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Published on 1/28/2003 in the Prospect News High Yield Daily.

Total amount of scheduled dollar-denominated high-yield bond offerings is $3.025 billion

WEEK OF JAN. 27

TECHNICAL OLYMPIC USA: $100 million add-on to 9% notes due July 1, 2010 (expected: Ba3/B+); Salomon Smith Barney, Deutsche Bank Securities; Fleet Securities, Credit Lyonnais; Rule 144A; callable July 1, 2007 at 105.188, 103.458, 101.729, par on July 1, 2010 and thereafter; equity clawback until July 1, 2005 for 35% at 109; to repay bank debt; original $200 million priced on June 14, 2002; Sugarland Tex.-based homebuilder; pricing Wednesday.

SUN MEDIA CORP.: $200 million senior notes due 2013 (Ba3/B-); Salomon Smith Barney; Rule 144A; non-callable for five years; also a C$385 million credit facility; to repay all borrowings under existing credit facilities, redeem two series of senior subordinated notes and pay a C$220 million dividend to parent Quebecor Media Inc. (of which C$150 million will ultimately be used to reduce Videotron Ltee's long-term debt); Toronto media company; roadshow took place at Salomon Smith Barney High Yield Conference in Beaver Creek, Colo. on Jan. 21; price talk 8%-8 ¼%; pricing Thursday.

ANCHOR GLASS CONTAINER: $300 million senior secured notes due 2013 (B2/B+); Deutsche Bank Securities, Credit Suisse First Boston, Banc of America Securities; Rule 144A; non-callable for five years; to refinance debt; Tampa-based glass container company; roadshow Jan. 21-30; pricing late in the week of Jan. 27

STAR GAS PARTNERS, LP: $200 million senior notes due 2013 (B3/B); JP Morgan, Wachovia Securities (joint books), Banc of America Securities, Fleet Securities (co's); Rule 144A; non-callable for five years; to repay debt; Stamford, Conn.-based energy distributor and services provider; roadshow started Thursday; pricing Friday.

CASCADES INC.: $325 million senior notes due 2013 (BB); Salomon Smith Barney, Scotia Capital; Rule 144A; non-callable for five years; to refinance bank debt; also will take out a new C$500 million revolver; exchange offer led by Salomon Smith Barney; Kingsey Falls, Quebec-based manufacturer of packaging products, tissue paper and specialized fine papers; roadshow started Jan. 22; pricing Friday.

WEEK OF FEB. 3

HURRICANE HYDROCARBONS: $100 million (minimum) senior notes with intermediate maturity (five or seven years) (B1/B+); JP Morgan (books); Rule 144A; non-callable; for capital expenses and general corporate purposes; integrated energy exploration and production company active in Kazakhstan; roadshow started Jan. 27; pricing Feb. 3.

LEGRAND, SA: $400 million and €200 million 10-year notes; Credit Suisse First Boston, Lehman Brothers (joint books), RBS (co); non-callable for five years; to partially fund LBO by Kohlberg Kravis Roberts & Co. LP and Wendel Investissement from Schneider Electric SA; Limoges, France electrical distribution and industrial control and automation services; U.S. roadshow Jan. 23-30, Europe Jan. 31-Feb. 5.

TRW AUTOMOTIVE: $1.4 billion in four parts (B+); JP Morgan, Credit Suisse First Boston, Lehman Brothers, Deutsche Bank Securities, Banc of America Securities: $1 billion dollar and euro senior notes due 2013 (non-callable for five years) and $400 million dollar and euro senior subordinated notes due 2013 (non-callable for five years); to help fund $4.725 billion acquisition of the company by the Blackstone Group; Livonia, Mich. supplier of automotive components; roadshow started Jan. 17 in London; pricing Feb. 6.

2003 FIRST QUARTER

DOLE FOOD CO.: Up to $450 million of bonds to help fund leveraged buyout by DHM Acquisition Co. vehicle of company chairman David H. Murdock; with up to $1.15 billion of senior secured credit facilities via Deutsche Bank, Scotia Capital and Bank of America; Westlake Village, Calif. fresh fruit, vegetables and flowers company.

TRUMP CASINO HOLDINGS, LLC/TRUMP CASINO FUNDING, INC.: $470 million mortgage notes due 2011; Credit Suisse First Boston, Deutsche Bank Securities, UBS Warburg (joint); Rule 144A; to refinance debt; gaming firm; possible January business.

LOEWS CINEPLEX THEATRES: senior subordinated notes; Rule 144A; coming with senior credit facility and IPO; IPO via Goldman Sachs, Salomon Smith Barney, Credit Suisse First Boston and Merrill Lynch; to repay debt and for general corporate purposes; motion picture exhibitor headquartered in New York City.

ON THE HORIZON

AMERIPATH INC.: new high yield issuance; Credit Suisse First Boston and Deutsche Bank; also $375 million credit facility; to help fund the merger with Amy Acquisition Corp., a corporation formed by Welsh, Carson, Anderson & Stowe to be completed before April 30, 2003. The transaction is valued at approximately $839.4 million; Riviera Beach, Fla. provider of cancer diagnostics, genomic, and related information services; anticipated first quarter of 2003.

WILLIAM LYON HOMES: $200 million senior notes due 2012 (B3); UBS Warburg (books), Salomon Smith Barney (co); registered; non-callable for five years; equity clawback; to repay debt including $71 million 12½% notes due 2003 (issued by The Presley Cos.); Newport Beach, Calif. homebuilder; will price during 2002 pending market conditions.

MERIDIAN AUTOMOTIVE SYSTEMS, INC.: $250 million senior subordinated notes due 2012; Credit Suisse First Boston; Rule 144A, non-callable for five years; concurrent with $150 million IPO; to repay outstanding indebtedness; Dearborn, Mich. auto parts supplier.

RIVERWOOD HOLDING, INC.: senior notes (B-); along with proceeds of IPO and new term loan, to repay outstanding senior notes and senior subordinated notes and part of the borrowings on its revolving credit facility; Atlanta, Ga.-based paperboard company.

DOANE PET CARE: $200 million (approximately) senior notes (B-); JP Morgan; to repay existing debt; Brentwood, Tenn.-based private pet food company.

UNITED STATES STEEL CORP.: high yield offering as part of a $650 million combination of debt securities, equity-linked securities, bank borrowings and cash balances; to help pay for its purchase of National Steel Corp. valued at $950 million; J.P. Morgan is acting as financial advisor to U.S. Steel.

ROADSHOWS

Started Jan. 17: TRW AUTOMOTIVE $1.4 billion; JP Morgan, Credit Suisse First Boston, Lehman Brothers, Deutsche Bank Securities, Banc of America Securities; Rule 144A 10NC5

Jan. 21-30: ANCHOR GLASS CONTAINER $300 million; Deutsche Bank Securities, Credit Suisse First Boston, Banc of America Securities; Rule 144A; 10NC5

Started Jan. 23: STAR GAS PARTNERS, LP $200 million; JP Morgan, Wachovia Securities; Rule 144A; 10NC5

Started Jan. 22: CASCADES INC. $325 million; Salomon Smith Barney, Scotia Capital; Rule 144A; 10NC5

Jan. 23-30 in U.S., Jan. 31-Feb. 5 in Europe: LEGRAND, SA: $400 million and €200 million; Credit Suisse First Boston, Lehman Brothers; 10NC5

Started Jan. 27: HURRICANE HYDROCARBONS $100 million (minimum); JP Morgan; Rule 144A; 5 or 7NC


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