Convertibles Calendar

WEEK OF NOV. 6

HORNBECK OFFSHORE SERVICES INC. (Symbol: NYSE: HOS): $200 million 20-year convertible senior notes; Jefferies & Co., Bear Stearns (joint books); Rule 144A; $30 million greenshoe; non-callable for five years, subject to 135% hurdle in years six and seven; puts in years seven, 10 and 15; Covington, La., provider of offshore supply vessels to the oil and gas industry will use proceeds to fund convertible note hedge and warrant transactions, to buy back common stock (with 30% of total); and for general purposes that could include acquisitions; talked at a coupon of 1.625% to 2.125% and an initial conversion premium of 32.5% to 37.5%; pricing Tuesday after the close.

INLAND REAL ESTATE CORP. (Symbol: IRC): $150 million 20-year convertible senior notes; Wachovia Securities; Rule 144A deal; $22.5 million greenshoe; non-callable for five years, puts in years five, seven and 10; Oak Brook, Ill., real estate investment trust operating neighborhood retail centers and community centers will use the proceeds to buy back up to $50 million of stock, pay back an existing loan with Key Bank NA and for general purposes; pricing Tuesday after the close; talked at a coupon of 4.125% to 4.625% and an initial conversion premium of 15% to 20%.

ON THE HORIZON

MEDIS TECHNOLOGIES LTD.: (Nasdaq: MDTL): $50 million of perpetual convertible preferred stock; Citigroup; Rule 144A offering; $7.5 million greenshoe; non-callable for three years, after which subject to a 150% hurdle; no puts; New York-based maker of fuel cell batteries will use proceeds for developing and commercializing products, which may include capacity expansion, and for general purposes; talked at a dividend of 6.5% to 7.25% and an initial conversion premium of 28% to 32%; day-to-day timing.

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