High Yield Calendar

Total amount of high-yield bond offerings being marketed: $1.610 billion

WEEK OF JUNE 27

PCA INTERNATIONAL LLC (PORTRAIT CORP. OF AMERICA): $50 million second-lien senior secured notes due 2009 (B3); Jefferies & Co.; Rule 144A; to refinance bank debt and provide additional working capital; Matthews, N.C.-based operator of photographic studios in Wal-Mart stores, also works with churches, schools and military installations; price talk 14% area; pricing Wednesday.

COMMERCIAL VEHICLE GROUP INC.: $150 million senior notes due 2013 (Ba3/B+); Credit Suisse First Boston; Rule 144A/Regulation S; to repay bank debt and for general corporate purposes; New Albany, Ohio-based truck parts manufacturer; price talk 8¼% area; pricing Wednesday.

COMPRESSION POLYMERS HOLDINGS LLC: $215 million in two parts: $150 million senior fixed-rate notes due 2013, non-callable for four years (B2/B-), price talk 10½%-10¾%; and $65 million senior floating-rate notes due 2012, non-callable for two years (B2/B+), price talk six-month Libor plus 650 basis points area; Wachovia Securities; to fund the leveraged buyout of Compression Polymers Corp. by AEA Investors; manufacturer of engineered extruded plastic sheet products used primarily as replacements for wood and metal, based in Moosic, Pa.; roadshow began June 20; pricing Wednesday.

TEXAS INDUSTRIES INC.: $250 million senior notes due 2013 (Ba3/BB-); UBS Investment Bank, Banc of America Securities LLC (joint), BB&T, Wells Fargo Securities (co's); Rule 144A; non-callable for four years; to help fund tender for its $600 million 10¼% senior notes due 2011; Dallas-based construction materials company; price talk 7½%-7¾%; pricing Wednesday.

CHAPARRAL STEEL CO.: $300 million in two parts (B1/B): eight-year senior notes callable with a Treasuries plus 50 basis points make-whole call for the first four years, then callable at a premium, price talk 9%-9¼%, and seven-year senior floating-rate notes, with a Treasuries plus 50 basis points make-whole call for the first two years, price talk three-month Libor plus 500-525 basis points (tranche sizes to be determined); Banc of America Securities LLC, UBS Investment Bank (joint); Rule 144A; proceeds along with a concurrent $50 million drawdown of the new revolver to fund a cash distribution to Texas Industries Inc. (TXI) to effect the spinoff of Chaparral from Texas Industries; producer of steel products and steel bar products, headquarters in Midlothian, Texas; pricing Wednesday afternoon.

DR HORTON: $250 million notes due 2012 (Ba1/BB+/BBB-); Citigroup; Fort Worth, Texas-based homebuilder; pricing Wednesday.

NEFF CORP.: $245 million senior secured second-lien notes due 2012; Credit Suisse First Boston; Rule 144A with registration rights; non-callable for three years; to fund the acquisition of Neff by Odyssey Investment Partners; Neff is a Miami, Fla.-based construction and industrial equipment rental company; price talk 11¼% area; expected to price during the week of June 27.

PSYCHIATRIC SOLUTIONS INC.: $150 million senior subordinated notes due 2015; Citigroup; Rule 144A/Regulation S; non-callable for five years; to fund a portion of the acquisition of 20 inpatient psychiatric facilities from Ardent Health Services and for general corporate purposes; Franklin, Tenn.-based company; roadshow started June 27; pricing expected June 30.

SUMMER 2005 BUSINESS

SUNGARD DATA SYSTEMS INC.: High-yield bonds; Deutsche Bank Securities involved; to help fund the $11.3 billion acquisition of the company by Solar Capital Corp., a group formed by Silver Lake Partners, Bain Capital, The Blackstone Group, Goldman Sachs Capital Partners, Kohlberg Kravis Roberts & Co. LP, Providence Equity Partners and Texas Pacific Group; financing also includes up to a $5 billion credit facility via JP Morgan and Citigroup; expected summer 2005.

GLOBAL TOYS ACQUISITION LLC: High-yield bonds; Deutsche Bank Securities, Banc of America Securities LLC; also a $2.85 billion U.S. asset-based debt facility, and a $350 million European working capital facility; to back the $6.6 billion Toys "R" Us Inc. acquisition by Bain Capital Partners LLC, Kohlberg Kravis Roberts & Co. and Vornado Realty Trust; expected summer 2005.

THE NEIMAN MARCUS GROUP INC.: $3.9 billion debt financing, including senior secured notes, revolving credit facility, term loans and possibly bridge loans; Credit Suisse First Boston to lead debt financing; to support acquisition of the company by Texas Pacific Group and Warburg Pincus LLC.

ON THE HORIZON

ACCO BRANDS CORP.: $350 million of senior subordinated notes; Rule 144A; company has received commitment for $350 million junior secured term loan C as a back up for the bond deal; also $750 million credit facility via Citigroup; to help fund Fortune Brands Inc.'s spinoff of Acco World Corp. and merger of Acco with General Binding Corp. to form a new entity called Acco Brands; Acco is an Illinois-based supplier of branded office products.

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.

BRASKEM SA: $100 million perpetual senior notes (/BB-/BB-); Banco Itau; Rule 144A/Regulation S; non-callable for five years; Sao Paulo, Brazil, petrochemical company.

THE DOLAN FAMILY GROUP (CABLEVISION): $4.25 billion in a multi-tranche bond offering at the holding company level; also $2.8 billion credit facility at the operating company level via Bank of America and Merrill Lynch; proceeds to be used to take Cablevision Systems Corp. private; pending shareholder approval; Cablevision is a Bethpage, N.Y.-based telecom and cable business.

CELLC (PTY) LTD. €625 million in two tranches: Seven-year non-call-four first-priority secured notes (B2/BB-) and 10-year non-call-five senior subordinated notes (Caa1/B-), tranche sizes to be determined (ratings to be determined); Citigroup; to repay debt; South African wireless operator, with headquarters in Benmore, Gauteng.

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 was before offering was postponed on April 19 due to market conditions.

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.

MYLAN LABORATORIES INC.: $500 million senior unsecured notes due 2015 (Ba1/BB+); Merrill Lynch & Co.; also $475 million credit facility (BBB-); proceeds, along with on hand cash, to fund a $1.25 billion share repurchase program; Canonsburg, Pa., pharmaceutical company.

PETROHAWK ENERGY CORP.: $125 million 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 (/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.

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.

TRAVELEX GROUP: Sterling-denominated bonds, size of offering to be determined; Deutsche Bank Securities; a consortium led by Apax Partners signed an agreement in February 2005 to acquire a majority stake in Travelex, transaction expected to close in 2005; London-based foreign currency exchange services provider.

PREFERRED OFFERINGS

HOVNANIAN ENTERPRISES INC.: $100 million series A perpetual preferred stock (Ba3/B); 4 million shares at $25.00 per share; Credit Suisse First Boston, UBS Investment Bank, Wachovia Securities (joint books), JMP Securities (joint lead), Citigroup, RBC Capital Markets, BB&T Capital Markets, JP Morgan, KeyBanc Capital Markets, Piper Jaffray, BNP Paribas, Calyon Securities, Comerica Securities, RBS Greenwich Capital (co's); callable in five years; to repay bank debt; Red Bank, N.J.-based homebuilder; pricing Wednesday or Thursday.

AMERUS GROUP CO.: up to $250 million series A non-cumulative perpetual preferred stock (Ba2//BB+); Lehman Brothers; Rule 144A; to repay $100 million drawn under its credit facility which was used to refinance a portion of its 6.95% senior notes due 2005, to repurchase its common stock, subject to market conditions, and for general corporate purposes; Des Moines, Iowa, producer of life insurance and annuity products.

SCOTTISH RE GROUP LTD.: $125 million non-cumulative perpetual preferred stock (Ba1), price talk 7¼% at par; Lehman Brothers; fixed-rate dividend for an initial five-year period and will be callable after five years; for general corporate purposes; global life reinsurance specialist based in Bermuda.

ROADSHOWS

Started June 27: PSYCHIATRIC SOLUTIONS INC. $150 million; Citigroup

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