Convertibles Calendar

SEPT. 22 WEEK:

CKE RESTAURANTS INC. (Symbol: CKR): Rule 144A; $75 million of 20-year convertible notes, with $15 million greenshoe; non-callable for 5 years; puts in years 5, 10 and 15 in cash; dividend protection; 110% contingent conversion; price talk of 4.0-4.5% yield, 23-27% initial conversion premium; set to price after the close Tuesday; via lead manager Citigroup; to repay part of CKE's 4.25% convertible subordinated notes due 2004, remainder will be retired with funds from replacing existing $100 million senior credit facility with a new $150-175 million facility.

DORAL FINANCIAL CORP. (Symbol: DRL): Rule 144A; $300 million of perpetual convertible preferreds, $250 par, with $45 million greenshoe; non-callable for 5 years, then with 130% hurdle for life; talked to yield 4.25-4.75%, 30-35% initial conversion premium; set to price after the close Tuesday; via lead manager Wachovia Securities; UBS Investment Bank, Brean Murray and Deutsche Bank Securities are co-managers; expected BBB- by Fitch Ratings, BB by Standard & Poor's.

MEMBERWORKS INC. (Symbol: MBRS): Rule 144A; $75 million of 7-year convertible notes, non-callable for 5 years, with $15 million greenshoe; price talk of 5.25-5.75% yield, 30-35% initial conversion premium; via bookrunner Lehman Brothers, co-manager CIBC World Markets; dividend protection; scheduled to price after the close Wednesday; proceeds to fund the purchase of up to 500,000 shares of common stock simultaneously with or after the note sale and general corporate purposes, including acquisitions and additional repurchases stock.

ON THE HORIZON:

THE PMI GROUP INC. (Symbol: PMI): $207 million of equity-linked units and $100 million of common stock from shelf registration to fund a portion of its part of the purchase of Financial Guaranty Insurance Co. from General Electric Co.

MERCER INTERNATIONAL INC. (Symbol: MERCS): Rule 144A/Reg S; $75 million of convertible notes; pulp and paper company, headquartered in Seattle with the bulk of operations in Germany, said proceeds would be used to repay existing bridge debt and for general corporate purposes.

RECENT SHELF FILINGS WITH THE SEC:

GENERAL CABLE CORP. (Symbol: BGC): $100 million shelf filed Sept. 19 for debt securities, preferred stock and common stock; securities may be issued as convertibles; Highland Heights, Ky. wire and cable manufacturer will use proceeds for general corporate purposes.

http://www.sec.gov/Archives/edgar/data/886035/000112528203005350/b327179_s3.htm

KCS ENERGY, INC. (Symbol: KCS): $200 million shelf filed Sept. 16 for debt securities, common stock, preferred stock, warrants and units; securities may be issued as convertibles; Houston oil and gas exploration and production company will use proceeds to finance drilling, to finance acquisitions, for general corporate purposes and to refinance debt.

http://www.sec.gov/Archives/edgar/data/832820/000095013403012773/h08975sv3.txt

NEKTAR THERAPEUTICS (Symbol: NKTR): $250 million shelf filed Sept. 17 for common stock, preferred stock, debt securities and warrants; securities may be issued as convertibles; San Carlos, Calif. drug delivery products company will use proceeds for general corporate purposes.

http://www.sec.gov/Archives/edgar/data/906709/000104746903030912/a2118468zs-3.htm

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