Convertibles Calendar

WEEK OF NOV. 7

PRUDENTIAL FINANCIAL INC. (Symbol: PRU): $2 billion of convertible senior notes; greenshoe of $300 million; to price overnight ahead of Nov. 10 open; maturity in 2035; talked to yield 3-month Libor minus 2.76%, up 21.4%; bookrunner Goldman Sachs & Co.; non-callable for 1.5 years, with puts in years 1.5, five, 10, 15, 20 and 25; in connection with the offering, Prudential expects to repurchase up to $210 million of its stock under an existing repurchase program from the purchasers of the convertible notes; a portion of proceeds initially are expected to be used to purchase an investment portfolio, and stock buybacks; Newark, N.J.-based financial company that offers insurance and other financial services.

CREDIT SUISSE FIRST BOSTON CAPITAL LLC/EQUINIX INC. (Symbol: EQIX): 4.3 million, or about $165 million, of mandatory convertibles due 2008 exchangeable into Equinix Inc.; non-callable; Credit Suisse First Boston LLC (books), Citigroup Global Markets Inc., Goldman, Sachs & Co.; expected to price Nov. 9; talked at a coupon of 5.25% to 5.75%, initial conversion premium of 18% to 22%.

The mandatory convertibles will mature in 2008 and are non-callable for life; Foster City, Calif.-based Equinix is a provider of network-neutral data centers and internet exchange services; expect to price Nov. 9.

MAVERICK TUBE CORP. (MVK): $220 million of 20-year convertible senior subordinated notes; talked to yield 1.75% to 2.25%, up 20% to 25%; expected to price Wednesday after the close; sold via Morgan Stanley & Co.; greenshoe of up to $30 million; non-callable for eight years with puts in years eight, 10 and 15: takeover and dividend protection and contingent conversion; proceeds to purchase stock in the open market and in private transactions, also to pay costs associated with the convertible note hedge and warrant transactions; steel tube manufacturer based in Chesterfield, Mo.

WEEK OF NOV. 14

E*TRADE FINANCIAL CORP. (Symbol: ET): $450 million of three-year mandatory convertibles; price talk 5.625% to 6.125% for the coupon, up 20% to 25%; set to price Nov. 16 after the close; Morgan Stanley & Co., J.P. Morgan Securities (joint books); with concurrent offerings of $700 million of common stock and $250 million of senior notes to finance acquisition of BrownCo.; New York online brokerage.

ON THE HORIZON

NRG ENERGY INC. (Symbol: NRG): Mandatory convertible preferreds expected to total $500 million, with concurrent offerings of $1 billion equity and $2.5 billion debt, to finance roughly $4 billion of its $5.8 billion acquisition of Texas Genco LLC; Texas Genco owners may also receive as much as $400 million preferred stock; Princeton, N.J.-based NRG has operations in the southeastern, western and northeastern states, while Texas Genco has operations in eastern Texas; the transaction is expected to close first-quarter 2006.

DRS TECHNOLOGIES INC. (Symbol: DRS) $250 million of senior subordinated convertible notes; as part of a mix of borrowings to help fund its acquisition of Engineered Support Systems Inc. (ESSI); the other financings include $124.7 million under a new revolving credit facility, $200 million from an expanded existing term loan and $700 million of new high-yield debt; DRS is a Parsippany, N.J.-based provider of technology products and services to defense, government intelligence and commercial customers. ESSI is a St. Louis-based diversified supplier of integrated military electronics, support equipment and technical services.

SPANSION INC. (Symbol: SPSN): $200 million of mandatory convertible preferred stock; Citigroup, Credit Suisse First Boston (joint books), JPMorgan, Merrill Lynch & Co., Morgan Stanley, Deutsche Bank Securities, UBS Investment Bank; also selling initial public offering of 35.29 million shares of common stock and $400 million of senior unsecured notes; part of sale by joint owners Advanced Micro Devices, Inc. and Fujitsu Ltd.; Sunnyvale, Calif., maker of flash memory.

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