Convertibles Calendar

WEEK OF JUNE 5

LEVEL 3 COMMUNICATIONS INC (NASDAQ: LVLT): $150 million of six-year convertible senior notes talked at a coupon of 3.25% to 3.75% and an initial conversion premium of 17.5% to 22.5%; to price the week of June 5; greenshoe of $22.5 million; bookrunner is Merrill Lynch; registered deal; concurrent shelf offering of 125 million shares and greenshoe of 18.75 million shares; non-callable four years; Broomfield, Colo.-based internet backbone services provider to will use proceeds to redeem or repurchase its 9.125% senior notes due 2008 and 10.5% senior discount notes due 2008, and to pay off or buy back other existing debt.

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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