Convertibles Calendar

MAY 27 WEEK

AMERICAN FINANCIAL GROUP INC. (Symbol: AFG): Rule 144A; $150 million (proceeds) of 30-year cash-to-zero convertibles; to pay cash coupon for five years, then becoming a 0% accreting bond; original price talk of 3.5-4.0% yield, 47.5-52.5% initial conversion premium; noncallable for five years with puts in years 5, 10, 15, 20 and 25; contingent conversion trigger of 120% for life, contingent payment trigger of 120%; via joint lead managers Merrill Lynch and UBS Warburg; expected ratings of Baa3/BBB; Cincinnati-based firm to use proceeds to repay outstanding debt under its existing bank line of credit and provide capital for operations.

ON THE HORIZON

VALERO ENERGY CORP. (Symbol: VLO): $250 million of three-year mandatory convertibles; with $250 million cash, proceeds would go to purchase a Louisiana refinery from Orion Refining Corp., which has filed bankruptcy; timing depends on court approval of the sale.

RECENT SHELF FILINGS

AMERICAN ELECTRIC POWER COMPANY, INC. (Symbol: AEP): $3 billion shelf filed May 23 for senior notes, common stock, junior subordinated debentures, stock purchase contracts, stock purchase units and trust preferreds; Columbus, Ohio electric utility will use proceeds for general corporate purposes.

http://www.sec.gov/Archives/edgar/data/4904/000093041303001743/c28346_s3-.txt

APACHE CORP. (Symbol: APA): $1.5 billion shelf filed May 23 for common stock, preferred stock, warrants, depositary shares, debt securities, stock purchase contracts and stock purchase units and trust preferreds; securities may be issued as convertibles; includes $393 million previously registered but unsold; Houston oil and gas exploration and production company will use proceeds for general corporate purposes.

http://www.sec.gov/Archives/edgar/data/6769/000095012903002934/h03449sv3.txt

ICOS CORP. (Symbol: ICOS): $150 million shelf filed May 27 for common stock, debt securities and convertibles debt securities; some securities carried forward from previous shelf registration; Bothell, Wash. pharmaceutical company will use proceeds to fund research and clinical development, to fund commercialization of potential products and for general corporate purposes.

http://www.sec.gov/Archives/edgar/data/874294/000089843003003173/ds3.htm

IRON MOUNTAIN INC. (Symbol: IRM): $500 million shelf filed May 23 for debt securities, preferred stock, depositary shares, common stock, warrants and stock purchase contracts; securities may be issued as convertibles; includes $88 million previously registered but unsold; Boston records and information management company will use proceeds for general corporate purposes.

http://www.sec.gov/Archives/edgar/data/1020569/000090873703000244/imiss3_may2003.txt

LIMITED BRANDS, INC. (Symbol: LTD): $500 million shelf filed May 22 for debt securities, common stock, preferred stock, warrants, depositary shares, purchase contracts and units; securities may be issued as convertibles; Columbus, Ohio apparel retailer will use proceeds for general corporate purposes.

http://www.sec.gov/Archives/edgar/data/701985/000095010303001339/may2003_s3.htm

UNITED DEFENSE INDUSTRIES, INC. (Symbol: UDI): $500 million shelf filed May 23 for debt securities, preferred stock, common stock and warrants; securities may be issued as convertibles; Arlington, Va. defense company will use proceeds for general corporate purposes.

http://www.sec.gov/Archives/edgar/data/1051719/000095013303001999/w83890sv3.htm

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