Convertibles Calendar

MAY 12 WEEK

PPL ENERGY SUPPLY LLC (Symbol: PPL): Rule 144A; converts into parent PPL Corp. stock; $300 million of 20-year convertible senior unsecured notes, with $45 million greenshoe; guaranteed by parent PPL; price talk of 2.5-3.0% yield, 27.5-32.5% initial conversion premium; via joint lead managers Merrill Lynch, Morgan Stanley and Wachovia Securities; to price pre-open Friday; noncallable for five years with puts in years 5, 10 and 15; 120% contingent conversion trigger for life; expected ratings of Baa2/BBB; proceeds to repurchase commercial paper and for general corporate purposes.

MAY 19 WEEK

THE HARTFORD FINANCIAL SERVICES GROUP INC. (Symbol: HIG): $600 million of 3.25-year mandatory convertibles, noncallable; par, $50; price talk of 7.0-7.5% yield, 18-22% initial conversion premium; book-running lead manager Goldman Sachs; joint lead managers are Morgan Stanley and UBS Warburg; co-managers include A.G. Edwards & Sons Inc., Banc of America Securities, Citigroup, Edward D. Jones & Co., JPMorgan, Merrill Lynch & Co., SunTrust Robinson Humphrey, Wachovia Securities and Wells Fargo Securities; to price week of May 19; expected ratings of A2/A-; proceeds to repurchase commercial paper and for general corporate purposes.

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

GOLDMAN SACHS GROUP, INC. (Symbol: GS): $25 billion shelf filed May 15 for debt securities, warrants, purchase contracts, units, preferred stock and depositary shares; securities may be issued as convertibles; includes $8.185 billion previously registered but unsold; New York investment bank, securities and investment management firm will use proceeds for general corporate purposes.

http://www.sec.gov/Archives/edgar/data/886982/000095012303005994/y85725asv3.txt

MERRILL LYNCH & CO., INC. (Symbol: MER): $15 billion shelf filed May 9 for debt securities, warrants, common stock, preferred stock, depositary shares, trust preferreds, Structured Yield Product Exchangeable for Stock, medium-term notes and CoreNotes; securities may be issued as convertibles; New York investment and financing company will use proceeds for general corporate purposes.

http://www.sec.gov/Archives/edgar/data/65100/000095013003003593/ds3.htm

OMI CORP. (Symbol: OMM): $250 million shelf filed May 13 for debt securities, common stock, preferred stock and warrants; securities may be issued as convertibles; Stamford Conn. oil and petroleum shipping transportation company will use proceeds for general corporate purposes.

<http://www.sec.gov/Archives/edgar/data/1061571/000095012703000487/a1026739.txt>

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