High Yield Calendar

Total amount of high-yield bond offerings being marketed: $3.210 billion and €2.031 billion

WEEK OF APRIL 17

SENSATA TECHNOLOGIES BV $750 million equivalent (decreased from $900 million equivalent, with $150 million equivalent shifted to credit facility): $450 million senior notes due 2014 (B2/B-), non-callable for four years, price talk 8%-8¼%, and $300 million equivalent euro-denominated senior subordinated notes due 2016 (Caa1/B-), non-callable for five years, price talk 9%-9¼%; Morgan Stanley, Banc of America Securities, Goldman Sachs & Co.; Rule 144A; to help fund the $3 billion acquisition of the Texas Instruments Sensors & Controls business by Bain Capital LLC (Bain also providing $975 million in equity); Attleboro, Mass., supplier of engineered sensors and controls to the appliance, climate control, industrial, automotive, lighting and aircraft markets; pricing expected Friday.

XM SATELLITE RADIO HOLDINGS $600 million senior notes in two tranches (Caa2): fixed-rate notes due 2014, non-callable for four years, price talk 9 3/8%-9 5/8%, and floating-rate notes due 2013, non-callable for two years, price talk three-month Libor plus 437.5-462.5 bps; UBS Investment Bank, JP Morgan, Bear Stearns & Co., Citigroup, Credit Suisse (joint); Rule 144A with registration rights; to fund tender for its 14% senior secured discount notes due 2009, 12% senior secured notes due 2010 and Libor plus 550 bps senior secured floating-rate notes due 2009; Washington, D.C.-based satellite radio company; pricing early Friday afternoon.

AFFINION GROUP: $350 million senior subordinated notes due Nov. 17, 2015 (Caa1/B-); Credit Suisse, Deutsche Bank; becomes callable on Nov. 17, 2010; to repay senior subordinated bridge facility; Norwalk, Conn., direct marketer of membership, insurance and package enhancement products; price talk 12% area; pricing expected Friday.

WEEK OF APRIL 24

P.H. GLATFELTER CO.: $200 million senior unsecured notes due 2016 (Ba1/BB+); Credit Suisse (books), PNC, Lasalle, SunTrust Robinson Humphrey (co's); Rule 144A; non-callable for five years; to refinance existing 6 7/8% notes due July 2007, repay revolver; also new $300 million credit facility; York, Pa., manufacturer of specialty papers and engineered products; price talk 7¼%-7½%; pricing expected Tuesday.

NPC INTERNATIONAL INC.: $200 million senior subordinated notes due 2014 (Caa1/B-); Merrill Lynch & Co., JP Morgan (joint), Banc of America Securities (co); Rule 144A; non-callable for four years; proceeds, along with a $350 million bank loan and $163 million of sponsor equity, to fund the $615 million acquisition of the company by Merrill Lynch Global Private Equity; Lenexa, Kan.-based franchisee of Pizza Hut restaurants; roadshow April 17-25.

SAXON CAPITAL INC.: $150 million senior notes due 2014 (B2/); JP Morgan; Rule 144A/Regulation S; non-callable for four years; for general corporate purposes, principally the acquisition of additional third-party mortgage servicing rights and whole loans in bulk; (pending application of proceeds as described above, to temporarily debt under its committed facilities); residential mortgage lending and servicing real estate investment trust based in Glen Allen, Va.; roadshow started April 18; pricing expected April 25.

ACTIVANT SOLUTIONS INC.: $175 million senior subordinated notes due 2016 (Caa1/CCC+); Deutsche Bank, JP Morgan, Lehman Brothers; Rule 144A; non-callable for five years; also $430 million credit facility; proceeds, along with about $244 million of sponsor equity and available cash, to fund the acquisition of Activant by affiliates of the private equity firms Hellman & Friedman LLC and Thoma Cressy Equity Partners; Activant, currently owned by HM Capital Partners LLC, is an Austin, Texas-based technology provider of business management solutions; roadshow started April 18; pricing late in the week of April 24.

CUMULUS MEDIA PARTNERS LLC $325 million in two parts: CMP SUSQUEHANNA CORP. (operating co.): $275 million senior subordinated notes due 2014 (CCC), non-callable for four years and CMP RADIO HOLDINGS CORP. (holding co.): $50 million proceeds senior discount notes due 2014 (8.5-year maturity), non-callable for two years; Merrill Lynch & Co. Goldman Sachs & Co., Deutsche Bank, UBS Investment Bank, Banc of America Securities; to partially fund the acquisition of the radio broadcasting business of Susquehanna Pfaltzgraff for $1.2 billion; Cumulus Media has headquarters in Atlanta; roadshow April 18-28.

NORDIC TELEPHONE COMPANY HOLDINGS APS €2.031 billion equivalent senior notes (B2/B/B+): Dollar-denominated and euro-denominated 10-year fixed-notes, non-callable for five years and euro-denominated floating-rate notes, non-callable for one year, then at 102, 101, 100, tranche sizes to be determined; Deutsche Bank Securities, JP Morgan, Barclays Capital, Credit Suisse, The Royal Bank of Scotland; to repay the bridge loan in association with the €12 billion buyout of TDC by Apax Partners, Permira, The Blackstone Group, Providence Equity Partners and Kohlberg Kravis Roberts & Co.; provider of communications solutions in Denmark, headquarters in Copenhagen; roadshow started April 20.

WOOD RESOURCES LLC/FINANCE CORP.: $75 million senior secured floating-rate notes due 2013 (B3/B-); Jefferies & Co. (books); Rule 144A/Regulation S; all existing and future domestic restricted subsidiaries will guarantee the notes on a senior secured basis; to repay substantially all outstanding debt and fund capital projects; Greenwich, Conn., company primarily produces plywood for specialized industrial markets as well as for the construction and residential repair and remodeling markets; price talk six-month Libor plus 750 basis points.

WEEK OF MAY 1

IPAYMENT INC.: $280 million senior subordinated notes due 2014 (Caa1/CCC+); Banc of America Securities (books), JP Morgan (co); Rule 144A with registration rights; non-callable for four years; to partially fund management's acquisition of the company; leading provider of credit and debit card-based payment processing services focues on small merchants across the United States, headquarters in Nashville, Tenn.; roadshow starts early April 24 week; pricing mid-to-late May 1 week.

MTR GAMING GROUP INC: $125 million fixed-rate senior subordinated notes due 2012; Jefferies & Co. (books), Wells Fargo Securities; Rule 144A with registration rights/Regulation S; non-callable for three years; to complete construction of its Presque Isle Downs facility, to pay the $50 million slots license fee upon licensing of Presque Isle Downs, to repay debt and for general corporate purposes; Chester, W.Va.-based owner, operator, and developer of gaming, horseracing, and hotel properties; roadshow starts early April 24 week; pricing expected early to mid May 1 week.

2006 SECOND QUARTER

LOTTOMATICA SPA: €750 million hybrid senior subordinated perpetual notes; Credit Suisse, Goldman Sachs & Co.; proceeds, along with the €1.4 billion rights issue, €1.9 billion senior loan and cash balances of €574 million to fund the acquisition of Gtech Holdings, a West Greenwich, R.I., gaming technology and services provider; Rome, Italy-based Lottomatica manages and operates lottery games and provides other automated services; expected to launch in May.

ON THE HORIZON

AMERICAN GREETINGS CORP.: $200 million senior unsecured notes due 2016; to fund tender for 6.1% senior notes, which are putable in August of 2008, other financing activities and general corporate purposes; Cleveland-based manufacturer of social expression products; expected to launch within the next two months.

DUNKIN' BRANDS INC.: High-yield bonds and new credit facility; to help back leveraged buyout by Bain Capital Partners, The Carlyle Group and Thomas H. Lee Partners; Canton, Mass., quick-service restaurant franchisor; LBO expected to close in the first quarter of 2006.

EDUCATION MANAGEMENT CORP.: $760 million bonds; Goldman Sachs & Co., Credit Suisse (joint), Merrill Lynch, Banc of America Securities; $1.435 billion credit facility; in connection with its LBO by Providence Equity Partners and Goldman Sachs Capital Partners; Pittsburgh-based provider of private post-secondary education; expected to launch in May.

INTELSAT LTD.'s $7 billion acquisition of PANAMSAT HOLDING CORP.: $4 billion (approximate) minimum: PANAMSAT OPERATING CO. $572.9 million senior notes with the option to issue additional $663.57 million if PanAmSat 9% notes are refinanced, PANAMSAT HOLDING CO. $721.2 million in senior notes with option to issue additional $301.9 million if PanAmSat 10 3/8% notes are refinanced, INTELSAT OPERATING CO. up to $557 million of senior notes, INTELSAT HOLDING CO. up to $1.4155 billion in senior notes; also approximately $2.88 billion aggregate bank debt; financing provided by Deutsche Bank, Citigroup, Credit Suisse and Lehman Brothers; PanAmSat is a Wilton, Conn.-based satellite network operator; Intelsat is a Pembroke, Bermuda, satellite communications company; expected to be completed in 2006.

KERZNER INTERNATIONAL LTD.: Senior subordinated notes, size to be determined; Deutsche Bank Securities; also new senior secured credit facilities led by Goldman Sachs; to help fund its leveraged buyout by an investor group that's led by management; Paradise Island, The Bahamas, developer and operator of destination resorts, luxury resort hotels and gaming properties; expected mid-2006.

NEG INC.(to be renamed National Energy Group Inc.): $200 million senior notes; also $460 million common stock IPO via Bear, Stearns & Co., Citigroup; $125 million to repay a portion of NEG Oil & Gas revolver, $245 million to repay debt owed to American Real Estate Partners, LP (AREP) by National Energy Group, National Onshore and National Offshore, subsidiaries of NEG Oil & Gas, to fund $194 million distribution to AREP; independent oil and gas exploration, development and production company based in Dallas.

NTL INC./TELEWEST GLOBAL INC.: £1.8 billion high-yield debt; to help fund NTL's acquisition of Telewest Global, Inc. for about $6 billion; Goldman Sachs advised NTL, Deutsche Bank Securities advised Telewest, the U.K.'s second largest cable provider; expected to close in the first quarter of 2006.

PET VALU CANADA INC.: C$15 million 10% two-year unsecured subordinated debentures; private placement; notes will come with a two-year extension available at the subscribers' option subject to a prepayment right on the part of Pet Valu Canada; the existing investors to whom Pet Valu Canada will be making the offer are the holders of its outstanding 8½% debentures due July 24, 2006, including Holtcorp Inc., a company controlled by Pet Valu Canada's chief executive officer, Geoffrey F. Holt; to retire maturing 8½% debentures; offering will be subject to Pet Valu Canada obtaining all required third party approvals; Markham, Ont., specialty retailers of pet food and pet supplies.

PINNACLE ENTERTAINMENT INC.: $1.25 billion bonds; also $2.15 billion credit facility led by Lehman Brothers and Bear Stearns & Co.; to back up the bond offering, the company has received a commitment for a $1.25 billion 365-day unsecured senior subordinated interim loan that would carry an interest rate of Libor plus 450 bps, increasing by 75 bps 180 days after funding and an additional 50 bps each 90 days thereafter up to a maximum of 11% per annum; proceeds to help finance Pinnacle's purchase of Phoenix-based gaming company, Aztar Corp., expected to close in the fourth quarter of 2005; Pinnacle Entertainment is a Las Vegas-based owner and operator of gaming entertainment facilities.

SEMGROUP LP: $400 million senior notes; Banc of America Securities; also $725 million credit facility; to help fund its purchase of TransMontaigne Inc.; TransMontaigne is a Denver-based refined petroleum products marketing and distribution company; SemGroup is a Tulsa, Okla.-based midstream service company.

SILGAN HOLDINGS INC.: New subordinated notes and/or borrowings under senior secured credit facility; to fund €230 million acquisition of Amcor Ltd.'s White Cap closures business, expected to close during second quarter of 2005; Silgan is a Stamford, Conn., manufacturer of consumer goods packaging products.

SOURCECORP INC.: $175 million in senior subordinated notes; Credit Suisse, UBS Securities; also $250 million senior secured credit facility; to help fund LBO by Apollo Management LP expected in the second or third quarter of 2006; as back-up for the bond offering, the company has received a commitment for a $175 million senior subordinated increasing rate bridge loan; Dallas-based provider of business process outsourcing solutions and specialized consulting services.

UTI WORLDWIDE INC.: $200 million senior notes; true private placement; proceeds along with cash reserves and $150 million draw from senior secured six-month term credit facility to fund $197.1 million acquisition of Portland, Ore.-based privately held third-party logistics services and multi-modal transportation capacity solutions provider Market Industries; ocean freight and logistics company, domiciled in the Virgin Islands with headquarters in Rancho Dominguez, Calif.

VALOR COMMUNICATIONS GROUP/ALLTEL CORP.: $800 million of senior notes; also up to $4.2 billion credit facility via JP Morgan and Merrill Lynch; to fund the merger of Valor with Alltel; new entity expected to be based in Central Arkansas; expected second quarter of 2006.

WILLIAMS PARTNERS LP: $150 million senior notes via Rule 144A/Regulation S; also $216.9 million from offering of 7 million units of common stock via Lehman Brothers and Citigroup; to fund 25.1% interest in Four Corners system, which gathers and processes about 37% of the natural gas produced in the San Juan Basin and connects with the five pipeline systems that transport natural gas to end markets from subsidiaries of Williams; Tulsa, Okla.-based natural gas gathering, transporting and processing company.

ROADSHOWS

April 17-25: NPC INTERNATIONAL INC. $200 million; Merrill Lynch, JP Morgan

Started April 18: P.H. GLATFELTER CO. $200 million; Credit Suisse

Started April 18: ACTIVANT SOLUTIONS INC. $175 million; Deutsche Bank, JP Morgan, Lehman Brothers

Started April 18: SAXON CAPITAL INC. $150 million; JP Morgan

April 18-28: CUMULUS MEDIA PARTNERS LLC $325 million; Merrill Lynch & Co. Goldman Sachs & Co., Deutsche Bank, UBS Investment Bank, Banc of America Securities LLC

Started April 20: NORDIC TELEPHONE COMPANY HOLDINGS APS €2.031 billion equivalent; Deutsche Bank Securities, JP Morgan, Barclays Capital, Credit Suisse, The Royal Bank of Scotland

Starts early April 24 week: MTR GAMING GROUP INC $125 million; Jefferies & Co.

Starts early April 24 week: IPAYMENT INC. $280 million; Banc of America Securities LLC

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