High Yield Calendar

Total amount of high-yield bond offerings being marketed: $3.530 billion and €150 million

WEEK OF JAN. 3

REMY COINTREAU: €150 million senior noted due 2012 (seven-year) (Ba2/BB-); Banc of America Securities, BNP Paribas (joint); non-callable for four years; to repay bank debt; Paris-based distilled spirits maker; conference call 12:30 GMT Wednesday; price talk 5 3/8% area; possibly pricing Wednesday afternoon.

MOOG INC.: $120 million senior subordinated notes due 2015 (Ba3/B+); Banc of America Securities; registered; make-whole call at Treasuries plus 50 basis points for the first five years, then callable at a premium; 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; price talk 6¼%-6 3/8%; pricing Wednesday afternoon.

WEEK OF JAN. 10

WARNER CHILCOTT CORP.: $750 million senior subordinated notes due 2015 (Caa1/CCC+); Credit Suisse First Boston, Deutsche Bank Securities, JP Morgan (joint); Rule 144A/Regulation S; non-callable for five years; to fund the acquisition of Warner Chilcott plc by DLJ Merchant Banking, JP Morgan Partners, Bain Capital and Thomas H. Lee; Craigavon, U.K.-based branded pharmaceutical manufacturer and marketer; roadshow starts Jan. 5; pricing Jan. 10 week.

CITY TELECOM (H.K.) LTD.: $110 million senior notes due 2015 (Ba3/BB-); Citigroup; Rule 144A/Regulation S; non-callable for five years; to repay HK$196.7 million of bank debt, for capital expenditures, which may include the costs of expanding the company's Metro Ethernet network in Hong Kong, and for working capital and general corporate purposes; roadshow starts Jan. 6 in Hong Kong; pricing near end of Jan. 10 week.

WEEK OF JAN. 17

INTELSAT BERMUDA LTD. $2.55 billion senior notes in three tranches: $500 million floating-rate notes due 2012, non-callable for six months, floats with three-month Libor, $1.3 billion eight-year non-call-four fixed-rate notes, $750 million 10-year non-call-five fixed-rate notes; Deutsche Bank Securities, Credit Suisse First Boston, Lehman Brothers (joint), Banc of America Securities, Bear Stearns & Co., BNP Paribas, Merrill Lynch & Co., CIBC World Markets, RBC Capital Markets, The Royal Bank of Scotland, Guggenheim Capital Markets, SG Corporate & Investment Banking (co's); Rule 144A; 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; roadshow starts Jan. 10; expected to price Jan. 19.

JANUARY BUSINESS

RAYOVAC CORP.: $500 million senior subordinated notes; Banc of America Securities, Citigroup, Merrill Lynch & Co.; also $1.2-$1.25 billion credit facility via same banks; to help fund the approximately $1.2 billion acquisition of United Industries, including $880 million of United Industries debt; transaction also has Rayovac issuing 13.75 million common shares and putting up $70 million cash; United Industries, based in St. Louis, manufactures and markets consumer products for lawn and garden care and household insect control; Rayovac is an Atlanta-based consumer products company and one of the largest battery, shaving and grooming, and lighting companies in the world; bonds launching later in January.

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.

2005 FIRST QUARTER

ACCURIDE CORP.: High-yield bonds; Citigroup, Lehman Brothers (books), UBS Investment Bank (co); also $740 million credit facility to launch Thursday, via Citigroup, Lehman Brothers; 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.

DI GIORGIO CORP.: $150 million notes; Rule 144A; to fund a tender offer for its existing $148.3 million of 10% senior notes due 2007, Merrill Lynch & Co. dealer manager, tender runs through Feb. 1; Carteret, N.J., independent food distributor.

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

Starts Jan. 5: WARNER CHILCOTT CORP. $750 million; Credit Suisse First Boston, Deutsche Bank Securities, JP Morgan

Starts Jan. 6: CITY TELECOM (H.K.) LTD. $110 million; Citigroup

Starts Jan. 10: INTELSAT BERMUDA LTD. $2.55 billion; Deutsche Bank Securities, Credit Suisse First Boston, Lehman Brothers

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