High Yield Calendar

Total amount of high-yield bond offerings being marketed: $3.430 billion and €320 million

WEEK OF MARCH 14

CHC HELICOPTER CORP.: $100 million add-on to its 7 3/8% senior subordinated notes due May 1, 2014 (existing B2/confirmed B); Merrill Lynch & Co.; Rule 144A/Regulation S; callable after May 1, 2009 at 103.688, 102.458, 101.229, par on or after May 1, 2012; equity clawback until May 1, 2007 for 35% at 107.375; to repay bank debt and for general corporate purposes; original issue April 21, 2004; Vancouver, B.C., provider of helicopter services to oil and gas industry; original $250 million priced at 99.455, on April 21, 2004 to yield 7.453%; investor conference call 1 p.m. ET Tuesday; pricing expected Wednesday.

HLI OPERATING CO. INC. (HAYES LEMMERZ INTERNATIONAL INC.): €120 million senior notes due 2012 (B2); Citigroup, Merrill Lynch & Co. (joint); Rule 144A/Regulation S with registration rights; non-callable for four years; also $450 million credit facility; to repay bank debt and for general corporate purposes; Northville, Mich., manufacturer of automobile wheels; price talk 10¾%-11%; pricing Wednesday.

PROGRESS RAIL SERVICES CORP./PROGRESS METAL RECLAMATION CO.: $200 million senior notes due 2012 (B2); Morgan Stanley, JP Morgan (joint); Rule 144A with registration rights; make-whole call at Treasuries plus 50 basis points for the first three years, the callable at par plus the entire coupon; to fund the acquisition of Progress Rail by One Equity Partners; Albertville, Ala., railroad equipment and services provider; price talk 7 5/8%-7 7/8%; pricing Thursday.

AMERICAN TIRE DISTRIBUTORS INC. $330 million in two parts: $130 million seven-year non-call-two floating-rate notes (B-) and $200 million 10-year non-call-five senior subordinated notes (CCC+); Banc of America Securities (books), Credit Suisse First Boston, Wachovia Securities (co's); Rule 144A; to finance the sale of American Tire Distributors Inc. to Investcorp; Charlotte, N.C.-based independent wholesale supplier of tires to the replacement tire market in the U.S.; roadshow March 8-17; pricing late March 14 week.

M/I HOMES INC.: $200 million senior notes due 2015 (Ba2/BB); Citigroup, JP Morgan (joint); Rule 144A/Regulation S; non-callable for life; to repay bank debt; Columbus, Ohio, single-family home builder with operations in Columbus and Cincinnati, Ohio; Indianapolis, Ind., Tampa, Orlando and West Palm Beach, Fla., Charlotte and Raleigh, N.C., and the Virginia and Maryland suburbs of Washington, D.C.; roadshow started March 14; pricing March 16 or 17.

TRUSTREET PROPERTIES INC.: $250 million senior notes due 2015 (B1/B+/BB-); Banc of America Securities (books), Credit Suisse First Boston, Rabo Securities (co's); Rule 144A/Regulation S with registration rights; non-callable for five years; to repay debt incurred in connection with the recently completed mergers in which CNL Restaurant Properties Inc. and the 18 CNL Income Funds merged with and into U.S. Restaurant Properties Inc. (USRP) and its subsidiaries and USRP subsequently changed its name to Trustreet Properties Inc.; Orlando, Fla., real estate investment trust focused on the restaurant industry with a portfolio of about 1,900 properties; roadshow March 9-17; pricing March 17.

AFFINITY GROUP HOLDING CO.: $75 million senior notes due Feb. 15, 2012, three-year PIK (Caa1/B-); CIBC World Markets; Rule 144A; to fund a preferred share investment in FreedomRoads; Ventura, Calif.-based membership-based direct marketing organization selling club memberships and publications to select recreational groups; roadshow started March 10.

ESCADA AG: €200 million senior notes due 2012 (B2/BB-); Deutsche Bank Securities, HVB; non-callable for four years; to refinance bank debt and improve the capital structure; Aschheim/München, Germany-based designer and marketer of upscale women's apparel; roadshow started March 14; pricing late in the March 14 week.

NEXSTAR BROADCASTING GROUP INC.: $75 million add-on to the 7% senior subordinated notes due Jan. 15, 2014; Banc of America Securities (books), UBS Investment Bank, Merrill Lynch & Co. (co's); Rule 144A; callable after Jan. 15, 2009 at 103.50, 102.333, 101.667, par on Jan. 15, 2012 and thereafter; equity clawback until Jan. 15, 2007 at 35% for 107.0; also new $530 million credit facility; to redeem Nexstar Broadcasting Inc.'s .$160 million 12% senior subordinated notes due April 1, 2008; original $125 million priced at par on Dec. 18, 2003; subsidiary of Irving, Texas-based broadcasting company owns and operates 27 television stations located in medium-sized markets mainly in the Northeast, Midwest, and Southwest U.S.; expected to March 21 week.

WEEK OF MARCH 21

SMART MODULAR TECHNOLOGIES (WWH) INC.: $125 million of senior secured second-lien notes due 2012 (B2/B); Citigroup, Lehman Brothers; Rule 144A/Regulation S; non-callable for one year; to repay bank debt; distributor, manufacturer and supplier of memory technology and provider of related services with corporate headquarters in the Cayman Islands; roadshow started March 11; pricing March 21.

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; roadshow started March 14 week in Asia, March 17 in London, March 18-21 in Boston and New York City; pricing early in the March 21 week.

STILE ACQUISITION CORP./MASONITE INTERNATIONAL CORP. $825 million in two parts: $300 million eight-year non-call-two senior floating-rate notes (B3/B-) and $525 million 10-year non-call-five senior subordinated notes (Caa1/B-); Deutsche Bank Securities, UBS Investment Bank, Scotia Capital (joint); also approximately $1.525 billion credit facility; to help fund Kohlberg Kravis Roberts & Co.'s acquisition of Masonite; Mississauga, Ont.-based building products company; roadshow March 14-23.

IAAI FINANCE CORP. (INSURANCE AUTO AUCTIONS INC.): $150 million senior subordinated notes due 2012; Deutsche Bank Securities, Bear Stearns & Co. (joint); Rule 144A; non-callable for three years; to fund the acquisition by Kelso & Co.; Insurance Auto is a Westchester, Ill., provider of automotive total loss and specialty salvage services; roadshow March 16-24, pricing thereafter.

SUNSTATE EQUIPMENT LLC/SUNSTATE EQUIPMENT CO.: $175 million second-priority senior secured floating-rate notes due 2012; Banc of America Securities (books), CIBC World Markets (co); Rule 144A for life; non-callable for two years; to repay debt, repurchase membership interests, and make certain member distribution.; provides construction, industrial, and special event companies with rental tools and equipment; roadshow March 16-24 (investor call 12:30 p.m. ET Monday, March 21), pricing March 24.

WHITE BIRCH PAPER CO. (BEAR ISLAND PAPER CO.): $400 million in two tranches (B): 10-year non-call-five senior fixed-rate notes and seven-year non-call-two senior floating-rate notes; Credit Suisse First Boston (books) TD Securities (co); Rule 144A/Regulation S; proceeds along with cash and borrowings from new revolver to repay outstanding debt of Brant-Allen Industries and certain of its affiliates, including the company's outstanding 10% senior secured notes due 2007, to purchase the equity interests of certain of Brant-Allen's equity partners and for general corporate purposes; Toronto-based newsprint company; launched March 15; pricing late March 21 week.

155 EAST TROPICANA LLC/FINANCE CORP.: $125 million senior secured notes due 2012 (B-); Jefferies & Co.; Rule 144A; non-callable for four years; to repay debt and fund construction of Hooters Casino; Las Vegas gaming and lodging company; roadshow started March 15; pricing end of March 21 week.

AMERIQUAL: $105 million senior secured notes due 2012; Jefferies & Co.; Rule 144A; non-callable for four years; to purchase 50% of the company not owned by Aries; Evansville, Ind., supplier of shelf stable food rations for U.S. Department of Defense; roadshow started March 15; pricing end of March 21 week.

APRIL BUSINESS

DIRECTV GROUP INC.; $500 million unsecured senior notes; Rule 144A/Regulation S; guaranteed on a senior basis by all of DirecTV Holdings' material domestic subsidiaries; also $2 billion credit facility to be led by Bank of America and JP Morgan; to repay and terminate the existing $1.26 billion senior secured credit facility of DirecTV Holdings and to repay an unsecured promissory note in the amount of $875 million owing to DirecTV Group, with remaining proceeds to be available for working capital or other purposes; El Segundo, Calif., provider of digital multichannel television entertainment, broadband satellite networks and services; to be completed in early April.

ON THE HORIZON

ADELPHIA COMMUNICATIONS CORP.: $3.3 billion 10-year senior unsecured notes; non-callable for five years; part of $8 billion bond and bank loan exit financing from Chapter 11; Deutsche Bank Securities; Greenwood Village, Colo., cable television company.

AMADEUS GLOBAL TRAVEL DISTRIBUTION SA: €1 billion (approximate); Credit Suisse First Boston, BNP Paribas plus others; 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.

AMERICAN LAWYER MEDIA INC.: $27.3 million 13% senior discount notes due 2013 (CCC); also $344.5 million credit facility; to help fund tender for $175 million 9¾% senior notes due 2007, Credit Suisse First Boston and UBS Securities dealer managers, expired Feb. 11; New York City-based integrated media company focused on the legal and business communities.

GLOBAL MOTORSPORT GROUP INC.: $85 million senior secured notes due 2008 (B-); Jefferies & Co.; Rule 144A; non-callable for three years; to repay bank debt; Morgan Hill, Calif., aftermarket supplier of motorcycle parts.

HOLLYWOOD MERGER CORP.: $550 million in bonds; also $275 million credit facility to be led by UBS Securities LLC; part of its amended merger agreement with affiliates of Leonard Green & Partners LP; Wilsonville, Ore., video chain; expected end of the fourth quarter 2004, or early first quarter 2005.

HYUNDAI MOTOR MANUFACTURING ALABAMA (HMMA): $100 million overseas bond issue; subsidiary of Korea-based Hyundai Motor Co.

MOVIE GALLERY INC.: $475 million senior notes; Wachovia Securities; also $720 million credit facility; to fund acquisition of Hollywood Entertainment Corp.; Movie Gallery is a Dothan, Ala.-based video rental chain.

VERIZON HAWAII: New high-yield bonds; also new credit facility to be led by JPMorgan, Goldman Sachs, Lehman Brothers (same banks to lead bond deal, although not necessarily in that order); to fund Carlyle Group's $1.65 billion acquisition of Verizon Hawaii from Verizon Communications Inc.; pending regulatory approvals.

ROADSHOWS

March 8-17: AMERICAN TIRE DISTRIBUTORS INC. $330 million; Banc of America Securities

March 9-17: TRUSTREET PROPERTIES INC. $250 million; Banc of America Securities

Started March 10: AFFINITY GROUP HOLDING CO. $75 million; CIBC World Markets

Started March 11: SMART MODULAR TECHNOLOGIES (WWH) INC. $125 million; Citigroup, Lehman Brothers

March 14-23: STILE ACQUISITION CORP./MASONITE INTERNATIONAL CORP. $825 million; Deutsche Bank Securities, UBS Investment Bank, Scotia Capital

Started March 14: M/I HOMES INC. $200 million; Citigroup, JP Morgan

Started March 14: ESCADA AG €200 million; Deutsche Bank Securities, HVB

Starts March 14 week: DACOM CORP. $300 million; Credit Suisse First Boston

Started March 15: 155 EAST TROPICANA LLC/FINANCE CORP. $125 million; Jefferies & Co.

Started March 15: AMERIQUAL $105 million; Jefferies & Co.

Started March 15: WHITE BIRCH PAPER CO. (BEAR ISLAND PAPER CO.) $400 million; Credit Suisse First Boston

March 16-24: SUNSTATE EQUIPMENT LLC/SUNSTATE EQUIPMENT CO. $175 million; Banc of America Securities

March 16-24: IAAI FINANCE CORP. (INSURANCE AUTO AUCTIONS INC.) $150 million; Deutsche Bank Securities, Bear Stearns & Co.

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