High Yield Calendar

Total amount of high-yield bond offerings being marketed: $275 million

WEEK OF JAN. 3

MOOG INC.: $120 million senior subordinated notes due 2015; Banc of America Securities; registered; to repay bank debt; East Aurora, N.Y., designer, manufacturer, and integrator of precision control components and systems used in military and commercial aircraft, satellites and space vehicles, launch vehicles, missiles, automated industrial machinery, and medical equipment; internet roadshow started Monday; pricing Wednesday or Thursday.

JANUARY BUSINESS

CAJUN FUNDING CORP. (CHURCH'S CHICKEN): $155 million senior secured second-lien notes due 2011 (B3); SunTrust Robinson Humphrey; Rule 144A with no registration rights; non-callable for four years; to back AFC's sale of Church's Chicken brand to Crescent Capital Investments Inc. for $390 million; Atlanta-based franchisor and operator of restaurants, bakeries and cafes in the U.S., Puerto Rico and 38 foreign countries under the brand names Popeyes, Chicken & Biscuits, Church's Chicken and Cinnabon, and the franchisor of Seattle's Best Coffee in Hawaii, on military bases and internationally.

INTELSAT: $2.55 billion bonds in more than one tranche; Deutsche Bank Securities, Credit Suisse First Boston, Lehman Brothers; to help fund the $5 billion acquisition of Intelsat by Zeus Holdings Ltd., a company formed by Apax Partners, Apollo Management, Madison Dearborn Partners and Permira; Intelsat is a Bermuda-based worldwide satellite telecommunications company.

2005 FIRST QUARTER

ACCURIDE CORP.: High-yield bonds; Lehman Brothers (books), UBS Investment Bank (co); also $740 million credit facility to launch Thursday, led by Citigroup; Evansville, Ind.-based manufacturer and supplier of wheels for heavy and medium trucks and trailers.

ON THE HORIZON

ADELPHIA COMMUNICATIONS CORP.: $3.3 billion 10-year senior unsecured notes; non-callable for five years; part of $8 billion bond and bank loan exit financing from Chapter 11; Deutsche Bank Securities; Greenwood Village, Colo., cable television company.

Acquisition of AMERICAN MEDICAL RESPONSE INC. and EMCARE INC. by ONEX PARTNERS LP: High-yield bonds and credit facility via Banc of America Securities LLC and JP Morgan; to fund $980 million acquisition of Laidlaw International Inc. subsidiaries, American Medical Response Inc. and EmCare Inc.; AMR, based in Denver, is the largest U.S. provider of ambulance transport services; EmCare, based in Dallas, is the leading provider of outsourced hospital emergency department physician staffing and management services; financing expected to launch in January.

DAVITA INC.: $4.3 billion debt financing new high-yield bonds and new credit facility; bank loan to back $3.05 billion acquisition of renal dialysis services company Gambro Healthcare and refinance existing credit facility; JP Morgan has committed financing; DaVita is a Torrance, Calif.-based provider of dialysis services for patients suffering from chronic kidney failure; interest rate on total net debt expected to be in the 6½% to 8% range.

DYNCORP INTERNATIONAL LLC: New high-yield bonds and credit facility; Goldman Sachs & Co., Bear Stearns; to help fund Veritas Capital's acquisition of DynCorp from Computer Sciences Corp. for $850 million, with $775 million in cash payable at closing plus $75 million of senior preferred stock, expected to be completed in the first quarter of 2005; DynCorp is a Fort Worth, Texas-based provider of mission critical support to its customers, primarily the U.S. government.

EGL HOLDING CORP.: $660 million of senior subordinated notes; also $780 million senior secured credit facility to be led by JP Morgan, Wachovia Securities and Merrill Lynch & Co.; also equity contribution; to help fund approximately $2.3 billion acquisition of Select Medical Corp.; issuer is a new company formed by an investment group led by Welsh, Carson, Anderson & Stowe; acquisition to close first quarter of 2005.

GLOBAL MOTORSPORT GROUP INC.: $85 million senior secured notes due 2008 (B-); Jefferies & Co.; Rule 144A; non-callable for three years; to repay bank debt; Morgan Hill, Calif., aftermarket supplier of motorcycle parts.

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.

NOVELIS: $1.3 billion senior notes; Citigroup, Morgan Stanley, UBS Investment Bank; also $2 billion senior secured credit facility; to help fund Alcan Inc.'s proposed spinoff of its rolled aluminum products into an independent company named Novelis; Alcan is a Montreal-based aluminum and packaging producer, and aluminum recycler; expected to launch in 2005.

PANAMSAT: High-yield bonds; also $1.12 billion equity offering to be led by Morgan Stanley, Citigroup, Merrill Lynch & Co.; Wilton, Conn.-based satellite broadcast company.

STAR GAS PARTNERS LP: $300 million public or private offering of debt securities; JP Morgan; also $300 million asset-based senior secured revolving credit facility; to support its working capital requirements for the near term; Stamford, Conn.-based distributor of home heating oil and propane.

VERIZON HAWAII: New high-yield bonds; also new credit facility to be led by JPMorgan, Goldman Sachs, Lehman Brothers (same banks to lead bond deal, although not necessarily in that order); to fund Carlyle Group's $1.65 billion acquisition of Verizon Hawaii from Verizon Communications Inc.; pending regulatory approvals.

INCOME SECURITIES OFFERINGS IN THE MARKET

DAVCO ACQUISITION HOLDING INC. 7.99 million Enhanced Income Securities (EIS), price range $14.50 and $15.50 per EIS: comprised of 7.99 class A common stock and $59 million senior subordinated notes due 2016, also separate offering of $7.5 million senior subordinated notes due 2016; RBC Capital Markets (books), KeyBanc Capital Markets, Oppenheimer, SunTrust Robinson Humphrey; both issues of notes guaranteed on an unsecured senior subordinated basis by all domestic subsidiaries (DavCo Operations Inc., FriendCo Restaurants Inc., Heron Realty Corp., and MDF Inc.); about $13.0 million of the proceeds will be used to repurchase class B common stock from Citicorp Venture Capital Ltd. and affiliates; subsidiary of Crofton, Md.-based DavCo Restaurants Inc., the largest franchisee of Wendy's International Inc.

XERIUM TECHNOLOGIES INC.: 28.1 million (decreased from 40.625 million) Income Deposit Securities, expected offering price $15.20 and $16.80: securities comprised shares of class A common stock and $201 million (reduced from $298.6 million) senior subordinated notes due 2019, price range $15.20 and $16.80; also separate offering of $45.3 million (reduced from $52.4 million) of senior subordinated notes due 2019; CIBC World Markets (books), Citigroup, Merrill Lynch & Co., Robert W. Baird & Co., Calyon Securities, KeyBanc Capital Markets, Legg Mason (co's); to repay debt, including senior and mezzanine credit facilities and to redeem part of class A common stock; Westborough, Mass., manufacturer of clothing and machinery covers.

ROADSHOWS

Started Jan. 3: MOOG INC. $120 million; Banc of America Securities

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