High Yield Calendar

Total amount of high-yield bond offerings being marketed: $1.205 billion and £60 million

WEEK OF JUNE 27

GEORGICA PLC: £60 million senior secured second-lien floating-rate notes due 2012 (Caa1/CCC+); The Royal Bank of Scotland; Regulation S; non-callable for two years; to repay £40 million due under the company's group facilities agreement, which will result in an additional £23 million becoming available under that agreement to fund capital expenditure. The company has discretion over the use of £12.5 million of the proceeds to fund a capital expenditure or a share buyback program, while the balance will be used for general corporate purposes; holding company for U.K.-based leisure brands Riley and Tenpin, operators of pool and snooker halls and bowling alleys; price talk three-month Libor plus 700 basis points, revised from three-month Libor plus 650-675 basis points; pricing Monday morning in London.

CHAPARRAL STEEL CO.: $300 million in two parts (B1/B): eight-year senior notes callable with a Treasuries plus 50 basis points make-whole call for the first four years, then callable at a premium, and seven-year senior floating-rate notes, with a Treasuries plus 50 basis points make-whole call for the first two years (tranche sizes to be determined); Banc of America Securities LLC, UBS Investment Bank (joint); Rule 144A; proceeds along with a concurrent $50 million drawdown of the new revolver to fund a cash distribution to Texas Industries Inc. (TXI) to effect the spinoff of Chaparral from Texas Industries; producer of steel products and steel bar products, headquarters in Midlothian, Texas; roadshow June 20-29; pricing mid-week during the week of June 27.

TEXAS INDUSTRIES INC.: $250 million senior notes due 2013 (Ba3/BB-); UBS Investment Bank, Banc of America Securities LLC (joint), BB&T, Wells Fargo Securities (co's); non-callable for four years; to help fund tender for its $600 million 10¼% senior notes due 2011; Dallas-based construction materials company roadshow Started June 21; pricing middle of June 27 week.

COMMERCIAL VEHICLE GROUP INC.: $150 million senior notes due 2013 (Ba3/B+); Credit Suisse First Boston; Rule 144A/Regulation S; to repay bank debt and for general corporate purposes; New Albany, Ohio-based truck parts manufacturer; roadshow started June 20; pricing middle of June 27 week.

NEFF CORP.: $245 million senior secured second-lien notes due 2012; Credit Suisse First Boston; Rule 144A with registration rights; non-callable for three years; to fund the acquisition of Neff by Odyssey Investment Partners; Neff is a Miami, Fla.-based construction and industrial equipment rental company; roadshow Started June 21; expected to price during the week of June 27.

COMPRESSION POLYMERS HOLDINGS LLC: $215 million in two parts: $150 million senior fixed-rate notes due 2013 non-callable for four years (B2/B-) and $65 million senior floating-rate notes due 2012, non-callable for two years (B2/B+); Wachovia Securities; to fund the leveraged buyout of Compression Polymers Corp. by AEA Investors; manufacturer of engineered extruded plastic sheet products used primarily as replacements for wood and metal, based in Moosic, Pa.; roadshow began June 20; pricing week of June 27.

PORTRAIT CORP. OF AMERICA (PCA INTERNATIONAL INC.): $45 million senior secured notes due 2009; Jefferies & Co.; Matthews, N.C.-based operator of photographic studios in Wal-Mart stores, also works with churches, schools and military installations; expected to launch week of June 20.

SUMMER 2005 BUSINESS

SUNGARD DATA SYSTEMS INC.: High yield bonds; Deutsche Bank Securities involved; to help fund the $11.3 billion acquisition of the company by Solar Capital Corp., a group formed by Silver Lake Partners, Bain Capital, The Blackstone Group, Goldman Sachs Capital Partners, Kohlberg Kravis Roberts & Co. LP, Providence Equity Partners and Texas Pacific Group; financing also includes up to a $5 billion credit facility via JP Morgan and Citigroup; expected summer 2005.

GLOBAL TOYS ACQUISITION LLC: High-yield bonds; Deutsche Bank Securities, Banc of America Securities; also a $2.85 billion U.S. asset-based debt facility, and a $350 million European working capital facility; to back the $6.6 billion Toys "R" Us Inc. acquisition by Bain Capital Partners LLC, Kohlberg Kravis Roberts & Co. and Vornado Realty Trust; expected summer 2005.

THE NEIMAN MARCUS GROUP INC.: $3.9 billion debt financing, including senior secured notes, revolving credit facility, term loans and possibly bridge loans; Credit Suisse First Boston to lead debt financing; to support acquisition of the company by Texas Pacific Group and Warburg Pincus LLC.

ON THE HORIZON

AMADEUS GLOBAL TRAVEL DISTRIBUTION SA: €1 billion (approximate); Credit Suisse First Boston, BNP Paribas plus others; to fund the LBO of the company by BC Partners and Cinven; travel reservations firm based in Madrid, Spain; expected during first half of 2005.

BRASKEM SA: $100 million perpetual senior notes (/BB-/BB-); Banco Itau; Rule 144/Regulation S; non-callable for five years; Sao Paulo, Brazil, petrochemical company.

THE DOLAN FAMILY GROUP (CABLEVISION): $4.25 billion in a multi-tranche bond offering at the holding company level; also $2.8 billion credit facility at the operating company level via Bank of America and Merrill Lynch; proceeds to be used to take Cablevision Systems Corp. private; pending shareholder approval; Cablevision is a Bethpage, N.Y.-based telecom and cable business.

CELLC (PTY) LTD. €625 million in two tranches: Seven-year non-call-four first-priority secured notes (B2/BB-) and 10-year non-call-five senior subordinated notes (Caa1/B-), tranche sizes to be determined (ratings to be determined); Citigroup; to repay debt; South African wireless operator, with headquarters in Benmore, Gauteng.

CHENIERE ENERGY: $500 million senior notes due 2015 (B3/B+); JP Morgan, Credit Suisse First Boston (joint), Banc of America Securities (co); Rule 144A/Regulation S; non-callable for five years; to fund three-year interest reserve, capital expenditures and for general corporate purposes; Houston-based company is a provider of liquified natural gas services; price talk 8¾% area was before offering was postponed on April 19 due to market conditions.

DACOM CORP.: $300 million notes due 2010 (expected ratings Ba3/BB-); Credit Suisse First Boston; Rule 144A/Regulation S; non-callable for life; to refinance debt; South Korea-based integrated service provider of telecommunications and internet related services; roadshow started March 14 week in Asia, March 17 in London, March 18-21 in Boston and New York City.

EL PASO CORP.: Remarketing of $272 million 6.14% senior unsecured notes due Aug. 16, 2007 (assumed ratings Caa1/CCC+); via Credit Suisse First Boston; Rule 144A/Regulation S with registration rights; to facilitate issuance of El Paso stock in 2005 pursuant to terms of the company's 9% mandatory convertible securities issued in June 2002 (equity contract settles Aug. 16, 2005), no proceeds to El Paso Corp.; Houston-based diversified oil and gas utility company.

MYLAN LABORATORIES INC.: $500 million senior unsecured notes due 2015 (Ba1/BB+); Merrill Lynch & Co.; also $475 million credit facility (BBB-); proceeds, along with on hand cash, to fund a $1.25 billion share repurchase program; Canonsburg, Pa., pharmaceutical company.

PETROHAWK ENERGY CORP.: $125 million high-yield bonds; to back the consolidation of the bank debt of Petrohawk and soon-to-be-acquired Mission Resources Corp.; bank group includes BNP Paribas; Petrohawk is a Houston-based energy company; Mission Resources is a Houston-based independent exploration and production company.

PSYCHIATRIC SOLUTIONS INC.: $150 million senior subordinated notes; Rule 144A/Regulation S; to fund a portion of the acquisition of 20 inpatient psychiatric facilities from Ardent Health Services and for general corporate purposes; Franklin, Tenn.-based company.

SIRIUS SATELLITE RADIO INC.: $250 million senior notes due 2015 (/CCC); JP Morgan, Morgan Stanley (joint), UBS Investment Bank (co); Rule 144A/Regulation S with registration rights; make-whole call at Treasuries plus 50 basis points for first five years, then callable at premium; 40% equity clawback; approximately $63.1 million of proceeds to redeem outstanding 15% senior secured discount notes due 2007 and 14½% senior secured notes due 2009, and for general corporate purposes; New York-based satellite radio broadcast company.

TIM HELLAS: Bond financing to back €1.1 billion buyout of the company by Apax Partners and Texas Pacific Group from Telecom Italia; Deutsche Bank Securities, JP Morgan, others; TIM Hellas is the Greek mobile telephone operation, of which Telecom Italia is the majority stake-holder; expected to close in July.

TRAVELEX GROUP: Sterling-denominated bonds, size of offering to be determined; Deutsche Bank Securities; a consortium led by Apax Partners signed an agreement in February 2005 to acquire a majority stake in Travelex, transaction expected to close in 2005; London-based foreign currency exchange services provider.

ROADSHOWS

Started June 20: COMPRESSION POLYMERS HOLDINGS LLC $215 million; Wachovia Securities

Started June 20: COMMERCIAL VEHICLE GROUP INC. $150 million; Credit Suisse First Boston

Started week of June 20: PORTRAIT CORP. OF AMERICA (PCA INTERNATIONAL INC.) $45 million; Jefferies & Co.

June 20-29: CHAPARRAL STEEL CO. $300 million; Banc of America Securities LLC, UBS Investment Bank

Started June 21: TEXAS INDUSTRIES INC. $250 million; UBS Investment Bank, Banc of America Securities LLC

Started June 21: NEFF CORP. $245 million; Credit Suisse First Boston

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