High Yield Calendar

Total amount of high-yield bond offerings being marketed: $5.555 billion and €1.0 billion

WEEK OF NOV. 28

TUI AG €1 billion (approximate): €700 million (approximate) senior notes (Ba2/BB); Rule 144A/Regulation S (pari passu with existing notes): expected floating-rate notes due 2010, price talk Euribor plus 160-170 basis points, and fixed-rate notes due 2012 , price talk mid-swaps plus 187.5-200 basis points, also €300 million perpetual bond (B1/B+) with expected seven years of call protection and 200 bps step-up, price talk 8¾% area; Regulation S; Citigroup, Deutsche Bank Securities, HVB, The Royal Bank of Scotland; Rule 144A/Regulation S; to refinance debt incurred in the acquisition of CP Ships, to purchase CP Ships shares and to refinance CP Ships and TUI debt; TUI is a Hanover, Germany-based tourism group, with operations in shipping and logistics; pricing late in the Nov. 28 week.

ADARO FINANCE BV: $300 million senior secured notes due 2010 (Ba3); Goldman Sachs, JPMorgan (joint); Rule 144A/Regulation S; proceeds along with $250 million senior secured bank debt to refinance existing secured bank debt and repay a portion of the mezzanine financing; Indonesian coal mining company PT Adaro; price talk 8¾%-9%; possibly pricing Thursday.

PLASTIPAK HOLDINGS INC.: $250 million senior notes due 2015 (B2/B); Banc of America Securities, JP Morgan, Goldman Sachs & Co. (joint), Harris Nesbitt (co); Rule 144A with no registration rights; non-callable for five years; to repurchase 10¾% senior notes due 2011; Plymouth, Mich., blow-molded plastic packaging designer, manufacturer; roadshow Nov. 29 in New York, Nov. 30 in Boston, Dec. 1 in California; pricing thereafter.

TRUE CORP PCL: $225 million senior notes due 2012 (B2/B+); JP Morgan; Rule 144A/Regulation S; non-callable for four years; to refinance existing Thai baht bond funds, which will be held in escrow until the call redemption date; Bangkok-based fixed-line telecommunications provider; roadshow scheduled for Nov. 28 to Dec. 2.

WEEK OF DEC. 5

CLARKE AMERICAN CORP.: $175 million eight-year senior notes (B2/B-); Bear Stearns, JP Morgan; Rule 144A with registration rights; non-callable for four years; to help fund $800 million acquisition of the company by M&F Worldwide Corp. from Honeywell International Inc.; also $440 million term loan and $203 million equity contribution; San Antonio company provides documents, including checks, and related services to financial institutions; roadshow Nov. 29-Dec. 8, pricing thereafter

CLEVELAND UNLIMITED INC.: $150 million senior secured floating-rate notes due 2010 (Caa1/CCC+); Jefferies & Co.; Rule 144A; non-callable for two years; to finance the development of new markets and refinance the existing credit facility; privately held wireless voice and text messaging services provider for the Cleveland and Akron areas, marketed under Revol brand, headquarters in Independence, Ohio; roadshow started Nov. 28; pricing expected late Dec. 5 week.

MASSEY ENERGY CO.: $725 million senior notes due 2013; UBS Investment Bank (books), Bear Stearns & Co., PNC (co's); Rule 144A with registration rights; non-callable for four years; to fund tender for $220.1 million 6.95% senior notes due 2007, buy back $132 million 4¾% convertible senior notes due 2023 and for general corporate purposes; Massey Energy, with headquarters in Richmond, Va., and operations in West Virginia, Kentucky and Virginia, is the fourth largest coal company in the United States based on produced coal revenue; Roadshow Dec. 5-8; pricing late Dec. 5 week.

NATIONAL COAL CORP.: $80 million senior secured notes due 2012; Jefferies & Co.; Rule 144A; non-callable for four years; to repay existing debt and for general corporate purposes; coal producer operates in eastern Tennessee and southeastern Kentucky, headquarters in Knoxville, Tenn.; roadshow started Nov. 28; pricing late Dec. 5 week.

ADVANCE AGRO PCL: $250 million high-yield bonds with intermediate maturity (B3): ABN Amro, Deutsche Bank; Rule 144A/Regulation S; to repay existing debt; Thailand pulp and paper producer; roadshow Dec. 1-6.

GALAXY ENTERTAINMENT FINANCE CO. LTD.: $500 million global bonds in two parts (B+): seven-year fixed-rate notes, non-callable for four years and five-year floating-rate notes, non-callable for three years; to fund the construction of hotel casinos; Merrill Lynch & Co., Morgan Stanley; owner of Macau's Galaxy Casino; roadshow started Nov. 23 in Singapore, Nov. 24-25 Hong Kong and Europe, U.S. roadshow starts Nov. 28 week.

I.M. SKAUGEN ASA: $60 million to $100 million Libor plus 280 basis points five-year floating-rate bond; Fearnnley Fonds ASA; to repurchase existing bonds at 105 in June 2006; Oslo, Norway-based worldwide marine transportation service company engaged in the transport of petrochemical gases and LPG, and the ship-to-ship transfer of crude oil; expected settlement date is Dec. 14, to be listed on Oslo Børs.

WEEK OF DEC. 12

HERTZ CORP.: $2.80 billion two-part bonds in dollar and euro denominations, sizes to be determined: $2.2 billion equivalent senior notes due 2013, non-callable for five years (expected B1/confirmed B/confirmed BB-) and $600 million senior subordinated notes due 2015, non-callable for five years (expected B3/confirmed B/confirmed B+); Deutsche Bank Securities, Lehman Brothers, JP Morgan, Goldman Sachs & Co., Merrill Lynch & Co. (joint); 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; Europe roadshow started Nov. 30, U.S. roadshow starts Dec. 5; expected to price Dec. 14.

2005 BUSINESS

SKILLED HEALTHCARE GROUP INC.: $200 million eight-year senior subordinated notes (CCC+); Credit Suisse First Boston; Rule 144A; non-callable for four years; to help fund the C$750 million LBO of the company by Onex Corp.; company operates nursing and assisted living homes in California, Texas, Kansas and Nevada, headquarters in Foothill Ranch, Calif.; 2005 business.

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 REIT: $500 million senior notes (BB-); 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.

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.

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.; 2006 first quarter business.

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.

SERENA SOFTWARE INC.: $255 million unsecured senior subordinated notes; also $450 million senior secured credit facility via Lehman Brothers, Merrill Lynch and UBS Securities expected to be 2006 business; to help fund the acquisition of Serena by Silver Lake Partners for about $1.2 billion; San Mateo, Calif., provider of software products for managing process and controlling change across the information technology environment.

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 unsecured 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. 21 week in Asia and Europe: TUI AG €1 billion (approximate); Citigroup, Deutsche Bank Securities, HVB, The Royal Bank of Scotland

Started Nov. 23: GALAXY ENTERTAINMENT FINANCE CO. LTD. $500 million; Merrill Lynch & Co., Morgan Stanley

Started Nov. 24: ADARO FINANCE BV $300 million; Goldman Sachs, JPMorgan

Started Nov. 28: TRUE CORP PCL $225 million; JP Morgan

Started Nov. 28: CLEVELAND UNLIMITED INC. $150 million; Jefferies

Started Nov. 28: NATIONAL COAL CORP. $80 million; Jefferies

Started Nov. 29: PLASTIPAK HOLDINGS INC. $250 million; Banc of America Securities, JP Morgan, Goldman Sachs & Co.

Started Nov. 29: CLARKE AMERICAN CORP. $175 million; Bear Stearns, JP Morgan

Started Nov. 30: HERTZ CORP. $2.80 billion; Deutsche Bank Securities, Lehman Brothers, JP Morgan, Goldman Sachs & Co., Merrill Lynch & Co.

Dec. 1-6: ADVANCE AGRO PCL $250 million; ABN Amro, Deutsche Bank

Starts Dec. 5: MASSEY ENERGY CO. $725 million; UBS Investment Bank

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