Convertibles Calendar

Week of Sept. 19

US AIRWAYS GROUP INC. $125 million of convertible notes due 2020, with $18.75 million greenshoe; to price Sept. 28; price talk is for a coupon of 6.75% to 7.25%, with an initial conversion premium of 25% to 30%; Merrill Lynch is bookrunner; non-callable for five years and then callable in years six through 10, with a provisional 115% trigger, puts years five and 10; concurrent offering of up to 9.78 million common shares; proceeds to pay obligation to General Electric Co.

ON THE HORIZON

DRS TECHNOLOGIES INC. (Symbol: DRS) $250 million of senior subordinated convertible notes; as part of a mix of borrowings to help fund its acquisition of Engineered Support Systems Inc. (ESSI); the other financings include $124.7 million under a new revolving credit facility, $200 million from an expanded existing term loan and $700 million of new high-yield debt; DRS is a Parsippany, N.J.-based provider of technology products and services to defense, government intelligence and commercial customers. ESSI is a St. Louis-based diversified supplier of integrated military electronics, support equipment and technical services.

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