Convertibles Calendar

ON THE HORIZON

CLOUD PEAK ENERGY INC.: $250 million of three-year mandatory convertible preferred stock, at a liquidation preference price of $50 per share, via underwriter Credit Suisse, concurrent initial public offering; Cloud Peak formerly part of Rio Tinto America Inc., an indirect wholly owned subsidiary of Rio Tinto plc, and Rio Tinto America; dividends payable on a cumulative basis; no proceeds go to Cloud Peak; Gillette, Wyo.-based coal producer.

INTERNATIONAL CONVERTIBLES

ON THE HORIZON

AIR FRANCE-KLM GROUP (Euronext Paris: AF): about €575 million of convertibles in Oceane structure; coupon of 1.86%-2.36%, up 30%-35%; bookrunners BNP Paribas, Calyon, Lazard-Natixis, Societe Generale Corporate & Investment Banking and UBS Investment Bank; current shareholders have priority subscription rights from June 18-22; French Republic will participate in 15.7% of the issue; may issue up to €661 million total of the exchangeables, which includes a 15% over-allotment option exercisable on or prior to June 22; Oceane maturity will be April 1, 2015; proceeds will allow the group to diversify financing sources and lengthen debt maturities; airline business that includes Paris-based Air France and Amsterdam-based KLM.

INTRALOT SA: up to €150 million of a convertible bond loan; up to seven-year duration; approved at a June 4 shareholders meeting; Athens-based provider of lottery gaming systems.

UNIONE DI BANCHE ITALIANE SCPA: €640 million of four-year convertible bonds; fixed coupon and will be listed for trading; convertible at the option of both the bondholders and the group; net share settlement; Bergamo, Italy, banking group resulting from the 2007 merger of BPU - Banche Popolari Unite and Banca Lombarda e Piemontese.

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