High Yield Calendar

Total amount of high-yield bond offerings being marketed: $972 million

WEEK OF MAY 9

GSI GROUP INC.: $110 million (downsized from $125 million) senior unsecured notes due in 2013 (B3/B-); Lehman Brothers (books), KeyBank (co); Rule 144A/Regulation S; non-callable for four years; three-year 35% equity clawback; to redeem GSI's existing senior subordinated notes and repay other debt; Assumption, Ill.-based manufacturer and provider of agricultural equipment and services; price talk 11½% area (revised upward from 10¾%-11%); pricing expected Wednesday.

Holders of EL PASO CORP.: $272 million 6.14% senior unsecured notes due Aug. 16, 2007 (assumed ratings Caa1/CCC+); via Credit Suisse First Boston; Rule 144A/Regulation S with registration rights; to facilitate issuance of El Paso stock in 2005 pursuant to terms of the company's 9% manditory convertible securities issued in June 2002 (equity contract settles Aug. 16, 2005), no proceeds to El Paso Corp.; Houston-based diversified oil and gas utility company; investor conference call noon ET Tuesday, pricing late in the present week.

BORDEN U.S. FINANCE CORP./BORDEN NOVA SCOTIA (BORDEN CHEMICAL INC.): $250 million in two parts; Credit Suisse First Boston, JP Morgan, Morgan Stanley (joint); Rule 144A/Regulation S with registration rights; upon completion of merger notes will be fungible with second-priority senior secured floating-rate notes due July 15, 2010, callable after July 15, 2006 at 102, 101, par on or after July 15, 2008 ($150 million priced at par on Aug. 15, 2004), and second-priority senior secured notes due July 15, 2014, callable after July 15, 2009 at 104.5, 103, 101.5, par on or after July 15, 2012; equity clawback until July 15, 2007 for 35% at 109.0 ($325 million priced at par on Aug. 4, 2004); issuance to trade under separate Cusips from existing notes; to fund the acquisition of Bakelite AG; upon completion of the merger of Borden Chemical, including Bakelite, and the Resolution companies will be merged into Hexion Specialty Chemicals (proceeds to be held in escrow account pending completion of the merger); Borden Chemical is a producer of binding and bonding resins, performance adhesives, and the building-block chemical formaldehyde for various wood and industrial markets, headquarters in Columbus, Ohio; roadshow started May 9; pricing Friday.

WEEK OF MAY 16

SENECA GAMING CORP.: $200 million add-on to 7¼% senior notes due May 1, 2012 (existing ratings B2/BB-); Merrill Lynch & Co., Banc of America Securities (joint), Well Fargo Securities (co); Rule 144A with registrations rights (notes to be exchanged into a single $500 million issue under one Cusip and indenture); callable after May 1, 2008 at 103.625, 101.813, par on or after May 1, 2010; equity clawback until May 1, 2007 for 35% at 107.25; to repay Freemantle loan, prefund construction and for general corporate purposes; Western New York tribal gaming company; original $300 million issue priced at par on April 29, 2005; roadshow May 12-17 (investor call May 16); pricing May 18.

WEEK OF MAY 23

JAMES RIVER COAL CO.: $150 million senior notes due 2012 (B3/CCC+); Morgan Stanley (books), PNC Capital Markets (co); registered; non-callable for four years; also concurrent 1.5 million shares of common stock; to refinance existing debt, 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; roadshow starts May 13; pricing expected week of May 23.

MAY BUSINESS

HYNIX SEMICONDUCTOR INC.: $750 million (expected size) with five-year to 10-year maturity (issuer rating B+ from Standard & Poor's); Citigroup, Deutsche Bank Securities, UBS Investment Bank, Merrill Lynch & Co.; to repay bank debt; Korean-based semiconductor company; expected to launch in May.

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.

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.

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.

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 postponed on April 19 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.

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.

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.

TRAVELEX GROUP: Sterling-denominated bonds, size of offering to be determined; Deutsche Bank Securities; a consortium led by Apax Partners signed an agreement in February 2005 to acquire a majority stake in Travelex, transaction expected to close in 2005; London-based foreign currency exchange services provider.

PREFERRED SHARES

METCALF ENERGY CENTER LLC (indirect subsidiary of Calpine Corp.): $155 million 5.5-year redeemable preferred shares; Regulation D/Regulation S; also concurrent $100 million senior term loan; proceeds, as permitted by Calpine's existing bond indentures, to complete construction of the Metcalf power plant; Metcalf Energy Center LLC owns Calpine's 602-megawatt Metcalf Energy Center in San Jose, Calif.

ROADSHOWS

Started May 9: BORDEN U.S. FINANCE CORP./BORDEN NOVA SCOTIA (BORDEN CHEMICAL INC.): $250 million; Credit Suisse First Boston, JP Morgan, Morgan Stanley

Starts May 13: JAMES RIVER COAL CO. $150 million; Morgan Stanley

May 12-17: SENECA GAMING CORP. $200 million; Merrill Lynch & Co., Banc of America Securities LLC

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