High Yield Calendar

Total amount of dollar-denominated high-yield bond offerings being marketed: $1.522 billion

WEEK OF FEB. 16

JO-ANN STORES, INC.: $100 million senior subordinated notes due 2012 (B2/B-); Merrill Lynch & Co. (books), Wachovia Securities, SG Cowen, Keybank (co's); Rule 144A; non-callable for four years; to fund tender for 10 3/8% senior subordinated notes due 2007 and general corporate purposes; Hudson, Ohio-based fabric and craft retailer; roadshow Feb. 17-19; pricing Feb. 19.

AMF BOWLING WORLDWIDE INC.: $150 million senior subordinated notes due 2010 (B3/CCC+); Merrill Lynch & Co., Credit Suisse First Boston (joint); Rule 144A; non-callable for three years; to help support LBO by an affiliate of Code Hennessy & Simmons LLC; Richmond, Va.-based owner-operator of bowling centers and manufacturer of bowling equipment; roadshow Feb. 10-19; pricing Feb. 19 or 20.

COMSTOCK RESOURCES INC.: $150 million senior notes due 2012; Banc of America Securities; off the shelf; also $400 million revolver; to fund tender for $220 million 11¼% senior notes due 2007 and repay $86 million of bank debt; independent energy company based in Frisco, Texas; pricing late in Feb. 16 week.

CALPINE GENERATING CO., LLC: approximately $1 billion non-recourse second priority secured notes; Deutsche Bank Securities; Rule 144A; also approximately $1.3 billion first priority senior secured term loans; to refinance bank debt maturing in November; San Jose, Calif. power generator; roadshow through Feb. 19; pricing Feb. 19 or 20.

ESSELTE GROUP HOLDINGS AB: €130 million senior notes due 2011; Credit Suisse First Boston; Rule 144A/Regulation S with no registration rights; guaranteed on a senior subordinated basis by operating company; to repay mezzanine debt and bank debt; Stamford, Conn.-based office supply company; Europe-only roadshow expected to begin Feb. 16 week.

CHATTEM INC.: $200 million in two tranches; Banc of America Securities, Morgan Stanley Dean Witter (joint); Rule 144A: $75 million floating rate notes due 2010 and $125 million senior subordinated notes due 2014, non-callable for five years; also new $50 million credit facility; to fund tedner for $204.538 million of its 8 7/8% senior subordinated notes of 2008; Chattanooga, Tenn. manufacturer of health and beauty care products; roadshow Feb. 18-19; pricing late Feb. 16 week.

INVENSYS: £650 million (equivalent) senior notes due 2011; Deutsche Bank Securities; non-callable for four years; part of £2.7 billion refinancing plan; new five-year £1.6 billion credit facility; British engineering company based in London; currently on the road; currently roadshowing.

FEBRUARY BUSINESS

MRS. FIELDS FAMOUS BRANDS LLC/MRS. FIELDS FINANCING CO. INC.: up to $121.7 million senior secured notes due 2011 (B3); Jefferies & Co.; Rule 144A; non-callable for four years; three-year 35% equity clawback; to repay debt; Salt Lake City-based franchisor in snack food industry; expected to price late February or early March.

GOODYEAR TIRE & RUBBER CO.: $650 million senior secured notes due 2011; non-callable for four years; JP Morgan, Citigroup, Credit Suisse First Boston (placement agents); to be secured by junior liens on certain of the collateral securing the company's senior secured U.S. credit facilities; to repay bank debt and general corporate purposes; Akron, Ohio tire maker; marketing expected to begin during February.

2004 SECOND QUARTER

B&G FOODS HOLDINGS CORP.: senior debt offering, likely high yield bonds; Lehman Brothers; also common stock and subordinated notes IPO via RBC Capital Markets, Credit Suisse First Boston, Merrill Lynch & Co., Lehman Brothers and Piper Jaffray; registered deal; to repay bank debt, call $220 million 9 5/8% senior subordinated notes due 2007 at 103.208% and repurchase preferred stock and a significant portion of outstanding class B common stock; Parsippany, N.J. company manufacturer of shelf-stable food products across the U.S., Canada and Puerto Rico.

ON THE HORIZON

FEDDERS NORTH AMERICA, INC.: $160 million senior subordinated notes; to fund tender for 9 3/8% senior subordinated notes due 2007; new notes to be issued under Rule 144A; tender offer runs through midnight ET on March 5; Credit Suisse First Boston is dealer manager for tender; subsidiary of Fedders Corp., Liberty Corner, N.J. maker of air treatment products.

UNITED BISCUITS FINANCE PLC: £75 million add-on to 10¾% senior subordinated notes due 2011 (B1/B-); Deutsche Bank Securities; Rule 144A/Regulations S with registration rights; G+50 basis points make-whole call until April 15, 2006 then at 105.375, 103.583, 101.972, par on April 15, 2009 and thereafter; to repay bank debt and fund acquisition; original £120 million priced April 10, 2001; Hayes, U.K.-based snack food company.

PEGASUS COMMUNICATIONS CORP.: $100 million add-on to 11 ¼% senior notes due Jan. 15, 2010; Banc of America Securities; Rule 144/Regulations S; callable on Jan. 15, 2006 at 105.625, 102.813, par; to fund tender for outstanding debt securities maturing in 2005 through 2007, which commenced on Jan. 26, 2004, remainder, if any, for general corporate purposes; Bala Cynwyd, Pa. company.

ADELPHIA COMMUNICATIONS CORP.: High yield bonds as part of $8 billion bond and bank loan exit financing from Chapter 11; Deutsche Bank Securities; Greenwood Village, Colo. cable television company.

AMERICAN ACHIEVEMENT CORP.: high yield bonds; Goldman Sachs & Co., Deutsche Bank Securities; to help fund acquisition sponsored by Fenway Partners from Castle Harlan Inc.; Austin, Tex. manufacturer and seller of high school and college class rings and yearbooks.

CELANESE AG: High yield bonds; Morgan Stanley Dean Witter, Deutsche Bank Securities; to help fund €3.1 billion LBO by Blackstone; Frankfurt, Germany industrial chemical company.

SEITEL, INC.: $180 million high-yield bonds to help fund exit from Chapter 11; Houston seismic information and technology company.

GLOBAL MOTORSPORT GROUP INC.: $85 million senior secured notes due 2008 (B-); Jefferies & Co.; Rule 144A; non-callable for three years; to repay bank debt; Morgan Hill, Calif.-based aftermarket supplier of motorcycle parts; pricing expected in January.

LOEWS CINEPLEX THEATRES: senior subordinated notes; Rule 144A; coming with senior credit facility and IPO; IPO via Goldman Sachs, Citigroup, Credit Suisse First Boston and Merrill Lynch; to repay debt and for general corporate purposes; motion picture exhibitor headquartered in New York City.

SEAT PAGINE GIALLE: €1.2 billion bonds; to help fund €6 billion LBO by BC Partners, CVC, Investitori Associati and Permira.

EMERGING MARKETS CORPORATE OFFERINGS

CONSTRUTORA NORBERTO ODEBRECHT SA: $150 million bonds due 2009 (B+); Credit Suisse First Boston, Unibanco; Brazilian construction company; on the road; heard talked in the low-to-mid 11%-range.

RELIANCE INDUSTRIES: $750 million bond due 2008 (existing ratings Ba2/BB); Credit Suisse First Boston; Regulation S; diversified Indian company.

EMERGING MARKETS OFFERINGS ON THE HORIZON

KOREA DEVELOPMENT BANK: $500 million (approximately) global bonds; Citigroup, Deutsche Bank Securities; Korean financial institution; expected during first quarter of 2004.

PRIVATBANCK: $150 million three-year notes (B-); Credit Suisse First Boston; Ukrainian bank.

COLVIS FINANCE LTD. (Yuzhmash): $107.5 million bond issue due 2011 (B1/B); JP Morgan; Regulation S; for capex and working capital purposes relating to the Sea Launch project; Dnepropetrovsk, Ukraine rocket manufacturer.

INDUSTRIAL DEVELOPMENT BANK OF INDIA: $300 million eurobonds due 2009 (Ba1/BB); JP Morgan, Citigroup (joint); Regulation S; to help restructure Indian steel industry; state-run financial institution; expected to launch early February 2004.

PHILIPPINE NATIONAL BANK: $140 million lower tier II sub bonds due 2013; JP Morgan; non-callable for five years; roadshow expected to start Nov. 14 in Manila, Nov. 17 in Singapore, Nov. 19 in Hong Kong.

FILINVEST LAND INC.: $100 million bonds due 2008 (unrated); JP Morgan; to refinance debt and fund capital expenditures; Philippine homebuilder; price talk 9 ¼%-9 ½%.

PT BANK MANDIRI: up to $400 million of new debt securities; expected first quarter of 2004.

ROADSHOWS

Feb. 10-19: AMF BOWLING WORLDWIDE INC. $150 million; Merrill Lynch & Co., Credit Suisse First Boston; Rule 144A; 6NC3

Starts week of Feb. 16 (Europe only): ESSELTE GROUP HOLDINGS AB €130 million; Credit Suisse First Boston; seven-year

Feb. 17-19: JO-ANN STORES, INC. $100 million; Merrill Lynch & Co.; Rule 144A; 8NC4

Pricing late Feb. 16 week: COMSTOCK RESOURCES INC. $150 million; Banc of America Securities; shelf; eight-year

Feb. 18-19: CHATTEM INC. $200 million; Banc of America Securities, Morgan Stanley Dean Witter; Rule 144A

Concludes Feb. 19: CALPINE GENERATING CO., LLC approximately $1 billion; Deutsche Bank Securities; Rule 144A

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