High Yield Calendar

Total amount of high-yield bond offerings being marketed: $1.685 billion, €175 million

WEEK OF JUNE 13

FOODCORP (PROPRIETARY) LTD.: €175 million seven-year senior secured notes (B2/B+); Citigroup; non-callable for four years; Foodcorp, a unit of Bedfordview, South Africa-based branded grain-based processed foods company Foodcorp Holdings Proprietary Ltd., plans to use proceeds to repay debt; roadshow started June 10; pricing expected week of June 13.

HYNIX SEMICONDUCTOR INC.: $750 million dual tranche offering of seven- and 10-year senior notes (issuer rating B+ from Standard & Poor's); Citigroup, Deutsche Bank Securities, UBS Investment Bank, Merrill Lynch & Co.; to repay bank debt; roadshow June 13 and June 14 in Asia, June 15 in London, June 16 in U.S.; Korea-based semiconductor company.

MEDICAL SERVICES CO.: $150 million of six-year senior secured second-lien floating-rate notes (B3/B-); Banc of America Securities LLC (books), JP Morgan; Rule 144A/Regulation S; non-callable for two years; proceeds, along with $30 million in holding company discount notes, will be used to refinance a $175 million senior secured bridge facility used for leveraged buyout; Jacksonville, Fla. provider of ancillary health care products and services to workers' compensation payors; roadshow June 7-15.

INDOSAT INTERNATIONAL FINANCE CO. BV: $200 million to $250 million of seven-year bonds (B1/BB-); Credit Suisse First Boston, Goldman Sachs, JP Morgan (joint books); Rule 144A/Regulation S; non-callable for five-years; PT Indosat Tbk is guarantor; roadshow starts June 13 in Hong Kong, then June 14 in Singapore, June 15 in London, June 16 in New York, Jakarta-based telecommunications company.

RAFAELLA APPAREL GROUP INC.: $160 million of senior secured notes due 2011 (B2/CCC); Jefferies & Co.; Rule 144A; non-callable for three years; to help fund leveraged buyout by Cerberus Capital Management LP; New York-based women's apparel maker; roadshow began May 31; pricing expected early June 13 week; talked at 12% area.

TENASKA ALABAMA PARTNERS LP: $360 million senior secured notes due 2021 (B1/B+); Credit Suisse First Boston, Lehman Brothers (joint books), Calyon Securities, Citigroup, UBS Investment Bank (co's); Rule 144A; unit of Omaha-based Tenaska Inc. that owns and manages power generation facilities, and markets natural gas and electric power will use proceeds to refinance existing debt and fund a six-month debt service reserve; roadshow followed by pricing in early to middle part of June 13 week.

JUNE BUSINESS

EQUITY INNS PARTNERSHIP LP (EQUITY INNS INC.): $65 million senior unsecured notes due 2012 (B1/B+); Morgan Keegan; Rule 144A/Regulation S; non-callable for life; to reduce borrowings under its line of credit, fund future acquisitions of hotel properties and general corporate purposes; Germantown, Tenn.-based real estate investment trust with interests in hotel properties; expected to price during the May 23 week.

JULY BUSINESS

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 shortly after July 4.

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.

BRASKEM SA: $100 million perpetual senior notes (/BB-/BB-); Banco Itau; Rule 144/Regulation S; non-callable for five years; Sao Paulo, Brazil, petrochemical company.

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: $225 million senior notes (B3); Rule 144A; also $600 million credit facility via Morgan Stanley and Wachovia Securities leads, Goldman Sachs & Co. (documentation agent) and $75 million convertible perpetual preferred stock; to help fund acquisition of the Fresh Express unit of Performance Food Group; Cincinnati-based international marketer, producer and distributor of high-quality bananas and other fresh produce.

COMPRESSION POLYMERS HOLDINGS LLC: $215 million in fixed-rate notes due 2013 and floating-rate notes due 2012 (expected ratings B2/B-); Wachovia Securities; to fund the leveraged buyout of Compression Polymers Corp. by AEA Investors; manufacturer of engineered extruded plastic sheet products used primarily as replacements for wood and metal, based in Moosic, Pa.; pending market conditions.

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.

EL PASO CORP.: Remarketing of $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% mandatory 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.

EMMIS COMMUNICATIONS CORP.: $300 million senior unsecured floating-rate notes due 2012 (B3/B-); to finance the company's recently announced Dutch auction tender offer to repurchase up to 20 million or 39% of the company's outstanding common stock (about $400 million in total); The Blackstone Group financial adviser, also Banc of America Securities LLC, Deutsche Bank Securities, JP Morgan; Indianapolis-based diversified media company.

THE NEIMAN MARCUS GROUP INC.: $3.9 billion debt financing, including senior secured notes, revolving credit facility, term loans and possibly bridge loans; Credit Suisse First Boston to lead debt financing; to support acquisition of the company by Texas Pacific Group and Warburg Pincus LLC.

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 (/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.

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 31: RAFAELLA APPAREL GROUP INC.: $160 million senior secured notes; Jefferies

June 7-15: MEDICAL SERVICES CO.: $150 million six-year senior secured second-lien floating-rate notes; Banc of America Securities LLC

TENASKA ALABAMA PARTNERS LP: $360 million senior secured notes; Credit Suisse First Boston, Lehman Brothers

June 13-16: HYNIX SEMICONDUCTOR INC.: $750 million senior notes; Citigroup, Deutsche Bank Securities, UBS Investment Bank, Merrill Lynch & Co.

June 13-16: INDOSAT INTERNATIONAL FINANCE CO. BV: $200 million to $250 million bonds; Credit Suisse First Boston, Goldman Sachs, JP Morgan

Starts June 10: FOODCORP: €175 million seven-year senior secured notes (B+); Citigroup

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