High Yield Calendar

Total amount of high-yield bond offerings being marketed: $4.240 billion and €1.250 billion

WEEK OF NOV. 14

E*TRADE FINANCIAL CORP.: $250 million 10-year senior notes (expected B1/B+); Morgan Stanley & Co. Inc., J.P. Morgan Securities Inc. (joint books), Harris Nesbitt, BNY, Piper Jaffray, Wells Fargo Securities; New York-based online brokerage will use proceeds along with $700 million of common stock and $450 million of three-year mandatory convertible securities to help fund $1.6 billion purchase of BrownCo from JPMorgan Chase & Co.; price talk 7 7/8% area; pricing Wednesday afternoon.

TEAM HEALTH INC.: $265 million senior subordinated notes due 2013 (Caa1/B-); JP Morgan, Lehman Brothers, Merrill Lynch; Rule 144A with registration rights; non-callable for four years; to fund the LBO by the Blackstone Group; Knoxville, Tenn.-based provider of outsourced medical staffing, management, administrative and other support services; roadshow Nov. 8-16, pricing thereafter.

SS&C TECHNOLOGIES INC.: $205 million senior subordinated notes (Caa1/CCC+); Wachovia Securities, JP Morgan, Bank of America (joint); Rule 144A; also senior secured credit facility; to fund $982 million LBO of the company by Carlyle Group; Carlyle Group will also contribute equity; Windsor, Conn., company delivers investment and financial management software and related services focused exclusively on the financial services industry; roadshow started Nov. 7, pricing expected Thursday.

ORCHARD SUPPLY HARDWARE STORES CORP.: $235 million eight-year senior notes (B2/CCC+); Lehman Brothers, Citigroup, JP Morgan; Rule 144A with registration rights; non-callable for four years; San Jose, Calif.-based operator of home improvement stores, subsidiary of Sears Holdings Corp.; proceeds to help fund recapitalization.

ACCELLENT INC.: $325 million senior subordinated notes due 2013 (Caa1/B-); Credit Suisse First Boston, JP Morgan (joint); Rule 144A with registration rights; non-callable for four years; to fund the acquisition of the company by Kohlberg Kravis Roberts & Co. and refinance existing debt; Wilmington, Mass.-based medical device manufacturer; pricing expected Thursday or Friday.

AVAGO TECHNOLOGIES FINANCE PTE. LTD.: $1 billion of bonds; $750 million eight-year fixed-rate senior unsecured notes (B3) and 71/2-year floating-rate notes (B3) (tranche sizes to be determined), $250 million 10-year senior subordinated notes (Caa2); Lehman Brothers, Citigroup, Credit Suisse First Boston (joint books); Rule 144A; 71/2-year notes non-callable for two years, eight-year notes non-callable for four years, 10-year notes non-callable for five years; Singapore-based company will use proceeds to help fund buyout of Agilent Technologies Inc.'s semiconductor unit by Kohlberg Kravis Roberts & Co. and Silver Lake Partners; roadshow started in Europe on Nov. 7, Asia on Nov. 10, United States on Nov. 14, pricing expected Friday.

NETWORK COMMUNICATIONS INC.: $175 million senior subordinated notes due 2013 (B3/CCC+); Credit Suisse First Boston (books), TD Securities (co); Rule 144A; non-callable for four years; also $75 million term loan; to refinance existing debt; real estate information service, headquarters in Lawrenceville, Ga.; pricing expected Friday.

MEGASTEEL HARTA (L): $450 million senior secured notes (B1/B+) due 2010, non-callable for three years, price talk high-10%-range and due 2015, non-callable for five years, price talk high-11% range; Credit Suisse First Boston; Rule 144A/Regulation S; both notes carry make-whole call; steel producer Megasteel Sdn. Bhd. and its subsidiary Secomex will guarantee; Kuala Lumpur-based Megasteel is a subsidiary of conglomerate Lion Corp. Bhd.

WEEK OF NOV. 21

METALS USA INC.: $275 million senior secured notes (B3/B-) in two parts: floating-rate notes due 2012, non-callable for two years and fixed-rate notes due 2015, non-callable for five years; Credit Suisse First Boston, CIBC World Markets (joint); Rule 144A with registration rights; to fund the LBO of the company by Apollo Management; manufacturer and processor of metal components, headquartered in Houston; pricing expected Nov. 21.

WIND ACQUISITION FINANCE SA (WIND TELECOMUNICAZIONI SPA): €1.250 billion equivalent senior notes due 2015 in dollar and euro tranches; Deutsche Bank Securities, ABN Amro, Banca IMI (joint),k WestLB (co); non-callable for five years; to support the €12.138 billion LBO of Wind by Weather Investment SARL; Rome, Italy-based telecommunications company; European roadshow Nov. 8-11, U.S. roadshow Nov. 14-21, pricing thereafter.

GREEKTOWN HOLDINGS LLC/GREEKTOWN HOLDINGS II INC.: $185 million senior notes due 2013 (CCC+); Merrill Lynch (books), Wachovia Securities, NatCity Investments (co's); Rule 144A with no registration rights; subject to final approval by the Michigan Gaming Control Board; non-callable for four years; to fund the purchase of a minority interest and fund a tribal distribution; Sault Ste. Marie Tribe of Chippewa Indians indirectly owns a substantial majority of the membership interests in Greektown Holdings, LLC. Greektown Holdings II, Inc. is a wholly owned subsidiary of Greektown Holdings LLC. The Tribe also owns and operates five other gaming properties in northern Michigan; roadshow Nov. 10-21, investor call Nov. 16; pricing expected Nov. 21.

CHAPARRAL ENERGY INC.: $325 million senior notes due 2015 (B3/B); JP Morgan (books), Banc of America Securities LLC, Lehman Brothers, Comerica, Fortis, The Royal Bank of Scotland; Rule 144A with registration rights; non-callable for five years; to repay bank debt; an oil and gas producer and operator based in Oklahoma City; roadshow Nov. 14-22, New York on Nov. 17, Boston on Nov. 18; pricing expected Nov. 22.

TRONOX WORLDWIDE LLC: $350 million senior notes due 2012 (B1/B+); Lehman Brothers, Credit Suisse First Boston; Rule 144A with registration rights; non-callable for four years; to fund spinoff of the Oklahoma City-based chemical business from Kerr-McGee Corp. and pay a dividend to Kerr-McGee; roadshow Nov. 9-21; pricing week of Nov. 21.

GIBRALTAR INDUSTRIES INC.: $200 million senior subordinated notes due 2015 (Ba3/B+); JP Morgan (books), KeyBank (joint lead), Harris Nesbitt (co); Rule 144A/Regulation S; non-callable for five years; also $200 million-plus bank loan; to repay a $300 million term loan drawn down for the purpose of acquiring Alabama Metal Industries Corp.; Buffalo, N.Y., building products company; roadshow Nov. 15-23, Nov. 16 in New York, Nov. 17 in Boston; pricing expected Nov. 23.

2005 BUSINESS

HERTZ CORP.: $3.05 billion bonds; Deutsche Bank Securities, Lehman Brothers, JP Morgan, Goldman Sachs & Co., Merrill Lynch & Co; to help fund the approximately $15 billion LBO of the company by Clayton, Dubilier & Rice Inc., The Carlyle Group and Merrill Lynch Global Private Equity from Ford Motor Co.; Park Ridge, N.J, vehicle rental company; to launch early November.

ON THE HORIZON

AMADEUS GLOBAL TRAVEL DISTRIBUTION SA: €1 billion (approximate); Credit Suisse First Boston; to fund the LBO of the company by BC Partners and Cinven; travel reservations firm based in Madrid, Spain; expected during first half of 2005.

BRASKEM SA: $100 million perpetual senior notes (/BB-/BB-); Banco Itau; Rule 144A/Regulation S; non-callable for five years; Sao Paulo, Brazil, petrochemical company.

CAPITAL AUTOMOTIVE: $500 million senior notes; also $1.85 billion credit facility via Lehman Brothers, bank meeting Nov. 16; to help fund DRA Advisors LLC's acquisition of Capital Automotive; McLean, Va., specialty finance company for automotive retail real estate.

DACOM CORP.: $300 million notes due 2010 (expected ratings Ba3/BB-); Credit Suisse First Boston; Rule 144A/Regulation S; non-callable for life; to refinance debt; South Korea-based integrated service provider of telecommunications and internet related services.

R.H. DONNELLEY CORP.: $1.842 billion senior notes; DEX MEDIA INC.: $250 million senior notes; to fund the acquisition of Dex Media by R.H. Donnelley; Cary, N.C.-based R.H. Donnelley is a Yellow Pages publisher and directional media company. Englewood, Colo.-based Dex provides print directories and internet-based local search services; expected to be completed during the first quarter of 2006.

DRS TECHNOLOGIES INC. $700 million: $500 million senior notes and $200 million senior subordinated notes; also new bank debt and convertible notes; to help fund its acquisition of Engineered Support Systems Inc., a St. Louis-based diversified supplier of integrated military electronics, support equipment and technical services; committed financing from Bear Stearns & Co.; DRS Technologies is Parsippany, N.J.-based provider of technology products and services to defense, government intelligence and commercial customers; transaction expected to close by March 2006.

INTELSAT LTD.'s $7 billion acquisition of PANAMSAT HOLDING CORP.: $4 billion (approximate) minimum: PANAMSAT OPERATING CO. $572.9 million senior notes with the option to issue additional $663.57 million if PanAmSat 9% notes are refinanced, PANAMSAT HOLDING CO. $721.2 million in senior notes with option to issue additional $301.9 million if PanAmSat 10 3/8% notes are refinanced, INTELSAT OPERATING CO. up to $557 million of senior notes, INTELSAT HOLDING CO. up to $1.4155 billion in senior notes; also approximately $2.88 billion aggregate bank debt; financing provided by Deutsche Bank, Citigroup, Credit Suisse First Boston and Lehman Brothers; PanAmSat is a Wilton, Conn.-based satellite network operator; Intelsat is a Pembroke, Bermuda, satellite communications company; expected to be completed in 2006.

K. WAH CONSTRUCTION MATERIALS LTD.: $300 million and $500 million global bonds; Merrill Lynch & Co., Morgan Stanley; owner of Macau's Galaxy casino.

LINENS 'N THINGS INC.: $650 million of high-yield bonds; also $600 million revolver, via UBS and Bear Stearns; also $633.4 million of equity; to fund the approximately $1.2 billion LBO of the company by Apollo Management, expected to close in the first or early second quarter of 2006; Clifton, N.J., retailer of home textiles, housewares and home accessories.

MIDDLETOWN RANCHERIA GAMING ENTERPRISES: $50 million senior unsecured notes due 2012; Jefferies & Co.; Rule 144A for life; to refinance debt and fund a renovation; gaming company owned and operated by the Middletown Rancheria band of Pomo Indians; price talk 12% area.

NRG ENERGY INC: $3.6 billion senior unsecured notes via Rule 144A; also $4.8 billion of bank facilities and $1.5 billion of equity or equity-linked securities; commitment for the bank facilities plus a $5.1 billion bridge loan Morgan Stanley, Citigroup; to help finance $5.8 billion acquisition of Houston-based Texas Genco; NRG is a Princeton, N.J.-based independent power producer.

NTL INC./TELEWEST GLOBAL INC.: £1.8 billion high-yield debt; to help fund NTL'S acquisition of Telewest Global, Inc. for about $6 billion; Goldman Sachs advised NTL, Deutsche Bank Securities advised Telewest, the U.K.'s second largest cable provider; expected to close in the first quarter of 2006.

PER-SE TECHNOLOGIES INC.: $250 million senior subordinated notes; also $460 million credit facility, financing commitment from Bank of America; proceeds in addition to $240 million of Per-Se stock and cash on hand to help fund its acquisition of NDCHealth Corp.; Per-Se is an Alpharetta, Ga., provider of connective health care solutions to physicians and hospitals; transaction expected to be completed late 2005 or early 2006

PETROHAWK ENERGY CORP.: $170 million notes due 2013; BNP Paribas expected bookrunner; non-callable for four years; to back the consolidation of the bank debt of Petrohawk and soon-to-be-acquired Mission Resources Corp.; bank group includes BNP Paribas; Petrohawk is a Houston-based energy company; Mission Resources is a Houston-based independent exploration and production company.

SHAW COMMUNICATIONS INC.: C$300 million senior unsecured notes due 2012 (Ba2); TD Securities Inc. (lead), RBC Capital Markets, CIBC World Markets, Merrill Lynch & Co., NBF Securities (USA) Corp., Scotia Capital; Calgary, Alta., communications company will use proceeds to repay bank debt and to redeem $172.5 million 8.5% Canadian Originated Preferred Securities; registration statement filed with the Securities and Exchange Commission but not yet effective.

SPANSION LLC.: $400 million senior unsecuted notes due 2015 (//B-); Rule 144A; to repay borrowings including promissory notes to AMD and Fujitsu; also $200 million mandatory convertible preferred stock via Citigroup, Credit Suisse First Boston (joint), JPMorgan, Merrill Lynch & Co., Morgan Stanley, Deutsche Bank Securities, UBS Investment Bank; Sunnyvale, Calif., maker of flash memory.

TRAVELEX GROUP: Sterling-denominated bonds, size of offering to be determined; Deutsche Bank Securities; a consortium led by Apax Partners signed an agreement in February 2005 to acquire a majority stake in Travelex, transaction expected to close in 2005; London-based foreign currency exchange services provider.

VENETIAN MACAU LTD.: $300 million floating-rate notes; Goldman Sachs

ROADSHOWS

Started Nov. 7: AVAGO TECHNOLOGIES FINANCE PTE. LTD.: $1 billion of bonds; Lehman Brothers, Citigroup, Credit Suisse First Boston

Started Nov. 7 week: METALS USA INC. $275 million; Credit Suisse First Boston, CIBC World Markets

Started Nov. 7 week: ACCELLENT INC. $325 million; Credit Suisse First Boston, JP Morgan

Started Nov. 7 week: NETWORK COMMUNICATIONS INC. $175 million; Credit Suisse First Boston

Nov. 7-17: SS&C TECHNOLOGIES INC.: $205 million senior subordinated notes; Wachovia Securities, JP Morgan, Bank of America

Started Nov. 8 in Europe: WIND ACQUISITION FINANCE SA (WIND TELECOMUNICAZIONI SPA) €1.25 billion; Deutsche Bank Securities, ABN Amro, Banca IMI

Nov. 8-16: TEAM HEALTH INC. $265 million; JP Morgan, Lehman Brothers, Merrill Lynch

Nov. 9-21: TRONOX WORLDWIDE LLC $350 million; Lehman Brothers, Credit Suisse First Boston

Nov. 10-21: GREEKTOWN HOLDINGS LLC/GREEKTOWN HOLDINGS II INC. $185 million; Merrill Lynch

Started Nov. 14: CHAPARRAL ENERGY INC. $325 million; JP Morgan

Starts Nov. 14 week: GIBRALTAR INDUSTRIES INC. $200 million; JP Morgan

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