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

AEGON NV (Symbol: AEG): $5 billion shelf filed June 25 for common shares, debt securities, warrants, purchase contracts and units; securities may be issued as convertibles; The Hague, Netherlands insurance company will use proceeds for general corporate purposes.

http://www.sec.gov/Archives/edgar/data/769218/000119312503012921/df3.htm

CAPITAL AUTOMOTIVE REIT (Symbol: CARS): $500 million shelf filed June 25 for common shares, preferred shares, depositary shares, warrants and debt securities; securities may be issued as convertibles; McLean, Va. real estate investment trust.

http://www.sec.gov/Archives/edgar/data/1049316/000095013303002235/w87744sv3.htm

SOUTHWEST GAS CORP. (Symbol: SWX): $300 million shelf filed June 24 for debt securities, trust debt securities, preferred stock, depositary shares and common stock; securities may be issued as convertibles; Las Vegas natural gas transportation and distribution company will use proceeds to retire debt, redeem trust preferreds and for general corporate purposes.

http://www.sec.gov/Archives/edgar/data/92416/000089843003003322/ds3.htm

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