Private Placement Calendar

On The Horizon

EDELMAN FINANCIAL GROUP INC.: $46.4 million of 6.5-year fixed-rate senior subordinated mezzanine notes; Ares Mezzanine Partners LP (purchaser); proceeds to be used fund Edelman's purchase by Lee Equity Partners LLC; Houston-based wealth management firm.

ORMAT TECHNOLOGIES, INC. subsidiary OFC 2 LLC and project subsidiaries: $350 million of senior notes; phase I tranche comprised of $151.7 million of 4.687% series A notes completed on Oct. 31, 2011; if operational targets are reached, $25 million of series B notes; phase II tranche comprised of one or more of series C notes, series D notes, series E notes and series F notes for a total principal amount not to exceed $170 million; proceeds to support power generation from three geothermal power facilities located in Nevada; Reno, Nev.-based geothermal and recovered energy power business.

TRIANGLE FUND LLC: $50 million of floating-rate notes in one or more series; via Barclays Wealth, a division of Barclays Bank plc, as placement agent; New York-based non-diversified management investment company.

Upcoming Closings

Between July and September

L'AIR LIQUIDE SA subsidiary Air Liquide Finance: $400 million of 3.11% notes due 2022, $200 million of 3.26% notes due 2024 and $100 million of 3.46% notes due 2027; proceeds to refinance the last series of a private placement previously issued by American Air Liquide, Inc. in 2004 and maturing in August 2012; Paris-based supplier of oxygen, nitrogen, hydrogen and other gases.

Between Aug. 28 and Sept. 6

DARDEN RESTAURANTS, INC.: $80 million of 3.79% senior notes due Aug. 28, 2019 and $220 million of 4.52% senior notes due Aug. 28, 2024; proceeds will be used to repay existing debt and for other general corporate purposes; purchasers include Teachers Insurance and Annuity Association of America, Northwestern Mutual Life Insurance Co., Guardian Life Insurance Co. of America, Pacific Life Insurance Co., CMFG Life Insurance Co., Modern Woodmen of America, Vantis Life Insurance Co., Farm Bureau General Insurance Co. of Michigan, MTL Insurance Co., Catholic United Financial, American Fidelity Assurance Co., American Republic Insurance Co., Mutual of Omaha Insurance Co., Phoenix Life Insurance Co., PHL Variable Insurance Co., Life Insurance Co. of the Southwest, Ohio National Life Insurance Co., Jackson National Life Insurance Co., Acacia Life Insurance Co., Union Central Life Insurance Co., Country Mutual Insurance Co., Assurity Life Insurance Co. and Southern Farm Bureau Life Insurance Co.; Orlando, Fla.-based casual dining operator.

Between Aug. 30 and Sept. 4

ESSEX PROPERTY TRUST, INC. operating partnership Essex Portfolio, LP: $50 million of 4.37% senior notes, series E, due Aug. 30, 2021; via Mitsubishi UFJ Securities (USA), Inc. (lead agent), BMO Capital Markets, PNC Capital Markets LLC and US Bancorp Investments, Inc.; proceeds for general corporate purposes; Palo Alto, Calif.-based real estate investment trust.

By Aug. 31

ARC RESOURCES LTD.: $360 million and C$40 million of long-term fixed-rate notes; proceeds to pay down debt under Arc's credit facility; an oil and gas company based in Calgary, Alta., and a subsidiary of Arc Energy Trust.

Between Oct. 15 and Oct. 19

PIEDMONT NATURAL GAS CO., INC.: $200 million of 3.57% series B senior notes due July 16, 2027; proceeds for general corporate purposes including but not limited to working capital needs, capital expenditures and refinancing outstanding borrowings; purchasers Prudential Insurance Co. of America, Hartford Life and Accident Insurance Co., Metropolitan Life Insurance Co., New York Life Insurance Co., Thrivent Financial for Lutherans, Jackson National Life Insurance Co., Great-West Life & Annuity Insurance Co., Canada Life Assurance Co., Massachusetts Mutual Life Insurance Co., C.M. Life Insurance Co., Genworth Life & Annuity Insurance Co. and Knights of Columbus; Charlotte, N.C.-based gas distribution company.

November

AVISTA CORP.: $80 million of 4.23% first mortgage bonds due 2047; proceeds to repay a portion of the borrowings outstanding under the company's $400 million committed line of credit and for general corporate purposes; Spokane, Wash.-based energy company.

Dec. 17

CONSUMER ENERGY CO.: $350 million of first mortgage bonds in three series: $51.5 million of 3.19% first mortgage bonds due 2024, $35.5 million of 3.39% first mortgage bonds due 2027 and $263 million of 4.31% first mortgage bonds due 2042; purchasers include MetLife Alico Life Insurance K.K., Metropolitan Life Insurance Co., Union Fidelity Life Insurance Co., Woodmen of the World Life Insurance Co., American Republic Insurance Co., Blue Cross and Blue Shield of Florida, Inc., Catholic United Financial, Equitable Life & Casualty Insurance Co., MTL Insurance Co., Mutual Savings Life Insurance Co., Reserve National Insurance Co., Trustmark Insurance Co., United Insurance Co. of America, American United Life Insurance Co., State Life Insurance Co., Thrivent Financial for Lutherans, John Hancock Life Insurance Co. (U.S.A.), John Hancock Life & Health Insurance Co., John Hancock Life Insurance Co. of New York, Genworth Life and Annuity Insurance Co., Genworth Life Insurance Co., Genworth Life Insurance Co. of New York, New York Life Insurance Co., New York Life Insurance and Annuity Corp., Massachusetts Mutual Life Insurance Co., Protective Life Insurance Co., and CMFG Life Insurance Co.; Jackson, Miss.-based electric and gas utility.

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