High Yield Calendar: $800 million deals being marketed

JANUARY 7 WEEK

SOUTHWESTERN ENERGY CO.: $400 million 10-year senior notes (expected Ba2/confirmed BB+); JPMorgan, Banc of America Securities LLC, RBS Greenwich Capital (joint), BMO Capital Markets, Mizuho Securities, RBC Capital Markets, SunTrust Corporate and Investment Banking, CapOne Financial, Comerica Investments, Compass Capital Partners, KeyBanc Capital Markets, Mitsubishi Securities International plc, Piper Jaffray, Wells Fargo Securities; Rule 144A/Regulation S; non-callable; to repay revolver; Houston-based company engaged in oil and gas exploration and production in the Arkoma Basin and East Texas; roadshow started Jan. 7; pricing expected Jan. 11.

JANUARY 14 WEEK

ATLAS ENERGY OPERATING CO./ATLAS ENERGY FINANCE: $400 million senior notes due 2018 (B3/B); JPMorgan, Wachovia Securities (joint), Banc of America Securities LLC, BNP Paribas, RBC Capital Markets, Merrill Lynch & Co., Friedman Billings Ramsey (co's); Rule 144A/Regulation S; non-callable for five years; to repay bank debt; Moon Township, Pa., oil and natural gas development and production company; roadshow starts Jan. 8; pricing expected Jan. 17.

EXPECTED JANUARY BUSINESS

SOLUTIA INC.: $400 million senior notes due 2016 (expected ratings B2/B); Citigroup, Goldman Sachs, Deutsche Bank Securities; also $1.6 billion credit facility; to finance emergence from Chapter 11 bankruptcy (company filed for Chapter 11 in December 2003); St. Louis-based chemical company; roadshow expected to begin within a few days of Jan. 7 bank meeting.

EXPECTED EARLY 2008 BUSINESS

AVAYA INC.: $1.45 billion senior unsecured notes (CCC+): $700 million cash-pay notes and $750 million PIK toggle notes; Morgan Stanley, Citigroup, JPMorgan (joint); also $4.335 billion credit facilities; to fund LBO by Silver Lake and TPG Capital; Basking Ridge, N.J., provider of communication systems, applications and services; expected early 2008 business.

BIL HOLDINGS (LYONDELL-BASELL FINANCE CO. LTD.): $8 billion equivalent: $5.5 billion equivalent senior secured second-lien notes (B2/B+) and $2.5 billion equivalent senior unsecured notes (B3/B-) both in dollar and euro tranches; Citigroup, Goldman Sachs, Merrill Lynch, ABN Amro, UBS Investment Bank; to finance acquisition of Houston-based Lyondell Chemical Co.; Basell is a Netherlands-based producer of polypropylene and polyethylene; expected early 2008 business.

CATALINA MARKETING CORP.: $490 million notes (Caa1/B-): $330 million senior PIK toggle notes and $160 million senior subordinated notes; Bear Stearns, Goldman Sachs & Co., Morgan Stanley; Rule 144A; to fund the acquisition of the company by Hellman & Friedman Capital partners VI; St. Petersburg, Fla., provider of promotional marketing services; expected early 2008 business.

CDW CORP. $1.94 billion notes: $890 million senior unsecured cash-pay notes due 2015 (Caa1/CCC+), $300 million senior unsecured PIK toggle notes due 2015 (Caa1/CCC+) and $750 million senior subordinated notes due 2017 (Caa2/CCC+); JPMorgan, Lehman Brothers, Deutsche Bank Securities, Morgan Stanley; to refinance bridge loan related to LBO; Vernon Hills, Ill., provider of technology products and services.

CLEAR CHANNEL COMMUNICATIONS INC. $2.6 billion: $1.1 billion of senior cash pay notes and $1.5 billion in senior pay-in-kind option notes with expected eight-year maturities; Morgan Stanley, Citigroup, Deutsche Bank Securities (joint), Credit Suisse, RBS Greenwich Capital, Wachovia Securities also expected to be involved; Rule 144A; to help fund LBO; San Antonio media and entertainment company; expected early 2008 business.

HARRAH'S ENTERTAINMENT INC.: $6.025 billion in senior unsecured notes; Citigroup, Deutsche Bank Securities, Banc of America Securities LLC, Credit Suisse, JP Morgan, Merrill Lynch; to help fund LBO by Texas Pacific Group and Apollo Management; Las Vegas-based provider of branded casino entertainment; possible January business.

LAUREATE EDUCATION INC.: $995 million notes: $685 million senior unsecured notes due 2015 and $310 million senior subordinated notes due 2016; Goldman Sachs & Co., Citigroup (joints), JPMorgan, Credit Suisse (co's); to help fund LBO; Baltimore-based provider of higher education; bridge loan funded in August.

MYLAN INC.: $330 million senior notes; Merrill Lynch, Citigroup, Goldman Sachs & Co.; also $4.85 billion credit facility; to refinance debt from acquisition of Merck KGaA's generic business; Canonsburg, Pa., pharmaceutical company.

NASDAQ STOCK MARKET INC.: $625 million senior unsecured notes (Ba2/BB+); also $1.5 billion credit facility; Banc of America Securities LLC, JPMorgan; to partially finance the acquisition of OMX AB, expected to close mid-to-late February, as well as the acquisitions of the Philadelphia Stock Exchange and the Boston Stock Exchange; Nasdaq is a New York-based equities exchange.

RELIANCE INTERMEDIATE HOLDINGS LP: $293 million senior secured notes due 2014 (Ba2/BB-) also RELIANCE LP C$1.075 billion senior secured notes due 2012 and 2017 (Baa3/BBB-); Citigroup (lead bookrunner), RBC Capital Markets (joint bookrunner), HSBC (co-manager on investment-grade tranches); Rule 144A; entire transaction to be run off of high-grade desk; to refinance acquisition-related bridge loan; Oshawa, Ont., heating and cooling products and services provider.

SEQUA CORP.: $700 million senior unsecured notes due 2015, non-callable for four years (Caa2/CCC+): senior unsecured notes and senior unsecured discount notes (2.5-year zero coupon); Lehman Brothers (lead bookrunner); Citigroup, JPMorgan (joint books); Rule 144A for life/Regulation S; both tranches non-callable for four years, with three-year 35% equity clawback and 101.0 change-of-control put; to help fund $2.7 billion LBO by the Carlyle Group; New York-based diversified aerospace and industrial company.

UNITED TEST AND ASSEMBLY CENTRE LTD. (UTAC): $475 million senior notes due 2015: $275 million senior cash-pay notes and $200 million senior PIK notes; JP Morgan, Merrill Lynch, ABN Amro; non-callable for four years; to finance LBO; Singapore-based semiconductor testing and assembly company.

ON THE HORIZON

3COM CORP.: $400 million one-year bridge loan; also $800 million credit facility via Citibank Hong Kong Branch, UBS Singapore Branch, HSBC, ABN Amro and Bank of China; to fund LBO by affiliates of Bain Capital (financing includes $1.416 billion of equity) expected to close first quarter of 2008; Marlborough, Mass., network services company.

AGILE PROPERTY HOLDINGS LTD.: Up to $400 million senior notes (Ba3/BB) in fixed-rate and floating-rate tranches; HSBC; Rule 144A/Regulation S; to finance new and existing projects; Hong Kong-based property developer.

ALLIANCE DATA SYSTEMS CORP.: $2.21 billion bonds: $1.8 billion senior unsecured notes and $410 million senior subordinated notes; also $4.4 billion credit facility; Credit Suisse lead bank on financing; to help fund $7.8 billion LBO by The Blackstone Group, originally expected to close by end of 2007; Dallas-based provider of marketing, loyalty and transaction services.

ALTRA NEBRASKA LLC: $130 million senior secured notes due 2018 (B); Morgan Stanley; to fund a portion of the cost to construct a 100 million gallon per year nameplate capacity, dry-mill ethanol plant in Carleton, Neb.; wholly owned subsidiary of Altra Inc., a California-based developer of renewable fuel projects.

BCE INC.: C$11.3 billion U.S. dollar equivalent bonds: Up to $7.5 billion senior notes and $3.8 billion subordinated notes; also C$23.05 billion credit facility; Citigroup, Deutsche Bank, RBS Securities, TD Securities lead banks on financing; to fund LBO by Teachers Private Capital, Providence Equity Partners Inc. and Madison Dearborn Partners, LLC, expected to be completed first quarter of 2008; Montreal-based communications company.

CCS INCOME TRUST: C$600 million senior unsecured notes due 2015 (B-); Goldman Sachs & Co., Deutsche Bank Securities; also $1.9 billion credit facility, bank meeting Oct. 22; to help fund LBO of the company; Calgary, Alta.-based services provider to upstream and downstream oil and gas companies in Canada and the United States.

DRIVETIME AUTOMOTIVE GROUP INC.: $160 million senior notes due 2013 (B2/B); to replace the company's existing $80 million issue of senior unsecured notes due 2010; Phoenix-based company sells and finances used cars to subprime niche.

EAST VALLEY TOURIST DEVELOPMENT AUTHORITY: $275 million senior secured notes due 2015 (B1/B); Merrill Lynch & Co. expected bookrunner; Rule 144A; to refinance debt, finance improvements to the casino and hotel and fund payments to the Cabazon Band of Mission Indians; Indio, Calif.-based tribal gaming company.

THE FINISH LINE INC.: $700 million unsecured senior notes; also $1.14 billion credit facility led by UBS; to finance the acquisition of Nashville specialty retailer Genesco Inc.; Finish Line is an Indianapolis mall-based specialty retailer.

FIRST DATA CORP.: $6.75 billion: $1.5 billion senior cash-pay notes, $2.75 billion senior PIK notes, $2.5 billion senior subordinated notes; Citigroup plus others; to help repay bridge financing for LBO of the company by Kohlberg Kravis Roberts & Co.; Greenwood Village, Colo., check and credit card transaction services provider.

GENERAL MOLY: $540 million to $700 million debt financing including high-yield bonds, leveraged loans and possibly convertibles; underwriter to be determined; to fund the Mt. Hope molybdenum project, located in central Nevada; also $240 million to $400 million of equity; formerly Idaho General Mines, General Moly is a Lakewood, Colo.-based molybdenum mineral development, exploration and mining company; possible late 2008-early 2009 business.

INTELSAT HOLDINGS LTD.: $5.11 billion expected in two approximately equal-sized tranches; Credit Suisse, Banc of America Securities LLC, Morgan Stanley; to help fund LBO by BC Partners and certain other investors, including about $860 million of existing debt at Intelsat (Bermuda), Ltd. and to defease or retire the $400 million Intelsat, Ltd. 5¼% senior notes due 2008; Pembroke, Bermuda, provider of fixed satellite services.

PENN NATIONAL GAMING INC.: High-yield bonds and new credit facility via Deutsche Bank Securities and Wachovia Securities; to fund LBO by Fortress Investment Group LLC and Centerbridge Partners LP, valued at about $8.9 billion, including repayment of $2.8 billion of outstanding Penn National debt; Wyomissing, Pa., gaming company.

RADIATION THERAPY SERVICES INC.: $165 million in unsecured senior subordinated notes; and $410 million credit facility; Wachovia to lead debt financing; to fund LBO of Radiation Therapy by Vestar Capital Partners, expected to close first quarter of 2008; Fort Myers, Fla., radiation therapy services provider.

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.

TELESAT: $910 million senior notes; Morgan Stanley, UBS Investment Bank; to help fund acquisition of Telesat by a joint venture company formed by Loral Space & Communications Inc. and the Public Sector Pension Investment Board; acquisition closed October 2007, bridge funded; new company will be one of the world's largest operators of telecommunications satellites, headquartered in Ottawa, Ontario; expected 2008 first quarter business.

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; acquisition closed in December.

UNIVAR NV: $600 million senior subordinated notes; also $1.375 billion credit facility via Bank of America and Deutsche Bank; to fund the acquisition of the company by CVC Capital Partners; to help fund the acquisition of Univar; Netherlands-based distributor of industrial chemicals and provider of related specialty services.

ROADSHOW

Started Jan. 7 - SOUTHWESTERN ENERGY CO.: $400 million JPMorgan, Banc of America Securities LLC, RBS Greenwich Capital

Starts Jan. 8 - ATLAS ENERGY OPERATING CO./ATLAS ENERGY FINANCE: $400 million; JPMorgan, Wachovia Securities

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