High Yield Calendar

Total amount of high-yield bond offerings being marketed: $3.785 billion and €440 million

WEEK OF JULY 5

ALMATIS HOLDING BV: €150 million senior notes due 2012 (B-); JP Morgan, ING (joint), Scotia Capital (co); Rule 144A/Regulation S (no registration rights); non-callable for three years; to repay bank debt, mezzanine debt, a shareholder loan and preferred stock; Frankfurt, Germany alumina-based specialty materials and chemicals producer; roadshow started July 6; possibly pricing late July 5 week.

ROMPETROL GROUP NETHERLANDS NV: €100-150 million senior notes due 2009 (/B-/B-); JP Morgan; to finance infrastructure investments and repay subsidiaries' debt; vertically integrated Romanian private oil company, based in Bucharest; price talk 10%-11%.

WEEK OF JULY 12

INTERTAPE POLYMER US INC.: $125 million senior subordinated notes due 2014 (B+); Citigroup; Rule 144A/Regulation S; guaranteed on a senior subordinated basis by Intertape Polymer Group Inc. and all of its U.S. and non-U.S. subsidiaries; also new $250 million senior secured credit facility; to repay bank debt and redeem all three series of existing senior secured notes; finance subsidiary of Bradenton, Fla.-based Intertape Polymer Group Inc.; roadshow starts week of July 5; pricing July 14.

FREESCALE SEMICONDUCTOR, INC.: $1.25 billion in notes in three tranches (confirmed Ba2/expected BB+): five-year non-call-two floating rate notes, seven-year non-call-four fixed rate notes, 10-year non-call-five fixed rate notes; Goldman, Sachs & Co, Citigroup, JP Morgan (joint), co-managers to be named; Rule 144A; to help fund spin-off of Freescale from Motorola; Austin, Tex.-based microchip manufacturing subsidiary of Motorola; roadshow started June 25; pricing expected July 15.

GILDEMEISTER AG: €175 million bonds due 2011 (B2/B-); Bayerische Hypo- und Vereinsbank, Westdeutsche Landesbank; Bielefeld, Germany machine tool maker will use proceeds to strengthen balance sheet and fund expansion; roadshow started July 6, pricing expected July 12 or soon after.

HECKLER & KOCH GMBH (operating co.): €115 million senior secured notes due 2011 (B1); Citigroup; Rule 144A/Regulations S; non-callable for four years; first priority security interest over capital stock and note proceeds loan; to repay loans, pre-fund capital expenses and to provide working capital for the U.S. plant; Oberndorf, Germany-based defense contractor in small arms segment; roadshow started July 5; pricing week of July 12.

PETROL OFISI: $200 million five-year bonds (-/B/B+); JP Morgan; Rule 144A/Regulation S; Turkish fuel distributor will use proceeds for general corporate purposes; roadshow July 7-13.

WEEK OF JULY 19

FOUNDATION PA COAL CO.: $335 million of senior notes due 2014; non-callable for five years; Citigroup, Credit Suisse First Boston (joint); Rule 144A; company created by equity investors to buy U.S. coal mining assets of Germany-based RAG Coal International AG; roadshow July 13-21.

JEAN COUTU GROUP: $1.2 billion notes due 2014, non-callable for five years; Deutsche Bank Securities and Merrill Lynch & Co. (joint), National Bank of Canada; Rule 144A; Longueuil, Que. pharmacy chain will use proceeds to help fund acquisition of Eckerd drugstore chain; roadshow July 9-19; pricing on July 19 or 20.

JULY BUSINESS

DUANE READE INC.: $195 million senior subordinated notes due 2011 (B3); Banc of America Securities, Citigroup, Credit Suisse First Boston and UBS Securities; Rule 144A; New York drugstore chain will use proceeds to help fund leveraged buyout by Oak Hill Capital Partners LP; expected late July.

US ONCOLOGY: $675 million via Rule 144A: $200 million senior notes due 2012 (B-), non-callable for four years, and $475 million senior subordinated notes due 2014 (B-), non-callable for five years; Citigroup, JP Morgan, Wachovia Securities; also $500 million senior secured credit facility; to help fund LBO by Oiler Acquisition Corp., an affiliate of Welsh, Carson, Anderson & Stowe IX, LP; Houston cancer treatment services company; expected after July 4.

THIRD QUARTER

ROCKWOOD SPECIALTIES INC.: €500-€600 million high yield notes; Credit Suisse First Boston, Goldman Sachs & Co., UBS Investment Bank; to help finance €2.25 billion acquisition of MG Technologies CeramTec, Chemetall, Sachtleben and DNES divisions; Princeton, N.J. chemical manufacturer; transaction expected to close third quarter of 2004.

STANADYNE CORP.: High yield bonds and new credit facility; Goldman Sachs & Co.; to help fund a leveraged buyout of the company by an affiliate of Kohlberg & Co. LLC; Windsor, Conn. provider of technology and services for engine components and fuel systems; LBO expected to close during the third quarter of 2004.

ON THE HORIZON

GULFMARK OFFSHORE, INC.: Senior notes to fund tender for $130 million 8¾% senior notes due 2008, which expires July 30, Lehman Brothers dealer manager; Houston-based provider of marine transportation services to the energy industry.

NCL CORP. LTD.: $200 million 10-year bonds due 2014; subsidiary of Kuala Lumpur, Malaysia-based cruise ship operator Star Cruises Ltd.

VITRO ENVASES NORTEAMERICA SA de CV: $150 million senior secured guaranteed notes due 2014 (B2/B+); Citigroup; Rule 144A/Regulation S; to repay debt; subsidiary of San Pedro Garza Garcia, Nuevo Leon, Mexico-based glass manufacturer Vitro, SA de CV.

BOB EVANS FARMS: $190 million debt securities; NatCity Investments; to fund acquisition of Tustin, Calif.-based SWH Corporation (Mimi's Cafe) for $182 million in cash, including assumption of $78.7 million of debt, expected to be completed in July; Columbus, Ohio-based Bob Evan Farms owns and operates 561 family restaurants in 21 states.

AMERICAN EQUITY INVESTMENT LIFE HOLDING CO.: $150 million senior notes due 2014 and 2016 (BB+); Merrill Lynch & Co., Raymond James, Advest, Wachovia Securities; off shelf; non-callable for life; to refinance bank debt and general corporate purposes; West Des Moines, Iowa underwriter of annuity and insurance products; delayed May 7 pending Fitch rating.

HOLLYWOOD ENTERTAINMENT: $600 million: $400 million senior notes $200 million senior subordinated notes; UBS Investment Bank; Rule 144A; to fund acquisition of Oscar by Carso Holdings Corp., a corporation formed by affiliates of Leonard Green & Partners, LP.

PANAMSAT CORP.: High-yield bonds and new credit facility; Credit Suisse First Boston, Citigroup to lead both components; to finance $4.3 billion acquisition by Kohlberg Kravis Roberts & Co. from DirecTV Group Inc., expected to be completed in second half of 2004; Wilton, Conn. satellite operator.

VERIZON HAWAII: New high-yield bonds; also new credit facility to be led by JPMorgan, Goldman Sachs, Lehman Brothers (same banks to lead bond deal, although not necessarily in that order); to fund Carlyle Group's $1.65 billion acquisition of Verizon Hawaii from Verizon Communications Inc.; pending regulatory approvals.

ADELPHIA COMMUNICATIONS CORP.: $3.3 billion 10-year senior unsecured notes; non-callable for five years; part of $8 billion bond and bank loan exit financing from Chapter 11; Deutsche Bank Securities; Greenwood Village, Colo. cable television company.

REFCO GROUP LTD.: Bond and bank deal; financing to be led by Bank of America, Credit Suisse First Boston and Deutsche Bank; to help fund acquisition of company by Thomas H. Lee Partners, in a transaction valued at $2.25 billion; New York City provider of risk management and investment services.

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. 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; New York City motion picture exhibitor.

DNO ASA: Two new bond loans; to refinance existing bond loans and finance new investment in petroleum licenses, mainly on the Norwegian shelf.

INCOME SECURITIES OFFERINGS IN THE MARKET

ALASKA COMMUNICATIONS SYSTEMS GROUP INC.: $400 million income deposit securities: shares of Class A common stock and senior subordinated notes due 2019; Citigroup, CIBC World Markets, JP Morgan (books), Banc of America Securities, RBC Capital Markets, Jefferies & Co., KeyBanc Capital Markets (co's); proceeds, together with cash on hand, to fund cash payment to existing stockholders and to repay existing credit facility; Anchorage, Alaska provider of fixed line and mobile telecommunications services in Alaska.

ALLIANCE LAUNDRY HOLDINGS INC.: up to $375 million of income deposit securities (IDS) comprised of 20.4 million shares of class A common stock and $116.4 million senior subordinated notes due 2019; also separate offering of $16.2 million senior subordinated notes (Caal/CCC on notes); CIBC World Markets, Lehman Brothers (joint), UBS Investment Bank (co) estimated price $14.00 and $16.00 per IDS; company supplies washers and driers to laundromats.

AMERICAN SEAFOODS CORP.: approximately $674 million of income deposit securities and 15-year notes: 39.5 million IDSs comprised of shares of class A common stock and $171.9 million of notes due June 15, 2019, also separate offering of $27.7 million notes due June 15, 2019; CIBC World Markets, Merrill Lynch & Co. (leads), UBS Investment Bank (joint lead), Credit Suisse First Boston, RBC Capital Markets, Legg Mason, KeyBanc Capital Markets, SunTrust Robinson Humphrey, Piper Jaffray, Wells Fargo Securities, Scotia Capital, Morgan Joseph & Co.; to indirectly redeem additional equity from owners of affiliate, American Seafoods, LP.

B&G FOODS HOLDINGS CORP.: approximately $450 million proceeds from sale of 28.4 million Enhanced Income Securities (EIS), representing 28.4 million shares of class A common stock and $196.2 million senior subordinated notes due 2016; Also separate offering of $26.5 million senior subordinated notes due 2016; RBC Capital Markets, Credit Suisse First Boston, Merrill Lynch & Co. (joint books), Lehman Brothers and Piper Jaffray; registered; 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. manufacturer of food products.

CARROLS HOLDING CORP.: $475 million Enhanced Yield Securities comprised of shares of common stock and senior subordinated notes due 2016 and offerings of shares of common stock and senior subordinated notes due 2016; Lehman Brothers; proceeds, along new credit facility to repay existing bank debt and $170 million 9½% senior subordinated notes due 2008.

COINMACH SERVICE CORP.: $400 million income deposit securities (Caa1) comprised of shares of class A common stock and senior secured notes due 2024; also separate offering of senior secured notes due 2024; Merrill Lynch & Co.; to redeem part of Coinmach Corp.'s 9% notes, repay bank debt and repurchase class A and class B preferred shares; Plainview, N.Y. supplier of coin and card operated laundry equipment.

DAVCO ACQUISITION HOLDING INC.: $161 million Enhanced Income Securities comprised of class A common stock and senior subordinated notes due 2016, also separate offering of senior subordinated notes due 2016; RBC Capital Markets (books), KeyBanc Capital Markets, Oppenheimer, SunTrust Robinson Humphrey; to repurchase class B common stock from Citicorp Venture Capital, Ltd. and affiliates; subsidiary of Crofton, Md.-based DavCo Restaurants Inc., the largest franchisee of Wendy's International, Inc.

EYE CARE CENTERS OF AMERICA: $375 million Income Units comprised of class A common stock and senior subordinated notes due 2014; Banc of America Securities, Merrill Lynch & Co. (books), Citigroup, Lehman Brothers (co's); proceeds along with available cash to repay credit facility, redeem $100 million 9 1/8% senior subordinated notes due 2008 and $50 million subordinated term notes, also redeem all outstanding preferred stock and repurchase common stock from existing shareholders; San Antonio, Tex. prescription optical retail chain owner.

FAIRPOINT COMMUNICATIONS INC.: $750 million income deposit securities; includes shares of class A common stock and senior subordinated notes due 2019; also separate offering of senior subordinated notes due 2019 (CCC+ notes only); CIBC World Markets, Citigroup, Deutsche Bank Securities (books), Banc of America Securities, Credit Suisse First Boston, RBC Capital Markets, UBS Investment Bank, Wachovia Securities (co's); to repay existing credit facility, fund tender for $115.2 million 9½% senior subordinated notes due 2008, $75 million floating-rate notes due 2008, $193 million 12½% senior subordinated notes due 2010, $225 million 11 7/8% senior notes due 2010; Charlotte, N.C. rural local-exchange carrier.

INSIGHT HEALTH SERVICES HOLDINGS CORP.: $675 million Income Deposit Securities comprised of class A common stock and senior subordinated notes, also separate senior subordinated notes of the same series; CIBC World Markets, Banc of America Securities; to repay bank debt, fund tender for 9 7/8% senior subordinated notes due 2011, establish capital expenditures reserve account and make a payment to InSight's equity investors; Lake Forest, Calif.-based provider of diagnostic imaging and information, treatment and related management services.

IOWA TELECOMMUNICATIONS SERVICES INC.: $725 million income deposit securities comprised of shares of common stock and senior subordinated notes due 2014, also separate offering of senior subordinated notes due 2014; CIBC World Markets, Citigroup, Lehman Brothers, UBS Investment Bank, Jefferies & Co., Legg Mason, RBC Capital Markets; to repay debt; Newton, Iowa telecommunications company.

MERISANT WORLDWIDE, INC.: $700 million income deposit securities comprised of shares of class A common stock and senior subordinated notes due 2019, also separate offering of senior subordinated notes due 2019; Credit Suisse First Boston, RBC Capital Markets, Merrill Lynch & Co. (joint); to repay bank debt, repurchase discount notes, repurchase senior subordinated notes, repurchase class B common stock, fund payments under existing management incentive plans; formerly known as Tabletop Holdings, Inc., Chicago company markets low calorie tabletop sweeteners.

RURAL LEC ACQUISITION LLC: $190 million income deposit securities comprised of class A common stock and senior subordinated notes due 2019; CIBC World Markets, RBC Capital Markets; to repay $81.2 million of long-term notes and $18 million Mid-Missouri Holding long-term notes and for general corporate purposes; Oneonta, Ala. provider of telephone services in Alabama and Missouri, plans to change name to Otelco Inc. before offering closes.

TRANSCORE HOLDINGS INC.: $375 million Enhanced Yield Securities comprised of class A common stock and senior subordinated notes due 2016, also separate offering of senior subordinated notes due 2016; Lehman Brothers; proceeds, along with a new credit facility, to repay existing credit facility, redeem common and preferred stock and make other payments to security holders and employees; Harrisburg, Pa. provider of information technology to toll road operators, state departments of transportation, trucking companies and freight brokers.

UAP HOLDING CORP.: $680 million income deposit securities and senior subordinated notes due 2019: $640 million of income deposit securities comprised of 32 million securities to price at approximately $20.00 per security, to include shares of common stock (valued at $11.41 per share), and $275 million of senior subordinated notes due 2019 (valued at $8.59 per note); also separate offering of $39.7 million senior subordinated notes due 2019 (Caa3 on both debt offerings); Credit Suisse First Boston, UBS Investment Bank, CIBC World Markets (joint), Goldman, Sachs & Co., Merrill Lynch & Co (co's); to take out preferred stock owned by ConAgra and stock owned by company executives and Apollo Management V LP; subsidiary of United Agri Products, the former ConAgra agricultural products business.

VALOR COMMUNICATIONS GROUP, INC.: $875 million income deposit securities: shares of class A common stock and senior subordinated notes due 2019, also separate offer of senior subordinated notes due 2019 (CCC+ on both debt offerings), notes non-callable for seven years; CIBC World Markets, Merrill Lynch & Co., Lehman Brothers (joint), Banc of America Securities, JP Morgan (co's); to purchase subsidiaries' stock and repay debt; Irving, Tex.-based telecommunications provider.

XERIUM TECHNOLOGIES, INC.: $700 million income deposit securities comprised of shares of class A common stock and senior subordinated notes due 2019; also separate offering of senior subordinated notes due 2019; CIBC World Markets (books), Citigroup, Merrill Lynch & Co., Robert W. Baird & Co., Calyon Securities, KeyBanc Capital Markets, Legg Mason (co's); to repay debt, including senior and mezzanine credit facilities and to redeem part of class A common stock; Westborough, Mass. manufacturer of clothing and machinery covers.

ROADSHOWS

Started June 25: FREESCALE SEMICONDUCTOR, INC. $1.25 billion; Goldman, Sachs & Co, Citigroup, JP Morgan

Started July 6: HECKLER & KOCH GMBH. €115 million; Citigroup

Started July 6: ALMATIS HOLDING B.V. €150 million; JP Morgan, ING

Starts July 5 week: INTERTAPE POLYMER US INC. $125 million; Citigroup

July 7-13: PETROL OFISI $200 million bonds; JP Morgan

Starts July 9: JEAN COUTU GROUP $1.2 billion notes; Deutsche Bank. Merrill Lynch

July 13-21: FOUNDATION PA COAL CO. $335 million senior notes; Citigroup, Credit Suisse First Boston.

RECENT SHELF FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION

LENNAR CORP.: $1 billion shelf filed July 2 for class A common stock, class B common stock, preferred stock, participating preferred stock, depositary shares, debt securities and warrants; securities may be issued as convertibles; includes $320 million previously registered but unsold; Miami homebuilder will use proceeds for general corporate purposes.

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