High Yield Calendar

Total amount of dollar-denominated high-yield bond offerings being marketed: $3.435 billion

WEEK OF MAY 12

FOREST CITY ENTERPRISES, INC.: $200 million senior notes; Goldman Sachs (books) Merrill Lynch, McDonald, NatCity, Comerica, Credit Lyonnais, Fleet Securities, ABN Amro and U.S. Bancorp Piper Jaffray; public offering; to repay at least $100 million of $200 million 8½% senior notes due 2008 and to repay bank debt; Cleveland real estate company; pricing expected middle of May 12 week.

http://www.sec.gov/Archives/edgar/data/38067/000095015203005243/l00889ae424b3.txt

SMITHFIELD FOODS, INC.: $250 million senior notes due 2013 (BB); JP Morgan, Goldman Sachs; Rule 144A; non-callable; to repay revolver; Smithfield Va.-based pork producer; expected to price Wednesday.

MUZAK HOLDINGS LLC/MUZAK FINANCE CORP.: $200 million senior notes due 2009 (B3/B); Bear Stearns, Lehman Brothers (joint); Rule 144A; non-callable for three years; to repay its existing revolving credit facility, senior term loans, and certain other debt; Fort Mill, S.C. music services co.; roadshow May 6-13.

OMNOVA SOLUTIONS INC.: $165 million senior secured notes due 2010 (B2/BB/BB); Deutsche Bank; Rule 144A; non-callable for four years; to revolver borrowings and terminate receivables sale program; Fairlawn, Ohio specialty chemical company; roadshow started May 9-16.

SEMCO ENERGY, INC.: $300 million of senior notes due 2008 and 2013 (BBB-); Credit Suisse First Boston; Rule 144A; to retire 8.95% remarketable or redeemable securities due 2008, to prepay 8% senior notes due 2004, 7.20% senior notes due 2007 and 8.32% senior notes due 2024, and for working capital and general corporate purposes; Farmington Hills, Mich. natural gas, propane distribution, pipelines and storage company; roadshow started May 8; pricing during the middle of the week of May 12.

SPECTRASITE INC.: $150 million senior notes due 2010 (B3); Lehman Brothers, Citigroup (joint); Rule 144A; non-callable for three years; Cary, N.C.-based communications tower operator; proceeds to repay bank debt; roadshow May 9-16.

UNITED STATES STEEL CORP.: $350 million senior notes due 2010 (B1/BB-)JP Morgan, Goldman Sachs (joint); registered; non-callable for four years; to fund acquisition of National Steel's integrated assets; Pittsburgh-based steel company; roadshow May 7-14.

WEEK OF MAY 19

ADVANCED ACCESSORY SYSTEMS LLC: $150 million guaranteed senior notes due 2011 (B2); Deutsche Bank Securities (books), Credit Suisse First Boston (joint lead); Rule 144A; non-callable for four years; to help fund LBO of company from JP Morgan Partners by Castle Harlan, including repayment of $125 million of 9¾% guaranteed senior subordinated notes; Sterling Heights, Mich.-based automotive parts maker; roadshow started May 12; to price May 20.

HAYES LEMMERZ INTERNATIONAL, INC.: $225 million senior notes due 2010 (expected ratings B1/B+); Citigroup, Lehman Brothers (joint); Rule 144A; non-callable for three years; part of Chapter 11 exit financing; Northville, Mich.-based auto parts supplier; roadshow starts May 13; pricing May 20.

RENT-WAY, INC.: $215 million senior secured notes due 2010; Citigroup; Rule 144A; non-callable for four years; to help repay bank debt; Erie, Pa. rental-purchase store operator; roadshow May 13 through May 21.

LAIDLAW, INC.: $400 million senior notes due 2011 (B2/B+); Citigroup, Credit Suisse First Boston (joint); non-callable for four years; Rule 144A; part of Chapter 11 exit financing; Burlington, Ont. bus and health care transportation provider; roadshow starts May 13; pricing expected May 22.

RHODIA: €700 million equivalent senior subordinated notes in dollars and euros due 2011; Goldman Sachs, Bear Stearns, BNP Paribas (joint); Rule 144A/Regulations S; to repay short-term debt; French specialty chemicals manufacturer; roadshow started week of May 5, pricing during week of May 19.

MEDEX, INC.: $150 million senior subordinated notes due 2013 (B3/B-); Lehman Brothers, Wachovia Securities (joint), Banc One Capital Markets (co); Rule 144A; also $200 million credit facility to help fund Medex and One Equity's leveraged buyout of Johnson & Johnson's Jelco peripheral IV catheter business; Dublin, Ohio-based seller of disposable and non-disposable critical care products; roadshow started week of May 5; pricing mid-week during the week of May 19.

VERTIS INC.: $250 million add-on to its 10 7/8% senior notes due June 15, 2009; Deutsche Bank Securities, JP Morgan (joint); Rule 144A; callable on June 15, 2006 at 105.4375, 102.7188, par on June 15, 2008 and thereafter; equity clawback: Until June 15, 2005 for 35% at 110.875; to repay debt; Baltimore-based provider of integrated marketing services; roadshow starts May 13; pricing during week of May 19.

MAY BUSINESS

PROVINCE HEALTHCARE CO.: $150 million senior subordinated notes due 2013; registered; to repay debt and for working capital and general corporate purposes, including future hospital acquisitions; expected to close in May.

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), Citigroup, Credit Suisse First Boston (co's); to fund merger of Riverwood Holding Inc. and Graphic Packaging International Corp.

APOGENT TECHNOLOGIES INC.: $250 million senior subordinated notes due 2013 (Ba2); Lehman Brothers; to help repurchase up to 15 million shares; Portsmouth, N.H. manufacturer of clinical diagnostic and life science research products; May business.

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, Citigroup, 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

WACKENHUT CORRECTIONS CORP.: new debt; company also has committed financing from BNP Paribas that will involve a restructuring of the existing senior credit facility; to repurchase all 12 million shares of common stock held by Group 4 Falck A/S, its 57% majority shareholder for $132 million in cash; closing anticipated by the end of June 2003.

ROADSHOWS

May 6-13: MUZAK HOLDINGS LLC/MUZAK FINANCE CORP. $200 million; Bear Stearns, Lehman Brothers; Rule 144A; 6NC3

Started early in the week of May 5: RHODIA €700 million equivalent; Goldman Sachs, Bear Stearns, BNP Paribas; Rule 144A/Regulation S; 8NC4

Started week of May 5: MEDEX, INC. $150 million; Lehman Brothers, Wachovia Securities; Rule 144A; 10-year maturity

May 7-14: UNITED STATES STEEL CORP. $350 million; JP Morgan, Goldman, Sachs; registered; seven-year maturity

Started May 8: SEMCO ENERGY, INC. $300 million; Credit Suisse First Boston; Rule 144A; five and 10-year maturities

Started May 9: OMNOVA SOLUTIONS INC.: $165 million; Deutsche Bank

May 9-16: SPECTRASITE INC.: $150 million senior notes due 2010; Lehman Brothers, Citigroup (joint)

May 13-21: RENT-WAY, INC.: $215 million; Citigroup

Started May 12: ADVANCED ACCESSORY SYSTEMS LLC $150 million; Deutsche Bank Securities; Rule 144A; 8NC4

Starts May 13: LAIDLAW, INC.: $400 million senior secured notes due 2011; Citigroup and Credit Suisse First Boston

Starts May 13: HAYES LEMMERZ INTERNATIONAL, INC. $225 million; Citigroup, Lehman Brothers; Rule 144A; 7NC3

Starts May 13: VERTIS INC.: $250 million; Deutsche Bank Securities, JP Morgan; Rule 144A add-on to 10 7/8% notes due June 15, 2009

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