Convertibles Calendar

JUNE 16 WEEK

XEROX CORP. (Symbol: XRX): $650 million three-year mandatory; price talk of 6.25-6.75% yield, 18-22% initial conversion premium; after full roadshow, pricing expected June 19; joint book-runners are Citigroup, Goldman Sachs, Merrill Lynch and JPMorgan; conversion can be forced if stock is 150% of the threshold conversion price, with a dividend make-whole discounted to Treasuries; part of a refinancing package that also includes a new $1 bllion bank facility, $1 billion in junk bonds and an estimated $434 million of stock, with proceeds used to take out the existing $3.1 billion bank facility.

ON THE HORIZON

VALERO ENERGY CORP. (Symbol: VLO): $250 million of three-year mandatory convertibles; with $250 million cash, proceeds would go to purchase a Louisiana refinery from Orion Refining Corp., which has filed bankruptcy; timing depends on court approval of the sale.

RECENT SHELF FILINGS

ALCAN INC. (Symbol: AL): $1 billion shelf filed June 10 for debt securities, preference shares, common shares and warrants; securities may be issued as convertibles; Montreal, Que. aluminum and specialty packaging company will use proceeds for general corporate purposes.

http://www.sec.gov/Archives/edgar/data/4285/000000428503000003/s3.htm

MBIA INC. (Symbol: MBI): $400 million shelf filed June 10 for debt securities, preferred stock, common stock, depositary shares, warrants, stock purchase contracts and stock purchase units; securities may be issued as convertibles; Armonk, N.Y. financial guarantee, investment management and financial services company will use proceeds for general corporate purposes.

http://www.sec.gov/Archives/edgar/data/814585/000119312503009155/ds3.htm

WATTS INDUSTRIES, INC. (Symbol: WTS): $100 million shelf filed June 10 for debt securities, preferred stock, class A common stock; securities may be issued as convertibles; North Andover, Mass. valve company will use proceeds for general corporate purposes.

http://www.sec.gov/Archives/edgar/data/795403/000104746903020924/a2112620zs-3.htm

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