High Yield Calendar

Total amount of high-yield bond offerings being marketed: $4.275 billion and €345 million

WEEK OF JAN. 24

DI GIORGIO CORP.: $150 million senior notes due 2013 (B2/B-); Merrill Lynch & Co., Deutsche Bank Securities (joint); Rule 144A/Regulation S (no registration rights); non-callable for four years; to fund a tender offer for its existing $148.3 million of 10% senior notes due 2007 and fund a $10 million dividend to shareholders; Carteret, N.J.-based independent food distributor; price talk 10¼%-10½%.

QUALITY DISTRIBUTION LLC/QD CAPITAL CORP.: $85 million senior floating-rate notes due 2012 (Caa2/CCC); Credit Suisse First Boston; Rule 144A/Regulation S; callable after two years at 102, 101, par; to prepay about $70 million bank debt, make a distribution to parent Quality Distribution Inc., to be used to redeem all $7.5 million of Quality Distribution Inc.'s series B floating-rate subordinated term securities due 2006 and for general corporate purposes; Tampa, Fla., freight company.

EDGEN CORP.: $105 million senior secured notes due 2011 (B3/B-); Jefferies & Co.; Rule 144A; non-callable for three years; to fund the acquisition of Edgen by Jefferies Capital Partners from Harvest Partners; Baton Rouge, La.-based global supplier of specialty steel pipe and components to the oil and gas process and power generation industries; price talk 9¾% area; pricing expected Tuesday.

ACCURIDE CORP.: $225 million senior subordinated notes due 2015 (Caa1/B-); Lehman Brothers, Citigroup, UBS Investment Bank (joint); non-callable for five years; also $740 million credit facility; to refinance debt in conjunction with acquisition of Transportation Technologies Industries; Accuride is an Evansville, Ind.-based manufacturer and supplier of wheels for heavy and medium trucks and trailers; roadshow Jan. 19-25.

ATLANTIS PLASTICS INC.: $125 million senior subordinated notes due 2012 (Caa1/CCC+); Bear Stearns & Co. (books), BNP Paribas, Jefferies & Co. (co's); Rule 144A; proceeds together with new amended, restated credit facility, to repay existing senior secured debt and a special dividend to shareholders of up to $118 million; Atlanta-based manufacturer of specialty plastic films and custom molded and extruded plastic products used for storage and transportation, food service, appliance, automotive, commercial and consumer applications; roadshow Jan. 18-25.

NOVELIS INC.: $1.4 billion senior notes due 2015 (B1/B); Citigroup, Morgan Stanley, UBS Investment Bank (joint); Rule 144A with registration rights; make-whole call at Treasuries plus 50 basis points for first five years, then callable at a premium; also $1.3 billion term loan B; to repay a seller note to Alcan; Montreal-based aluminum and packaging producer, and aluminum recycler; roadshow started Jan. 19; expected to price mid-week during Jan. 24 week.

GREGG APPLIANCES INC.: $165 million senior notes due 2013 (B); Wachovia Securities (books), Jefferies & Co. (co.); Rule 144A; non-callable for four years; to fund the acquisition of the company, Freeman Spogli & Co. sponsor; privately held Indianapolis-based retailer of consumer electronics and appliances under HH Gregg brand; roadshow Jan. 18-27; expected to price Jan. 27.

AMR HOLDCO INC./EMCARE HOLDCO INC.: $250 million senior subordinated notes due 2015 (Caa1/B-); Banc of America Securities, JP Morgan (joint); Rule 144A; non-callable for five years; also $350 million seven-year term loan and $100 million six-year revolver (both rated B+); to help fund acquisition by Onex Partners of Laidlaw Inc.'s two healthcare companies, American Medical Response and EmCare; Greenwood, Colo.-based provider of ambulance transport services; roadshow started Jan. 19, investor conference call 12:30 p.m. ET Jan. 21; pricing late in week of Jan. 24.

UNO RESTAURANT HOLDINGS CORP.: $140 million senior secured second-lien notes due 2011 (B3/B-); Banc of America Securities (books), Jefferies & Co. (co); Rule 144A; non-callable for three years; to fund the acquisition of Uno by Centre Partners and refinance existing debt; Boston, Mass.-based operator and franchisor of full service casual dining restaurants; roadshow Jan. 19-27; pricing late Jan. 24 week.

EYE CARE CENTERS OF AMERICA: $150 million senior subordinated notes due 2015 (Caa1/CCC+); JP Morgan (books), co-managers expected to emerge; Rule 144A with registration rights; non-callable for five years; also $165 million senior secured term loan B and $25 million senior secured revolver; to fund the acquisition of Eye Care Centers by Moulin International Holdings Ltd. and Golden Gate Capital from Thomas H. Lee; San Antonio, Texas-based optical retail chain; roadshow started Jan. 20; pricing expected late in the week of Jan. 24.

KABEL BW HOLDINGS GMBH: €170 million senior floating-rate notes due 2015 (Caa1/CCC+); Morgan Stanley (physical books), Citigroup, JP Morgan (joint books); Rule 144A/Regulation S; callable after one year at 103, 102, 101, par; 35% equity clawback; to redeem a portion of subordinated shareholder loan; German cable and satellite TV services provider; roadshow started Jan. 24; expected to price late Jan. 24 week or early Jan. 31 week.

KNOWLEDGE LEARNING CENTERS: $260 million senior subordinated notes due 2015 (B-); Credit Suisse First Boston, UBS Investment Bank, BNP Paribas (joint), Guggenheim Capital Markets (co); Rule 144A; non-callable for five years; also $640 million credit facility and $200 million of equity from sponsors, to purchase KinderCare Learning Centers for $550 million, repay existing debt at both companies; San Rafael, Calif.-based provider of early childhood educational programs and services; roadshow started Jan. 24; pricing late Jan. 24 week.

PQ CORP.: $300 million senior subordinated notes due 2013 (B-); Credit Suisse First Boston, JP Morgan, UBS Investment Bank (joint); non-callable for four years; to help fund JPMorgan Partners' leveraged buyout of PQ, a Berwyn, Pa.-based chemicals and engineered glass materials company; roadshow starts Jan. 24 week; expected to price Jan 31 week.

WEEK OF JAN. 31

DI FINANCE/DYNCORP INTERNATIONAL LLC: $320 million senior subordinated notes due 2013 (Caa1/B-); Goldman Sachs & Co., Bear Stearns & Co. (joint); Rule 144A; non-callable for four years; also $420 million credit facility; 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; DynCorp is a Fort Worth, Texas-based provider of mission critical support to its customers, primarily the U.S. government; roadshow started Jan. 24; pricing expected Feb. 2 or 3.

AMERICAN REAL ESTATE PARTNERS LP: $300 million senior notes due 2013 (Ba2/BB); Bear Stearns & Co.; Rule 144A; to acquire additional oil and gas, and gaming and entertainment assets in transactions with affiliates of Carl Icahn; Mount Kisco, N.Y., real estate master limited partnership with investments in rental real estate, hotel and resort properties, casino properties, oil and gas properties, land sales, house and condominium development, and investments in securities (Icahn is chairman of the board of the general partner); expected to price Jan. 31 week.

MAUSER BETEILIGUNGS GMBH: €175 million senior notes due 2013; Citigroup; Rule 144A/Regulation S (with no registration rights); non-callable for three years; to refinance debt; Bruhl, Germany, packaging company; roadshow starts Jan. 25; pricing Jan. 31 week.

WEEK OF FEB. 7

MERCER INTERNATIONAL: $300 million senior notes due 2013 (mid-single B ratings anticipated); RBC Capital Markets, Credit Suisse First Boston (joint), CIBC World Markets (co's); public offering; non-callable for four years; 35% equity clawback; also concurrent $100 million equity offering; to fund the acquisition of Celgar pulp mill in British Columbia and refinance existing debt; Mercer International is a Seattle-based pulp producers with facilities in Germany and British Columbia; U.S. roadshow started Jan. 24; expected to price in early Feb. 7 week.

2005 FIRST QUARTER

CINCINNATI BELL INC.: Approximately $350 million senior unsecured notes; also new credit facility; for refinancing plan including redemption of its 16% senior subordinated discount notes due 2009 and repayment of bank debt (company solicited holders of 7¼% senior notes due 2013 on Jan. 11 to amend indenture, Banc of America Securities and Credit Suisse First Boston solicitation agents, expires Jan. 21, 2005); parent to local exchange and wireless provider to residential and business customers in Ohio, Kentucky and Indiana, based in Cincinnati.

SELECT MEDICAL CORP.: $660 million of senior subordinated notes due 2015 (B3/B-); Merrill Lynch & Co., JP Morgan, Wachovia Securities, non-callable for five years; also $880 million senior secured credit facility; 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; roadshow expected to start during Jan. 24 week.

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.

BUILDERS FIRSTSOURCE INC.: $250 million floating-rate second-priority senior secured notes due 2012 (B3/B-); UBS Investment Bank, Deutsche Bank Securities; also new credit facility; to pay a $237 million dividend to sponsor Joseph Littlejohn & Levy ahead of an IPO and repay existing debt; Dallas-based building materials company.

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.

DEL MONTE CORP.: Senior subordinated notes; also new or amended credit facility; Rule 144A; to purchase any or all of Del Monte's outstanding 9¼% senior subordinated notes due 2011 (Morgan Stanley and Banc of America Securities dealer managers of tender for $300 million, offer expires Feb. 7); subsidiary of San Francisco-based Del Monte Foods Co.

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.

MOVIE GALLERY INC.: $475 million senior notes; Wachovia Securities; also $720 million credit facility; to fund acquisition of Hollywood Entertainment Corp.; Movie Gallery is a Dothan, Ala.-based video rental chain.

PENN NATIONAL GAMING INC.: $300 million high-yield bonds; Deutsche Bank Securities; to back the $1.4 billion acquisition of Argosy Gaming Corp.; Wyomissing, Pa., gaming firm.

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.

VALOR COMMUNICATIONS GROUP INC.: $280 million bonds; Banc of America Securities, Merrill Lynch & Co.; also $990 million credit facility (BB-); in connection with IPO; refinance existing credit facility; Irving, Texas-based provider of telecommunications services.

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

Jan. 18-27: GREGG APPLIANCES INC. $165 million; Wachovia Securities

Jan. 18-25: ATLANTIS PLASTICS INC. $125 million; Bear Stearns & Co.

Jan. 19-25: ACCURIDE CORP. $225 million; Lehman Brothers, Citigroup, UBS Investment Bank

Jan. 19-27: UNO RESTAURANT HOLDINGS CORP. $140 million; Banc of America Securities

Started Jan. 19: AMR HOLDCO INC./EMCARE HOLDCO INC. $250 million; Banc of America Securities

Started late Jan. 17 week: MERCER INTERNATIONAL $300 million; RBC Capital Markets, Credit Suisse First Boston

Started Jan. 20: EYE CARE CENTERS OF AMERICA $150 million; JP Morgan

Started Jan. 24: NOVELIS INC.: $1.4 billion senior; Citigroup, Morgan Stanley, UBS Investment Bank

Started Jan. 24: DI FINANCE/DYNCORP INTERNATIONAL LLC $320 million; Goldman Sachs & Co., Bear Stearns & Co.

Started Jan. 24: KABEL BW HOLDINGS GMBH €170 million; Morgan Stanley

Started Jan. 24: PQ CORP. $300 million; Credit Suisse First Boston, JP Morgan, UBS Investment Bank

Started Jan. 24: KNOWLEDGE LEARNING CENTERS $260 million; Credit Suisse First Boston, UBS Investment Bank, BNP Paribas

Starts Jan. 24 week: SELECT MEDICAL CORP. $660 million; Merrill Lynch & Co., JP Morgan, Wachovia Securities

Starts Jan. 25: MAUSER BETEILIGUNGS GMBH €175 million; Citigroup

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