Convertibles Calendar

JUNE 16

MCMORAN EXPLORATION CO. (NYSE: MMR): $50 million of convertible perpetual preferred stock; pricing after the market close Tuesday; talked 7.5%-8%, up 18%-22%; $7.5 million greenshoe: concurrent offering of about 11 million common shares; greenshoe of 1.65 million shares; bookrunner is J.P. Morgan Securities Inc.; registered offering via existing shelf; proceeds to fund capital expenditures and for general corporate purposes; New Orleans-based oil and gas driller.

JUNE 17

WHITING PETROLEUM CORP. (NYSE: LLC): $300 million of perpetual convertible preferred stock; after the market close Wednesday; talked 5.75%- 6.75%, up 15%-20%; registered offering; $45 million greenshoe; bookrunners Merrill Lynch, Wachovia Securities LLC and J.P. Morgan Securities Inc.; non-callable for four years, and provisionally callable thereafter at a pricing hurdle of 120%; share settled; proceeds are to repay debt; Denver-based independent oil and gas company.

JUNE 18

ASSURED GUARANTY LTD. (NYSE: AGO): $150 million of convertible mandatories; after the market close Thursday; talked to yield 8%-8.5%, up 17.5%-22.5%; $22.5 million greenshoe; Bank of America is bookrunner; registered deal; concurrent offering of $400 million of common stock, with a greenshoe of $60 million of shares; $50 per unit; to mature June 1, 2012; Hamilton, Bermuda provider of credit enhancement for municipal finance, structured finance and mortgage markets.

ON THE HORIZON

CLOUD PEAK ENERGY INC.: $250 million of three-year mandatory convertible preferred stock, at a liquidation preference price of $50 per share, via underwriter Credit Suisse, concurrent initial public offering; Cloud Peak formerly part of Rio Tinto America Inc., an indirect wholly owned subsidiary of Rio Tinto plc, and Rio Tinto America; dividends payable on a cumulative basis; no proceeds go to Cloud Peak; Gillette, Wyo.-based coal producer.

INTERNATIONAL CONVERTIBLES

ON THE HORIZON

INTRALOT SA: up to €150 million of a convertible bond loan; up to seven-year duration; approved at a June 4 shareholders meeting; Athens-based provider of lottery gaming systems.

UNIONE DI BANCHE ITALIANE SCPA: €640 million of four-year convertible bonds; fixed coupon and will be listed for trading; convertible at the option of both the bondholders and the group; net share settlement; Bergamo, Italy, banking group resulting from the 2007 merger of BPU - Banche Popolari Unite and Banca Lombarda e Piemontese.

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