High Yield Calendar: $400 million deals being marketed

EXPECTED OCTOBER 27 WEEK

BROCADE COMMUNICATIONS SYSTEMS INC.: $400 million senior unsecured notes due 2014 (B2/BB-); Banc of America Securities LLC, Morgan Stanley & Co. Inc. (joint), KeyBanc Capital, Scotia Capital (co's); Rule 144A with registration rights; non-callable for four years; 101 change-of-control put; proceeds together with cash on hand, shares of Brocade common stock and new credit facility, to finance acquisition; (bonds were downsized by $100 million, with proceeds shifted to bank loan); San Jose, Calif.-based networked storage company; roadshow started Oct. 20 in Los Angeles, to run throughout Oct. 20 week; pricing date to be determined.

EXPECTED FOURTH QUARTER BUSINESS

APRIA HEALTHCARE GROUP INC.: $1 billion senior secured notes; also $250 million credit facility; Banc of America Securities LLC, Wachovia Securities, Barclays Capital; to fund LBO by the Blackstone Group, expected to close in the second half of 2008; Lake Forest, Calif., home health care services company.

ASHLAND INC.: $750 million senior unsecured notes (Ba3/BB-); also $1.95 billion credit facility via Bank of America, Scotia Capital; to help fund the acquisition of Hercules Inc.; Ashland is a Covington, Ky.-based chemical company; shareholder meeting Nov. 5.

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; Montreal-based communications company; expected closing December 2008.

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

FRESENIUS KABI: $800 million equivalent (downsized from $1.3 billion equivalent after having been downsized earlier from $1.65 billion) bridge to high yield; Deutsche Bank Securities, Credit Suisse, J.P. Morgan Securities Inc. (joint); also $2.45 billion credit facility (upsized from $2.2 billion); to help fund the acquisition of Schaumburg, Ill.-based intravenous drug manufacturer APP Pharmaceuticals, Inc.; Fresenius is a Bad Homburg, Germany-based manufacturer of intravenous drugs; possible October business.

HEXION SPECIALTY CHEMICALS INC.: $5.95 billion notes and $9.4 billion credit facility; Credit Suisse and Deutsche Bank; $8.4 billion term loan and $1 billion revolver or $7.4 billion term loan and $2 billion asset-based revolver; help fund acquisition of Huntsman Corp.; Columbus, Ohio, thermoset resins company; marketing period began Sept. 30, 2008.

LANDRY'S RESTAURANTS INC.: $315 million senior secured notes; Jefferies & Co.; also $300 million credit facility; to fund the buyout by Fertitta Holdings Inc., expected to close late third quarter or early fourth quarter of 2008; Landry's is a Houston-based restaurant, hospitality and entertainment company; shareholder vote Nov 3.

PRECISION DRILLING TRUST: $400 million debt securities backed by 12-month unsecured bridge loan via RBC Capital Markets and Deutsche Bank; also $1.2 billion credit facility; to help finance the acquisition of Grey Wolf Inc.; Precision is a Calgary, Alta.-based provider of energy services to the oil and gas industry; debt financing expected in 7½% to 8% range; special shareholders meeting expected before the end of 2008.

ON THE HORIZON

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.

AVAYA INC.: $1.45 billion senior unsecured notes (CCC+): $700 million cash-pay notes and $750 million PIK toggle notes; Morgan Stanley, Citigroup, J.P. Morgan Securities Inc. (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.

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.

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+); J.P. Morgan Securities Inc., (Lehman Brothers?), Deutsche Bank Securities, Morgan Stanley; to refinance bridge loan related to LBO; Vernon Hills, Ill., provider of technology products and services.

EMPLOYERS HOLDINGS INC.: $150 million senior notes due 2018; Rule 144A; to fund a portion of the $193.9 million acquisition of AmCOMP Inc.; shareholder vote on Oct. 29; Reno, Nev.-based provider of worker compensation insurance to U.S. small businesses; pro forma interest rate is 8%.

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.

NORTH AMERICAN ENERGY ALLIANCE: $325 million senior unsecured notes; Barclays Capital; also $545 million credit facility (BB+); to help back the roughly $1.477 billion acquisition of 1,706 megawatts of generation projects by Industry Funds Management from Consolidated Edison Inc.

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.

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

VANTAGE DRILLING CO.: $135 million senior secured callable bonds due 2011; Rule 144A/Regulation S; to pay the first installment of the purchase of the drillship Platinum Explorer under the agreement with Mandarin Drilling Co.; Vantage is based in Houston.

ROADSHOW

Started Oct. 20: BROCADE COMMUNICATIONS SYSTEMS INC. $400 million; Banc of America Securities LLC, Morgan Stanley & Co. Inc.

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