: $3.3 billion 10-year senior unsecured notes; non-callable for five years; part of $8 billion bond and bank loan exit financing from Chapter 11; Deutsche Bank Securities; Greenwood Village, Colo., cable television company.

AMERICAN LAWYER MEDIA INC.: New notes via Rule 144A; also $344.5 million credit facility; to help fund tender for $175 million 9¾% senior notes due 2007, Credit Suisse First Boston and UBS Securities dealer managers, expires Feb. 11; New York City-based integrated media company, focused on the legal and business communities.

DAVITA INC.: $4.3 billion debt financing new high-yield bonds and new credit facility; bank loan to back $3.05 billion acquisition of renal dialysis services company Gambro Healthcare and refinance existing credit facility; JP Morgan has committed financing; DaVita is a Torrance, Calif.-based provider of dialysis services for patients suffering from chronic kidney failure; interest rate on total net debt expected to be in the 6½% to 8% range.

GLOBAL MOTORSPORT GROUP INC.: $85 million senior secured notes due 2008 (B-); Jefferies & Co.; Rule 144A; non-callable for three years; to repay bank debt; Morgan Hill, Calif., aftermarket supplier of motorcycle parts.

HOLLY ENERGY PARTNERS LP: Senior unsecured notes; to help fund acquisition of pipeline and terminal assets of Alon USA for $120 million in cash and 937,500 Holly Energy Partners class B subordinated units; Holly Energy is a Dallas-based provider of refined petroleum product transportation and terminal services to the petroleum industry.

HOLLYWOOD MERGER CORP.: $550 million in bonds; also $275 million credit facility to be led by UBS Securities LLC; part of its amended merger agreement with affiliates of Leonard Green & Partners LP; Wilsonville, Ore., video chain; expected end of the fourth quarter 2004, or early first quarter 2005.

MASONITE INTERNATIONAL CORP.: $825 million (approximate) high-yield bonds, multi-tranche expected; Scotia Capital expected to be involved; also approximately $1.525 billion credit facility, The Bank of Nova Scotia underwriter; to help fund Kohlberg Kravis Roberts & Co.'s acquisition of Masonite in an all cash transaction under which Masonite's shareholders will receive C$40.20 per share (total value of the transaction is about C$3.1 billion); Mississauga, Ont.-based building products company; expected February business.

MOVIE GALLERY INC.: $475 million senior notes; Wachovia Securities; also $720 million credit facility; to fund acquisition of Hollywood Entertainment Corp.; Movie Gallery is a Dothan, Ala.-based video rental chain.

PENN NATIONAL GAMING INC.: $300 million high-yield bonds; Deutsche Bank Securities; to back the $1.4 billion acquisition of Argosy Gaming Corp.; Wyomissing, Pa., gaming firm.

STAR GAS PARTNERS LP: $300 million public or private offering of debt securities; JP Morgan; also $300 million asset-based senior secured revolving credit facility; to support its working capital requirements for the near term; Stamford, Conn.-based distributor of home heating oil and propane.

VERIZON HAWAII: New high-yield bonds; also new credit facility to be led by JPMorgan, Goldman Sachs, Lehman Brothers (same banks to lead bond deal, although not necessarily in that order); to fund Carlyle Group's $1.65 billion acquisition of Verizon Hawaii from Verizon Communications Inc.; pending regulatory approvals.

INCOME SECURITIES OFFERINGS IN THE MARKET

DAVCO ACQUISITION HOLDING INC. 7.99 million Enhanced Income Securities (EIS), price range $14.50 and $15.50 per EIS: comprised of 7.99 class A common stock and $59 million senior subordinated notes due 2016, also separate offering of $7.5 million senior subordinated notes due 2016; RBC Capital Markets (books), KeyBanc Capital Markets, Oppenheimer, SunTrust Robinson Humphrey; both issues of notes guaranteed on an unsecured senior subordinated basis by all domestic subsidiaries (DavCo Operations Inc., FriendCo Restaurants Inc., Heron Realty Corp., and MDF Inc.); about $13.0 million of the proceeds will be used to repurchase class B common stock from Citicorp Venture Capital Ltd. and affiliates; subsidiary of Crofton, Md.-based DavCo Restaurants Inc., the largest franchisee of Wendy's International Inc.

ROADSHOWS

Started late Jan. 17 week: MERCER INTERNATIONAL $300 million; RBC Capital Markets, Credit Suisse First Boston

Started Jan. 24: PQ CORP. $300 million; Credit Suisse First Boston, JP Morgan, UBS Investment Bank

Started Jan. 27: VALOR TELECOMMUNICATIONS ENTERPRISES LLC/VALOR TELECOMMUNICATIONS ENTERPRISES FINANCE CORP. $280 million; Banc of America Securities, JP Morgan, Merrill Lynch & Co.

Started Jan. 27: WS FINANCING CORP./WORLDSPAN LP $350 million; JP Morgan, UBS Investment Bank, Lehman Brothers, Deutsche Bank Securities

Jan. 28-Feb. 8: AMERICAN COMMERCIAL LINES LLC/ACL FINANCE CORP. $200 million; UBS Investment Bank, Banc of America Securities

Jan. 31-Feb. 8: BUILDERS FIRSTSOURCE INC. $250 million; UBS Investment Bank, Deutsche Bank Securities

Started Feb. 2: HYDROCHEM INDUSTRIAL SERVICES $150 million; Morgan Stanley, Credit Suisse First Boston

Started Feb. 1: IESY REPOSITORY GMBH & CO. KG €215 million; JP Morgan, Citigroup

Started Feb. 2 at the JP Morgan High Yield Conference: HILITE INTERNATIONAL INC. $150 million; JP Morgan

Feb. 3-4: RADIO ONE INC. $200 million; Credit Suisse First Boston

Starts Feb. 3: CONSTAR INTERNATIONAL INC. $210 million; Citigroup, Credit Suisse First Boston

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