High Yield Calendar

Total amount of high-yield bond offerings being marketed: $2.385 billion

WEEK OF DEC. 19

PAXSON COMMUNICATIONS CORP. $1.130 billion: $700 million floating-rate first-priority senior secured notes due 2012 (B2/CCC+), price talk Libor plus 325 basis points, and $430 million floating-rate second-priority senior secured notes due 2013 (B3/CCC-), price talk Libor plus 625 basis points at 99.00 issue price; Citigroup, Bear Stearns & Co., CIBC World Markets, Goldman Sachs & Co., UBS Investment Bank (joint); Rule 144A; both tranches non-callable for 18 months; to fund tender for $365 million senior secured floating-rate notes due 2010, approximately $496.3 million 12¼% senior subordinated discount notes due 2009 and $200 million 10¾% senior subordinated notes due 2008; West Palm Beach, Fla., company owns and operates the nation's largest broadcast television station group; Pricing early Dec. 19 week.

MIRANT NORTH AMERICA LLC: $850 million senior notes due 2013 (B1/B-); JP Morgan, Deutsche Bank Securities, Goldman Sachs & Co. (joint); Rule 144A with registration rights; non-callable for four years; to make distributions as part of plan of reorganization to fund exit from bankruptcy; independent power producer based in Atlanta; roadshow started Dec. 12; price talk 7½%-7¾%; pricing expected early in Dec. 19 week.

COMSTOCK HOMEBUILDING COS. INC.: $150 million five-year (due 2011) senior subordinated notes (B3/B-); Friedman Billings Ramsey (books), BB&T Capital Markets (co-lead); Rule 144A with registration rights, Regulation S; non-callable; for general corporate purposes and real estate development projects; homebuilder operating in the Washington, D.C. area and Raleigh, N.C., markets, develops single-family homes and townhouses; price talk 12% (revised from 11%-11¼%); pricing expected Tuesday.

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; price talk 10½% with warrants for common stock.

OMEGA HEALTHCARE INVESTORS INC.: $175 million senior notes due 2016 (B1/BB-); Deutsche Bank Securities, Banc of America Securities, UBS Investment Bank (joint); Rule 144A; non-callable for five years; to fund the tender for $100 million 6.95% notes due 2007, repay outstanding debt under its $200 million senior revolving credit facility, and for general corporate purposes; Timonium, Md., real estate investment trust investing in and providing financing to the long-term care industry; one-on-one meetings scheduled for Monday; pricing late Monday or Tuesday.

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.

THE BON-TON STORES INC: $600 million senior notes; to partially finance the proposed acquisition of the Northern Department Store Group from Saks Inc.; Rule 144A/Regulation S; York, Pa., operator of department stores and furniture stores.

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.

DAVE & BUSTERS INC.: $175 million of senior unsecured debt securities, also $100 million in term loans; proceeds from the debt, along with a $108 million equity contribution from Wellspring, will be used to fund the LBO of the company by Wellspring Capital Management LLC, and refinance any debt that may become due as a result of the LBO; JP Morgan Securities Inc. lead arranger for the financing; Dallas-based operator of upscale restaurant/entertainment complexes; transaction expected in second quarter of 2006.

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.

DUNKIN' BRANDS INC.: High-yield bonds and new credit facility; to help back its leveraged buyout by Bain Capital Partners, The Carlyle Group and Thomas H. Lee Partners; Canton, Mass., quick service restaurant franchisor; LBO expected to close in the first quarter of 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.

LPL FINANCIAL SERVICES (LINSCO/PRIVATE LEDGER CORP.): $550 million 10-year senior subordinated notes; also a $900 million credit facility being led by Morgan Stanley and Goldman Sachs; to help finance the acquisition of a majority equity interest in LPL by Hellman & Friedman LLC and Texas Pacific Group; independent brokerage firm headquartered in San Diego.

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.

VALOR COMMUNICATIONS GROUP/ALLTEL CORP.: $800 million of senior notes; also up to $4.2 billion credit facility via JP Morgan and Merrill Lynch; to fund the merger of Valor with Alltel; new entity expected to be based in Central Arkansas; expected second quarter of 2006.

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

CATASTROPHE BONDS

CHAMPLAIN LTD. $150 million catastrophe bonds with an initial maturity of Jan. 7, 2009, which is extendable quarterly up to June 7, 2009: $75 million class A bonds (/B/B-), initial guidance three-month Libor plus 1250-1300 basis points, linked to risk of Japanese and U.S. earthquakes, and $75 million class B bonds (/B+/B-) linked to risk of U.S. earthquakes and U.S. hurricanes, initial guidance three-month Libor plus 1,150-1,200 basis points; Goldman Sachs (books), Lehman Brothers (co); Rule 144A; special purpose vehicle for Montpelier Re, a reinsurance company based in Hamilton, Bermuda; roadshow through Dec. 12; expected to price Dec. 12 week.

ROADSHOWS

Dec. 7-9: PAXSON COMMUNICATIONS CORP. $1.13 billion; Citigroup, Bear Stearns & Co., CIBC World Markets, Goldman Sachs & Co., UBS Investment Bank

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