High Yield Calendar

Total amount of high-yield bond offerings being marketed: $4.280 billion and €100 million

WEEK OF SEPT. 12

ASHTON WOODS USA LLC/ASHTON WOODS FINANCE CO.: $125 million senior subordinated notes due 2015 (B3/B-); UBS Investment Bank, Wachovia Securities (joint); Rule 144A with registration rights; non-callable for five years; to repay bank debt; homebuilder with operations in Atlanta, Dallas, Houston, Orlando, Fla., and Phoenix, establishing operations in Tampa and Denver; price talk 9¼% area; pricing Thursday afternoon.

PERKINS FAMILY RESTAURANT: $190 million senior notes due 2013 (B2/B); Wachovia Securities (books), BNP Paribas (joint lead), Piper Jaffray, Jefferies (co's); Rule 144A with registration rights; non-callable for four years; to fund the leveraged buyout of the company by Castle Harlan; full-service restaurant company based in Memphis; price talk 9 5/8%-9 7/8%; books close late Thursday, pricing Friday morning.

IKON OFFICE SOLUTIONS: $225 million senior unsecured notes due 2015 (Ba2/BB); Wachovia Securities, Lehman Brothers; Rule 144A; non-callable for five years; to call the 5% convertible notes due 2008; document management systems and solutions, headquarters are in Malvern, Pa.; price talk 7¾% area; pricing Friday morning.

EURAMAX INTERNATIONAL: $315 million senior subordinated notes due 2013 (Caa1/B-); Goldman Sachs, Credit Suisse First Boston; Rule 144A with registration rights; non-callable for four years; to repay in full $190 million of outstanding borrowings and redeem $110 million of PIK notes; Norcross, Ga., manufacturer of aluminum and steel building products for the construction and transportation markets; price talk 9¾%-10%; pricing expected Friday.

METALLURG HOLDINGS INC.: $160 million secured notes due 2010, non-callable for three years, in two tranches: $100 million class A notes, price talk 10½% to 10¾% to price at 98.00, and $60 million class B notes in private placement; Jefferies & Co.; to refinance the existing 11% notes due 2008; New York City-based specialty metals manufacturer and distributor; pricing expected Friday.

PANOLAM INDUSTRIES INC.: $150 million senior subordinated notes due 2013 (Caa1/CCC+); Credit Suisse First Boston, Jefferies & Co. (joint); also $155 million senior secured credit facility; to fund the acquisition of the company by Genstar Capital, The Sterling Group and management from the Carlyle Group; Shelton, Conn., provider of decorative surfaces for commercial and residential interiors, store and store fixtures and furniture; price talk 10 ½%-10 ¾%; books close 10:30 A.M. ET Friday morning; pricing middle of Friday afternoon.

INSIGHT HEALTH SERVICES CORP.: $250 million senior secured floating-rate notes due 2011 (B2/B); Banc of America Securities (books), CIBC World Markets (co); Rule 144A/Regulation S; first call on Nov. 1, 2006 at 103 (increased from 102); to repay existing credit facility and for general corporate purposes (if upsized InSight to purchase a portion of existing 9 7/8% senior subordinated notes due 2011); Lake Forest, Calif., provider of diagnostic imaging services; price talk three-month Libor plus 500 basis points area; books close Friday morning, pricing thereafter.

NBTY INC.: $200 million (increased from $150 million) senior subordinated notes due 2015 (B1/B+); JP Morgan; Rule 144A; non-callable for five years; to fund tender for $150 million 8 5/8% senior subordinated notes due 2007; Bohemia, N.Y., vertically integrated manufacturer, marketer and distributor of nutritional supplements; price talk 7%-7¼%; pricing Friday afternoon.

WEEK OF SEPT. 19

WILLIAMS SCOTSMAN INC.: $325 million senior notes due 2015 (B3/B); Deutsche Bank Securities, Banc of America Securities LLC, Citigroup, Lehman Brothers, CIBC World Markets (joint); Rule 144A with registration rights; non-callable for five years; concurrent initial public offering of stock; concurrent $650 million asset-backed credit facility; to fund tender for 9 7/8% senior notes due 2007 and 10% senior secured notes due 2008; Baltimore provider of modular space solutions for the construction, education, commercial and industrial, and government markets; price talk 8¼%-8½%; pricing Monday.

GAMESTOP CORP. $950 million senior unsecured guaranteed notes in two tranches (Ba3/B+): Floating-rate notes due 2011, non-callable for two years and fixed-rate notes due 2012, non-callable for four years; Citigroup, Banc of America Securities LLC, Merrill Lynch & Co. (joint); Rule 144A; to fund merger with EB Games; GameStop is an electronic gaming company based in Grapevine, Texas; roadshow Sept. 13-20, pricing thereafter.

SCHOOL SPECIALTY INC. $650 million in two parts: $350 million senior notes due 2013, non-callable for four years (B3/CCC+) and $300 million senior subordinated notes due 2015, non-callable for five years (Caa2/CCC+); Banc of America Securities, JP Morgan, Deutsche Bank Securities; Rule 144A; to help finance the leveraged buyout of the company by Bain Capital and Thomas H. Lee Partners in a $1.5 billion transaction, and for general corporate purposes; Greenville, Wis., supplemental education company; roadshow Sept. 13-21.

DRIVETIME AUTOMOTIVE GROUP/DT ACCEPTANCE CORP.: $150 million senior notes due 2013 (B2/B-); UBS Investment Bank, Bear Stearns & Co. (joint), The Royal Bank of Scotland (co); Rule 144A; non-callable for four years; to repay debt and for general corporate purposes; the largest U.S. chain of automobile dealerships that sell and finance used vehicles to sub prime customers, headquartered in Phoenix, Ariz.; roadshow started Sept. 14; pricing Sept. 21 or 22.

BROOKSTONE INC.: $190 million senior notes due 2012 (B3/B); Goldman Sachs (books), UBS Investment Bank (co); Rule 144A; non-callable for four years; to finance its leveraged buyout by Osim International, J.W. Childs Associates and Temasek Holding Ltd.; Merrimack, N.H., product developer and specialty retail company; roadshow started Sept. 13; expected to price Sept. 22.

COMSYS IT PARTNERS INC.: $150 million senior notes due 2013 (B2/B-); Wachovia Securities, Merrill Lynch & Co.; Rule 144A; non-callable for four years; proceeds together with new senior secured revolver, to repay existing senior credit facility and second-lien term loan; Houston-based information technology staffing company; roadshow started Sept. 14; pricing expected on Sept. 22.

RES-CARE, INC.: $150 million senior notes due 2013 (mid-single B credit ratings expected); JP Morgan, Goldman Sachs & Co. (books), Jefferies & Co. (co); Rule 144A /Regulation S with registration rights; non-callable for four years proceeds together with existing cash and short-term investments, to repurchase $150 million 10 5/8% senior notes due 2008 and to repay its existing term loan; Louisville-based company provides residential, therapeutic, job training and educational supports to people with developmental or other disabilities, to youth with special needs and to adults who are experiencing barriers to employment; roadshow starts Sept. 16; pricing expected Sept. 23.

WEEK OF SEPT. 26

PREGIS CORP.: €100 million 7.5-year senior secured second-lien floating-rate notes, non-callable for one year (B3/B-) and $150 million senior subordinated notes due 2013, non-callable for four years (Caa1/CCC+); Credit Suisse First Boston; to help fund approximately $530 million acquisition of the Pactiv Corp.'s North American and European protective and flexible packaging businesses to an affiliate of AEA Investors LLC; Pactiv has headquarters in Lake Forest, Ill.; roadshow starts week of Sept. 19; pricing week of Sept. 26.

EXPECTED SEPTEMBER BUSINESS

SS&C TECHNOLOGIES INC.: $205 million subordinated notes; Wachovia Securities, JP Morgan, Bank of America (joint); Rule 144A; also senior secured credit facility; to fund $982 million LBO of the company by Carlyle Group; Carlyle Group will also contribute equity; Windsor, Conn., company delivers investment and financial management software and related services focused exclusively on the financial services industry; expected September or October.

ON THE HORIZON

AMADEUS GLOBAL TRAVEL DISTRIBUTION SA: €1 billion (approximate); Credit Suisse First Boston; 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.

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.

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.

K. WAH CONSTRUCTION MATERIALS LTD.: $300 million and $500 million global bonds; Merrill Lynch & Co., Morgan Stanley; owner of Macau's Galaxy casino.

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.

INTELSAT LTD.'s $7 billion acquisition of PANAMSAT HOLDING CORP.: $4 billion (approximate) minimum: PANAMSAT OPERATING CO. $572.9 million senior notes with the option to issue additional $663.57 million if PanAmSat 9% notes are refinanced, PANAMSAT HOLDING CO. $721.2 million in senior notes with option to issue additional $301.9 million if PanAmSat 10 3/8% notes are refinanced, INTELSAT OPERATING CO. up to $557 million of senior notes, INTELSAT HOLDING CO. up to $1.4155 billion in senior notes; also approximately $2.88 billion aggregate bank debt; financing provided by Deutsche Bank, Citigroup, Credit Suisse First Boston and Lehman Brothers; PanAmSat is a Wilton, Conn.-based satellite network operator; Intelsat is a Pembroke, Bermuda, satellite communications company; expected to be completed in 2006.

PER-SE TECHNOLOGIES INC.: $410 million in new debt including senior subordinated debt and bank debt; financing commitment from Bank of America; proceeds in addition to $240 million of Per-Se stock and cash on hand to help fund its acquisition of NDCHealth Corp.; Per-Se is an Alpharetta, Ga., provider of connective health care solutions to physicians and hospitals; transaction expected to be completed late 2005 or early 2006

PETROHAWK ENERGY CORP.: $170 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.

TARGA RESOURCES INC.: $400 million high-yield bonds; Credit Suisse First Boston, Merrill Lynch & Co., Goldman Sachs & Co.; $1.45 billion credit facility; to help fund Targa's acquisition of Dynegy Inc.'s Midstream natural gas business for $2.35 billion; independent midstream energy company formed in 2003 by management and the global private equity firm Warburg Pincus; acquisition expected to close late October.

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 stakeholder.

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.

VENETIAN MACAU LTD.: $300 million floating-rate notes; Goldman Sachs

WYNN RESORTS (MACAU) SA: $744 million equivalent; Banc of America Securities LLC, Deutsche Bank Securities

PREFERRED SHARE OFFERINGS

CCFC PREFERRED HOLDINGS LLC (indirect subsidiary of Calpine Corp.): $400 million redeemable preferred shares due 2011; Regulation D; proceeds to be used as permitted by Calpine's existing bond indentures; San Jose, Calif., power producer.

ROADSHOWS

Sept. 8-19: WILLIAMS SCOTSMAN INC. $300 million minimum; Deutsche Bank Securities, Citigroup, Banc of America Securities LLC, Lehman Brothers

Started Sept. 13: BROOKSTONE INC. $190 million; Goldman Sachs

Sept. 13-20: GAMESTOP CORP. $950 million; Citigroup, Banc of America Securities LLC, Merrill Lynch & Co.

Sept. 13-21: SCHOOL SPECIALTY INC. $650 million; Banc of America Securities LLC, JP Morgan, Deutsche Bank Securities

Started Sept. 14: COMSYS IT PARTNERS INC. $150 million; Wachovia Securities, Merrill Lynch

Started Sept. 14: DRIVETIME AUTOMOTIVE GROUP/DT ACCEPTANCE CORP. $150 million; UBS Investment Bank, Bear Stearns

Starts Sept 16: RES-CARE INC. $150 million; JP Morgan, Goldman Sachs & Co.

Starts week of Sept. 19: PREGIS CORP.: €100 million and $150 million; Credit Suisse First Boston

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