High Yield Calendar

Total amount of dollar-denominated high-yield bond offerings being marketed: $4.502 billion

WEEK OF MARCH 1

WH HOLDINGS/WH CAPITAL CORP. (HERBALIFE): $275 million senior notes due 2011 (B3/B); UBS Investment Bank; Rule 144A; non-callable for four years; to refinance the capital structure of WH Holdings; Century City, Calif.-based marketer of weight management and nutrition products; price talk 9½%-9¾%; pricing Wednesday.

TRUE TEMPER SPORTS INC.: $125 million senior subordinated notes due 2011 (B3/B-); Credit Suisse First Boston (books), Goldman Sachs & Co. (co); Rule 144A; non-callable for four years; to help support LBO by management and Gilbert Global Equity Partners from Cornerstone Equity Investors, including the repayment of a $14.2 million bank loan, $106.1 million of 10 7/8% senior subordinated notes, and $82.8 million of preferreds; Memphis, Tenn., manufacturer of sporting goods products; price talk 8½%-8¾%; pricing Wednesday afternoon.

FRIENDLY ICE CREAM CORP.: $175 million senior unsecured notes due 2012 (B2/B-); Goldman Sachs (books), Banc of America Securities (joint lead), SG Cowen (co); Rule 144A/Regulation S with registration rights; non-callable for four years; to help fund tender for $176 million 10½% senior notes due December 2007; Wilbraham, Mass.-based restaurant operator; price talk 8¼%-8½%; pricing Wednesday afternoon.

GLOBAL CASH ACCESS, LLC: $235 million senior subordinated notes due 2012 (Caa1/B-); Banc of America Securities; Rule 144A with registration rights; non-callable for four years; to finance M&C's purchase of First Data's 67% equity interest in Global Cash Access; concurrent $280 million senior secured credit facility; Las Vegas-based provider of transaction-processing services and products that dispense cash to casino customers; price talk 8 7/8%-9 1/8%; pricing late Wednesday or Thursday.

SOFTBANK CORP. €350 million or more senior notes due March 15, 2011 (B1/BB-); Deutsche Bank AG London; non-callable for four years; to reduce short term debt; Tokyo-based internet company incubator; price talk 9¼%-9½%; pricing Wednesday.

AIRGAS, INC.: $150 million senior subordinated notes with warrants due 2014 (Ba2/B+); Banc of America Securities, Goldman Sachs & Co. (joint), Bank of New York, JP Morgan (joint leads), PNC, Mitsubishi, Wachovia Securities, Merrill Lynch & Co. (co's); Rule 144A/Regulation S; non-callable for five year; to redeem $75 million 7.14% medium term notes due this month and pay down revolver; Radnor, Pa.-based distributor of industrial, medical and specialty gases; pricing expected Wednesday.

GOLD KIST INC.: $200 million senior notes due 2014 (B2); Credit Suisse First Boston; Rule 144A/Regulation S; non-callable for five years; to repay bank debt and for general corporate purposes; Atlanta-based chicken processor; roadshow started Feb. 23; pricing during March 1 week.

KNOLOGY, INC.: $280 million senior notes due 2014 (Caa2/CCC-); UBS Investment Bank, Morgan Stanley (joint), Jefferies & Co. (co); Rule 144A/Regulation S; non-callable for five years; to repay bank debt and general corporate purposes; West Point, Ga. provider of interactive communications and entertainment services in the Southeast; roadshow Feb. 23-March 2.

GRANDE COMMUNICATIONS HOLDINGS INC.: $125 million senior notes due 2014 (Caa2/CCC); Bear Stearns & Co. (books), Deutsche Bank Securities (co); Rule 144A; non-callable for five years; to refinance existing debt, fund capital expenses and general corporate purposes; San Marcos, Tex.-based internet, local and long-distance telephone and cable TV company; roadshow Feb. 24-March 3; expected to price March 3.

CELLU TISSUE HOLDINGS: $160 million senior secured notes due 2010 (expected B2/confirmed B); JP Morgan; Rule 144A; non-callable for three years; to repay bank debt and fund a dividend payment; Hartford, Conn. manufacturer of specialty tissues and machine-glazed paper products; roadshow started Feb. 25; pricing expected March 3.

J.B. POINDEXTER & CO.: $125 million senior notes due 2014 (B1/B-); JP Morgan; Rule 144A; non-callable for five years; to redeem 12½% senior secured notes due 2007, repay other debt and for general corporate purposes; Houston-based manufacturer of truck bodies and other truck-related products; roadshow started Feb. 25; pricing expected March 4.

VISTEON CORP.: $400 million notes due 2014 (existing Ba1/confirmed BBB-); JP Morgan, Citigroup (joint); off-the-shelf; callable with a make-whole call; to fund tender for 9¾% notes due 2005 and general corporate purposes; Dearborn, Mich. supplier of automotive components; conference call on Wednesday; pricing Thursday.

http://www.sec.gov/Archives/edgar/data/1111335/000095012404000599/k83318e424b5.htm

TRINITY INDUSTRIES, INC.: $300 million senior notes due 2014 (BB-); JP Morgan, Credit Suisse First Boston (joint); Rule 144A; non-callable for five years; to repay bank debt and for general corporate purposes, including, capital expenditures in strategic manufacturing facilities and fund working capital requirements of its railcar manufacturing operations; Dallas-based diversified industrial company; roadshow started March 1; pricing March 4 or 5.

EVERGREEN RESOURCES, INC.: $200 million senior subordinated notes due 2012 (Ba3/BB-); Goldman Sachs & Co. (books), BNP Paribas, UBS Investment Bank, Wachovia Securities (joint leads), AG Edwards, BancOne Capital Markets, First Albany, Hibernia, Howard Weil, Raymond James, RBC (co's); Rule 144A; non-callable for four years; to repay $149.5 million of bank debt, fund future development expenditures and general corporate purposes; Denver-based natural gas exploration and production company; roadshow started March 1; pricing expected March 5.

NEWARK GROUP: $200 million senior subordinated notes due 2014 (B-); Wachovia Securities; Rule 144A; non-callable for five years; concurrent $125 million revolver via Wachovia; refinance bank debt; Cranford, N.J. paper and cardboard recycler; roadshow started Feb. 26; expected to price late in the week of March 1.

CLONDALKIN INDUSTRIES BV: €170 million senior notes due 2014; (B-); Deutsche Bank Securities, Barclays Capital, Lehman Brothers (joint); Rule 144A/Regulation S (no registration rights); to help fund €630 million acquisition by Warburg Pincus from Candover; Dublin, Ireland-based producer of specialty packaging and printing products; roadshow started March 1; possibly pricing late March 1 week.

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; pricing March 5 or 8.

WEEK OF MARCH 8

ESCHELON TELECOM: $100 million ($85 million proceeds) senior notes due 2010 (CCC+); Jefferies & Co., Wachovia Securities; non-callable for three years; to repay bank debt; Minneapolis-based voice, data and internet services provider; notes to be offered at a discount price of 85; roadshow started Feb. 25; pricing March 8.

OMEGA HEALTHCARE INVESTORS, INC.: $200 million senior notes due 2014; Deutsche Bank Securities, UBS Investment Bank; Rule 144A; $125 million new senior credit facility, to repay senior secured credit facility due 2007, to redeem 9¼% series A preferred stock and for general corporate purposes; Timonium, Md.-based real estate investment trust investing in long-term care industry; roadshow starts March 8; pricing expected early March 15 week.

AMERICAN ROCK SALT CO. LLC: $100 million senior secured notes due 2014 (B3/B-); Jefferies & Co.; Rule 144A; non-callable for five years; to repay debt; Mount Morris, N.Y. highway de-icing rock salt mine; roadshow Feb. 24-March 9; pricing expected on March 9.

BEAL FINANCIAL CORP.: $500 million senior secured notes due 2014 (B1/BB-); Friedman Billings Ramsey (books), Howe Barnes (co); Rule 144A; callable at 105 in 2007; secured by a first priority perfected lien on all capital stock of subsidiary banks; to fund growth and for general corporate purposes; Dallas bank; roadshow starts middle of March 1 week; pricing expected on March 11.

INTERACTIVE HEALTH FINANCE CORP.: $80 million in senior notes due 2011 (B-); Jefferies & Co.; Rule 144A with registration rights; to repay bank debt and fund a dividend payment; robotic massage chair producer and marketer; roadshow to start during March 8 week.

WEEK OF MARCH 16

AMERICAN ACHIEVEMENT CORP.: $150 million senior subordinated notes due 2012; Goldman Sachs & Co., Deutsche Bank Securities; Rule 144A/Regulation S; also proposed $195 million credit facility; to help fund acquisition of American Achievement by a new company organized and managed by Fenway Partners from Castle Harlan Inc.; Austin, Tex. manufacturer and seller of high school and college class rings and yearbooks; roadshow expected to start March 9; pricing expected March 17.

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

NTL INC.: £1 billion bond offering; also £2.2 billion credit facility; Credit Suisse First Boston, Deutsche Bank Securities, Goldman Sachs & Co., Morgan Stanley; to refinance debt; New York City-based company provides cable TV services in U.K.

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.

CABLECOM HOLDING AG: CHF450 million high yield bond issue; CHF1.4 billion credit facility via BNP Paribas, Credit Suisse First Boston, Deutsche Bank Securities, Goldman Sachs & Co., JP Morgan; to refinance debt; Swiss cable TV company.

TEAM HEALTH: bonds plus $350 million credit facility led by Banc of America, JP Morgan, Merrill Lynch & Co.; to refinance existing senior debt, help fund the tender for 12% senior subordinated notes callable at 108, redeem preferred shares that carry a 10% PIK, and possible cash dividend to shareholders; Knoxville, Tenn. provider of outsourced physician services.

SEA CONTAINERS LTD.: $150 million senior notes due 2014; Citigroup; to retire $80 million 12½% debentures due Dec. 1, 2004 at par, acquisitions currently under negotiation, or other corporate purposes; marine container lessor, passenger and freight transport operator and leisure industry investor based in Hamilton, Bermuda.

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.

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.

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 OFFERINGS IN THE MARKET

NATIONAL THERMAL POWER CORP.: $200 million seven-year bond offering (Ba2/BB/BB+); Merrill Lynch & Co., ABN Amro; Regulation S only; to be listed in Singapore; largest power generating utility in India; price guidance Treasuries plus 200-210 basis points.

AES GENER SA: $300 million senior unsecured bonds due 2014 (Ba3/BB+/BB); Deutsche Bank Securities; Rule 144A/Regulation S (with regulation rights); to repurchase and redeem 6% U.S. convertible senior notes due 2005, 6% Chilean convertible bonds due 2005, 6½% Yankee notes due 2006 and for working capital; Santiago, Chile power generating company; roadshow March 3-8, pricing expected on March 9.

KOREA FIRST BANK: $300 million notes due 2034; Lehman Brothers and UBS Warburg; Price talk 300-325 bps over Treasuries; Seoul-based financial institution; Expected to price in early March.

EMERGING MARKETS OFFERINGS ON THE HORIZON

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

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.

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

ROADSHOWS

Started Feb. 23: GOLD KIST INC. $200 million; Credit Suisse First Boston; Rule 144A/Regulation S; 10NC5

Feb. 24-March 3: GRANDE COMMUNICATIONS HOLDINGS INC. $125 million; Bear Stearns & Co.; Rule 144A; 10NC5

Feb. 24-March 9: AMERICAN ROCK SALT CO. LLC $100 million; Jefferies & Co.; Rule 144A; 10NC5

Started Feb. 25: CELLU TISSUE HOLDINGS $160 million; JP Morgan; Rule 144A; 6NC3

Started Feb. 25: ESCHELON TELECOM $100 million ($85 million proceeds); Jefferies & Co., Wachovia Securities; 6NC3

Started Feb. 25: J.B. POINDEXTER & CO. $125 million; JP Morgan; Rule 144A; 10NC5

Started Feb. 26: NEWARK GROUP $200 million; Wachovia Securities; Rule 144A; 10NC5

Started Feb. 26: NATIONAL THERMAL POWER CORP. $200 million; Merrill Lynch & Co., ABN Amro; Regulation S; seven-year

Started March 1: EVERGREEN RESOURCES, INC. $200 million; Goldman Sachs & Co.; Rule 144A; 8NC4

Starts middle of March 1 week: BEAL FINANCIAL CORP. $500 million; Friedman Billings Ramsey; Rule 144A; 10NC3

Started March 1: TRINITY INDUSTRIES, INC. $300 million; JP Morgan, Credit Suisse First Boston; Rule 144A; 10NC5

Started March 1: CLONDALKIN INDUSTRIES BV €170 million; Deutsche Bank Securities, Barclays Capital, Lehman Brothers; Rule 144A/Regulation S; 10-year

Starts March 4: AES GENER SA $300 million; Deutsche Bank Securities; Rule 144A/Regulation S; 10-year

Starts March 8: OMEGA HEALTHCARE INVESTORS, INC. $200 million; Deutsche Bank Securities, UBS Investment Bank; senior notes due 2014; Rule 144A; 10-year

Starts March 9: AMERICAN ACHIEVEMENT CORP. $150 million; Goldman Sachs & Co., Deutsche Bank Securities; Rule 144A/Regulation S; eight-year

Starts March 8 week: INTERACTIVE HEALTH FINANCE CORP. $80 million; Jefferies & Co.; Rule 144A; seven-year

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