Total amount of dollar-denominated high-yield bond offerings being marketed: $1.505 billion

WEEK OF APRIL 7

SENIOR HOUSING PROPERTIES TRUST: $125 million senior notes due 2015 (Ba2/BB+); UBS Warburg; registered; non-callable for five years; to repay bank debt; Newton, Mass. senior living properties REIT; price talk 8% area; pricing Friday.

BRAKE BROTHERS: £175 million senior notes due 2011 in sterling and euro tranches (B3/B-); Credit Suisse First Boston, JP Morgan (joint); Rule 144A; non-callable for four years; to repay bridge loan; price talk 11½%-11¾%; pricing Friday.

WEEK OF APRIL 14

ETHYL CORP.: $150 million senior notes due 2010 (B2/B); Credit Suisse First Boston (books), UBS Warburg, SunTrust Robinson Humphrey (co's); Rule 144A; non-callable for four years; to repay debt; also $165 million credit facility led by Credit Suisse First Boston and UBS Warburg; to refinance existing debt; Richmond, Va. fuel and lubricant additives company roadshow April 4-11; expected to price Tuesday.

FRESENIUS AG: €300 million notes due 2009 (BB+); Deutsche Bank Securities (books) Dresdner Kleinwort Wasserstein, West LB (joint leads); non-callable for three years; to repay debt; roadshow starts April 10; pricing Tuesday.

ALPHARMA INC.: $200 million senior notes due 2011; Banc of America Securities (books), CIBC World Markets (co); Rule 144A; non-callable for four years; to repay debt incurred in acquisition of FH Faulding & Co. Ltd.; Fort Lee, N.J.-based specialty pharmaceutical company; roadshow April 8-16.

APRIL BUSINESS

RIVERWOOD HOLDING INC./GRAPHIC PACKAGING INTERNATIONAL CORP.: $1.5 billion financing in high yield bonds and bank debt; notes via Deutsche Bank Securities, JP Morgan (joint) credit facility lead by JPMorgan, Deutsche Bank, Goldman Sachs and Morgan Stanley (equal leads in financing), Salomon Smith Barney, Credit Suisse First Boston (co's); to fund merger of Riverwood Holding Inc. and Graphic Packaging International Corp.

AES CORP.: $1 billion second priority senior secured notes; to fund cash tender for outstanding senior and subordinated notes and pay down $475 million of senior bank facility; Salomon Smith Barney and UBS Warburg LLC are joint dealer managers for the tender offer, which expires May 2; Arlington, Va. energy company; roadshow expected to start April 21.

SECOND QUARTER

RESOURCE AMERICA, INC.: $30 million of senior notes due 2008; Bear Stearns and Friedman Billings Ramsey (joint); registered; callable on Aug. 1, 2006 at 106; concurrently company will offer up to $65.336 million of new notes in exchange for all outstanding 12% senior notes due 2004; Philadelphia-based oil and natural gas company.

http://www.sec.gov/Archives/edgar/data/83402/000095011603001564/s3.txt

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.

HAYES LEMMERZ INTERNATIONAL, INC.: senior notes; Lehman Brothers, Salomon Smith Barney (joint); part of Chapter 11 exit financing; company received commitment of up to $550 million of exit financing from Citigroup Inc. to support plan of reorganization; confirmation hearing set for May 7; Northville, Mich.-based auto parts supplier; expected to price in second quarter of 2003.

ON THE HORIZON

LAIDLAW, INC.: $300 million senior secured notes (B2/B+); part of Chapter 11 exit financing; company also obtaining new $825 million credit facility via Citigroup and Credit Suisse First Boston; Burlington, Ont. bus and health care transportation provider.

CORRECTIONS CORP. OF AMERICA: $200 million senior notes due 2011 (B2/B); Lehman Brothers; off the shelf; non-callable for four years; to finance purchase of up to 90% of series B preferred stock, to finance redemption of series A preferred stock, to repurchase 3,362,899 shares of common stock to be issued on conversion of the $40 million convertible notes and to pay down term loan; Nashville private prison operator.

http://www.sec.gov/Archives/edgar/data/1070985/000095014403004442/g81691ae424a.htm

ROADSHOWS

April 4-11: ETHYL CORP. $150 million; seven-year maturity

April 8-14: ALPHARMA INC. $200 million; Banc of America Securities; Rule 144A; 8NC4

April 10-15: FRESENIUS AG €300 million; Deutsche Bank Securities; 6NC3

April 21: AES CORP.: $1 billion

RECENT SHELF FILINGS WITH THE SEC

WILLIS GROUP HOLDINGS LTD. (Symbol: WSH): $500 million shelf filed April 10 for debt securities, preferred stock, common stock, warrants, warrant units, stock purchase contracts, stock purchase units and prepaid stock purchase contracts plus 20 million shares of common stock to be sold by an affiliate of KKR; London insurance broker will use proceeds for general corporate purposes.

http://www.sec.gov/Archives/edgar/data/1081003/000104746903012823/a2107776zs-3.htm

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