Convertibles Calendar

WEEK OF APRIL 3

ANNALY MORTGAGE MANAGEMENT INC. (NYSE: NLY): $100 million of perpetual convertible preferred stock talked at a dividend of 5.75% to 6.25% with an initial conversion premium between 17.5% and 22.5%; greenshoe of $15 million; bookrunner is Merrill Lynch; par of $25; to price April 6 after the close; company's conversion option after 2011 subject to 130% threshold; full dividend and takeover protection; proceeds will be used to buy mortgage backed securities; New York-based real estate investment trust with portfolio of mortgage-backed securities.

ON THE HORIZON

RENTECH INC. (AMEX: RTK): $50 million of seven-year convertible senior notes; greenshoe of $7.5 million; Credit Suisse; callable with premium make-whole in first five years if 10-day volume weighted average price of the common stock exceeds 150% of the conversion price for at least five straight trading sessions; callable after 2011; also selling 12.5 million shares with a greenshoe for 1.875 million; Rentech, a Denver, Colo.-based developer of alternative fuel technology, will use proceeds to pay for purchase of Royster-Clark Nitrogen Inc., to fund working capital at Royster-Clark and for general corporate purposes.

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