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Published on 7/22/2003 in the Prospect News Convertibles Daily.

Convertibles Calendar

JULY 21 WEEK:

CONSTELLATION BRANDS INC. (Symbol: STZ): $150 million three-year mandatory convertibles; via joint bookrunners Citigroup and JPMorgan; $21 million greenshoe; also selling 9.5 million shares of common stock; Fairport, N.Y. alcoholic beverages company will use proceeds to repay borrowings under bridge loans incurred to help finance acquisition of BRL Hardy and to repay part of term loans; pricing after close July 24; talked at 5.75% to 6.25% dividend, 18% to 22% initial conversion premium.

http://www.sec.gov/Archives/edgar/data/16918/000119312503021379/d424b3.htm

JULY 28 WEEK:

WABASH NATIONAL CORP. (Symbol: WNC): Rule 144A; $100 million of five-year noncallable convertibles with $25 million greenshoe; price talk of 2.75-3.25% yield, 27.5-32.5% initial conversion premium; via sold book-runner Merrill Lynch; BB&T Capital Markets is a co-manager; set to price after the close Monday, July 28; full dividend protection through a conversion ratio adjustment; 110% contingent conversion trigger for life; Wabash plans to use proceeds to repay outstanding debt.

ON THE HORIZON:

ALLEGHENY ENERGY INC. (Symbol: AYE): $300 million five-year mandatory convertible trust preferreds in private placement; to be issued through Allegheny Capital Trust I; Allegheny will issue to the trust 11.875% notes due 2008 with stock warrants attached; Hagerstown, Md. utility.

RECENT SHELF FILINGS WITH THE SEC:

AVAYA INC. (Symbol: AV): $1 billion shelf filed July 18 for common stock, preferred stock, debt securities and warrants; securities may be issued as convertibles; Basking Ridge, N.J. of communications systems and services will use proceeds for general corporate purposes.

http://www.sec.gov/Archives/edgar/data/1116521/000104746903024549/a2113770zs-3.htm

J.P. MORGAN CHASE & CO. (Symbol: JPM): $20 billion shelf filed July 21 for debt securities, preferred stock, depositary shares, common stock and debt, stock and currency warrants; securities may be issued as convertibles; includes $8.35 billion previously registered but unsold; New York financial holding company will use proceeds for general corporate purposes.

http://www.sec.gov/Archives/edgar/data/19617/000095012303008345/y87307sv3.htm

RAYONIER INC. (Symbol: RYN): $500 million shelf filed July 22 for debt securities, common stock and preferred stock; securities may be issued as convertibles; Jacksonville, Fla. forest products company will use proceeds for general corporate purposes.

http://www.sec.gov/Archives/edgar/data/52827/000119312503021672/ds3.htm


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