High Yield Calendar

Total amount of high-yield bond offerings being marketed: $2.075 billion

WEEK OF MARCH 28

WHITE BIRCH PAPER CO. (BEAR ISLAND PAPER CO.): $400 million in two tranches (B2/B): $250 million seven-year non-call-two first-lien floating-rate notes price talk three-month Libor plus 325-350 basis points (restructured from $150 million senior secured) and $150 million eight-year non-call-four second-lien fixed-rate notes, price talk 10¾% area (previously structured at $250 million senior secured); Credit Suisse First Boston (books) TD Securities (co); Rule 144A/Regulation S with registration rights; 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; possibly pricing as early as Tuesday.

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 delayed until middle of March 28 week.

SUNSTATE EQUIPMENT LLC/SUNSTATE EQUIPMENT CO.: $175 million second-priority senior secured floating-rate notes due 2012 (B3/CCC+); 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.

NAVARRE CORP.: $125 million senior notes due 2012 (B3); Bear Stearns & Co. (books), Jefferies & Co. (co); Rule 144A/Regulation S; non-callable for four years; to fund the initial cash portion of the pending, previously announced FUNimation acquisition purchase price and for general corporate purposes; Minneapolis-based distributor of entertainment software to more than 500 retailers and wholesalers.

SIRIUS SATELLITE RADIO INC.: $250 million senior notes due 2015 (CCC); JP Morgan, Morgan Stanley (joint), UBS Investment Bank (co); Rule 144A/Regulation S with registration rights; make-whole call at Treasuries plus 50 basis points for first five years, then callable at premium; 40% equity clawback; approximately $63.1 million of proceeds to redeem outstanding 15% senior secured discount notes due 2007 and 14½% senior secured notes due 2009, and for general corporate purposes; New York-based satellite radio broadcast company; roadshow started March 23; pricing late March 28 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-), price talk Libor plus 325 basis points area, and $525 million 10-year non-call-five senior subordinated notes (Caa1/B-), price talk 9%-9¼%; Deutsche Bank Securities, UBS Investment Bank, Scotia Capital (joint); Rule 144A; also about $1.525 billion credit facility; to help fund Kohlberg Kravis Roberts & Co.'s acquisition of Masonite; Mississauga, Ont.-based building products company.

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.

CHIQUITA BRANDS INTERNATIONAL: $150 million senior notes; Morgan Stanley; Rule 144A/Regulation S; also $650 million credit facility, via Wachovia Securities, Morgan Stanley leads, Goldman Sachs & Co. (documentation agent) to launch Wednesday and $75 million convertible perpetual preferred stock; to fund acquisition of the Fresh Express unit of Performance Food Group, which is expected to close around the end of April; Cincinnati-based international marketer, producer and distributor of high-quality bananas and other fresh produce.

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, Merrill Lynch; 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

Started March 23: SIRIUS SATELLITE RADIO INC. $250 million; JP Morgan, Morgan Stanley

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