High Yield Calendar: $3.010 billion and €310 million deals being marketed

WEEK OF MAY 28

FOREST OIL CORP.: $500 million senior notes due 2019 (existing ratings B1/B+); JP Morgan, Banc of America Securities, Citigroup, Credit Suisse, Deutsche Bank Securities (joint), BMO Nesbitt Burns, BNP Paribas, TD Securities, UBS Investment Bank (co's); Rule 144A/Regulation S with registration rights; non-callable for five years; to fund acquisition; Denver-based oil and gas exploration, production and development company; roadshow Wednesday and Thursday; pricing Friday.

ARDAGH GLASS GROUP LTD.: €310 million senior fixed-rate notes and senior toggle notes due 2017 (existing ratings B3/CCC+); Citigroup; Rule 144A for life/Regulation S; to fund the acquisition of Rexam plc's glass business; Ardagh is an Ireland-based glass container manufacturer; expected to price during May 28 week

WEEK OF JUNE 4

HUB INTERNATIONAL LTD. $790 million: senior floating-rate notes due 2014 (B3/CCC+) in tranches of floating-rate notes, non-callable for two years, and fixed-rate notes, non-callable for four years, also senior subordinated notes due 2015 (Caal/CCC+), non-callable for four years; Morgan Stanley, Merrill Lynch & Co. (joint); Rule 144A for life; to help fund LBO by Apax Partners and Morgan Stanley Principal Investments; Chicago-based insurance broker; roadshow starts May 30; pricing week of June 4.

PINNACLE ENTERTAINMENT INC.: $350 million senior subordinated notes due 2015 (B-); Lehman Brothers, Bear Stearns & Co., Deutsche Bank Securities, Banc of America Securities LLC; Rule 144A with registration rights; non-callable for four years; change-of-control put at 101.0; to repay outstanding term loans, for general corporate purposes and to fund its expansion, construction and development projects; Las Vegas-based gaming company; roadshow starts May 30; pricing June 5 early afternoon.

RELIANT ENERGY INC.: $1.25 billion of senior unsecured notes with due 2015 and 2017; Goldman, Sachs & Co., Deutsche Bank Securities, JP Morgan, Merrill Lynch & Co. (joint), ABN Amro, Bear, Stearns & Co. (co's); SEC registered; proceeds plus cash on hand to fund tender for 9¼% and 9½% senior secured notes and repay a portion of the $400 million term loan; Houston energy company provides electricity and energy services to retail and wholesale customers in the United States; marketing and pricing expected June 4 week.

TRISTAN OIL LTD: $120 million add-on to 10½% senior secured notes due Jan. 1, 2012 (confirmed B2/existing B+); Jefferies & Co.; Rule 144A/Regulation S; callable on Jan. 1, 2009 at 105.25; equity clawback until July 1, 2009 for 35% at 110.5; guaranteed on a senior secured basis by affiliates Kazpolmunay LLP (KPM) and Tolkynneftegaz LLP (TNG) for working capital and general corporate purposes of KPM and TNG, including future capital expenditures; original $300 million issue priced at par on Dec. 13, 2006; British Virgin Islands oil and gas exploration and production company operating primarily in Kazakhstan; investor call May 24; pricing June 4 week.

EXPECTED JUNE BUSINESS

THOMSON LEARNING $2.14 billion: $1.35 billion senior unsecured toggle notes, $250 million senior subordinated notes, $540 million holdco PIK notes; RBS Greenwich Capital, Citigroup, UBS Investment Bank; also $3.74 billion credit facility; to fund acquisition of the company by Apax Partners and OMERS Capital Partners; Stamford, Conn., publisher of textbooks and other learning products; roadshow starts June 11 week.

ALGOMA STEEL INC.: $450 million senior unsecured notes; UBS Investment Bank; also $850 million credit facility; to help fund Essar Steel Holdings Ltd.'s acquisition of the company for C$1.85 billion; Algoma Steel is a Sault Ste. Marie, Ont.-based steel producer; roadshow to start May 28 week.

BIOMET INC. $2.565 billion: $775 million senior notes (B3/B-), $775 million senior PIK notes (B3/B-), $1.1015 billion senior subordinated notes (Caa1/B-); Banc of America Securities LLC, Goldman Sachs & Co., Bear Stearns & Co., Lehman Brothers, Wachovia Securities; also $4.35 billion senior secured credit facility; to finance LBO; Warsaw, Ind., designer and manufacturer of musculoskeletal medical products; expected June business.

EUROFINS SCIENTIFIC: €68 million perpetual securities; Dresdner Kleinwort, HSBC; non-callable for seven years; for general corporate purposes; Brussels-based life sciences company.

GREAT ATLANTIC & PACIFIC TEA CO. INC.: $780 million senior secured high-yield bonds; Banc of America Securities LLC, Lehman Brothers, also $600 million ABL revolver; to help fund its purchase of Pathmark Stores Inc. for $1.3 billion in cash, stock and debt assumption or retirement, expected to be completed during the second half of A&P's fiscal 2007 year, structure of financing and timing pending market conditions; A&P is a Montvale, N.J.-based supermarket chain.

THE SERVICEMASTER CO.: $1.15 billion high-yield bonds; Banc of America Securities LLC, Citigroup, JP Morgan; also $3.35 billion credit facility; to fund the LBO of the company by Clayton, Dubilier & Rice, Inc., total enterprise value is $5.5 billion; expected late second-quarter business.

ON THE HORIZON

AFFILIATED COMPUTER SERVICES INC.: $2.515 billion of high-yield notes and $4.05 billion senior secured credit facility; to help finance public-to-private bid by Darwin Deason, founder and chairman, and Cerberus Capital Management LP for about $8.2 billion; Citigroup has provided the bidders with a "highly confident" letter regarding its ability to raise the necessary debt; investment partners are prepared to enter into negotiations with the company immediately and are ready to move quickly to complete the transaction; Dallas-based provider of business process outsourcing and information.

CATALINA MARKETING CORP.: $490 million high-yield bonds and $760 million credit facility in LBO financing via Morgan Stanley, Bear Stearns & Co., Goldman Sachs & Co.; Catalina, St. Petersburg, Fla., provider of behavior-based promotional messaging, loyalty programs and direct-to-patient information, is being acquired by Hellman & Friedman Capital Partners VI, LP for $1.7 billion, in transaction expected to be completed during third quarter of 2007.

CLEAR CHANNEL COMMUNICATIONS INC.: $2.6 billion high-yield bonds (decreased from $4.1 billion) and $19.525 billion credit facility (upsized from $17.375 billion); Citigroup, Deutsche Bank, Morgan Stanley, Credit Suisse, RBS Greenwich Capital and Wachovia are lead banks on the debt financing; to help back its leveraged buyout by Thomas H. Lee Partners, LP and Bain Capital Partners, LLC, expected to be completed by the end of 2007; also $3.44 billion sponsor equity; San Antonio media and entertainment company.

COMMUNITY HEALTH SYSTEMS INC.: $3.365 billion unsecured notes; Credit Suisse, Wachovia Securities, backed by $3.365 billion bridge loan; also $6.95 billion credit facility; to help fund acquisition of Triad Hospitals Inc.; Nashville operator of general acute care hospitals in non-urban communities; expected in market during second or third quarter of 2007.

CONSUMER SOURCE INC.: $150 million second-lien loan and/or notes; to fund dividend to Primedia Inc., which Primedia will use to extinguish all existing bank debt; Consumer Source is a New York-based publisher and distributor of free real estate and automobile guides.

DOLLAR GENERAL CORP. $2.1 billion bonds: $1.45 billion senior unsecured notes, $650 million senior subordinated notes, backed up by $2.1 billion bridge loans via Goldman Sachs, Citigroup, Lehman Brothers, Wachovia; also $3.5 billion credit facility; to help fund LBO, expected to close third quarter of 2007; Goodlettsville, Tenn., discount retailer.

FIRST DATA CORP.: $8 billion notes; Citigroup plus others; also $16 billion bank loan, bank meeting May 30; to fund Kohlberg Kravis Roberts & Co.'s $34-per-share buyout of First Data; Greenwood Village, Colo., check and credit card transaction services provider.

HARMAN INTERNATIONAL INDUSTRIES INC.: $1.74 billion high-yield bonds; also new credit facility; Banc of America Securities LLC, Credit Suisse, Goldman Sachs & Co., Lehman Brothers; part of financing for LBO by Kohlberg Kravis Roberts & Co. LP and GS Capital Partners, expected in the third quarter; manufacturer of high fidelity audio products.

INTEGRA TELECOM INC.: $215 million senior notes; Deutsche Bank and CIBC have provided the company with the commitment letter to purchase the notes; also $965 million revolver via Deutsche Bank, Morgan Stanley and CIBC; to help fund the acquisition of Minneapolis-based Eschelon Telecom, Inc. and repay Eschelon debt; transaction expected to close in third quarter of 2007; Integra is a Portland, Ore.-based provider of telecommunications and internet services for businesses.

INVERNESS MEDICAL INNOVATIONS INC.: $317.5 million senior subordinated notes (decreased from $450 million) backed by bridge from UBS and General Electric Capital Corp.; also $1.3 billion credit facility; financing for acquisition of Biosite Inc.; Inverness is a Waltham, Mass.-based diagnostic devices company.

LAUREATE EDUCATION INC. $1.05 billion: $725 million senior unsecured notes and $325 million senior subordinated notes, also $1.15 billion credit facility; financing led by Goldman Sachs, Citigroup; to help fund LBO expected to close in June; Baltimore-based provider of higher education.

MYLAN LABORATORIES INC.: $2.85 billion senior notes and $4.85 billion credit facility in financing led by Merrill Lynch, Citigroup and Goldman Sachs & Co.; to help fund acquisition of Merck KgaA's generic business, expected to close in the second half of 2007; Canonsburg, Pa., pharmaceutical company.

RIVERDEEP INTERACTIVE LEARNING USA: $820 million senior subordinated notes; Credit Suisse, Citigroup (joint); proceeds along with $1.87 billion senior bank debt, $750 million mezzanine debt and $1.5 billion equity to fund the acquisition of Houghton Mifflin by Riverdeep from Thomas H. Lee Partners, Bain Capital Partners, LLC and Blackstone Group for $3.4 billion; Riverdeep, based in Dublin, Ireland, is a publisher of interactive products for the consumer and school markets.

SLM CORP. (SALLIE MAE): $4 billion senior secured second-lien notes; backed by $4 billion bridge financing via Bank of America and JP Morgan; also $12.5 billion term loan; to fund LBO by an investor group led by J.C. Flowers & Co. expected to close late 2007.

SOURCE INTERLINK COS. INC.: High-yield bonds and bank debt to fund acquisition of Primedia Inc.'s Enthusiast Media division, expected to close mid-summer; single-B credit ratings expected, 9% area expected interest rate on bonds; Bonita Springs, Fla., provider of merchandising and fulfillment services for home entertainment products.

TELESAT: $900 million senior notes and $2.2 billion credit facility; Morgan Stanley, UBS Investment Bank to lead financing; to help fund acquisition of Telesat by a joint venture company formed by Loral Space & Communications Inc. and the Public Sector Pension Investment Board, expected to close by mid-2007; new company will be one of the world's largest operators of telecommunications satellites, with a combined fleet of 11 satellites and four additional satellites to be launched over the next three years.

TRIBUNE CO.: $2.1 billion senior notes or senior subordinated notes backed up by $2.1 billion bridge via Merrill Lynch, JPMorgan, Citigroup and Bank of America; also $10.133 billion credit facility; to help finance public-to-private transaction; Chicago-based media company; expected to be completed by end of 2007.

PRIVATE PLACEMENT

BIO SOLUTIONS MANUFACTURING INC.: $31.2 million senior secured notes due 2014 with warrants; Regulation D/Regulation S; to finance up to 12 biodiesel fuel facilities and for working capital and general corporate purposes; Las Vegas-based developer of microbiological products for waste bioremediation.

INCOME DEPOSIT SECURITIES

OTELCO INC. 3 million income deposit securities representing 3 million shares of class A common stock and $22.5 million 13% senior subordinated notes due 2019; CIBC World Markets, UBS Investment Bank, Raymond James; to pay down term loan that matures on July 3, 2011; Oneonta, Ala., traditional wireline telephone services provider in several rural communities in Alabama, Maine and Missouri.

ROADSHOWS

May 30-31: FOREST OIL CORP. $500 million; JP Morgan, Banc of America Securities LLC, Citigroup, Credit Suisse, Deutsche Bank Securities

Starts May 30: PINNACLE ENTERTAINMENT INC. $350 million; Lehman Brothers, Bear Stearns & Co., Deutsche Bank Securities, Banc of America Securities LLC

Starts May 30: HUB INTERNATIONAL LTD. $790 million; Morgan Stanley, Merrill Lynch & Co.

Starts June 4 week: RELIANT ENERGY INC. $1.25 billion; Goldman, Sachs & Co., Deutsche Bank Securities, JP Morgan, Merrill Lynch & Co.

Starts June 11 week: THOMSON LEARNING $2.14 billion; RBS Greenwich Capital, Citigroup, UBS Investment Bank

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