Convertibles Calendar

WEEK OF MAY 22

CAMERON INTERNATIONAL CORP. (NYSE: CAM): $500 million of 20-year cash-pay convertible senior notes in an overnight offering, talked at a reoffer price of 98.25% to 98.75% with a coupon of 2.5% and an initial conversion premium of 55%; to price May 23 before the market opens; greenshoe of $75 million; bookrunner is Morgan Stanley; Rule 144A deal; non-callable for five years; puts in years five, 10 and 15; contingent conversion at 130%; dividend and takeover protection; net-share settlement option; Houston-based supplier of flow-equipment products and services to the oil and gas industry will use the proceeds to redeem all of its $200 million outstanding 2.65% senior notes due 2007, to buy back its shares and for general corporate purposes.

GLOBAL CROSSING LTD. (NASDAQ: GLBC): $125 million of five-year convertible senior notes, talked at a coupon of 4% to 5% and an initial conversion premium of 20% to 25%; to price May 23 after the market closes; 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 9 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.

CBIZ INC. (NASDAQ: CBIZ): $85 million of 20-year convertible senior subordinated notes talked at a coupon of 2.875% to 3.375% and an initial conversion premium of 30%-35%; to price May 23 after the market closes; greenshoe of $15 million; bookrunner is Banc of America; Rule 144A deal; non-callable for five years; puts in years five, 10 and 15; contingent conversion at 130%; contingent payment at 120%; dividend and takeover protection; net-share settlement option; Cleveland-based business services provider will use half the proceeds to buy back CBIZ shares from some hedge buyers of the convertible notes, and the rest to repay part of the outstanding $48 million balance under CBIZ's $100 million unsecured loan, and for general corporate purposes.

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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