Convertibles Calendar: Northgate to price $135 million

SEPTEMBER 29

NORTHGATE MINERALS CORP. (Toronto: NGX; NYSE Amex: NXG): $135 million of six-year convertible senior notes; distributed in the United States and Canada; pricing late Wednesday; talked to yield 3.25%-3.75%, up 25%-30%; $15 million greenshoe; via UBS Securities; non-callable, no puts; payable in cash or combination of cash and shares; proceeds to finance a portion of Young-Davidson gold mine; settlement expected Oct. 5; Vancouver, B.C.-based gold and copper producer.

ON THE HORIZON

GENERAL GROWTH PROPERTIES INC.: $2.15 billion six-month mandatorily exchangeable senior notes; via subsidiary New GGP, Inc.; new GGP will eventually become the parent company after General Growth Properties emerges from bankruptcy reorganization; due Jan. 31, 2011; coupon will be 0.5% for the first three months and then step up to 1%; notes will be mandatorily exchanged upon the completion of General Growth Properties' restructuring and a $2.5 billion common stock investment by Brookfield Asset Management, Inc.; callable at any time, non-putable; proceeds to reduce the equity investment by restructuring plan sponsors Fairholme Fund and Pershing Square Capital Management and by Teacher Retirement System of Texas; General Growth is a Chicago-based real estate investment trust that focuses on shopping malls. The company filed for Chapter 11 bankruptcy protection in April 2009.

GENERAL MOTORS CO.: (NYSE: GM): plans series B mandatory convertible junior preferred stock as part of its proposed initial public offering of common stock to be sold by certain stockholders; registered; details pending: Morgan Stanley and JPMorgan, Bank of America Merrill Lynch, Citigroup Global Markets Inc., Goldman Sachs & Co., Barclays Capital Inc., Credit Suisse, Deutsche Bank Securities Inc., RBC Capital Markets Corp. and UBS Investment Bank will be joint bookrunners for the offering; Detroit-based automaker.

INTERNATIONAL CONVERTIBLES

SEPTEMBER 29

NORTHGATE MINERALS CORP. (Toronto: NGX; NYSE Amex: NXG): $135 million of six-year convertible senior notes; distributed in the United States and Canada; pricing late Wednesday; talked to yield 3.25%-3.75%, up 25%-30%; $15 million greenshoe; via UBS Securities; non-callable, no puts; payable in cash or combination of cash and shares; proceeds to finance a portion of Young-Davidson gold mine; settlement expected Oct. 5; Vancouver, B.C.-based gold and copper producer.

ON THE HORIZON

CLUB MEDITERRANEE SA (Paris: CU): about €80 million of five-year convertible Oceanes; talked 3.75%-4.5%, up 25%-30%; concurrent buyback of 4.375% convertible Oceane bonds due 2010; via Societe Generale Corporate & Investment Banking as bookrunner; Credit Agricole Corporate and Investment Bank and Natixis co-lead managers; non-callable until Nov. 15, 2013 and then provisionally callable at a 130% price hurdle; change-of-control put; proceeds to refinance some of the 2010 convertibles; offered through a public offering in France as well as through a private placement in France and outside of France; final terms expected Oct. 4; settlement Oct. 7; Paris-based vacation resort operator.

EMAAR PROPERTIES PJCS (Dubai: EMAAR): via Pyrus Ltd. subsidiary; up to $375 million of convertible notes; $125 million greenshoe; listing on the Luxembourg Stock Exchange; bookrunners J.P. Morgan Securities NV, the Royal Bank of Scotland NV and Standard Chartered Bank; real estate company based in Dubai.

ATLANTIC POWER CORP. (Toronto: ATP, NYSE: AT): plans C$50 million of convertible unsecured subordinated debentures in Canada, par value C$1,000 per bond; bookrunner BMO Capital Markets; terms will be set after the Canadian preliminary prospectus and an S-1 registration with the Securities and Exchange Commission are approved by regulators; concurrent stock offering via UBS; proceeds to repay $20 million revolving credit facility and $75 million investment in Piedmont Green Power biomass project and for general corporate purposes; Boston-based independent power producer.

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