High Yield Calendar

Total amount of high-yield bond offerings being marketed: $175 million

WEEK OF FEB. 13

STEINWAY MUSICAL INSTRUMENTS INC.: $175 million senior notes due 2014 (Ba3/BB-); UBS Investment Bank; Rule 144A for life; non-callable for four years; to purchase all $166.2 million 8¾% senior notes due 2011; Waltham, Mass.-based Steinway Musical Instruments Inc., through its Steinway and Conn-Selmer divisions, is one of the world's leading manufacturers of musical instruments; price talk 7%-7¼%; pricing Thursday.

FIRST QUARTER 2OO6

BALL CORP.: New senior notes due 2016 and credit facilities; to fund acquisition of U.S. Can Corp. U.S. and Argentinean operations for about 1.1 million shares of Ball common stock and the repayment of $550 million of U.S. Can's debt; Ball Corp. is a supplier of high-quality metal and plastic packaging products and owns Ball Aerospace & Technologies Corp., which develops sensors, spacecraft, systems and components for government and commercial customers, headquarters in Broomfield, Colo.; transaction expected to close by the end of the first quarter of 2006.

BURLINGTON COAT FACTORY WAREHOUSE CORP. $500 million: $200 million senior unsecured notes, $300 million senior subordinated notes; part of $2.075 billion in debt financing to fund LBO by Bain Capital Partners LLC; Bank of America and Bear Stearns; also up to $500 million equity from Bain; Burlington, N.J., retailer of branded apparel at discount prices.

SERENA SOFTWARE INC.: $255 million unsecured senior subordinated notes (CCC+); also $450 million senior secured credit facility via Lehman Brothers, Merrill Lynch and UBS Securities, launches Feb. 14; to help fund the acquisition of Serena by Silver Lake Partners for about $1.2 billion; San Mateo, Calif., provider of software products for managing process and controlling change across the information technology environment.

ON THE HORIZON

ANGIOTECH PHARMACEUTICALS INC.: $300 million subordinated notes; also $375 million credit facility and $200 million cash on hand, in connection with the acquisition of American Medical Instruments Holdings Inc. (Credit Suisse and Merrill Lynch have provided the company with $600 million total debt commitment; company anticipates final capital structure comprised of half term debt and half bonds); acquisition expected to close early in the second quarter of 2006, subject to customary closing conditions.

THE BON-TON STORES INC: $600 million senior notes; to partially finance the proposed acquisition of the Northern Department Store Group from Saks Inc.; Rule 144A/Regulation S; York, Pa., operator of department stores and furniture stores.

DAVE & BUSTERS INC.: $175 million of senior unsecured debt securities, also $100 million in term loans; proceeds from the debt, along with a $108 million equity contribution from Wellspring, will be used to fund the LBO of the company by Wellspring Capital Management LLC, and refinance any debt that may become due as a result of the LBO; JP Morgan Securities Inc. lead arranger for the financing; Dallas-based operator of upscale restaurant/entertainment complexes; transaction expected in second quarter of 2006.

PT DAVOMAS ABADI TBK: $150 million senior unsecured notes due 2011 (B2/B+); Lehman Brothers; Rule 144A/Regulation S; non-callable for three years; to refinance all existing debt, fund capital expenditures and for general corporate purposes; Jakarta, Indonesia-based producer and exporter of cocoa butter and cocoa powder; roadshow started Jan. 23 in Singapore, Jan. 24 in London, Jan. 25 in Boston, Jan. 26 in Los Angeles, Jan. 27 in New York; price talk 11% (revised from 10¼%-10½%).

DOWNTOWN RESORTS LLC/DOWNTOWN CAPITAL CORP.: $140 million senior secured notes due 2014 (B3/B-); Lehman Brothers (books), CIBC World Markets (co); Rule 144A with registration rights; non-callable for four years; three-year 35% equity clawback; to fund development and construction of The Downtown casino (formerly the Lady Luck Casino); Las Vegas casino; price talk 11½%-11¾%.

DUNKIN' BRANDS INC.: High-yield bonds and new credit facility; to help back leveraged buyout by Bain Capital Partners, The Carlyle Group and Thomas H. Lee Partners; Canton, Mass., quick service restaurant franchisor; LBO expected to close in the first quarter of 2006.

INTELSAT LTD.'s $7 billion acquisition of PANAMSAT HOLDING CORP.: $4 billion (approximate) minimum: PANAMSAT OPERATING CO. $572.9 million senior notes with the option to issue additional $663.57 million if PanAmSat 9% notes are refinanced, PANAMSAT HOLDING CO. $721.2 million in senior notes with option to issue additional $301.9 million if PanAmSat 10 3/8% notes are refinanced, INTELSAT OPERATING CO. up to $557 million of senior notes, INTELSAT HOLDING CO. up to $1.4155 billion in senior notes; also approximately $2.88 billion aggregate bank debt; financing provided by Deutsche Bank, Citigroup, Credit Suisse and Lehman Brothers; PanAmSat is a Wilton, Conn.-based satellite network operator; Intelsat is a Pembroke, Bermuda, satellite communications company; expected to be completed in 2006.

MEGASTEEL HARTA (L): $450 million senior secured notes (B1/B+) due 2010, non-callable for three years, price talk high-10%-range and due 2015, non-callable for five years, price talk high-11% range; Credit Suisse; Rule 144A/Regulation S; both notes carry make-whole call; steel producer Megasteel Sdn. Bhd. and its subsidiary Secomex will guarantee; Kuala Lumpur-based Megasteel is a subsidiary of conglomerate Lion Corp. Bhd.; 2006 first quarter business.

NEG INC.(to be renamed National Energy Group Inc.): $200 million senior notes; also $460 million common stock IPO via Bear, Stearns & Co., Citigroup; $125 million to repay a portion of NEG Oil & Gas revolver, $245 million to repay debt owed to American Real Estate Partners, L.P. (AREP) by National Energy Group, National Onshore and National Offshore, subsidiaries of NEG Oil & Gas, to fund $194 million distribution to AREP; independent oil and gas exploration, development and production company based in Dallas.

NTL INC./TELEWEST GLOBAL INC.: £1.8 billion high-yield debt; to help fund NTL's acquisition of Telewest Global, Inc. for about $6 billion; Goldman Sachs advised NTL, Deutsche Bank Securities advised Telewest, the U.K.'s second largest cable provider; expected to close in the first quarter of 2006.

PER-SE TECHNOLOGIES INC.: $250 million senior subordinated notes; also $460 million credit facility, financing commitment from Bank of America; proceeds in addition to $240 million of Per-Se stock and cash on hand to help fund its acquisition of NDCHealth Corp.; Per-Se is an Alpharetta, Ga., provider of connective health care solutions to physicians and hospitals; transaction expected to be completed late 2005 or early 2006

TEXAS INSTRUMENTS INC.'S SENSORS & CONTROLS: $2 billion of debt including bonds and new credit facility; Morgan Stanley, Bank of America and Goldman Sachs to lead debt financing; to help fund its leveraged buyout by Bain Capital LLC; Sensors & Controls is an Attleboro, Mass., supplier of engineered sensors and controls to the appliance, climate control, industrial, automotive, lighting and aircraft markets; first half of 2006 pending regulatory approvals.

VALOR COMMUNICATIONS GROUP/ALLTEL CORP.: $800 million of senior notes; also up to $4.2 billion credit facility via JP Morgan and Merrill Lynch; to fund the merger of Valor with Alltel; new entity expected to be based in Central Arkansas; expected second quarter of 2006.

ROADSHOWS

Feb. 13-16: STEINWAY MUSICAL INSTRUMENTS INC. $175 million; UBS Investment Bank

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