High Yield Calendar

Total amount of high-yield bond offerings being marketed: $3.645 billion and €1.115 billion

WEEK OF APRIL 11

WHITING PETROLEUM CORP.: $220 million senior subordinated notes due 2013 (expected ratings B2/B-); Merrill Lynch & Co., Lehman Brothers (joint), Banc of America Securities, JP Morgan, Wachovia Securities, AG Edwards, KeyBanc Capital Markets, Petrie Parkman & Co., Raymond James (co's); registered offering; non-callable for four years; to pay down $215 million of debt currently outstanding under Whiting Oil & Gas Corp. credit facility; oil and natural gas acquisition, exploration and exploitation company, based in Denver; roadshow April 12-13; pricing expected April 13.

GRUPO TRANSPORTACION FERROVIARIA MEXICANA SA DE CV: $460 million senior unsecured notes in two tranches (expected B2/confirmed B+): seven-year non-call-four and 10-year non-call-five; Morgan Stanley (books), Scotia Capital (co); Rule 144A with registration rights; to refinance the 11¾% senior discount debentures due 2009; freight railroad with headquarters in Colonia Parques del Pedregal, Mιxico; U.S. roadshow April 4 week and early April 11 week; pricing Friday.

DAMOVO GROUP III SA: €350 million in two tranches (B1): seven-year non-call-four fixed-rate notes and seven-year floating-rate notes callable after 18 months at 102, 101, par; tranche sizes to be determined; Deutsche Bank Securities; Rule 144A/Regulation S with no registration rights; to repay bank debt; Glasgow, Scotland, information and communication technology firm; roadshow starts April 11; pricing Friday.

CHENIERE ENERGY: $500 million senior notes due 2015 (mid-to-high single-B ratings expected); JP Morgan, Credit Suisse First Boston (joint), Banc of America Securities (co); Rule 144A/Regulation S; non-callable for five years; to fund three-year interest reserve, capital expenditures and for general corporate purposes; Houston-based company is a provider of liquified natural gas services; roadshow started April 7; pricing Friday.

HUGHES NETWORK SYSTEMS LLC: $325 million senior notes due 2013 (B1/B-); JP Morgan, Bear Stearns; Rule 144A with registration rights; non-callable for four years; also $50 million credit facility; to help fund the buyout of SkyTerra Communications Inc.; provider of broadband satellite networks and services, with headquarters in Germantown, Md.; roadshow started April 5, pricing late April 11 week.

SAUR GROUP SA: €265 million senior notes due 2015; BNP Paribas; Rule 144A/Regulation S with no registration rights; non-callable for four years; guaranteed on a senior subordinated basis by Novasaur and Finasaur; to repay mezzanine bonds issued to partially fund the buyout of Saur Group by PAI Partners; Paris-based water treatment company; roadshow started April 8; pricing late April 11 week or early April 18 week.

ZIFF DAVIS HOLDINGS INC.: $205 million senior secured floating-rate notes due 2012; Bear Stearns & Co. (books), Lehman Brothers (co); Rule 144A/Regulation S; non-callable for 18 months; to retire all outstanding debt under its amended and restated credit agreement dated Aug. 12, 2002 and for general corporate purposes; ultimate parent of New York City-based Ziff Davis Media Inc., an integrated media company focusing on the technology and video game markets; roadshow starts early April 11 week.

WEEK OF APRIL 18

NEWPAGE CORP.: $900 million in three tranches: $400 million senior eight-year non-call-four senior subordinated notes (Caa2), and $500 million split between tranches of seven-year non-call-two second-lien senior secured floating-rate notes and seven-year non-call-four second-lien senior secured fixed-rate notes (B3), tranche sizes to be determined; Goldman Sachs & Co. (physical books), UBS Investment Bank (joint), Credit Suisse First Boston, JP Morgan, Lehman Brothers (co's); Rule 144A/Regulation S with registration rights; to fund a portion Cerberus Capital's purchase of MeadWestvaco's Coated Paper Group and Carbonless Paper Group; Dayton, Ohio, producer of coated and carbonless papers; roadshow starts April 11; pricing expected on April 19.

ALLIANCE ONE INTERNATIONAL INC. $650 million in three tranches (ratings to be determined): $400 million eight-year non-call-four unsecured senior fixed-rate and seven-year non-call-two unsecured senior floating-rate notes (B2), tranche sizes to be determined, also $250 million 10-year non-call-five unsecured senior subordinated notes (B3); Wachovia Securities, Deutsche Bank Securities; Rule 144A; proceeds, along with new $450 million senior secured credit facility, to repay outstanding debt under Dimon's and Standard's existing senior credit facilities, to consummate tender offers for Dimon's $200 million 9 5/8% senior notes due 2011 and $125 million 7¾% senior notes due 2013, and Standard's $150 million 8% senior notes due 2012 (Alliance One also intends to redeem, shortly after closing of the offering, all its outstanding $73.3 million 6¼% convertible subordinated debentures due 2007); Dimon and Standard Commercial Corp. to merge into Alliance One International; Danville, Va., company is the world's second-largest dealer of leaf tobacco with operations in more than 30 countries; roadshow started April 8; pricing expected April 19.

BROWN SHOE CO. INC.: $150 million senior notes due 2012; Banc of America Securities (books), Merrill Lynch & Co., ABN Amro, Wells Fargo Securities (co's); Rule 144A/Regulation S with registration rights; non-callable for four years; guaranteed on a senior unsecured basis by each of its subsidiaries that is an obligor under its existing senior secured credit facility; to finance a portion of the acquisition price of Bennett Footwear Holdings LLC; St. Louis-based footwear retailer and wholesaler; roadshow April 11-19; pricing April 19.

MANDRA FORESTRY FINANCE LTD.: $235 million senior notes due 2015 (B1/B); Morgan Stanley; Rule 144A/Regulation S; non-callable for life; to fund acquisition of commercial plantations in Anhui Province, China; Chinese forestry company with headquarters in Hong Kong; roadshow April 12 in Hong Kong, April 13 in Singapore, April 14 in London, U.S. to follow; pricing thereafter.

CENTRAL EUROPEAN MEDIA ENTERPRISES LTD. €350 million in two parts: €200 million seven-year senior fixed-rate notes and €150 million seven-year senior floating-rate notes; JP Morgan, Lehman Brothers, ING; Rule 144A/Regulation S; to help fund the acquisition of a controlling interest in the TV Nova group, which owns and operates TV Nova in the Czech Republic; Hamilton, Bermuda-registered company; roadshow starts week of April 18.

PIAGGIO FINANCE: €150 million notes due 2012 (B); Lehman Brothers, Deutsche Bank Securities (joint), Caboto (co); Rule 144A/Regulation S; non-callable for four years; to refinance Aprilia Group debt (Piaggio acquired 100% of Aprilia late in summer 2005); issuer is a subsidiary of Pisa, Italy-based motorcycle and scooter manufacturer Piaggio SpA; roadshow starts week of April 11; pricing week of April 18.

APRIL BUSINESS

CHIQUITA BRANDS INTERNATIONAL: $150 million senior notes (B3); Morgan Stanley; Rule 144A/Regulation S; also $650 million credit facility, via Morgan Stanley and Wachovia Securities leads, Goldman Sachs & Co. (documentation agent) 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.

AMERIGAS PARTNERS LP: New debt securities; to fund tender offer for $388 million of its outstanding 8 7/8% series B senior notes due 2011, Credit Suisse First Boston is the dealer manager, expires May 2, 2005; largest retail propane distributor in the U.S., headquarters in Valley Forge, Pa.

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.

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.

PETROHAWK ENERGY CORP.: $125 high-yield bonds; 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.

SIRIUS SATELLITE RADIO INC.: $250 million senior notes due 2015 (Caa2/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.

SUNGARD CAPITAL CORP.: $4.75 billion senior secured debt, $3.5 billion bridge financing; debt financing from JP Morgan, Citigroup, Deutsche Bank Securities, Goldman Sachs & Co., Morgan Stanley to help fund the leveraged buyout of SunGard Data Systems Inc. by a consortium that includes Silver Lake Partners, Bain Capital, The Blackstone Group, Goldman Sachs Capital Partners, Kohlberg Kravis Roberts & Co. LP, Providence Equity Partners and Texas Pacific Group; expected to close in 2005 third quarter.

TIM HELLAS: Bond financing to back €1.1 billion buyout of the company by Apax Partners and Texas Pacific Group from Telecom Italia; Deutsche Bank Securities, JP Morgan, others; TIM Hellas is the Greek mobile telephone operation, of which Telecom Italia is the majority stake-holder; expected to close in July.

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 April 4 week: GRUPO TRANSPORTACION FERROVIARIA MEXICANA SA DE CV $460 million; Morgan Stanley

Started April 5: HUGHES NETWORK SYSTEMS LLC $325 million; JP Morgan, Bear Stearns

Started April 7: CHENIERE ENERGY $500 million; JP Morgan, Credit Suisse First Boston

Started April 8: ALLIANCE ONE INTERNATIONAL INC. $650 million; Wachovia Securities, Deutsche Bank Securities

Started April 8: SAUR GROUP SA €265 million; BNP Paribas

Starts April 11: DAMOVO GROUP III SA €350 million; Deutsche Bank Securities

Starts April 11: NEWPAGE CORP. $900 million; Goldman Sachs & Co.

Starts early April 11 week: ZIFF DAVIS HOLDINGS INC. $205 million; Bear Stearns & Co.

April 11-19: BROWN SHOE CO. INC. $150 million; Banc of America Securities

Starts April 11 week: PIAGGIO FINANCE: €150 million; Lehman Brothers, Deutsche Bank Securities

Starts April 12: MANDRA FORESTRY FINANCE LTD. $235 million; Morgan Stanley

April 12-13: WHITING PETROLEUM CORP. $220 million; Merrill Lynch & Co., Lehman Brothers

Starts April 18 week: CENTRAL EUROPEAN MEDIA ENTERPRISES LTD. €350 million; JP Morgan, Lehman Brothers, ING

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