High Yield Calendar

Total amount of high-yield bond offerings being marketed: $1.975 billion and €800 million

WEEK OF JULY 18

ASHTEAD HOLDINGS PLC: $250 million senior secured second-priority notes due 2015; Citigroup, JP Morgan, Deutsche Bank Securities; Rule 144A/Regulation S; non-callable for five years; proceeds together with the proceeds from an equity offering to refinance and clawback £43 million of existing senior secured notes due 2014; Leatherhead, U.K., equipment rental company; price talk 8¾% area.

DIGICEL LTD.: $300 million (increased from $250 million) of seven-year senior notes (B3/B); JP Morgan, Citigroup; Rule 144A/Regulation S; senior subordinated guarantees; non-callable for four years; to repay shareholder loans, for capital expenditures, and prepay mezzanine debt; Kingston, Jamaica-based Caribbean wireless operator; price talk 9½% area; pricing Thursday.

UPC HOLDING BV (LIBERTY GLOBAL INC.): €300 million senior notes due 2014; Credit Suisse First Boston, JP Morgan (joint); Rule 144A/Regulation S; non-callable for three years; for general corporate purposes; issuer is a wholly owned subsidiary of Liberty Global, which owns interests in broadband distribution and content companies operating outside the continental U.S., principally in Europe, Asia, and the Americas, has headquarters in Denver; pricing expected Friday.

CORRAL INVESTMENT CO. (PREEM HOLDINGS): €500 million approximate senior floating-rate split-coupon notes and loans due 2010 to be sold in dollar and euro denominations; Deutsche Bank Securities; initial margin is Euribor plus 150 bps in cash and Euribor plus 650 bps PIK (total 8%); 1% cash coupon step-up after months 20, 30 and 36; callable at par after March 31, 2006, and at 102 after March 31, 2007; Preem Petroleum AB is a Stockholm, Sweden-based oil refining company; investor lunch scheduled for Tuesday.

WEEK OF JULY 25

SUNGARD DATA SYSTEMS INC. $1.25 billion senior unsecured notes due 2013 (B3/B-): fixed rate, non-callable for four years, and floating rate, non-callable for two years; Deutsche Bank Securities, JP Morgan, Citigroup, Goldman Sachs & Co., Morgan Stanley, Banc of America Securities (books), co-managers expected to emerge; to help fund the $11.3 billion acquisition of the company by Solar Capital Corp., a group formed by Silver Lake Partners, Bain Capital, The Blackstone Group, Goldman Sachs Capital Partners, Kohlberg Kravis Roberts & Co. LP, Providence Equity Partners and Texas Pacific Group; Wayne, Pa.-based software company; roadshow started July 18; expected to price during July 25 week.

FTI CONSULTING INC.: $175 million senior notes due 2013 (Ba2/B+); Goldman Sachs & Co., Banc of America Securities (joint); Rule 144A/Regulation S with registration rights; non-callable for four years; three-year 35% equity clawback; also $125 million convertible senior subordinated notes; to repurchase at least $100 million of common shares, repay bank debt and general corporate purposes; Annapolis, Md., turnaround, restructuring, bankruptcy and related consulting services provider; roadshow started July 20; pricing expected July 28.

JULY BUSINESS

ACCO BRANDS CORP.: $350 million of senior subordinated notes; Rule 144A; also $750 million credit facility via Citigroup; to help fund Fortune Brands Inc.'s spinoff of Acco World Corp. and merger of Acco with General Binding Corp. to form a new entity called Acco Brands; Acco is an Lincolnshire, Ill.-based supplier of branded office products; expected to launch week of July 18.

GAMESTOP CORP.: $950 million senior unsecured guaranteed notes (Ba3/B+): $300 million senior unsecured guaranteed floating-rate notes due 2011 and $650 million senior unsecured guaranteed fixed-rate notes due 2012; Banc of America Securities LLC, Citigroup, Merrill Lynch & Co.; to fund acquisition of EB Games; GameStop is an electronic gaming company based in Grapevine, Texas, expected to be announced late in July 18 week.

SUMMER 2005 BUSINESS

GLOBAL TOYS ACQUISITION LLC: High-yield bonds; Deutsche Bank Securities, Banc of America Securities LLC; also a $2.85 billion U.S. asset-based debt facility, and a $350 million European working capital facility; to back the $6.6 billion Toys "R" Us Inc. acquisition by Bain Capital Partners LLC, Kohlberg Kravis Roberts & Co. and Vornado Realty Trust; expected summer 2005.

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.

SIRIUS SATELLITE RADIO INC.: $250 million senior secured notes due 2015; 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

ACCO BRANDS CORP.: $350 million of senior subordinated notes; Rule 144A; company has received commitment for $350 million junior secured term loan C as a back up for the bond deal; also $750 million credit facility via Citigroup; to help fund Fortune Brands Inc.'s spinoff of Acco World Corp. and merger of Acco with General Binding Corp. to form a new entity called Acco Brands; Acco is an Illinois-based supplier of branded office products.

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 144A/Regulation S; non-callable for five years; Sao Paulo, Brazil, petrochemical company.

BROOKSTONE INC.: $190 million senior notes; to finance its leveraged buyout; also $100 million five-year asset-based senior secured revolving credit facility via Bank of America, Goldman Sachs Credit Partners LP and UBS Securities; Merrimack, N.H., product developer and specialty retail company.

THE DOLAN FAMILY GROUP (CABLEVISION): $4.25 billion in a multi-tranche bond offering at the holding company level; also $2.8 billion credit facility at the operating company level via Bank of America and Merrill Lynch; proceeds to be used to take Cablevision Systems Corp. private; pending shareholder approval; Cablevision is a Bethpage, N.Y.-based telecom and cable business.

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.

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.

HIT ENTERTAINMENT PLC: $172 million senior subordinated notes due 2013 (CCC+); also proposed $453 million credit facility via Merrill Lynch and Deutsche Bank, bank meeting July 13; to help fund Apax Partners' leveraged buyout of HIT Entertainment; London-based producer of children's television programming, including Barney and Friends and Bob the Builder.

PACIFIC ENERGY PARTNERS: High-yield bonds as part of the funding for $455 million acquisition of some terminal and pipeline assets from subsidiaries of Valero LP; $400 million five-year secured revolving credit facility and a $300 million 364-day bridge facility; Bank of America and Lehman Brothers; Long Beach, Calif., master limited partnership engaged in the business of gathering, transporting, storing and distributing crude oil and other related products.

PETROHAWK ENERGY CORP.: $200 million notes due 2013; BNP Paribas expected bookrunner; non-callable for four years; 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.

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.

ROADSHOWS

Started July 18: SUNGARD DATA SYSTEMS INC. $1.25 billion; Deutsche Bank Securities, JP Morgan, Citigroup, Goldman Sachs & Co., Morgan Stanley, Banc of America Securities LLC

Started July 20: FTI CONSULTING INC. $175 million; Goldman Sachs & Co., Banc of America Securities LLC

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