High Yield Calendar

Total amount of high-yield bond offerings being marketed: $3.035 billion and €1 billion

WEEK OF SEPT. 4

TURNING STONE RESORT CASINO: $160 million senior notes due 2014 (Ba3/B+); Banc of America Securities LLC (books), KeyBanc Capital Markets (co); Rule 144A; non-callable for four years; to repay tax-exempt debt, to pay a $15 million distribution and for general corporate purposes; Syracuse, N.Y., gaming and entertainment casino and hotel operation run by the Oneida Indian Nation; price talk 9% to 9¼%; books close Friday afternoon; pricing Friday or Monday.

WEEK OF SEPT. 11

IMPRESS HOLDINGS BV (IMPRESS METALS) €1 billion in two tranches: €730 million senior secured floating-rate notes due 2013 (B1), non-callable for six months, and €270 million senior subordinated notes due 2014 (B3), non-callable for three years; JP Morgan (books); Rule 144A/Regulation S; a portion of the proceeds to repay outstanding term debt, including debt related to acquisition of the European aerosol and food can operations of US Can, with remaining €480 million to be loaned to Impress Coöperatieve U.A.; Impress Metals is a Netherlands-based metal packaging company; roadshow started Sept. 6 in Amsterdam; pricing expected late in Sept. 11 week.

AGILE PROPERTY HOLDINGS LTD.: $350 million senior notes due 2013 (Ba3/BB); Morgan Stanley, HSBC (joint); rule 144A/Regulation S; non-callable for four years; to fund the acquisition and development of land and for general corporate purposes; property developer in the Pearl River Delta region in China; roadshow started Sept. 6 in Hong Kong, Sept. 7 in Singapore, Sept. 8 in London, and in U.S. beginning Sept. 11 week.

BERRY PLASTICS HOLDING CORP. $750 million second-priority senior secured notes due 2014 (B2/CCC+) in two tranches: fixed-rate notes, non-callable for four years, and floating-rate notes, non-callable for two years; Deutsche Bank Securities, Credit Suisse, Citigroup, JP Morgan (joint books); also new $875 million credit facility; to help fund acquisition by Apollo Management, LP and Graham Partners from Goldman Sachs Capital Partners and JP Morgan Partners; parent of Berry Plastics Corp., an Evansville, Ind., manufacturer of plastic packaging products; roadshow stars Sept. 6; pricing Sept. 15.

LYONDELL CHEMICAL CO.: $1.775 billion senior unsecured notes in two tranches (both expected to be fixed-rate); JP Morgan, Morgan Stanley, Banc of America Securities, Citigroup (joint books); SEC registered; to fund tender for $849 million 9 5/8% senior secured notes due May 1, 2007, and to repay a portion of seven-year term loan used to finance Lyondell's acquisition of Citgo Petroleum Corp.'s 41.25% interest in Lyondell-Citgo Refining LP; also $2.575 billion credit facility; Houston chemical company; expected to launch Sept. 7; pricing expected late in the Sept. 11 week.

EXPECTED SEPTEMBER BUSINESS

GEORGIA GULF CORP. $750 million: $500 million senior notes and $250 million senior subordinated notes; Merrill Lynch (lead), Bank of America, Lehman Brothers expected to be involved; to help fund the acquisition of Toronto-based home improvement and building products producer Royal Group Technologies Ltd.; Atlanta-based Georgia Gulf is a manufacturer and marketer of chlorovinyls and aromatics; expected to launch shortly after Labor Day.

MICHAELS STORES INC.: Approximately $1.4 billion expected to be split equally between senior notes and senior subordinated notes; Deutsche Bank Securities, JP Morgan, Banc of America Securities LLC; also $3.4 billion credit facility; to help back leveraged buyout by Bain Capital and The Blackstone Group; Irving, Texas, specialty retailer of arts, crafts, and decor merchandise; expected September business.

ENERGY PARTNERS LTD.: $730 million senior unsecured notes; Banc of America Securities LLC; to fund $2.2 billion acquisition of Stone Energy by Energy Partners, Ltd.; Stone Energy is an independent oil and gas company based in Lafayette, La.; Energy Partners is an independent oil and natural gas exploration and production company based in New Orleans; expected September business.

PT POLYFIN CANGGIH: $75 million senior secured notes due 2011 and 250 warrants to purchase shares; Jefferies & Co.; private placement and Regulation S; non-callable for two years; two-year 35% equity clawback; to repay existing debt, for working capital and general corporate purposes; producer of polyester chips and synthetic yarn in Indonesia, to be incorporated in The Netherlands (guarantors are incorporated in Indonesia, Singapore and the British Virgin Islands; the company's registered office is in Bandung, Indonesia); September business.

ON THE HORIZON

ACE CASH EXPRESS INC.: $175 million of senior unsecured notes due 2014; Bear Stearns; also $400 million credit facility and $178.8 million of equity; in connection with its leveraged buyout by JLL Partners Fund V, LP; Irving, Texas, retailer of financial services; expected to close in the fourth quarter.

ARAMARK CORP.: $2.470 billion bonds including $770 million senior subordinated notes and $1.7 billion senior cash pay and/or senior PIK notes, with 50% of the principal having to come in the form of PIK notes, also $4.605 billion credit facilities led by JP Morgan and Goldman Sachs; to fund the approximately $8.3 billion LBO of the company by chairman and chief executive officer Joseph Neubauer together with funds managed by sponsors by Thomas H. Lee Partners LP, Warburg Pincus LLC, JPMorgan Partners, GS Capital Partners and CCMP Capital Advisors, expected to close late 2006 or early 2007; Philadelphia-based professional food, hospitality and facility management services company.

BUFFETS INC. (via a subsidiary): New senior subordinated debt, also bank debt, debt financing committed by Credit Suisse Securities and UBS Investment Bank; also real estate financing committed by affiliates of Fortress Investment Group; to fund $876 million acquisition of Greer, S.C.-based Ryan's Restaurant Group, Inc. by an investment partnership organized by Caxton-Iseman Capital, Inc. and senior management of Buffets, transaction expected to be completed in fourth quarter 2006; Buffets is an Eagan, Minn.-based owner and operator of buffet-style restaurants.

ENCORE MEDICAL CORP.: $215 million senior subordinated notes and $325 million senior credit facility; Bank of America, Credit Suisse to lead debt financing transactions; to help fund about $870 million LBO by Blackstone Capital Partners V LP; Austin, Texas, orthopedic device company.

HANESBRANDS INC.: $500 million of senior notes; Morgan Stanley, Merrill Lynch & Co.; also $2.6 billion senior secured credit facility; substantial portion of the proceeds from the term loan and the bond offering to pay a dividend to Sara Lee prior to the spinoff; following the spinoff, Winston-Salem, N.C.-based Hanesbrands will operate as a publicly traded apparel company; expected third-quarter business.

HCA INC.: Up to $5.70 billion senior secured second-lien notes; also $16.80 billion credit facility via Bank of America, Citigroup, JPMorgan, Merrill Lynch, Deutsche Bank, Wachovia Securities; to help fund LBO by Bain Capital, Kohlberg Kravis Roberts & Co., Merrill Lynch Global Private Equity and company founder Thomas F. Frist Jr.; Nashville health care services company; expected fourth quarter of 2006.

INFOR GLOBAL SOLUTIONS: High-yield notes (Caa2) to refinance a $1.425 billion senior subordinated bridge facility; also $2.4 billion credit facility via JP Morgan, Credit Suisse and Merrill Lynch & Co. joint bookrunners; part of financing to help fund the acquisitions of Systems Union Group and SSA Global, finance the combination of Infor and Extensity - both currently Golden Gate Capital portfolio companies - and to refinance debt at all four companies; Infor is an Alpharetta, Ga.-based software provider.

KINDER MORGAN INC.: $14.5 billion of funded debt including senior and/or subordinated notes; to help fund proposed $22 billion buyout of the company by management and equity investors led by Goldman Sachs, Citigroup, Deutsche Bank, Wachovia, Merrill Lynch, expected to be completed by early 2007; Houston-based energy infrastructure provider.

NCO GROUP INC.: $365 million of senior subordinated notes; also $550 million credit facility; Morgan Stanley and JP Morgan are the lead banks on the debt financing; to help fund $1.26 billion LBO of the company by chairman and chief executive officer Michael J. Barrist in partnership with One Equity Partners II LP, expected to be completed in the fourth quarter; Horsham, Pa., provider of business process outsourcing services.

NEG OIL & GAS LLC: $200 million eight-year senior notes; Bear Stearns & Co., Citigroup (joint books); non-callable for four years; registered; proceeds, together with the concurrent initial public offering by NEG, Inc., will be used to repay part of the revolver, repay debt owed to American Real Estate Partners, LP and fund a distribution to American Real Estate Partners; Dallas independent oil and natural gas exploration production company; expected in September or October.

PEABODY ENERGY CORP.: New bond debt to help fund acquisition of Australian coal company Excel Coal Ltd. for $1.34 billion plus assumed debt of about $190 million, targeted to close in the fourth quarter; St. Louis-based coal company.

RITE AID CORP: Six-year notes and term loan debt to fund the acquisition of Jean Coutu Group USA Inc., transaction expected to close late 2006 or early 2007; Rite Aid is a Camp Hill, Pa., national drugstore chain.

SALLY BEAUTY CO. $710 million: $430 million senior unsecured notes and $280 million senior subordinated unsecured notes; also $1.54 billion credit facility led by Merrill Lynch, JPMorgan, Bank of America and Morgan Stanley; proceeds to help fund the special cash dividend that Sally Beauty will be paying Alberto-Culver as part of the spinoff, transaction expected fourth quarter; Melrose Park, Ill., beauty supplies distribution business.

TROPICANA ENTERTAINMENT: $975 million in high-yield bonds; also $2.175 billion in credit facilities; Credit Suisse is the lead bank on the debt transactions; in connection with acquisition of Aztar Corp.; a newly formed subsidiary of Columbia Entertainment, a Fort Mitchell, Ky., owner, developer and operator of hotel properties and casinos; expected to close by the end of 2006.

UNIVISION COMMUNICATIONS INC.: $2 billion high-yield bonds via Credit Suisse (Deutsche Bank, Bank of America Securities and Wachovia expected to be involved), also new $8.25 billion credit facility; to help back leveraged buyout by Madison Dearborn Partners, Providence Equity Partners, Texas Pacific Group, Thomas H. Lee Partners and Saban Capital Group; expected to close in spring 2007; Los Angeles-based Spanish-language media company.

VERIZON DIRECTORIES DISPOSITION CORP. (VERIZON COMMUNICATIONS INC.): $3 billion to $4 billion of high-yield bonds as part of $8 billion overall debt financing to fund spinoff of directories business; New York City-based telecommunications company.

WEST CORP.: $3.2 billion to $3.3 billion (approximate) of new debt including high-yield bonds; Deutsche Bank Securities, Lehman Brothers; also new credit facility; to fund LBO of the company by an investor group led by Thomas H. Lee Partners and Quadrangle Group; Omaha, Neb.-based provider of outsourced communication solutions; transaction expected to close in the fourth quarter.

SPLIT-RATED OFFERING

AVNET INC.: $250 million senior notes due 2016 (Ba1/BBB-); Banc of America Securities, LLC, JP Morgan (joint books), Credit Suisse (joint lead), ABN Amro, BNP, Calyon Securities, Scotia Capital (co's); SEC registered; make-whole call; to repurchase at least $250 million of its $361.4 million 9¾% senior notes due February 2008; Phoenix-based distributor of electronic components and computer products; expected to price Thursday off of high-grade desk.

ROADSHOWS

Started Sept. 6: IMPRESS HOLDINGS BV (IMPRESS METALS) €1 billion; JP Morgan

Started Sept. 6: AGILE PROPERTY HOLDINGS LTD. $350 million; Morgan Stanley, HSBC

Started Sept. 6: BERRY PLASTICS HOLDING CORP. $750 million; Deutsche Bank Securities, Credit Suisse, Citigroup, JP Morgan

Expected to start Sept. 7: LYONDELL CHEMICAL CO. $1.775 billion; JP Morgan, Morgan Stanley, Banc of America Securities LLC, Citigroup

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