Convertibles Calendar

MARCH 28 WEEK

ACE AVIATION HOLDINGS INC. (Symbol: ACE-B.TO): Rule 144A; C$250 million of 30-year convertible senior notes, with C$52.5 million greenshoe; price talk to 4.25% to 4.75% coupon, 22.5% to 27.5% initial conversion premium; non-callable until June 1, 2008; par puts every five years following June 1, 2010; Montreal-based company also selling C$350 million of stock (Canada buyers will receive class B voting shares, U.S. buyers class A variable voting shares); Air Canada parent to use proceeds from both deals to refinance the C$540 million credit facility from GE Capital Corp. used as bankruptcy exit financing last September; also, Air Canada has obtained commitments from a bank syndicate led by Bank of Montreal for a new C$300 million two-year revolving credit facility, subject to the completion of the equity offering; for the convertible offering joint bookrunners are RBC Dominion Securities Inc., Merrill Lynch Canada Inc. and BMO Nesbitt Burns Inc.; co-managers are CIBC World Markets Inc., Citigroup Global Markets Canada Inc.; Deutsch Bank Securities Ltd., TD Securities Inc. and Genuity Capital Markets; pricing slated after the market closes March 29.

ON THE HORIZON

CHIQUITA BRANDS INTERNATIONAL INC. (Symbol: CQB): Rule 144A; $75 million perpetual convertible preferred; to be sold in conjunction with $150 million of senior bonds; also plans new $650 million bank credit facility that is slated to launch Wednesday; joint lead arrangers Wachovia Securities and Morgan Stanley & Co. Inc.; proceeds plus at least $75 million of cash on hand are earmarked to fund the Cincinnati-based produce distributor's $855 million cash acquisition of the Fresh Express unit of Performance Food Group Co.

LAZARD LTD. (Symbol: LAZ): $287.5 million mandatory convertible; also issuing to French bank Ixis $150 million security exchangeable into common stock and $50 million of common stock; both added to initial public offering estimated at $850 million; French investment banking firm to use proceeds to buy out the 36% stake in the firm owned by Lazard chairman Michel David-Weill and allies, including the French investment firm Eurazeo; Goldman Sachs & Co. Inc. is sole bookrunner; co-managers are Citigroup, Lazard, Merrill Lynch, Morgan Stanley, Credit Suisse First Boston and JPMorgan; timing uncertain.

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