High Yield Calendar

Total amount of high-yield bond offerings being marketed: $3.185 billion and €2.905 billion

WEEK OF APRIL 26

TUI AG: €500-€625 million (upsized from €350 million) notes due 2011 (not rated); The Royal Bank of Scotland, Commerz, WestLB; Rule 144A/Regulation S with no registration rights; non-callable for life; 75 basis points coupon step up if notes are not rated after 18 months; to refinance debt; diversified travel industry company headquartered in Hanover, Germany; price talk 6 5/8%-6 7/8%; pricing Friday.

WISE METALS GROUP LLC/WISE ALLOYS FINANCE CORP.: $150 million senior secured notes due 2012 (B2/B); Deutsche Bank Securities, Wachovia Securities; Rule 144A; non-callable for four years; guaranteed by a first lien on property, plant, and equipment, second lien on accounts receivable and inventory; to repay debt and redeem preferred shares; Linthicum, Md. producer of aluminum beverage can stock; price talk 9¾% area; pricing Friday.

AMERICAN EQUITY INVESTMENT LIFE HOLDING CO.: $150 million senior notes due 2014 and 2016 (BB+); Merrill Lynch & Co., Raymond James, Advest, Wachovia Securities; off-the-shelf; non-callable for life; to refinance bank debt and general corporate purposes; West Des Moines, Iowa-based underwriter of annuity and insurance products; roadshow started April 26 and ends late in the April 26 week; pricing Monday.

WEEK OF MAY 3

CIRSA FINANCE LUXEMBOURG SA: €260 million senior notes due 2014 (Ba3/B+); Deusche Bank Securities; Rule 144A/Regulation; non-callable for five years; senior guarantees from all material subsidiaries; to repay debt and fund gaming investments; Spanish leisure and gaming company; roadshow April 27-30; pricing early May 3 week.

PREEM PETROLEUM AB: €125 million senior subordinated notes due 2014 (B2/B-); Deutsche Bank Securities; Rule 144A/Regulation S; non-callable for five years; to be issued at operating company level, senior to outstanding holding company notes; to refinance debt and fund capital expenditures; wholly owned subsidiary of Stockholm, Sweden-based Preem Holdings AB; roadshows April 29-30; pricing expected Tuesday.

LAZY DAYS' R.V. CENTER INC.: $155 million senior notes due 2012 (B3/B-); Deutsche Bank Securities (books), Jefferies & Co., Wells Fargo Capital (co's); Rule 144A; non-callable for four years; to fund acquisition of the company by Bruckmann, Rosser, Sherrill & Co.; Tampa, Fla.-based recreational vehicle company; roadshow started April 28; pricing May 4.

LABRANCHE & CO. INC.: $460 million senior notes due 2009, non-callable for three years, and 2012, non-callable for four years; Credit Suisse First Boston; Rule 144A; to fund tender for 9½% senior notes due August 2004 and 12% senior subordinated notes due March 2007; New York City-based financial specialist firm; roadshow started April 26; pricing middle of May 3 week.

ITRON INC.: $125 million senior subordinated notes due 2012 (B2/B); Bear Stearns & Co.; Rule 144A; non-callable for four years; to partially fund Itron's acquisition of the Electricity Products Business of Schlumberger Ltd. and to repay bank debt; Spokane, Wash.-based meter data collection and energy information management company; roadshow April 28-May 4.

WHITING PETROLEUM CORP.: $150 million senior subordinated notes due 2012 (B2/B-); Merrill Lynch & Co., Lehman Brothers (joint), AG Edwards, Petrie Parkman & Co., Raymond James, BancOne Capital Markets, KeyBanc (co's); Rule 144A/Regulation S; non-callable for four years; to refinance Whiting Oil and Gas Corp. bank debt; Denver, Colo.-based oil and natural gas exploration and production company; roadshow April 26-May 5.

COGNIS: €745 million equivalent Rule 144A/Regulation S note offering in two parts (expected B): COGNIS KG €300 million second lien floating-rate notes due 2013 (9.5 year maturity), non-callable for one year, then at 104, 102, par, COGNIS GMBH: €445 million equivalent (in euros, with possible dollar tranche) fixed-rate senior secured notes due 2014, non-callable for five years; Goldman Sachs & Co., JP Morgan (joint); to fund recapitalization; specialty chemicals manufacturer formed by spin-off of Henkel's Chemical Products business to Permira and GS Capital Partners in 2001; Europe roadshow April 22-28, U.S. roadshow started April 29; pricing expected during May 3 week.

POLYPORE INC.: $400 million equivalent senior subordinated unsecured notes due 2012 (Caa1/B-) in two tranches: $200 million and €165 million; JP Morgan (books), Bear Stearns & Co., Lehman Brothers, UBS Investment Bank (co's); Rule 144A/Regulation S; non-callable for four years; also $495 million credit facility; to help fund Warburg Pincus LLC's acquisition of Polypore from The InterTech Group Inc. and GTCR Golder Rauner LLC; North Charleston, S.C. manufacturer of specialized microporous filtration products; European roadshow during April 19 week, U.S. roadshow started April 26; pricing expected during May 3 week.

RHODIA: €700 million equivalent (increased from €625 million equivalent) senior notes due 2010 (confirmed B3/expected B-) in dollars and euros, tranche sizes to be determined; Credit Suisse First Boston, BNP Paribas, Goldman Sachs & Co. (joint books) Credit Lyonnais (joint lead manager); Rule 144A/Regulation S; non-callable for four years; also €450 million equivalent rights issue; to pay down bank debt and address medium-term liquidity issues (the increase will fund tender for €500 million medium-term notes due 2005); specialty chemical manufacturer headquartered in France; roadshow started April 23 in Frankfurt and Paris, April 26-27 in London, global launch during week of May 3.

NCLC: $350 million senior notes due 2014 (B2/B+); JP Morgan (sole books); Rule 144A/Regulation S; non-callable for five years; to repay bank debt and general corporate purposes including the potential construction of new cruise ships; wholly owned subsidiary of Star Cruises Ltd.; roadshow April 26-May 5 (started April 27 in the United States); pricing expected on May 6.

AMERICAN REAL ESTATE PARTNERS, LP: $300 million senior notes due 2012 (Ba2); Bear Stearns & Co.; Rule 144A; non-callable for four years; for general business purposes including investments and acquisitions; Mount Kisco, N.Y.-based investor in rental real estate, hotels and resorts, housing and condominium development; roadshow April 28-May 6.

ONO FINANCE: €300 million senior notes due 2014; BNP Paribas, Morgan Stanley (physical books), Banc of America Securities, Deutsche Bank Securities (joint books); Rule 144A/Regulation S; non-callable for five years; to refinance debt; Madrid, Spain-based cable, telephone and internet company; roadshow starts April 30 in New York City, May 3-7 in Europe; expected to price May 7.

MILACRON INC.: $225 million senior secured notes due 2011 (Caa1); Credit Suisse First Boston (books), JP Morgan, Lazard (co's); Rule 144A; non-callable for four years; to fund tender for $75 million term loan and Milacron Capital Holdings B.V.'s €115 million 7 5/8% guaranteed bonds due 2005; Cincinnati-based global supplier of plastics-processing technologies and industrial fluids; roadshow started April 29.

LBC: €150 million senior subordinated notes due 2014 (Caa1/CCC+); Deutsche Bank Securities, Lehman Brothers; to finance LBO of the company by One Equity Partners from Fimalac for €243 million; chemical storage company in Europe and U.S.; roadshow expected during week of April 26.

LEINER HEALTH PRODUCTS: $150 million bonds, also $290 million credit facility to be led by UBS Investment Bank and Morgan Stanley; to back NorthCaste and Golden Gate Capital's recapitalization of Leiner Health Products; Carson, Calif.-based manufacturer of supplements, diet aids and pharmaceuticals; transaction expected to launch in early May.

BRENNTAG: €180 million; Goldman Sachs & Co.; to repay mezzanine debt and fund the acquisition of the company by Bain Capital; Mόlheim an der Ruhr, Germany-based distributor of specialty and industrial chemicals; possible May business.

REVLON CONSUMER PRODUCTS CORP.: $400 million senior unsecured notes due 2011 (CCC); Citigroup (physical books), joint bookrunners expected to emerge; Rule 144A; also $680 million credit facility; to fund tender for 12% senior secured notes due 2005, 8 1/8% senior notes due 2006 and 9% senior notes due 2006, offer expires May 14; subsidiary of New York cosmetics company Revlon, Inc; will be marketed via roadshow.

WEEK OF MAY 10

CONSOLIDATED CONTAINER CO. LLC: $170 million senior secured second lien notes due June 15, 2009; Deutsche Bank Securities; three-year PIK; non-callable for three years; also $245 million credit facility; to refinance existing debt; Atlanta manufacturer of rigid plastic containers; roadshow May 3-10.

WEEK OF MAY 17

UGS PLM SOLUTIONS: $550 million senior subordinated notes due 2012 (B-) in dollar and euro tranches; Citigroup, JP Morgan, Morgan Stanley (joint); Rule 144A/Regulation S; also $625 million credit facility; to finance acquisition of UGS PLM by BSW Holdings, Inc. from Electronic Data Systems Corp. for $2.05 billion in cash; Plano, Tex. provider of PLM software and related services; roadshow starts May 3 week; expected to price May 18.

MAY BUSINESS

GUNDLE/SLT ENVIRONMENTAL INC.: $150 million senior notes due 2012 (B-); UBS Investment Bank; also $65 million credit facility; to back acquisition of Gundle/SLT Environmental Inc. by Code Hennessy & Simmons LLC; Houston manufacturer and marketer of geosynthetic lining solutions, products and services.

CONTINENTAL CHEMICAL HOLDINGS LTD.: $150 million notes due 2009 (B1/B+); UBS Securities; Rule 144A/Regulation S; Singapore-based maker of intermediate chemicals and specialty resin products.

SECOND QUARTER

B&G FOODS HOLDINGS CORP.: senior debt offering, likely high yield bonds; Lehman Brothers; also common stock and subordinated notes IPO via RBC Capital Markets, Credit Suisse First Boston, Merrill Lynch & Co., Lehman Brothers and Piper Jaffray; registered deal; to repay bank debt, call $220 million 9 5/8% senior subordinated notes due 2007 at 103.208% and repurchase preferred stock and a significant portion of outstanding class B common stock; Parsippany, N.J. manufacturer of food products.

THIRD QUARTER

ROCKWOOD SPECIALTIES INC.: €500-€600 million high yield notes; Credit Suisse First Boston, Goldman Sachs & Co., UBS Investment Bank; to finance the €2.25 billion acquisition of MG Technologies CeramTec, Chemetall, Sachtleben and DNES divisions; the divisions will be combined with Rockwood; Princeton, N.J. chemical manufacturer' transaction expected to close third quarter of 2004.

ON THE HORIZON

NEXTEL PARTNERS: senior notes and new credit facility; Morgan Stanley & Co., JP Morgan; Rule 144A/Regulation S; to fund tender for $356.95 million of 11% senior notes due 2010, dealer managers, offer expires May 25; Kirkland, Wash-based wireless communications company.

ADESA INC.: $125 million (downsized from $200 million) senior subordinated notes due 2011 (B1); also $375 million credit facility (upsized from $350 million) via UBS, Merrill Lynch & Co.; also an IPO of common shares; to finance Adesa's spin-off from Allete Inc., expected to be completed during second quarter of 2004; Carmel, Ind. operator of used vehicle and auto salvage auctions.

TENNECO AUTOMOTIVE: $400 million senior subordinated notes; Rule 144A; also approximately $150 million issue of common stock via JP Morgan, Citigroup; to repurchase $500 million of 11 5/8% senior subordinated notes due 2009; Lake Forest, Ill. auto parts maker.

HOLLYWOOD ENTERTAINMENT: $600 million: $400 million senior notes $200 million senior subordinated notes; UBS Investment Bank; Rule 144A; to fund acquisition of Oscar by Carso Holdings Corp., a Delaware corporation formed by affiliates of Leonard Green & Partners, LP.

HYUNDAI MOTOR CO.: $150-$200 million offshore floating-rate bonds (Ba1/BB), maturity to be determined; to repay debt; South Korean auto maker; pre-marketing.

CELANESE AG: High yield bonds; Morgan Stanley Dean Witter, Deutsche Bank Securities; to help fund €3.1 billion LBO by Blackstone; Frankfurt, Germany industrial chemical company.

PANAMSAT CORP.: High yield bonds and new credit facility; hear Credit Suisse First Boston, Citigroup to lead both components; to finance $4.3 billion acquisition by Kohlberg Kravis Roberts & Co. from The DirecTV Group Inc., expected to be completed in second half of 2004; Wilton, Conn. satellite operator.

CABLECOM HOLDING AG: CHF450 million high yield bond issue (CCC+); CHF1.4 billion credit facility via BNP Paribas, Credit Suisse First Boston, Deutsche Bank Securities, Goldman Sachs & Co., JP Morgan; to refinance debt; Swiss cable TV company.

LABRANCHE & CO. INC.: New senior notes; Rule 144A; to fund tender for 9 ½% senior notes due August 2004 and 12% senior subordinated notes due March 2007, Credit Suisse First Boston dealer manager, expires May 3, 2004; New York City-based financial specialist firm.

ADELPHIA COMMUNICATIONS CORP.: $3.3 billion 10-year senior unsecured notes; non-callable for five years; part of $8 billion bond and bank loan exit financing from Chapter 11; Deutsche Bank Securities; Greenwood Village, Colo. cable television company.

SEITEL, INC.: $180 million high-yield bonds to help fund exit from Chapter 11; Houston seismic information and technology company.

SICPA: €150 million; BNP Paribas, Credit Suisse First Boston.

GLOBAL MOTORSPORT GROUP INC.: $85 million senior secured notes due 2008 (B-); Jefferies & Co.; Rule 144A; non-callable for three years; to repay bank debt; Morgan Hill, Calif.-based aftermarket supplier of motorcycle parts.

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.

US ONCOLOGY: $625 million high yield bonds to help fund LBO by Oiler Acquisition Corp., an affiliate of Welsh, Carson, Anderson & Stowe IX, LP; also $550 million senior secured credit facility via JPMorgan Chase Bank, Wachovia Bank and Citicorp North America Inc.

ROADSHOWS

Started week of April 19: POLYPORE INC. $200 million; JP Morgan; Rule 144A; 8NC4

Started April 22 in Europe: TUI AG €350 million; The Royal Bank of Scotland; Rule 144A/Regulation S; 7NC

Started April 22 in Europe: COGNIS: €745 million; Goldman Sachs & Co., JP Morgan; Rule 144A/Regulation S; 9.5NC1 and 10NC5

Started April 23: RHODIA: €625 million equivalent; Credit Suisse First Boston; Rule 144A/Regulation S; 6NC4

Starts April 26 week: LBC €150 million notes; Deutsche Bank Securities, Lehman Brothers

Started April 26: LABRANCHE & CO. INC. $460 million; Rule 144A; five-year and eight-year

Started April 26: AMERICAN EQUITY INVESTMENT LIFE HOLDING CO. $150 million; Merrill Lynch & Co.; off-the-shelf; 10NC and 12NC

April 26-May 5: WHITING PETROLEUM CORP. $150 million; Merrill Lynch & Co., Lehman Brothers; Rule 144A/Regulation S; 8NC4

April 26-May 5: NCLC: $350-$450 million; JP Morgan; Rule 144A/Regulation S; 10NC5

April 27-30: CIRSA FINANCE LUXEMBOURG SA €260 million; Deutsche Bank Securities; Rule 144A/Regulation S; 10NC5

April 28-May 4: ITRON INC. $125 million; Bear Stearns & Co.; Rule 144A; 8NC4

April 28-May 6: AMERICAN REAL ESTATE PARTNERS, L.P. $300 million; Bear Stearns & Co.; Rule 144A; 8NC4

Started April 28: LAZY DAYS' R.V. CENTER INC. $155 million; Deutsche Bank Securities; Rule 144A; 8NC4

Started April 29: MILACRON INC. $225 million; Credit Suisse First Boston; Rule 144A; 7NC4

April 29-30: PREEM PETROLEUM AB €125 million; Deutsche Bank Securities; Rule 144A/Regulation S; 10NC5

Starts April 30: ONO FINANCE €300 million; BNP Paribas, Morgan Stanley; Rule 144A/Regulation S; 10NC5

May 3-10: CONSOLIDATED CONTAINER CO. LLC $170 million; Deutsche Bank Securities; 5NC3

Starts May 3 week: UGS PLM SOLUTIONS $550 million; Citigroup, JP Morgan, Morgan Stanley; Rule 144A/Regulation S; eight-year

RECENT SHELF FILINGS WITH THE SEC:

CHESAPEAKE ENERGY CORP. (Symbol: CHK): $600 million shelf filed April 27 for common stock, preferred stock, depositary shares and debt securities; securities may be issued as convertibles; includes $16.77 million previously registered but unsold; Oklahoma City natural gas producer will use proceeds for general corporate purposes.

D&K HEALTHCARE RESOURCES, INC. (Symbol: DKHR): $200 million shelf filed April 26 for debt securities, common stock, preferred stock, depositary shares, warrants, stock purchase contracts and stock purchase units; securities may be issued as convertibles; St. Louis wholesale distributor of pharmaceuticals and beauty products will use proceeds for repayment of debt, capital expenditures, working capital, acquisitions and general corporate purposes.

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