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

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.

ON THE HORIZON

GOL LINHAS AEREAS INTELIGENTES SA (NYSE: GOL): $100 million offering of 20-year convertible senior unsecured notes; pricing expected after registration is approved; Morgan Stanley is bookrunner; also concurrent primary offering of 2.5 million preferred shares and offer of convertible debentures in Brazil; greenshoe for $15 million; non-callable for five years; puts in years five, 10 and 15; contingent conversion at 120%; Sao Paulo, Brazil-based low cost airline carrier will use proceeds to buy aircraft, equipment and materials.

RETAIL VENTURES INC. exchangeable into DSW INC. (NYSE: DSW): $125 million of five-year mandatory premium income securities (PIES) exchangeable into class A common shares of DSW Inc.; Lehman Brothers is bookrunner; non-callable; no puts; Columbus, Ohio-based department store operator will use proceeds to repay loans and for general purposes; DSW is a Columbus, Ohio-based footwear retailer spun off by Retail Ventures.

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