Convertibles Calendar

JAN. 15 WEEK

ISIS PHARMACEUTICALS INC. (Nasdaq: ISIS): $125 million 20-year convertible subordinated notes; Lehman Brothers; Rule 144A; $37.5 million greenshoe; non-callable for five years, puts in years seven, 10 and 15; contingent conversion at 120%; Carlsbad, Calif., drug maker will use proceeds to buy back its 5.5% convertible subordinated notes due 2009 and for general purposes; pricing Wednesday after the close; talked at a coupon of 2.5% to 3% and an initial conversion premium of 27.5% to 32.5%.

NATIONAL FINANCIAL PARTNERS CORP. (NYSE: NFP): $200 million five-year convertible senior notes; Goldman Sachs, UBS Investment Bank (joint books); off shelf; $30 million greenshoe; non-callable, no puts; contingent conversion at 130%; New York-based financial services provider will use proceeds to buy back about 2 million shares of common stock from Apollo Investment Fund IV LP and Apollo Overseas Partners IV LP, to fund convertible note hedge and warrant transactions and to pay down existing debt; pricing Wednesday after the close; talked at a coupon of 0.25% to 0.75% and an initial conversion premium of 20% to 25%.

JAN. 22 WEEK

BALDOR ELECTRIC CO. (NYSE: BEZ): $150 million three-year mandatorily convertible preferred stock; UBS Investment Bank, Bear Stearns (joint books); off shelf; $22.5 million greenshoe; par of $250; automatically convert in 2010; Fort Smith, Ark.-based maker of electric motors, drives and generators will use proceeds along with $200 million of common stock and $550 million of unsecured senior notes to finance acquisition of Rockwell Automation Inc.'s Reliance Electric industrial motors and Dodge mechanical power transmission businesses and to repay all Baldor's debt; pricing on Jan. 25 after the close.

EDGE PETROLEUM CORP. (Nasdaq: EPEX): $100 million perpetual convertible preferred stock; JP Morgan, Raymond James (joint books); off shelf; par of $50; $15 million greenshoe; after three years, issuer may force conversion subject to a hurdle at 130% of the conversion price; Houston-based energy company will use proceeds along with sale of 9.2 million shares to finance its acquisition of oil and gas assets from Smith Production Inc. and to refinance existing revolving loan; pricing Jan. 23 after the close; talked at a dividend of 5.75% to 6.25% and an initial conversion premium of 20% to 25%.

ON THE HORIZON

STANLEY WORKS (NYSE: SWK): equity-linked convertible debt to help finance acquisition of HSM Electronic Protection Services, Inc. from private investors for $545 million in cash; also to be funded with available cash and debt, including a $500 million credit agreement via Citigroup Global Markets Inc.

WASHINGTON REAL ESTATE INVESTMENT TRUST (NYSE: WRE): $125 million 19-year convertible senior notes due Sept. 15, 2026; Credit Suisse; off shelf; non-callable for four years, puts in years four, nine and 14; contingent conversion at 130%; maturity, call and put dates, contingent conversion, dividend and takeover protections and net-share settlement features are the same as the $100 million of convertibles sold in September; Rockville, Md.-based real estate investment trust with properties in the greater Washington/Baltimore metro region will use $69 million of the proceeds to repay debt and the remainder for general purposes.

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