High Yield Calendar

Total amount of high-yield bond offerings being marketed: $630 million

WEEK OF DEC. 20

ACIH INC. (ATRIUM): $125 million (proceeds) senior discount notes due 2012 (B3); UBS Investment Bank, Citigroup; Rule 144A for life; three-year zero coupon; non-callable for three years; also $375 million credit facility; to partially fund the refinancing; Dallas-based manufacturer of aluminum and vinyl residential windows; expected to price Monday or Tuesday.

GLOBAL CROSSING (UK) FINANCE PLC.: $350 million (equivalent) senior secured notes due 2014 in U.S. dollars and British pounds sterling (Caa1/B-); Goldman Sachs & Co.; Rule 144A/Regulation S; non-callable for five years; to repay $75 million of existing debt of a U.S. subsidiary of Global Crossing Ltd. (GCL) and to fund the long-term liquidity requirements of GCL and its subsidiaries worldwide; Florham Park, N.J., telecommunications solutions provider over the world's first integrated global IP-based network; price talk on U.S. dollar tranche 11% area, sterling tranche 100 basis points area behind the dollar tranche; pricing Tuesday.

CAJUN FUNDING CORP. (CHURCH'S CHICKEN): $155 million senior secured second lien notes due 2011 (B3); SunTrust Robinson Humphrey; Rule 144A (no registration rights); non-callable for four years; to back AFC's sale of Church's Chicken brand to Crescent Capital Investments Inc. for $390 million; Atlanta-based franchisor and operator of restaurants, bakeries and cafes in the U.S., Puerto Rico and 38 foreign countries under the brand names Popeyes, Chicken & Biscuits, Church's Chicken and Cinnabon, and the franchisor of Seattle's Best Coffee in Hawaii, on military bases and internationally.

JANUARY 2005 BUSINESS

INTELSAT: $2.55 billion bonds in more than one tranche; Deutsche Bank Securities, Credit Suisse First Boston, Lehman Brothers; to help fund the $5 billion acquisition of Intelsat by Zeus Holdings Ltd., a company formed by Apax Partners, Apollo Management, Madison Dearborn Partners and Permira; Intelsat is a Bermuda-based worldwide satellite telecommunications company.

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.

Acquisition of AMERICAN MEDICAL RESPONSE INC. and EMCARE INC. by ONEX PARTNERS LP: High-yield bonds and credit facility via Banc of America Securities and JP Morgan; to fund $980 million acquisition of Laidlaw International Inc. subsidiaries, American Medical Response Inc. and EmCare Inc.; AMR, based in Denver, is the largest U.S. provider of ambulance transport services; EmCare, based in Dallas, is the leading provider of outsourced hospital emergency department physician staffing and management services; financing expected to launch in January.

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.

DYNCORP INTERNATIONAL LLC: New high-yield bond and credit facility; Goldman Sachs & Co., Bear Stearns; 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, expected to be completed in the first quarter of 2005; DynCorp is a Fort Worth, Texas-based provider of mission critical support to its customers, primarily the U.S. government.

EGL HOLDING CORP.: $660 million of senior subordinated notes; also $780 million senior secured credit facility to be led by JP Morgan, Wachovia Securities and Merrill Lynch & Co.; 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.

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.

NOVELIS: $1.3 billion senior notes; Citigroup, Morgan Stanley, UBS Investment Bank; also $2 billion senior secured credit facility; to help fund Alcan Inc.'s proposed spinoff of its rolled aluminum products into an independent company named Novelis; Alcan is a Montreal based aluminum and packaging producer, and aluminum recycler; expected to launch in 2005.

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.

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.

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