High Yield Calendar

Total amount of dollar-denominated high-yield bond offerings being marketed: $630 million

WEEK OF JAN. 5

PAXSON COMMUNICATIONS CORP.: $365 million senior secured floating rate notes due January 2010 (B1/B+); Citigroup (books), Bear Stearns & Co., CIBC World Markets (co's); Rule 144A/Regulation S; redeemable at any time; to repay the senior credit facility, pre-fund letters of credit, and general corporate purposes; West Palm Beach, Fla. owner and operator of broadcast television distribution system and PAX TV television network; roadshow started Dec. 15; price talk three-month Libor plus 275 basis points; expected to price Jan 5.

JANUARY BUSINESS

PORTOLA PACKAGING, INC.: $180 million senior notes due 2011; JP Morgan, UBS Investment Bank (joint); Rule 144A/Regulation S; non-callable for four years; to redeem $110 million 10¾% senior notes due 2005, pay down $40 million of credit facility, redeem $20 million of redeemable warrants, repurchase common shares, and general corporate purposes; San Jose, Calif. plastic container manufacturer; marketing delayed pending completion of amended SEC filing; January business.

GLOBAL MOTORSPORT GROUP INC.: $85 million senior secured notes due 2008 (B2/B-); Jefferies & Co.; Rule 144A; non-callable for three years; to repay bank debt; Morgan Hill, Calif.-based aftermarket supplier of motorcycle parts; pricing expected in January.

ON THE HORIZON

COMMUNICATIONS & POWER INDUSTRIES INC.: $125 million high yield bonds; also $130 million credit facility via Bear Stearns & Co. and UBS Investment Bank; to help support the company's acquisition by The Cypress Group from Leonard Green & Partners LP and other investors, valued at $300 million; Palo Alto, Calif. manufacturer of components for high-power microwave and radio frequency systems.

SGL CARBON AG: €300 million subordinated long-term bond; expected to be completed in early to mid-February 2004; to refinance debt; Wiesbaden, Germany carbon and graphite products company.

CSK AUTO CORP.: $200 million senior subordinated notes; Rule 144A; to fund tender for $280 million 12% senior notes due 2006 via dealer manager Credit Suisse First Boston; Phoenix-based automotive aftermarket retailer; 2004 business.

GOODYEAR TIRE & RUBBER CO.: $250 million (minimum) of new debt securities; to repay bank debt.

RESOURCE AMERICA, INC.: $30 million of 12% senior notes due 2008; Bear Stearns and Friedman Billings Ramsey (joint); registered; callable on Aug. 1, 2006 at 106; Philadelphia-based oil and natural gas company.

http://www.sec.gov/Archives/edgar/data/83402/000095011603002731/s-3a.txt

LOEWS CINEPLEX THEATRES: senior subordinated notes; Rule 144A; coming with senior credit facility and IPO; IPO via Goldman Sachs, Citigroup, Credit Suisse First Boston and Merrill Lynch; to repay debt and for general corporate purposes; motion picture exhibitor headquartered in New York City.

CARMIKE CINEMAS, INC.: $250 million; to help retire its $155 million of public bonds and $197 million term loan.

SEAT PAGINE GIALLE: €1.2 billion bonds; to help fund €6 billion LBO by BC Partners, CVC, Investitori Associati and Permira.

MB TECH, INC.: high-yield non-convertible bond; to acquire the U.S. and German operating subsidiaries of Willtek, Inc. (Korea); Los Angeles-based manufacturer and distributor of satellite components.

EMERGING MARKETS CORPORATE OFFERINGS

RELIANCE INDUSTRIES: $750 million bond due 2008 (existing ratings Ba2/BB); Credit Suisse First Boston; Regulation S; diversified Indian company.

PRIVATBANCK: $150 million three-year notes (B-); Credit Suisse First Boston; Ukrainian bank.

EMERGING MARKETS OFFERINGS ON THE HORIZON

PHILIPPINE NATIONAL BANK: $140 million lower tier II sub bonds due 2013; JP Morgan; non-callable for five years; roadshow expected to start Nov. 14 in Manila, Nov. 17 in Singapore, Nov. 19 in Hong Kong.

FILINVEST LAND INC.: $100 million bonds due 2008 (unrated); JP Morgan; to refinance debt and fund capital expenditures; Philippine homebuilder; price talk 9 ¼%-9 ½%.

PT BANK MANDIRI: up to $400 million of new debt securities; expected first quarter of 2004.

ROADSHOWS

Started Dec. 15: PAXSON COMMUNICATIONS CORP. $365 million; Citigroup; Rule 144A/Regulation S; 2010 maturity

RECENT SHELF FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION

COMSTOCK RESOURCES, INC.: $300 million shelf filed Dec. 16 for debt securities, common stock, preferred stock, warrants and units; securities may be issued as convertibles; Frisco, Texas oil and gas exploration and production company will use proceeds to refinance debt including its $220 million 11¼% senior notes callable after May 1, 2004, for acquisitions and for general corporate purposes.

http://www.sec.gov/Archives/edgar/data/23194/000002319403000032/s-3.htm

PREMCOR INC.: $700 million shelf filed Dec. 16 for common stock, preferred stock, warrants, stock purchase contracts, units and debt securities; securities may be issued as convertibles; Old Greenwich, Conn. refiner will use proceeds for general corporate purposes.

http://www.sec.gov/Archives/edgar/data/1159119/000089968103000525/premcor-s3_121503.htm

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