Convertibles Calendar

FEB 14 WEEK

SYBASE INC. (Symbol: SY): Rule 144A; $400 million of 20-year convertible subordinated notes, with $60 million greenshoe; price talk of a 1.75% to 2.0% coupon, 32.5% to 37.5% initial conversion premium; non-callable for five years; cash puts in years five, 10 and 15; a 130% contingent conversion trigger; standard takeover and dividend protection; to be sold on swap with Dublin, Calif.-based wireless software company to use up to $125 million of proceeds to concurrently buyback stock, and remaining proceeds slated for working capital and general corporate purposes, including acquisitions; joint bookrunners are Lehman Brothers Inc. and Merrill Lynch & Co.; pricing slated after the market close Tuesday.

ON THE HORIZON

PNM RESOURCES INC. (Symbol: PNM): $200 million of equity-linked securities as part of financing package for $1.024 billion acquisition of TNP Enterprises Inc.; timing to coincide with acquisition closing 9 to 12 months from announcement on July 25; letter of intent obtained for the purchase of $100 million of the equity-linked securities from an existing shareholder; Albuquerque, N.M., electric utility also plans to issue $250 million of common equity, of which $95 million will go to TNP Enterprises shareholders, and place $100 million of long-term senior notes; expected ratings BBB/Baa2.

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