High Yield Calendar: $955 million deals being marketed

MARCH 24 WEEK

FAIRPOINT COMMUNICATIONS INC./NORTHERN NEW ENGLAND SPINCO INC.: $540 million senior unsecured notes due 2018 (B3/B+); Banc of America Securities LLC, Lehman Brothers, Morgan Stanley; Rule 144A with registration rights; non-callable for five years; to help finance the merger with Verizon Communications Inc.'s Spinco subsidiary (Spinco will merge with FairPoint); FairPoint is a Charlotte, N.C., provider of communications services to rural communities; roadshow started March 10; price talk 11½% area; pricing early in the week of March 24.

ABITIBI-CONSOLIDATED CO. OF CANADA.: $415 million senior secured notes due 2011 (B1); Goldman Sachs & Co.; Rule 144A/Regulation S with registration rights; non-callable; also $450 million 364-day senior secured term loan, $300 million convertible securities and $256.8 million of exchange senior notes; also $161 million proceeds from asset sale; to address upcoming maturities and liquidity needs; Montreal-based producer of newsprint and commercial printing papers, market pulp and wood products; expected to price March 24 week.

EXPECTED MARCH BUSINESS

ABBOT GROUP PLC: $615 million equivalent notes due 2018 in possible dollar- and euro-denominated tranches; The Royal Bank of Scotland, Goldman Sachs & Co.; part of $2.16 billion LBO financing in which company will be acquired by First Reserve; Aberdeen, Scotland-based oilfield equipment and services provider; late March, early April business, pending market conditions.

EXPECTED APRIL BUSINESS

MACROVISION CORP.: Expected $150 million high-yield bonds; JPMorgan, Merrill Lynch & Co.; also $500 million term loan B; to help fund the acquisition of Gemstar-TV Guide International, Inc. in a cash and stock transaction valued at about $2.8 billion; Macrovision is a Santa Clara, Calif.-based provider of services that enable businesses to protect, enhance and distribute their digital goods to consumers across multiple channels; expected to launch around April 8.

EXPECTED FIRST HALF 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 first-half 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 first half 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 first half 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 of notes: $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 first half 2008 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; timing to be determined (possible first half 2008).

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 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 change-of-control put; to help fund $2.7 billion LBO by the Carlyle Group; New York-based diversified aerospace and industrial company.

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.

ALLIS-CHALMERS ENERGY INC.: $350 million bridge loan, which could be taken out by high-yield bonds (backed by $350 million senior unsecured bridge facility arranged by RBC Capital Markets and GSCP); to help fund the acquisition of Bronco Drilling Co., Inc. for about $437.8 million and to repay assumed Bronco Drilling debt, RBC Capital Markets exclusive financial adviser to Allis-Chalmers, a Houston-based multi-faceted oilfield company; acquisition expected to occur mid-2008.

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.

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; LBO completed on Feb. 5, 2008.

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 $440 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, based in Ottawa; expected 2008 first-quarter business.

TRIBUNE CO.: $1.6 billion senior notes or senior subordinated notes; Merrill Lynch, JPMorgan, Citigroup and Bank of America; to help finance public-to-private transaction; Chicago-based media company; acquisition closed in December.

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; JPMorgan, Merrill Lynch, ABN Amro; non-callable for four years; to finance LBO; Singapore-based semiconductor testing and assembly company.

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 March 10: FAIRPOINT COMMUNICATIONS INC./NORTHERN NEW ENGLAND SPINCO INC. $540 million; Banc of America Securities LLC, Lehman Brothers, Morgan Stanley

Launched March 19: ABITIBI-CONSOLIDATED COMPANY OF CANADA. $415 million; Goldman Sachs & Co.

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