High Yield Calendar

No high-yield bond offerings presently in the market

SEPTEMBER BUSINESS

GEORGIA GULF CORP. $750 million: $500 million senior notes and $250 million senior subordinated notes; Merrill Lynch (lead), Bank of America, Lehman Brothers expected to be involved; to help fund the acquisition of Toronto-based home improvement and building products producer Royal Group Technologies Ltd.; Atlanta-based Georgia Gulf is a manufacturer and marketer of two integrated product lines, chlorovinyls and aromatics; expected to launch shortly after Labor Day.

BPC HOLDING CORP. (BERRY PLASTICS): $750 million senior secured second-lien notes; Credit Suisse, Deutsche Bank, Citigroup (joint books), Banc of America Securities LLC, Lehman Brothers plus others (co's); also new $875 million credit facility; to help fund $2.25 billion acquisition of the company by Apollo Management, L.P. and Graham Partners from Goldman Sachs Capital Partners and JPMorgan Partners; parent of Berry Plastics Corp., an Evansville, Ind., manufacturer and marketer of rigid plastic packaging products; expected September business.

MICHAELS STORES INC. Approximately $1.4 billion expected to be split equally between senior notes and senior subordinated notes; Deutsch Bank Securities, JP Morgan, Banc of America Securities LLC; also $3.4 billion credit facility; to help back its leveraged buyout by Bain Capital and The Blackstone Group; Irving, Texas, specialty retailer of arts, crafts, framing, floral, wall decor and seasonal merchandise; expected September business.

PT POLYFIN CANGGIH: $75 million senior secured notes due 2011 and 250 warrants to purchase shares; Jefferies & Co.; private placement and Regulation S; non-callable for two years; two-year 35% equity clawback; to repay existing debt, for working capital and general corporate purposes; integrated producers of polyester chips and synthetic yarn in Indonesia, to be incorporated in The Netherlands (guarantors are incorporated in Indonesia, Singapore and the British Virgin Islands; the company's registered office is located in Bandung, Indonesia); September business.

ON THE HORIZON

ACE CASH EXPRESS INC.: $175 million of senior unsecured notes due 2014; Bear Stearns; also $400 million credit facility and $178.8 million of equity; in connection with its leveraged buyout by JLL Partners Fund V, LP; Irving, Texas, retailer of financial services, including check cashing, short-term consumer loans, bill payment and prepaid debit card services; expected to close in the fourth quarter.

ARAMARK CORP.: $2.470 billion bonds including $770 million senior subordinated notes and $1.7 billion senior cash pay and/or senior PIK notes, with 50% of the principal having to come in the form of PIK notes, also $4.605 billion credit facilities led by JP Morgan and Goldman Sachs; to fund the approximately $8.3 billion LBO of the company by chairman and chief executive officer Joseph Neubauer together with funds managed by sponsors by Thomas H. Lee Partners LP, Warburg Pincus LLC, JPMorgan Partners, GS Capital Partners and CCMP Capital Advisors; GS Capital Partners, J.P. Morgan Partners, Thomas H. Lee Partners and Warburg Pincus LLC, expected to close late 2006 or early 2007; Philadelphia-based professional services company which provides food, hospitality, facility management services as well as uniform and work apparel.

BUFFETS INC. (via a subsidiary): New senior subordinated debt, also bank debt, debt financing committed by Credit Suisse Securities and UBS Investment Bank; also real estate financing committed by affiliates of Fortress Investment Group; to fund the approximately $876 million acquisition of Greer, S.C.-based Ryan's Restaurant Group, Inc. by an investment partnership organized by Caxton-Iseman Capital, Inc. and the senior management of Buffets, transaction expected to be completed in fourth quarter of 2006; Buffets is an Eagan, Minn.-based owner and operator of buffet-style restaurants.

ENCORE MEDICAL CORP.: $215 million senior subordinated notes and $325 million senior credit facility; Bank of America, Credit Suisse to lead debt financing transactions (as a back-up for the bonds, the company has received a commitment from the two lead banks for a bridge loan); to help fund about $870 million LBO by Blackstone Capital Partners V LP (Blackstone has committed to provide up to $335 million in equity); subject to shareholder and regulatory approvals and completion of tender for all of an Encore subsidiary's outstanding 9¾% senior subordinated notes; Austin, Texas, orthopedic device company.

ENERGY PARTNERS LTD.: $730 million senior notes; Bank of America; with $1.3 billion credit facility to finance acquisition of Stone Energy Corp. and refinancing of stone debt; acquisition expected to close in fourth quarter; New Orleans-based independent oil and natural gas exploration and production company. Stone is a Lafayette, La.-based independent oil and gas company.

HANESBRANDS INC.: $500 million of senior notes; Morgan Stanley, Merrill Lynch & Co.; also $2.6 billion senior secured credit facility; substantial portion of the proceeds from the term loan and the bond offering will be used to pay a dividend to Sara Lee prior to the spinoff; following the spinoff Winston-Salem, N.C.-based Hanesbrands will operate as a stand-alone, publicly traded, global apparel company; expected third-quarter business.

INFOR GLOBAL SOLUTIONS: High-yield notes (Caa2) to refinance a $1.425 billion senior subordinated bridge facility; also $2.4 billion credit facility via JP Morgan, Credit Suisse and Merrill Lynch & Co. joint bookrunners; part of financing to help fund the acquisitions of Systems Union Group and SSA Global, finance the combination of Infor and Extensity - which are both currently Golden Gate Capital portfolio companies - and to refinance debt at all four companies; Infor is an Alpharetta, Ga.-based software provider.

KINDER MORGAN INC.: $14.5 billion of funded debt; likely Goldman Sachs; help fund proposed public-to-private buyout by management and equity investors; Houston-based energy infrastructure provider.

NCO GROUP INC.: $365 million of senior subordinated notes; also $550 million credit facility; Morgan Stanley and JP Morgan are the lead banks on the debt financing; (as a back up for the bonds the company has received a commitment for a $365 million subordinated increasing rate bridge loan); to help fund $1.26 billion LBO of the company by chairman and chief executive officer, Michael J. Barrist, in partnership with One Equity Partners II LP, expected to be completed in the fourth quarter; Horsham, Pa., provider of business process outsourcing services.

NEG OIL & GAS LLC: $200 million eight-year senior notes; Bear Stearns & Co., Citigroup (joint books); non-callable for four years; registered; proceeds, together with the concurrent initial public offering by NEG, Inc., will be used to repay part of the revolver, repay debt owed to American Real Estate Partners, LP and fund a distribution to American Real Estate Partners; Dallas independent oil and natural gas exploration production company; expected in September or October.

PEABODY ENERGY CORP.: New bond debt to help fund its acquisition of Australian independent coal company Excel Coal Ltd. for $1.34 billion plus assumed debt of about $190 million, targeted to close in the fourth quarter of 2006, subject to Excel shareholders approval, court approval, regulatory approval and other conditions; Peabody is a St. Louis-based private-sector coal company.

TROPICANA ENTERTAINMENT: $975 million in high-yield bonds; also $2.175 billion in credit facilities; Credit Suisse is the lead bank on the debt transactions; in connection with its acquisition of Aztar Corp.; a newly formed subsidiary of Columbia Entertainment, a Fort Mitchell, Ky., owner, developer and operator of hotel properties and casinos; expected to close by the end of 2006.

UNIVISION COMMUNICATIONS INC.: $2 billion high-yield bonds via Credit Suisse (Deutsche Bank, Bank of America Securities and Wachovia expected to be involved), also new $8.25 billion credit facility (Deutsche Bank left lead); to help back its leveraged buyout by Madison Dearborn Partners, Providence Equity Partners, Texas Pacific Group, Thomas H. Lee Partners and Saban Capital Group, transaction is valued at about $13.7 billion (total leverage for the transaction is 12.5-times); expected to close in the spring of 2007 pending shareholder and regulatory approvals; Univision is a Los Angeles-based Spanish-language media company.

VERIZON DIRECTORIES DISPOSITION CORP. (VERIZON COMMUNICATIONS INC.): $3 billion to $4 billion of high yield bond as part of $8 billion overall debt financing to fund the spin-off it its directories business; New York City-based telecommunications company.

WEST CORP.: $3.2 billion to $3.3 billion (approximate) of new debt including high-yield bonds; Deutsche Bank Securities, Lehman Brothers; also new credit facility; to fund LBO of the company by an investor group led by Thomas H. Lee Partners and Quadrangle Group in a deal that values the company at about $4.1 billion, including debt; Omaha, Neb.-based provider of outsourced communication solutions; transaction expected to close in the fourth quarter of 2006.

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