High Yield Calendar

Total amount of high-yield bond offerings being marketed: $3.990 billion and €2.350 billion

WEEK OF APRIL 18

CHENIERE ENERGY: $500 million senior notes due 2015 (B3/B+); JP Morgan, Credit Suisse First Boston (joint), Banc of America Securities (co); Rule 144A/Regulation S; non-callable for five years; to fund three-year interest reserve, capital expenditures and for general corporate purposes; Houston-based company is a provider of liquified natural gas services; price talk 8¾% area; pricing Monday.

ZIFF DAVIS HOLDINGS INC.: $205 million senior secured floating-rate notes due 2012 (B3/CCC+); Bear Stearns & Co. (books), Lehman Brothers (co); Rule 144A/Regulation S; non-callable for 18 months; to retire all outstanding debt under its amended and restated credit agreement dated Aug. 12, 2002 and for general corporate purposes; ultimate parent of New York City-based Ziff Davis Media Inc., an integrated media company focusing on the technology and video game markets; price talk Libor plus 500-525 basis points; pricing Monday

DAMOVO GROUP III SA: €350 million in two tranches (B1): seven-year non-call-four fixed-rate notes price talk 9¾%-10%, and seven-year floating-rate notes callable after 18 months at 102, 101, par; tranche sizes to be determined; Deutsche Bank Securities; Rule 144A/Regulation S with no registration rights; to repay bank debt; Glasgow, Scotland, information and communication technology firm; pricing Monday.

HUGHES NETWORK SYSTEMS LLC: $325 million senior notes due 2013 (B1/B-); JP Morgan, Bear Stearns; Rule 144A with registration rights; non-callable for four years; also $50 million credit facility; to help fund the buyout of SkyTerra Communications Inc.; provider of broadband satellite networks and services, with headquarters in Germantown, Md.; price talk 9¾%-10%.

NEWPAGE CORP.: $900 million in three tranches: $400 million senior eight-year non-call-four senior subordinated notes (Caa2), and $500 million split between tranches of seven-year non-call-two second-lien senior secured floating-rate notes and seven-year non-call-four second-lien senior secured fixed-rate notes (B3), tranche sizes to be determined; Goldman Sachs & Co. (physical books), UBS Investment Bank (joint), Credit Suisse First Boston, JP Morgan, Lehman Brothers (co's); Rule 144A/Regulation S with registration rights; to fund a portion Cerberus Capital's purchase of MeadWestvaco's Coated Paper Group and Carbonless Paper Group; Dayton, Ohio, producer of coated and carbonless papers; roadshow started April 11; pricing expected on April 19.

ALLIANCE ONE INTERNATIONAL INC. $650 million in three tranches: $400 million eight-year non-call-four unsecured senior fixed-rate and seven-year non-call-two unsecured senior floating-rate notes (B2/B+), tranche sizes to be determined, also $250 million 10-year non-call-five unsecured senior subordinated notes (B3/B); Wachovia Securities, Deutsche Bank Securities; Rule 144A; proceeds, along with new $450 million senior secured credit facility, to repay outstanding debt under Dimon's and Standard's existing senior credit facilities, to consummate tender offers for Dimon's $200 million 9 5/8% senior notes due 2011 and $125 million 7¾% senior notes due 2013, and Standard's $150 million 8% senior notes due 2012 (Alliance One also intends to redeem, shortly after closing of the offering, all its outstanding $73.3 million 6¼% convertible subordinated debentures due 2007); Dimon and Standard Commercial Corp. to merge into Alliance One International; Danville, Va., company is the world's second-largest dealer of leaf tobacco with operations in more than 30 countries; roadshow started April 8; pricing expected April 19.

BROWN SHOE CO. INC.: $150 million senior notes due 2012 (B1/BB-); Banc of America Securities (books), Merrill Lynch & Co., ABN Amro, Wells Fargo Securities (co's); Rule 144A/Regulation S with registration rights; non-callable for four years; guaranteed on a senior unsecured basis by each of its subsidiaries that is an obligor under its existing senior secured credit facility; to finance a portion of the acquisition price of Bennett Footwear Holdings LLC; St. Louis-based footwear retailer and wholesaler; roadshow April 11-19; pricing April 19.

MANDRA FORESTRY FINANCE LTD.: $235 million senior notes due 2015 (B1/B); Morgan Stanley; Rule 144A/Regulation S; non-callable for life; to fund acquisition of commercial plantations in Anhui Province, China; Chinese forestry company with headquarters in Hong Kong; roadshow April 12 in Hong Kong, April 13 in Singapore, April 14 in London, U.S. to follow; pricing thereafter.

CENTRAL EUROPEAN MEDIA ENTERPRISES LTD. €350 million in two parts (B1/B+): €200 million seven-year senior fixed-rate notes and €150 million seven-year senior floating-rate notes; JP Morgan, Lehman Brothers, ING; Rule 144A/Regulation S; to help fund the acquisition of a controlling interest in the TV Nova group, which owns and operates TV Nova in the Czech Republic; Hamilton, Bermuda-registered company; roadshow starts week of April 18.

PIAGGIO FINANCE: €150 million notes due 2012 (B2/B); Lehman Brothers, Deutsche Bank Securities (joint), Caboto (co); Rule 144A/Regulation S; non-callable for four years; to refinance Aprilia Group debt (Piaggio acquired 100% of Aprilia late in summer 2005); issuer is a subsidiary of Pisa, Italy-based motorcycle and scooter manufacturer Piaggio SpA; roadshow started week of April 11; pricing week of April 18.

NATIONSRENT COS. INC.: $150 million senior unsecured notes due 2015 (Caa1/B-); Jefferies & Co.; Rule 144A/Regulation S/Regulation D with registration rights; non-callable for five years; for general corporate purposes including the repurchase of its 6½% convertible subordinated notes; Fort Lauderdale, Fla., full-service equipment rental company with 267 locations (including 100 at Lowe's Home Improvement locations) in 26 states; roadshow starts April 18; pricing expected Thursday or Friday.

CELLC (PTY) LTD. €625 million in two tranches: Seven-year non-call-four first-priority secured notes (BB-) and 10-year non-call-five senior subordinated notes (B-), tranche sizes to be determined (ratings to be determined); Citigroup; to repay debt; South African wireless operator, headquartered in Benmore, Gauteng; roadshow started April 14 in London; pricing end of April 18 week.

WEEK OF APRIL 25

MOVIE GALLERY INC.: $325 million senior floating-rate notes due 2012; Wachovia Securities (books), Merrill Lynch & Co., CIBC World Markets (co's); Rule 144A/Regulation S; non-callable for two years; also expected $870 million credit facility; to fund part of the acquisition of Hollywood Entertainment Corp., to finance a tender offer for all of Hollywood Entertainment's 9 5/8% senior subordinated notes due 2011, and to repay certain existing debts of Hollywood and Movie Gallery; Movie Gallery is a Dothan, Ala.-based video rental chain; roadshow starts April 18; expected to price Monday, April 25.

HAWAII TELECOM COMMUNICATIONS INC. $550 million in three parts: eight-year non-call-two senior floating-rate notes, eight-year non-call-two senior fixed-rate notes, and 10-year non-call-five senior subordinated notes; Goldman Sachs (physical books), JP Morgan, Lehman Brothers (joint books), ABN Amro, Wachovia Securities (co's); Rule 144A/Regulation S with registration rights; to help fund Carlyle Group's $1.65 billion acquisition of Verizon Hawaii from Verizon Communications Inc.; roadshow starts April 18; pricing expected April 26.

IESY REPOSITORY GMBH: €525 million equivalent senior notes due 2015 in dollar and euro tranches, sizes to be determined (existing ratings Caa1/CCC+); Citigroup, Deutsche Bank Securities, JP Morgan (joint); Rule 144A/Regulation S; non-callable for five years; to fund the acquisition of Ish and refinance debt; German cable operator; roadshow begins April 18 in New York, April 25 in London; pricing at the end of April 25 week.

KLOCKNER INVESTMENT SCA: €350 million senior notes due 2015 (low single-B ratings anticipated); JP Morgan, Barclays Capital (joint); Rule 144A/Regulation S with no registration rights; non-callable for five years; to fund the LBO; a multi-metal distribution company, is headquartered in Duisburg, Germany; roadshow starts middle of April 18 week.

APRIL BUSINESS

CHIQUITA BRANDS INTERNATIONAL: $150 million senior notes (B3); Morgan Stanley; Rule 144A/Regulation S; also $650 million credit facility, via Morgan Stanley and Wachovia Securities leads, Goldman Sachs & Co. (documentation agent) and $75 million convertible perpetual preferred stock; to fund acquisition of the Fresh Express unit of Performance Food Group, which is expected to close around the end of April; Cincinnati-based international marketer, producer and distributor of high-quality bananas and other fresh produce.

GARDNER DENVER INC.: $125 million senior subordinated notes due 2013 (B); Bear Stearns & Co., JP Morgan; Rule 144A/Regulation S; guaranteed by certain of Gardner Denver's domestic subsidiaries; to help fund the acquisition of Thomas Industries Inc.; Gardner Denver is a Quincy, Ill., compressor company; roadshow expected to begin soon.

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.

AMADEUS GLOBAL TRAVEL DISTRIBUTION SA: €1 billion (approximate); Credit Suisse First Boston, BNP Paribas plus others; to fund the LBO of the company by BC Partners and Cinven; travel reservations firm based in Madrid, Spain; expected during first half of 2005.

AMERICAN LAWYER MEDIA INC.: $27.3 million 13% senior discount notes due 2013 (CCC); also $344.5 million credit facility; to help fund tender for $175 million 9¾% senior notes due 2007, Credit Suisse First Boston and UBS Securities dealer managers, expired Feb. 11; New York City-based integrated media company focused on the legal and business communities.

DACOM CORP.: $300 million notes due 2010 (expected ratings Ba3/BB-); Credit Suisse First Boston; Rule 144A/Regulation S; non-callable for life; to refinance debt; South Korea-based integrated service provider of telecommunications and internet related services; roadshow started March 14 week in Asia, March 17 in London, March 18-21 in Boston and New York City.

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.

HYUNDAI MOTOR MANUFACTURING ALABAMA (HMMA): $100 million overseas bond issue; subsidiary of Korea-based Hyundai Motor Co.

PETROHAWK ENERGY CORP.: $125 high-yield bonds; to back the consolidation of the bank debt of Petrohawk and soon-to-be-acquired Mission Resources Corp.; bank group includes BNP Paribas; Petrohawk is a Houston-based energy company; Mission Resources is a Houston-based independent exploration and production company.

SIRIUS SATELLITE RADIO INC.: $250 million senior notes due 2015 (Caa2/CCC); JP Morgan, Morgan Stanley (joint), UBS Investment Bank (co); Rule 144A/Regulation S with registration rights; make-whole call at Treasuries plus 50 basis points for first five years, then callable at premium; 40% equity clawback; approximately $63.1 million of proceeds to redeem outstanding 15% senior secured discount notes due 2007 and 14½% senior secured notes due 2009, and for general corporate purposes; New York-based satellite radio broadcast company.

SUNGARD CAPITAL CORP.: $3 billion senior and/or senior subordinated notes; also $5 billion credit facility to be led by Citigroup and JP Morgan; to help fund the leveraged buyout of SunGard Data Systems Inc. by a consortium that includes Silver Lake Partners, Bain Capital, The Blackstone Group, Goldman Sachs Capital Partners, Kohlberg Kravis Roberts & Co. LP, Providence Equity Partners and Texas Pacific Group; expected to close in 2005 third quarter.

TIM HELLAS: Bond financing to back €1.1 billion buyout of the company by Apax Partners and Texas Pacific Group from Telecom Italia; Deutsche Bank Securities, JP Morgan, others; TIM Hellas is the Greek mobile telephone operation, of which Telecom Italia is the majority stake-holder; expected to close in July.

ROADSHOWS

Started April 8: ALLIANCE ONE INTERNATIONAL INC. $650 million; Wachovia Securities, Deutsche Bank Securities

Started April 11: NEWPAGE CORP. $900 million; Goldman Sachs & Co.

April 11-19: BROWN SHOE CO. INC. $150 million; Banc of America Securities LLC

Started April 11 week: PIAGGIO FINANCE: €150 million; Lehman Brothers, Deutsche Bank Securities

Started April 12: MANDRA FORESTRY FINANCE LTD. $235 million; Morgan Stanley

Started April 14: CELLC (PTY) LTD. €625 million; Citigroup

Starts April 18: HAWAII TELECOM COMMUNICATIONS INC. $550 million; Goldman Sachs

Starts April 18: MOVIE GALLERY INC. $325 million; Wachovia Securities

Starts April 18: NATIONSRENT COS. INC. $150 million; Jefferies & Co.

Starts April 18: IESY REPOSITORY GMBH €525 million equivalent; Citigroup, Deutsche Bank Securities, JP Morgan

Starts April 18 week: CENTRAL EUROPEAN MEDIA ENTERPRISES LTD. €350 million; JP Morgan, Lehman Brothers, ING

Starts middle of April 18 week: KLOCKNER INVESTMENT SCA €350 million; JP Morgan, Barclays Capital

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