Convertibles Calendar

FEB. 24 WEEK

AXCAN PHARMA INC. (Symbol: AXCA): Rule 144A; $100 million of five-year convertible notes, non-callable for three years, with $15 million greenshoe; price talk of 4.25-4.75% yield, 25-30% initial conversion premium; there is a 110% contingent conversion trigger; via lead manager UBS Warburg; the Canadian pharmaceutical firm plans to use proceeds for general corporate purposes, and future product and company acquisitions; scheduled to price after the close Thursday.

CHESAPEAKE ENERGY CORP. (Symbol: CHK): Rule 144A; $200 million of perpetual convertible preferreds, non-callable for three years then with 130% hurdle; price talk of 6.25-6.75% yield, 23-27% initial conversion premium; via lead manager Salomon Smith Barney; proceeds, along with $300 million bond issue, to help pay for acquisition of natural gas assets from El Paso Corp.; expected ratings Caa1/CCC+; slated to price Thursday.

RECENT SHELF FILINGS

NEWFIELD EXPLORATION CO. (Symbol: NFX): $575 million shelf filed Feb. 20 for debt securities, common stock, stock purchase contracts, stock purchase units, preferred stock, depositary shares and securities warrants; securities may be issued as convertibles; Houston oil and gas company will use proceeds for general corporate purposes.

http://www.sec.gov/Archives/edgar/data/912750/000095012903000915/h03470sv3.txt

RENAISSANCERE HOLDINGS LTD. (Symbol: RNR): $564.25 million shelf filed Feb. 25 for common shares, preference shares, depositary shares, debt securities, warrants to purchase common shares, warrants to purchase preference shares, warrants to purchase debt securities, share purchase contracts and share purchase units and trust preferred securities; includes $364.235 million previously registered but unsold; securities may be issued as convertibles; Pembroke, Bermuda property catastrophe reinsurance company will use proceeds for general corporate purposes.

http://www.sec.gov/Archives/edgar/data/913144/000095012303001971/y83416sv3.txt

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