Convertibles Calendar

JULY 23 WEEK

SUNPOWER CORP. (Nasdaq: SPWR): $175 million senior convertible debentures due 2027; Credit Suisse Securities (USA) LLC, Lehman Brothers (joint books), Deutsche Bank Securities, Morgan Stanley & Co. Inc., Cowen & Co.; off shelf; $25 million greenshoe; callable beginning Aug. 1, 2010; puts on Aug. 1 of 2010, 2015, 2020 and 2025; San Jose, Calif.-based maker of solar cells, solar panels and solar systems will use proceeds for general corporate purposes, including expansion of solar cell and panel manufacturing facilities, prepayments on raw materials purchases and investment in complementary businesses, technologies or joint ventures; to price at same time as sale of 2.45 million shares of class A common stock and establishment of new credit facility; scheduled to price July 25; talked at a coupon of 0.5% to 1% and an initial conversion premium of 22.5% to 27.5%.

ON THE HORIZON

AMERICAN MORTGAGE ACCEPTANCE CO. (Amex: AMC): $42 million shares series A cumulative convertible preferred shares; Sterne, Agee & Leach, Inc. (books), Boenning & Scattergood, Inc. (joint lead); off shelf; $5.25 million greenshoe; forced conversion option beginning July 2012 subject to a 125% hurdle; no puts or calls; New York-based real estate investment trust will use proceeds to acquire additional mortgage-related assets; initial conversion premium set at 25% but no yield talk.

BLACK HILLS CORP. (NYSE: BKH): Mandatory convertible securities; proceeds, along with new equity and unsecured debt, to replace bridge facility; bridge facility will be used to fund the Rapid City, S.D.-based diversified energy company's acquisition of Aquila, Inc.'s electric utility in Colorado and gas utilities in Colorado, Kansas, Nebraska and Iowa, along with the associated liabilities, for $940 million.

HORIZON LINES, INC. (NYSE: HRZ): Up to $300 million in convertible bonds; to partially finance a tender offer on two outstanding bonds; Charlotte, N.C.-based container shipping and integrated logistics operations company.

MCMORAN EXPLORATION CO. (NYSE: MMR): Equity-linked securities to help fund acquisition of the Gulf of Mexico shelf oil and gas properties of Newfield Exploration Co.; initial financing is $800 million revolver and $800 million bridge loan; McMoRan plans to repay the bridge loan with bonds, equity and equity-linked securities; JPMorgan, Merrill Lynch are lead on revolver and bridge loan; New Orleans-based explorer, developer and producer of oil and natural gas.

MYLAN LABORATORIES INC. (NYSE: MYL): $1.5 billion to $2 billion of common stock and mandatory convertible securities; to refinance debt to fund acquisition of Merck KGaA's generics business; Canonsburg, Pa., pharmaceutical company.

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