High Yield Calendar

Total amount of high-yield bond offerings being marketed: $1.445 billion and €1.850 billion

WEEK OF APRIL 25

HAWAIIAN TELCOM COMMUNICATIONS INC. $500 million (downsized from $550 million) in three parts (B-): eight-year non-call-two senior floating-rate notes, price talk three-month Libor plus 550 basis points (revised from 475-500 basis points), and eight-year non-call-four senior fixed-rate notes, price talk 9¾% (revised from 9%-9¼%), also 10-year non-call-five senior subordinated notes, price talk 12¼% to 12½% (revised from 150 basis points behind the senior fixed tranche); Goldman Sachs (physical books), JP Morgan, Lehman Brothers (joint books), ABN Amro, Wachovia Securities (co's); Rule 144A/Regulation S with registration rights; to help fund Carlyle Group's $1.65 billion acquisition of Verizon Hawaii from Verizon Communications Inc.; pricing expected Wednesday.

TRIAD ACQUISITION CORP. (TRIAD FINANCIAL): $150 million (decreased from $200 million) senior notes due 2013 (B-); Goldman Sachs & Co. (books), Citigroup (joint); Rule 144A/Regulation S with registration rights; non-callable for four years; to help fund the buyout of the company by Goldman Sachs Capital Partners, Hunters Glen and GTCR Golder Rauner from Ford Motor Co.; Huntington Beach, Calif., lender to sub-prime borrowers; price talk 11%-11¼% (revised from 10¼%-10½%); pricing expected Wednesday.

CELLC (PTY) LTD. €625 million in two tranches: Seven-year non-call-four first-priority secured notes (B2/BB-) and 10-year non-call-five senior subordinated notes (Caa1/B-), tranche sizes to be determined (ratings to be determined); Citigroup; to repay debt; South African wireless operator, with headquarters in Benmore, Gauteng.

GARDNER DENVER INC.: $125 million senior subordinated notes due 2013 (B2/B); Bear Stearns & Co., JP Morgan (joint); Rule 144A/Regulation S; non-callable for four years; guaranteed by certain of Gardner Denver's domestic subsidiaries; to help fund the acquisition of Thomas Industries Inc.; Gardner Denver is a Quincy, Ill., compressor company; roadshow started April 18.

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.

IESY REPOSITORY GMBH: €525 million equivalent senior notes due 2015 in dollar and euro tranches, sizes to be determined (Caa1/CCC+); Citigroup, Deutsche Bank Securities, JP Morgan (joint); Rule 144A/Regulation S; non-callable for five years; to fund the acquisition of Ish and refinance debt; German cable operator; roadshow begins April 18 in New York, April 25 in London; pricing at the end of April 25 week.

KLOECKNER INVESTMENT SCA: €350 million senior notes due 2015 (B3/B-); JP Morgan, Barclays Capital (joint); Rule 144A/Regulation S with no registration rights; non-callable for five years; to fund the LBO; a multi-metal distribution company, has headquarters in Duisburg, Germany; roadshow started middle of April 18 week.

JAMES RIVER COAL CO.: $135 million senior notes due 2015; Morgan Stanley (books), PNC Capital Markets (co); registered; also concurrent 4.2 million shares of common stock; to refinance both of its current credit facilities, to fund the recently announced acquisition of Triad Mining Inc., and for general corporate purposes; Richmond, Va.-based producer of steam- and industrial-grade coal; to launch April 25 week pending market conditions.

CENTRAL EUROPEAN MEDIA ENTERPRISES LTD. €350 million in two parts (B1/B+): €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 started week of April 18.

WEEK OF MAY 2

PREMIUM STANDARD FARMS INC.: $125 million senior unsecured notes due 2015 (confirmed B1/existing BB); Morgan Stanley; Rule 144A with registration rights; non-callable for five years; to refinance the 9¼% senior notes due 2011; vertically integrated hog producer based in Kansas City, Mo.; roadshow started April 26; expected to price middle of the May 2 week.

THE GREEENBRIER COS.: $175 million senior notes due 2015; Banc of America Securities LLC, Bear Stearns & Co.; Rule 144A/Regulation S; non-callable for five years; to refinance debt and for general corporate purposes; Lake Oswego, Ore., supplier of transportation equipment and services to the railroad industry; roadshow April 26-May 5.

ON THE HORIZON

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.

CHENIERE ENERGY: $500 million senior notes due 2015 (B3/B+); 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; price talk 8¾% area was before offering was postpone on April 19, 2005 due to market conditions.

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.

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.

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.

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.

PETROQUEST ENERGY INC.: $150 million senior notes due 2013; Credit Suisse First Boston; Rule 144A/Regulation S; to repay bank debt, fund acquisitions and for general corporate purposes; PetroQuest Energy Inc. is an independent energy company engaged in the exploration, development, acquisition and production of oil and natural gas reserves in the Arkoma Basin, East Texas, South Louisiana and the shallow waters of the Gulf of Mexico, headquarters in Lafayette, La.

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.: $3 billion senior and/or senior subordinated notes; also $5 billion credit facility to be led by Citigroup and JP Morgan; 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.

ROADSHOWS

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

Started April 18: IESY REPOSITORY GMBH €525 million equivalent; Citigroup, Deutsche Bank Securities, JP Morgan

Started April 18: GARDNER DENVER INC. $125 million; Bear Stearns & Co., JP Morgan

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

Started middle of April 18 week: KLOECKNER INVESTMENT SCA €350 million; JP Morgan, Barclays Capital

To start April 25 week pending market conditions: JAMES RIVER COAL CO. $135 million; Morgan Stanley

Started April 26: PREMIUM STANDARD FARMS INC. $125 million; Morgan Stanley

April 26-May 5: THE GREEENBRIER COS. $175 million; Banc of America Securities, Bear Stearns & Co.

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