Convertibles Calendar

JUNE 18

FIFTH THIRD BANCORP (Nasdaq: FITB): $1 billion of perpetual convertible preferred stock; after the market close Wednesday; shelf registration; talked 8%-8.5%, up 22.5%-27.5%; greenshoe of up to an additional $150 million; joint books Goldman Sachs, Credit Suisse, Merrill Lynch & Co., with Fifth Third Securities co-manager; non-callable for five years, with no puts; proceeds for general corporate purposes; regional bank based in Cincinnati.

ENERGY CONVERSION DEVICES INC. (Nasdaq: ENER): $225 million of five-year convertible senior notes; after the market close Wednesday; concurrent offering 4.709 million shares of common stock; talked to yield 3%-3.5%, up 27.5%-32.5%, five-year bullets; registered offerings; $33.75 million greenshoe; Credit Suisse Securities (USA) LLC and UBS Securities LLC are bookrunners for the offerings, with JPMorgan Chase & Co., Deutsche Bank Securities and Lazard Ltd. serving as co-managers; use of proceeds to expand solar laminate production; Rochester Hills, Mich.-based maker of thin-film flexible solar laminate products for the building integrated and commercial rooftops markets.

JUNE 19

MF GLOBAL LTD. (NYSE: MF): $300 million in two private offerings of $150 million of non-cumulative perpetual convertible preference shares and $150 million of convertible senior notes; after the market close Thursday; Rule 144A; $30 million greenshoe for each offering; bookrunners Banc of America Securities LLC, Morgan Stanley, Citigroup and J.P. Morgan Securities Inc.; convertible preference shares talked to yield 4.75% to 5.25%, with an initial conversion premium of 10% to 15%; non-callable for five years, with forced conversion after that at 125% of the conversion price; no puts; 30-year convertible senior notes talked with a coupon of 4% to 4.5% and an initial conversion premium of 15% to 20%; also non-callable for five years, with a put in year five and at various subsequent dates; proceeds, together with other components of the company's capital plan, to repay outstanding bridge loan due December 2008; Bermuda-based broker of exchange-listed futures and options.

ON THE HORIZON

BLACK HILLS CORP. (NYSE: BKH): mandatory convertible securities; proceeds, along with new equity and unsecured debt, to replace bridge facility; bridge facility will be used to fund the Rapid City, S.D.-based diversified energy company's acquisition of Aquila, Inc.'s electric utility in Colorado and gas utilities in Colorado, Kansas, Nebraska and Iowa, along with the associated liabilities, for $940 million.

INTERNATIONAL CONVERTIBLES

ON THE HORIZON

PACIFIC ASIA PETROLEUM INC. (OTC Bulletin Board: PFAP): $75 million of redeemable convertible preference shares; Regulation S; proceeds to fund the purchase of participating interests held by ChevronTexaco in four coalbed methane and tight gas sand resource blocks in China; Hartsdale, N.Y.-based oil and gas company with a specific focus on China.

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