Convertibles Calendar

WEEK OF APRIL 10

RENTECH INC. (AMEX: RTK): $50 million of seven-year convertible senior notes talked at a coupon of 3.5% to 4% with an initial conversion premium between 18% and 22%; greenshoe of $7.5 million; bookrunner is Credit Suisse; callable with premium make-whole in first five years subject to threshold of 150% of conversion price; callable after 2011; contingent conversion at 120%; dividend and takeover protection; 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.

MEDTRONIC INC. (NYSE: MDT): $4 billion of two equally sized convertible senior unsecured notes with initial conversion premium of 10%; 5-year convertible talked at a coupon of 0.75%-1.5%, 7-year convertible talked at a coupon of 1% to 1.75%; to price April 12; greenshoe of $200 million for each tranche; bookrunners are Morgan Stanley, Bank of America, Merrill Lynch, Citigroup, Deutsche Bank and Goldman Sachs; non-callable for life; contingent conversion at 140%; dividend and takeover protection; net-share settlement; Rule 144A deal; convertible note hedge and warrant transactions, with warrant exercise price at 50% premium to stock price; Minneapolis-based medical device maker will buy back about $2.5 billion of its own stock with the proceeds and fund the convertible note hedge transactions.

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