Convertibles Calendar

WEEK OF MAY 15

ENZON PHARMACEUTICALS INC. (NASDAQ: ENZN): $175 million of seven-year convertible senior notes, talked at 3.5% to 4% and an initial conversion premium of 25% to 30%; to price May 17 after the market closes; greenshoe of $50 million; bookrunner is Goldman Sachs; Rule 144A deal; non-callable for the 3 years, thereafter subject to 140% hurdle; dividend and takeover protection; Bridgewater, N.J.-based biopharmaceutical company will buy back existing 4.5% convertible subordinated notes due 2008, of which $394 million is still outstanding; investment advisory firm Franklin Advisors Inc. has agreed to sell $128 million of the 4.5% convertibles back to Enzon and to buy at least $75 million of the new convertibles.

WEEK OF MAY 22

GREENBRIER COS. (NYSE: GBX): $85 million of 20-year convertible senior unsecured bonds, talked at 2.125% to 2.625% and an initial conversion premium of 27.5% to 32.5%; to price May 22 after the market closes; greenshoe of $15 million; Bear Stearns and Bank of America are the bookrunners; Rule 144A deal; non-callable for 7 years; puts in years 7, 10 and 15; contingent conversion at 130%; dividend and takeover protection; Lake Oswego, Ore.-based maker of railcars will use the proceeds for general corporate purposes.

GLOBAL CROSSING LTD. (NASDAQ: GLBC): $125 million of five-year convertible senior notes, talked at an initial conversion premium of 20% to 25%; coupon range to be announced during marketing; to price week of May 22; first three years of interest payments will be collateralized by a portfolio of U.S. Treasury securities; greenshoe of $18.75 million; bookrunner is Goldman Sachs; registered deal; non-callable for 3 years; dividend and takeover protection; concurrent offering of 6.75 million shares; STT Crossing Ltd., a wholly owned unit of Global Crossing majority shareholder Singapore Technologies Telemedia Pte. Ltd., may take up to $25 million of the notes offered; Bermuda-headquartered provider of internet-based telecommunications solutions will use proceeds to fund general corporate purposes, which may include buying assets and businesses, and buy Treasury securities to secure interest payments.

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