High Yield Calendar

Total amount of high-yield bond offerings being marketed: $2.125 billion and €275 million

WEEK OF SEPT. 27

GRAHAM PACKAGING HOLDINGS CO.: $625 million (decreased from $725 million): $250 million (decreased from $350 million) senior notes due 2012, non-callable for four years (Caa1/CCC+) price talk 8½%-8¾% and $375 million senior subordinated notes due 2014, non-callable for five years (Caa2/CCC+) price talk 150 basis points behind the senior notes; Citigroup, Deutsche Bank Securities, Goldman Sachs (joint); Rule 144A; also new bank debt; to repay debt and to finance its $1.2 billion acquisition of Owens-Illinois' blow-molded plastic container business, and fund tenders for $250 million 8¾% senior subordinated notes due 2008, $75 million floating-rate subordinated term securities due 2008 and $169 million 10¾% senior discount notes due 2009; York, Pa. manufacturer of blow-molded plastic containers for food, beverage, household, personal care and automotive lubricants markets; pricing Wednesday afternoon.

DENNY'S HOLDINGS INC./DENNY'S CORP.: $175 million senior notes due 2012 (Caa1/CCC+); UBS Investment Bank, Goldman Sachs & Co., Banc of America Securities (joint); Rule 144A; non-callable for four years; to refinance existing senior notes; Spartanburg, S.C. family-style restaurant chain; price talk 10% area; pricing mid day Wednesday.

UBIQUITEL OPERATING CO.: $135 million add-on to 9 7/8% senior notes due March 1, 2011 (existing ratings Caa1/CCC); Bear Stearns & Co.; Rule 144A; to fund tenders for its 14% senior subordinated discount notes due 2010 and 14% senior discount notes due 2010; callable after March 1, 2007 at 107.406, 104.938, 102.469, par on; equity clawback until March 1, 2007 for 35% at 109.875; original $270 million priced Feb. 13 2004; Conshohocken, Pa.-based exclusive provider of Sprint digital wireless communications services in the Western and Midwestern U.S.; pricing Wednesday.

RAIT INVESTMENT TRUST: $50 million in 2 million share offering of perpetual preferred shares series B, to price at $25 par (no ratings available); Friedman Billings Ramsey (books); Piper Jaffray, Stiffel Nicholas (co's); Philadelphia-based real estate investment trust focuses on properties in Philadelphia and in the Baltimore to Washington, D.C. corridor; pricing Wednesday.

LOEHMANN CAPITAL CORP. $110 million senior secured notes due 2011 (Caa1) in two parts: fixed-rate and floating-rate notes; Jefferies & Co.; Rule 144A; to fund LBO sponsored by the Crescent Group; upscale off-price specialty retailer for women, headquartered in the Bronx, N.Y.; roadshow started Sept. 20; pricing Sept. 30.

SI CORP.: $230 million senior secured notes due 2012 (B); JP Morgan, Bear Stearns & Co. (joint); Rule 144A; non-callable for four years; guaranteed by a first lien on all assets except accounts receivable and inventory, on which there will be a second lien; to repay bank debt and the accounts receivable facility; Chickamauga, Ga.-based manufacturer of synthetic fabrics and fibers that provide strength and support for products in the furnishings and construction materials markets; roadshow started Sept. 23; pricing Oct. 1.

VICTORIA ACQUISITION II BV (VENDEX): €275 million senior notes due 2014 (B), non-callable for four years with the first call at par plus full coupon, also floating rate notes; tranche sizes to be determined; Citigroup, ING; to finance acquisition of Vendex KKB led by Kohlberg Kravis Roberts & Co., Cinven, Permira and AlpInvest; Netherlands department store owner; roadshow Started Sept. 27; pricing expected Oct. 1.

WEEK OF OCT. 4

B&G FOODS HOLDINGS CORP.: $200 million senior notes due 2011 (B2/B); Lehman Brothers (books), RBC Capital Markets, Credit Suisse First Boston, BNY Capital Markets (co's); registered; non-callable for four years; also concurrent $340 million (approximate) Enhanced Income Securities offering (see below) and $30 million revolver; to fund recapitalization, repay $150 million of bank debt, retire $220 million 9 5/8% senior subordinated notes due 2007, repurchase $119 million preferred stock, repurchase options, warrants and Class B common stock from existing investors, Bruckman, Rosser, Sherrill, Canterbury Mezzanine Capital and the CIT Group; Parsippany, N.J. based food company; roadshow started Sept. 20; pricing expected Oct. 4 week.

WEEK OF OCT. 11

BOISE CASCADE LLC: $650 million bonds; JP Morgan, Lehman Brothers (joint), Goldman Sachs & Co. (co); part of $3.555 billion financing of the LBO of Boise Cascade by Madison Dearborn Partners; paper and office products company is based in Boise, Idaho; pricing expected during Oct. 11 week.

THIRD QUARTER

EDITIS: €150 million bond; BNP Paribas, Credit Suisse First Boston, Lehman Brothers; to support Wendel Investissement's acquisition of certain publishing assets from Lagardere; Paris-based publisher of educational and consumer media, formerly Vivendi Universal Publishing; expected in third quarter of 2004.

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.

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.

OCTOBER BUSINESS

BOISE CASCADE LLC: $650 million bonds; JP Morgan and Lehman Brothers (joint); also approximately $2.9 billion credit facility expected to launch late September or early October; to help fund acquisition of Boise Cascade Corp.'s paper, forest products and timberland assets for about $3.7 billion; based in Boise, Ida.

OSKAR HOLDINGS NV: €325 million senior secured notes due 2011 (B1/B); JP Morgan, ABN Amro, UBS Investment Bank; Czech mobile telecommunication company previously known as previously Cesky Mobil.

DRESSER-RAND CO.: $420 million bonds; Morgan Stanley, Citigroup, UBS Investment Bank; also new credit facility; to help fund First Reserve Corp.'s acquisition of Dresser-Rand from Ingersoll-Rand Co. Ltd. for cash of about $1.2 billion; Olean, N.Y., supplier of infrastructure equipment to the energy industry; expected in October.

HORNBACH-BAUMARKT-AG: Up to €200 million bonds; Deutsche Bank Securities; Rule 144A; to improve the company's long-term capital structure and to secure its liquidity for further growth; Bornheim bei Landau/Pfalz, Germany-headquartered company operates do-it-yourself retail markets and garden centers; October business.

ON THE HORIZON

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.

BUFFETS HOLDINGS INC.: 10-year senior notes in connection with IDS offering; Eagan, Minn., restaurant operator; to help refinance existing debt.

STATS CHIPPAC LTD.: Senior notes; Rule 144A/Regulation S; to fund tender for ChipPac International Co. Ltd.'s $165 million 12¾% senior subordinated notes due 2009, Deutsche Bank Securities dealer manager, offer expires Oct. 4; service provider of semiconductor packaging design, assembly, test and distribution solutions, headquartered in Singapore and Fremont, Calif.

COOPER STANDARD AUTOMOTIVE: $400 million bonds; Deutsche Bank, Lehman Brothers, Goldman Sachs & Co., UBS Investment Bank (joint); also $625 million credit facility; to help fund acquisition of Cooper-Standard by an entity formed by The Cypress Group and Goldman Sachs Capital Partners from Cooper Tire & Rubber Co. for approximately $1.165 billion; Novi, Mich.-based manufacturer of fluid handling systems, body sealing systems, and active and passive vibration control systems, primarily for automotive original equipment manufacturers; expected to close in fourth quarter.

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.

IMCO RECYCLING: $100 million add-on to 10 3/8% senior secured notes due 2010; to help fund IMCO and Commonwealth merger, including refinancing of Commonwealth 10¾% senior subordinated notes due 2006, and Commonwealth and IMCO bank debt.

INTELSAT: New bonds and bank loan; Deutsche Bank Securities, Credit Suisse First Boston, Lehman Brothers; to help fund the approximately $5 billion acquisition of Intelsat by Zeus Holdings Ltd., a company formed by a consortium of funds advised by Apax Partners, Apollo Management, Madison Dearborn Partners and Permira; Intelsat is a Bermuda-based worldwide satellite telecommunications company; late third or early fourth quarter of 2004.

PETROKAZAKHSTAN: $150 million notes due 2014 (Ba3/B+); JP Morgan; Regulation S; Calgary, Alta.-based vertically integrated international energy company is largest supplier of refined products in Kazakhstan, owning one of the country's three refineries.

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.

VNU WORLD DIRECTORIES: Approximately $450 million equivalent bonds; JP Morgan; to fund Apax Partners Worldwide LLP and Cinven Ltd.'s €2.075 billion acquisition of the company from parent VNU NV, a Dutch information and media business.

INCOME SECURITIES OFFERINGS IN THE MARKET

B&G FOODS HOLDINGS CORP. approximately $340 million: 20.8 million (decreased from 28.4 million) Enhanced Income Securities (EIS), representing shares of class A common stock and $148.6 million (decreased from $196.2 million) senior subordinated notes due 2016, offering price $15.50-$17.00 per EIS, increased from $14.50-$15.50; also separate (third party) offering of $19 million (decreased from $26.5 million) senior subordinated notes due 2016 (notes only Caa1/CCC+), both issues of notes non-callable for five year and contain three-year 35% equity clawback; RBC Capital Markets, Credit Suisse First Boston, Merrill Lynch & Co. (joint books), Lehman Brothers and Piper Jaffray; registered; also $200 million senior notes (see above) and new $30 million revolver; to fund recapitalization, repay $150 million of bank debt, retire its $220 million 9 5/8% senior subordinated notes due 2007, repurchase $119 million preferred stock, repurchase options, warrants and Class B common stock from existing investors, Bruckman, Rosser, Sherrill, Canterbury Mezzanine Capital and the CIT Group; Parsippany, N.J. based food company; roadshow started Sept. 20; pricing expected Oct. 4 week.

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 20.63 million shares of class A common stock and $100 million senior subordinated notes due 2019; also separate offering of $13.9 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.: $450 million (decreased from $550 million) Income deposit securities and 15-year notes: 30,740,741 (decreased from 34,375,000) IDSs comprised of shares of class A common stock $13.50-$14, decreased from $16-$18) and $158.3 million (decreased from $177 million) of notes due 2019, also separate offering of $27.9 million notes due 2019 (B3 on both note offerings), price talk 12¼% area on both note offerings; 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; to trade on American Stock Exchange.

BUFFETS HOLDINGS, INC.: $550 million Income Deposit Securities and senior subordinated notes; Credit Suisse First Boston (on left), Banc of America Securities LLC, CIBC World Markets (joint books), UBS Investment Bank (lead), JPMorgan, Piper Jaffray (cos); also new credit facility and 10-year senior notes; proceeds along with cash on hand to refinance outstanding debt and repurchase common stock, warrants and options from the existing holders; Eagan, Minn., restaurant operator.

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. $383.15 million: 21.05 million income deposit securities at approximately $13.50-$15.00 per IDS comprised of shares of class A common stock and $135 million (decreased from $148.5 million) senior secured notes due 2024; also separate third party $20 million offering of senior secured notes due 2024 (Caa1 on notes) ; Merrill Lynch & Co. (books), Citigroup, Jefferies & Co., Deutsche Bank Securities, RBC Capital Markets, SunTrust Robinson Humphrey (co's); 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. 7.99 million Enhanced Income Securities (EIS), price range $14.50 and $15.50 per EIS: comprised of 7.99 class A common stock and $59 million senior subordinated notes due 2016, also separate offering of $7.5 million senior subordinated notes due 2016; RBC Capital Markets (books), KeyBanc Capital Markets, Oppenheimer, SunTrust Robinson Humphrey; both issues of notes guaranteed on an unsecured senior subordinated basis by all domestic subsidiaries (DavCo Operations Inc., FriendCo Restaurants, Inc., Heron Realty Corp. and MDF, Inc.); approximately $13.0 million of the proceeds will be used 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, Deutsche Bank Securities, UBS Investment Bank (books), Banc of America Securities, Citigroup, Credit Suisse First Boston, RBC Capital Markets, 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.

IOWA TELECOMMUNICATIONS SERVICES, INC. $742.7 million: 36.7 million income deposit securities, price range $15-$17 per IDS; each IDS comprised of shares of common stock and $194.2 million senior subordinated notes due 2019; also separate offering of $27 million senior subordinated notes due 2019; CIBC World Markets, Citigroup, Lehman Brothers (books), UBS Investment Bank, Jefferies & Co., Legg Mason, RBC Capital Markets, Banc of America Securities, Bear, Stearns & Co., KeyBanc Capital Markets, Raymond James; to repay $216.5 million term debt under existing credit facility and prepay 2007 term notes; Newton, Iowa telecommunications company.

MERISANT WORLDWIDE, INC.: $775 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.

PRESTIGE BRANDS HOLDINGS, INC. $920 million income deposit securities: shares of Class A common stock and senior subordinated notes due 2019; also a separate offering of senior subordinated notes; Merrill Lynch & Co. Banc of America Securities; also new credit facility; to repay existing credit facility, purchase or redeem all of the 9¼% notes; purchase all senior preferred stock and class B preferred stock and purchase shares of class C common stock; Irvington, N.Y.-based cleaning products company.

RURAL LEC ACQUISITION LLC $190 million: 8.98 million income deposit securities comprised of class A common stock and $69.7 million senior subordinated notes due 2019, estimated price range $15.20 and $16.80 per IDS; also separate $9 million offering of senior subordinated notes due 2019; CIBC World Markets, RBC Capital Markets (leads), Harris Nesbitt, KeyBanc Capital Markets, Raymond James; 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.: 36.5 million (increased from 32 million) income deposit securities, price range $19-$21 per IDS, comprised of shares of common stock and $292 million (increased from $275 million) of senior subordinated notes due 2019 ; also separate offering of $40.6 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.: 40.625 million income deposit securities comprised of 40.625 million shares of class A common stock and $298.6 million senior subordinated notes due 2019, price range $15.20 and $16.80; also separate offering of $52.4 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 Sept. 20 week: B&G FOODS HOLDINGS CORP. $200 million bonds also $340 million EIS; Lehman Brothers

Started Sept. 20: LOEHMANN CAPITAL CORP. $110 million; Jefferies & Co.

Started Sept. 23: SI CORP. $230 million; JP Morgan, Bear Stearns & Co.

Started Sept. 27: VICTORIA ACQUISITION II BV (VENDEX) €275 million; Citigroup, ING

RECENT SHELF FILINGS WITH THE SEC:

CHESAPEAKE ENERGY CORP.: $600 million shelf filed Sept. 28 for common stock, preferred stock, depositary shares and debt securities; securities may be issued as convertibles; includes $260.75 million previously registered but unsold; Oklahoma City independent natural gas company will use proceeds for general corporate purposes.

MISSION RESOURCES CORP.: $150 million shelf filed Sept. 24 for debt securities, common stock, preferred stock, depositary shares, warrants, purchase contracts and units; securities may be issued as convertibles; Houston oil and gas exploration and production company will use proceeds for general corporate purposes.

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