Convertibles Calendar

MAY 9 WEEK

TOP TANKERS INC. (Symbol: TOPT): Rule 144A; $300 million perpetual convertible preferred; $45 million greenshoe; price talk revised to 6.50% to 6.75% dividend, 20% initial conversion premium (from 5.875% to 6.0%, up 30% to 32.5%, in turn revised from 5.625% to 5.875%, up 32.5% to 37.5%); non-callable for five years; put in year five; full dividend and takeover protection; Kingdom Holdings, a TOP Tankers shareholder, intends to purchase about $20 million of shares from convertible buyers, and company also to use about $50 million of proceeds to repurchase stock; otherwise, the Athens-based oil shipper said it would use proceeds to fund vessel acquisitions and for general corporate purposes; Cantor Fitzgerald is sole bookrunner; pricing delayed from after close Tuesday.

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; 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.

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