High Yield Calendar

Total amount of high-yield bond offerings being marketed: $3.585 billion and €140 million

JULY 26 WEEK

PANAMSAT CORP.: $1.01 billion of senior notes due 2014 (B1/B+); Credit Suisse First Boston, Citigroup (joint), Bear Stearns, Lehman Brothers (co's); non-callable for five years; Wilton, Conn.-based satellite communications company will use proceeds to fund tender offers for two existing series of bonds as part of sale of PanAmSat to affiliates of Kohlberg Kravis Roberts & Co., The Carlyle Group and Providence Equity Partners, Inc.; roadshow July 22-30; pricing July 30.

MATEL BV: €140 million senior due 2012; Credit Suisse First Boston, BNP Paribas; Rule 144A/Regulation S; non-callable for four years; also €165 million bank loan; to repay bank debt, fund repayment of a shareholder loan and repay a vendor loan from Vivendi Universal; holding company for Invitel, a Hungary's second largest local fixed line telephone company, formerly owened by Vivendi Universal, now owned by GMT Communications Partners Limited and AIG Emerging Europe Infrastructure; roadshow starts July 26; expected to price July 30.

UNITED REFINING CO.: $200 million senior notes due 2014 (B3/B-); Citigroup, Goldman Sachs & Co., PNC; Rule 144A/Regulation S; non-callable for five years; to redeem $180.1 million 10¾% senior notes, fund a $5 million dividend to its stockholder, and for general corporate purposes; Warren, Pa. refiner and operator of gas and convenience stores; roadshow started July 23; expected to price July 29 or 30.

WEEK OF AUGUST 2

INNOPHOS INC.: $190 million senior subordinated notes due 2014; Bear Stearns & Co., UBS Investment Bank (joint); Rule 144A; non-callable for five years; to fund the acquisition of Innophos (Rhodia's North American phosphate chemical division) by Bain Capital; Cranbury, N.J.-based producer of phosporic acid and phosphates for use in specialty applications; roadshow starts July 26; pricing Aug. 2 or 3.

BLOUNT, INC.: $175 million senior subordinated notes due 2012; Lehman Brothers (books), JP Morgan, BNP Paribas, Robert W. Baird & Co., UBS Investment Bank (co's); off-the-shelf; non-callable for four years; three-year 35% equity clawback; also concurrent $125 million offering common stock offering; to refinance debt; wholly owned subsidiary of Blount International, Inc., a Portland, Ore.-based outdoor products, industrial and power equipment and lawnmower company; roadshow started July 22; pricing early-to-mid Aug. 2 week.

CROMPTON CORP.: $600 million senior fixed-rate notes due 2011 and 2014 and senior floating-rate notes due 2010 (B); Deutsche Bank Securities, Citigroup, Credit Suisse First Boston (joint); Rule 144A/Regulation S; to fund tender for $350 million of 8½% senior notes due 2005 and $150 million of 6 1/8% notes due 2006; Middlebury, Conn.-based producer of specialty chemicals and polymer products and equipment; roadshow started July 20; pricing expected middle of Aug. 2 week.

US ONCOLOGY INC.: $575 million: $200 million senior notes due 2012, non-callable for four years (B2/B-), and $375 million senior subordinated notes due 2014, non-callable for five years (B3/B-); Citigroup, JP Morgan, Wachovia Securities; Rule 144A/Regulation S; to help fund merger with Oiler Acquisition Corp., an affiliate of Welsh, Carson, Anderson & Stowe IX, LP, including the tender for US Oncology's 9 5/8% senior subordinated notes due 2012; Houston cancer treatment services company; roadshow starts July 26; pricing Aug. 2 week.

ALDERWOODS GROUP, INC.: $200 million senior notes due 2012; Banc of America Securities, Morgan Stanley; Rule 144A; non-callable for four years; to fund tender for 12¼% senior notes due 2009 and to repay a subordinated loan due 2005; Cincinnati, Ohio funeral home and cemetery operator; roadshow begins late in July 26 week.

STANADYNE CORP.: $160 million senior subordinated notes due 2014 (Caa1/B); Goldman Sachs & Co.; Rule 144A/Regulation S; non-callable for five years; also $100 million credit facility; to help fund leveraged buyout of company by an affiliate of Kohlberg & Co. LLC; Windsor, Conn. provider of technology and services for engine components and fuel systems; roadshow started July 23; pricing expected during week of Aug. 2.

BORDEN U.S. FINANCE CORP./BORDEN NOVA SCOTIA: $475 million of second priority senior secured floating-rate notes due 2010, non-callable for two years and second priority senior secured notes due 2014, non-callable for five years, tranche sizes to be determined; Credit Suisse First Boston, JP Morgan (joint), Morgan Stanley (co); Rule 144A; to fund acquisition of Borden Chemical, Inc. by Apollo; Columbus, Ohio producer of resins, adhesives and coatings; roadshow starts July 27.

THIRD QUARTER

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

J.L. FRENCH AUTOMOTIVE CASTINGS INC.: $165 million preferred equity securities; Goldman Sachs; part of series of refinancing transactions; up to $50 million may be bought by Onex Corp. and other shareholders; Sheboygan, Wis. maker of aluminum automotive parts; July/August business.

NEW SKIES SATELLITES NV: $800 million bond and bank financing; Deutsche Bank Securities to lead bond deal; also new equity; to help fund The Blackstone Group's acquisition of the company for $956 million in cash, expected to close late 2004 or early 2005; Hague, Netherlands-based fixed satellite communications company; expected to come to the market in the third quarter of 2004.

ON THE HORIZON

AMC ENTERTAINMENT INC.: $625 million committed financing from JP Morgan and Citigroup to include senior notes at the operating company level and possible senior discount notes and a senior secured revolver at the holding company level; also $785 million equity investment; to fund acquisition of AMC for $2 billion by JPMorgan Partners; Kansas City, Mo.-based movie theater chain.

MOHEGAN TRIBAL GAMING AUTHORITY: $250 million senior subordinated notes to help fund tender offer for two series of existing bonds; tender via dealer managers Citigroup, Banc of America, SG; consent deadline of July 28; Uncasville, Conn.-based Native American gaming operator.

BOB EVANS FARMS: $190 million debt securities; NatCity Investments; to fund acquisition of Tustin, Calif.-based SWH Corporation (Mimi's Cafe) for $182 million in cash, including assumption of $78.7 million of debt, expected to be completed in July; Columbus, Ohio-based Bob Evan Farms owns and operates 561 family restaurants in 21 states.

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 corporation formed by affiliates of Leonard Green & Partners, LP.

TEXAS GENCO HOLDINGS, INC.: New bonds; also new credit facility via Goldman Sachs & Co., Deutsche Bank Securities, Morgan Stanley (same banks expected to lead bond deal); to help fund acquisition of Texas Genco, a wholesale electric power generation company based in Houston, for approximately $3.65 billion in cash; expected fourth quarter business.

VERIZON HAWAII: New high-yield bonds; also new credit facility to be led by JPMorgan, Goldman Sachs, Lehman Brothers (same banks to lead bond deal, although not necessarily in that order); to fund Carlyle Group's $1.65 billion acquisition of Verizon Hawaii from Verizon Communications Inc.; pending regulatory approvals.

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.

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. aftermarket supplier of motorcycle parts.

INCOME SECURITIES OFFERINGS IN THE MARKET

ALASKA COMMUNICATIONS SYSTEMS GROUP INC.: $400 million income deposit securities: shares of Class A common stock and senior subordinated notes due 2019; Citigroup, CIBC World Markets, JP Morgan (books), Banc of America Securities, RBC Capital Markets, Jefferies & Co., KeyBanc Capital Markets (co's); proceeds, together with cash on hand, to fund cash payment to existing stockholders and to repay existing credit facility; Anchorage, Alaska provider of fixed line and mobile telecommunications services in Alaska.

ALLIANCE LAUNDRY HOLDINGS INC.: up to $375 million of income deposit securities (IDS) comprised of 20.4 million shares of class A common stock and $116.4 million senior subordinated notes due 2019; also separate offering of $16.2 million senior subordinated notes (Caal/CCC on notes); CIBC World Markets, Lehman Brothers (joint), UBS Investment Bank (co) estimated price $14.00 and $16.00 per IDS; company supplies washers and driers to laundromats.

AMERICAN SEAFOODS CORP.: Income deposit securities and 15-year notes: 34,375,000 million IDSs comprised of shares of class A common stock and $177 million of notes due Sept. 15, 2019, also separate offering of $27.9 million notes due Sept. 15, 2019; CIBC World Markets, Merrill Lynch & Co. (leads), UBS Investment Bank (joint lead), Credit Suisse First Boston, RBC Capital Markets, Legg Mason, KeyBanc Capital Markets, SunTrust Robinson Humphrey, Piper Jaffray, Wells Fargo Securities, Scotia Capital, Morgan Joseph & Co.; to indirectly redeem additional equity from owners of affiliate, American Seafoods, LP.

B&G FOODS HOLDINGS CORP.: approximately $450 million proceeds from sale of 28.4 million Enhanced Income Securities (EIS), representing 28.4 million shares of class A common stock and $196.2 million senior subordinated notes due 2016; Also separate offering of $26.5 million senior subordinated notes due 2016; RBC Capital Markets, Credit Suisse First Boston, Merrill Lynch & Co. (joint books), Lehman Brothers and Piper Jaffray; registered; 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.

CARROLS HOLDING CORP.: $475 million Enhanced Yield Securities comprised of shares of common stock and senior subordinated notes due 2016 and offerings of shares of common stock and senior subordinated notes due 2016; Lehman Brothers; proceeds, along new credit facility to repay existing bank debt and $170 million 9½% senior subordinated notes due 2008.

COINMACH SERVICE CORP.: $400 million income deposit securities (Caa1) comprised of shares of class A common stock and senior secured notes due 2024; also separate offering of senior secured notes due 2024; Merrill Lynch & Co.; to redeem part of Coinmach Corp.'s 9% notes, repay bank debt and repurchase class A and class B preferred shares; Plainview, N.Y. supplier of coin and card operated laundry equipment.

DAVCO ACQUISITION HOLDING INC.: $161 million Enhanced Income Securities comprised of class A common stock and senior subordinated notes due 2016, also separate offering of senior subordinated notes due 2016; RBC Capital Markets (books), KeyBanc Capital Markets, Oppenheimer, SunTrust Robinson Humphrey; to repurchase class B common stock from Citicorp Venture Capital, Ltd. and affiliates; subsidiary of Crofton, Md.-based DavCo Restaurants Inc., the largest franchisee of Wendy's International, Inc.

EYE CARE CENTERS OF AMERICA: $375 million Income Units comprised of class A common stock and senior subordinated notes due 2014; Banc of America Securities, Merrill Lynch & Co. (books), Citigroup, Lehman Brothers (co's); proceeds along with available cash to repay credit facility, redeem $100 million 9 1/8% senior subordinated notes due 2008 and $50 million subordinated term notes, also redeem all outstanding preferred stock and repurchase common stock from existing shareholders; San Antonio, Tex. prescription optical retail chain owner.

FAIRPOINT COMMUNICATIONS INC.: $750 million income deposit securities; includes 42.81 million shares of class A common stock and $209.8 million senior subordinated notes due 2019; also separate offering of $33 million senior subordinated notes due 2019 (CCC+ notes only); CIBC World Markets, Citigroup, Deutsche Bank Securities (books), Banc of America Securities, Credit Suisse First Boston, RBC Capital Markets, UBS Investment Bank, Wachovia Securities (co's); to repay existing credit facility, fund tender for $115.2 million 9½% senior subordinated notes due 2008, $75 million floating-rate notes due 2008, $193 million 12½% senior subordinated notes due 2010, $225 million 11 7/8% senior notes due 2010; Charlotte, N.C. rural local-exchange carrier; expected price of $15.00 to $17.00 per IDS.

INSIGHT HEALTH SERVICES HOLDINGS CORP.: $675 million Income Deposit Securities comprised of class A common stock and senior subordinated notes, also separate senior subordinated notes of the same series; CIBC World Markets, Banc of America Securities; to repay bank debt, fund tender for 9 7/8% senior subordinated notes due 2011, establish capital expenditures reserve account and make a payment to InSight's equity investors; Lake Forest, Calif.-based provider of diagnostic imaging and information, treatment and related management services.

IOWA TELECOMMUNICATIONS SERVICES INC.: $725 million income deposit securities comprised of shares of common stock and senior subordinated notes due 2014, also separate offering of senior subordinated notes due 2014; CIBC World Markets, Citigroup, Lehman Brothers, UBS Investment Bank, Jefferies & Co., Legg Mason, RBC Capital Markets; to repay debt; Newton, Iowa telecommunications company.

MERISANT WORLDWIDE, INC.: $700 million income deposit securities comprised of shares of class A common stock and senior subordinated notes due 2019, also separate offering of senior subordinated notes due 2019; Credit Suisse First Boston, RBC Capital Markets, Merrill Lynch & Co. (joint); to repay bank debt, repurchase discount notes, repurchase senior subordinated notes, repurchase class B common stock, fund payments under existing management incentive plans; formerly known as Tabletop Holdings, Inc., Chicago company markets low calorie tabletop sweeteners.

RURAL LEC ACQUISITION LLC: $190 million income deposit securities comprised of class A common stock and senior subordinated notes due 2019; CIBC World Markets, RBC Capital Markets; to repay $81.2 million of long-term notes and $18 million Mid-Missouri Holding long-term notes and for general corporate purposes; Oneonta, Ala. provider of telephone services in Alabama and Missouri, plans to change name to Otelco Inc. before offering closes.

TRANSCORE HOLDINGS INC.: $375 million Enhanced Yield Securities comprised of class A common stock and senior subordinated notes due 2016, also separate offering of senior subordinated notes due 2016; Lehman Brothers; proceeds, along with a new credit facility, to repay existing credit facility, redeem common and preferred stock and make other payments to security holders and employees; Harrisburg, Pa. provider of information technology to toll road operators, state departments of transportation, trucking companies and freight brokers.

UAP HOLDING CORP.: $680 million income deposit securities and senior subordinated notes due 2019: $640 million of income deposit securities comprised of 32 million securities to price at approximately $20.00 per security, to include shares of common stock (valued at $11.41 per share), and $275 million of senior subordinated notes due 2019 (valued at $8.59 per note); also separate offering of $39.7 million senior subordinated notes due 2019 (Caa3 on both debt offerings); Credit Suisse First Boston, UBS Investment Bank, CIBC World Markets (joint), Goldman, Sachs & Co., Merrill Lynch & Co (co's); to take out preferred stock owned by ConAgra and stock owned by company executives and Apollo Management V LP; subsidiary of United Agri Products, the former ConAgra agricultural products business.

VALOR COMMUNICATIONS GROUP, INC.: $875 million income deposit securities: shares of class A common stock and senior subordinated notes due 2019, also separate offer of senior subordinated notes due 2019 (CCC+ on both debt offerings), notes non-callable for seven years; CIBC World Markets, Merrill Lynch & Co., Lehman Brothers (joint), Banc of America Securities, JP Morgan (co's); to purchase subsidiaries' stock and repay debt; Irving, Tex.-based telecommunications provider.

XERIUM TECHNOLOGIES, INC.: $1.059 billion of income deposit securities, shares and notes; 40.625 million income deposit securities comprised of 40.625 million shares of class A common stock and $296.6 million senior subordinated notes due 2019; also separate offering of $54 million of senior subordinated notes due 2019; CIBC World Markets (books), Citigroup, Merrill Lynch & Co., Robert W. Baird & Co., Calyon Securities, KeyBanc Capital Markets, Legg Mason (co's); to repay debt, including senior and mezzanine credit facilities and to redeem part of class A common stock; Westborough, Mass. manufacturer of clothing and machinery covers.

ROADSHOWS

Started July 20: CROMPTON CORP. $600 million minimum; Deutsche Bank Securities, Citigroup

July 22-30: PANAMSAT CORP. $1.01 billion senior notes; Credit Suisse First Boston, Citigroup.

Started July 22: BLOUNT, INC. $175 million; Lehman Brothers

Started July 23: UNITED REFINING CO. $200 million; Citigroup

Starts July 26: INNOPHOS INC. $190 million Bear Stearns & Co., UBS Investment Bank

Starts July 26: US ONCOLOGY INC. $575 million; Citigroup, JP Morgan, Wachovia Securities

Starts July 26: MATEL BV €140 million; Credit Suisse First Boston, BNP Paribas

Starts late July 26 week: ALDERWOODS GROUP, INC. $200 million; Banc of America Securities, Morgan Stanley

Starts July 27: BORDEN U.S. FINANCE CORP./BORDEN NOVA SCOTIA $475 million; Credit Suisse First Boston, JP Morgan

RECENT SHELF FILINGS WITH THE SEC:

D.R. HORTON, INC. (Symbol: DHI): $2 billion shelf filed July 21 for debt securities, preferred stock, depositary shares, common stock, warrants, stock purchase contracts, stock purchase units and trust preferreds; securities may be issued as convertibles; includes $85 million previously registered but unsold; Arlington, Tex. homebuilder will use proceeds for general corporate purposes.

PILGRIM'S PRIDE CORP.: $500 million shelf filed July 19 for debt securities, preferred stock and common stock; securities may be issued as convertibles; Pittsburg, Tex. poultry producer will use proceeds to expand business.

SEROLOGICALS CORP. (Symbol: SERO): $300 million shelf filed July 21 for debt securities, preferred stock and common stock; securities may be issued as convertibles; Norcross, Ga. provider of biological products and technologies to life sciences companies will use proceeds for general corporate purposes.

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