Convertibles Calendar: Microsoft to price $1.15 billion deal

JUNE 8

MICROSOFT CORP. (Nasdaq: MSFT): $1.15 billion offering of three-year convertible senior notes; after the market close Tuesday; $100 million greenshoe; Rule 144A; talked 0%, up 30%-35%; Citigroup Global Markets Inc. and Bank of America Merrill Lynch, with co-managers Barclays Capital Inc. and UBS Securities LLC; non-callable for life; no puts; net share settlement; concurrent capped call transactions; proceeds to repurchase commercial paper, to pay for a call spread and to buy back shares; Redmond, Wash.-based maker of computer software and hardware.

INTERNATIONAL CONVERTIBLES

ON THE HORIZON

INTRALOT SA: Up to €150 million of a convertible bond loan; up to seven-year duration; approved at a June 4, 2009 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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