Convertibles Calendar

JAN. 22 WEEK

COVANTA HOLDING CORP. (NYSE: CVA): $325 million 20-year convertible senior debentures; Lehman Brothers, JP Morgan and Merrill Lynch (joint books); off shelf; $48.75 million greenshoe; non-callable for five years, puts in years five, 10 and 15; contingent conversion at 130%; Fairfield, N.J.-based waste disposal, energy and specialty services company will use proceeds along with proceeds from $125 million of common stock, $300 million revolving credit facility, $320 million funded letter of credit facility and $680 million first-lien term loan facility and cash on hand for recapitalization which includes tender for $195.8 million of 8.5% senior secured notes due 2010 of MSW Energy, $224.1 million of 7.375% senior secured notes due 2010 of MSW Energy, and $211.6 million of 6.26% senior notes due 2015 of subsidiary ARC Holdings; pricing Thursday after the close; talked at a coupon of 1% to 1.5% and an initial conversion premium of 17.5% to 22.5%.

FEB. 5 WEEK

INVACARE CORP. (NYSE: IVC): $125 million 20-year senior subordinated convertible notes (B3/CCC+); Bank of America; Rule 144A/Regulation S; part of debt recapitalization that also includes a senior secured revolving loan and term loans; Elyria, Ohio-based maker of non-acute health care products.

ON THE HORIZON

ANWORTH MORTGAGE ASSET CORP. (NYSE: ANH): $25 million perpetual convertible preferred stock; Friedman Billings Ramsey; off shelf; $3.75 million greenshoe; after five years company may force conversion subject to a hurdle at 130%; Santa Monica, Calif.-based real estate investment trust will use proceeds to acquire mortgage-related assets; talked at dividend rate of 6.25%.

STANLEY WORKS (NYSE: SWK): equity-linked convertible debt to help finance acquisition of HSM Electronic Protection Services, Inc. from private investors for $545 million in cash; also to be funded with available cash and debt, including a $500 million credit agreement via Citigroup Global Markets Inc.

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