High Yield Calendar: $710 million and €2.405 billion deals being marketed

WEEK OF APRIL 30

COGNIS: €1.65 billion equivalent senior secured floating-rate notes and loans due 2013 (B1/B) in dollars and euros; Goldman Sachs & Co., Morgan Stanley; to repay existing debt; Dusseldorf, Germany-based specialty chemical company; guidance 200 basis points spreads to Euribor or Libor; pricing expected on Friday.

EUROPCAR GROUP €255 million: €130 million add-on to three-month Euribor plus 350 bps senior subordinated secured floating-rate notes due May 15, 2013 (B1/B+), callable after May 15, 2007 at 102, price talk 102 to 102.25 (€300 million priced at par on May 9, 2006), and €125 million add-on to 8 1/8% senior subordinated unsecured fixed-rate notes due May 15, 2014 (B2/B), callable May 15, 2010 at 104.063, price talk 106.125 to 106.375 (€250 million priced at par on May 9, 2006); Deutsche Bank; to refinance bridge loan; Paris-based car rental arm of Volkswagen; pricing expected Friday.

WEEK OF MAY 7

DELUXE CORP.: $200 million senior notes due 2015 (confirmed Ba2/existing BB-); JP Morgan, Wachovia Securities (joint), BNY Capital Markets, Bank One Tokyo Mistubishi, Lehman Brothers, NatCity Investments, BNP Paribas; Rule 144A/Regulation S; non-callable for four years; proceeds, repay debt and general corporate purposes; St. Paul, Minn., services provider to businesses; roadshow May 2-9.

NORANDA ALUMINUM HOLDING CORP.: $510 million senior unsecured floating-rate toggle notes due 2015 (B3/B-); Merrill Lynch & Co.; non-callable for one year; proceeds, together with equity contribution from Apollo Management LP, to help finance the purchase of Noranda by Apollo from Xstrata AG; Franklin, Tenn.-based aluminum producer; roadshow May 1-9.

SGL CARBON AG: Approximately €200 million senior floating-rate corporate bonds; Morgan Stanley, Deutsche Bank; to refinance debt; Wiesbaden, Germany-based manufacturer of carbon-based products; expected to price May 7 week.

NEW WORLD RESOURCES BV: €300 million senior notes due 2015 (B3/B); Morgan Stanley, Barclays Capital, Citigroup; Rule 144A/Regulation S; non-callable for four years; to repay bank debt and fund capital expenditures; Netherlands-based holding company whose activities include coal mining and coke production in the Czech Republic; roadshow starts May 7; pricing late May 7 week or early May 14 week.

EXPECTED SECOND QUARTER BUSINESS

RIVERDEEP INTERACTIVE LEARNING USA: $820 million senior subordinated notes; Credit Suisse, Citigroup (joint); proceeds along with $1.87 billion senior bank debt, $750 million mezzanine debt and $1.5 billion equity to fund the acquisition of Houghton Mifflin by Riverdeep from Thomas H. Lee Partners, Bain Capital Partners, LLC and Blackstone Group for $3.4 billion; Riverdeep, based in Dublin, Ireland, is a publisher of interactive products for the consumer and school markets.

SMART & FINAL INC.: $200 million senior subordinated notes, also $325 million credit facility via Bank of America, Bear Stearns and Credit Suisse; to fund the LBO by Apollo Management, LP, estimated value $812.9 million, expected to close in the second quarter; Smart & Final is a City of Commerce, Calif., operator of non-membership warehouse stores for food and foodservice supplies.

GREAT ATLANTIC & PACIFIC TEA CO. INC.: $780 million senior secured high-yield bonds; Banc of America Securities LLC, Lehman Brothers, also $600 million ABL revolver; to help fund its purchase of Pathmark Stores Inc. for $1.3 billion in cash, stock and debt assumption or retirement, expected to be completed during the second half of A&P's fiscal 2007 year, structure of financing and timing pending market conditions; A&P is a Montvale, N.J.-based supermarket chain.

THE SERVICEMASTER CO.: $1.15 billion high-yield bonds; Banc of America Securities LLC, Citigroup, JP Morgan; also $3.35 billion credit facility; to fund the LBO of the company by Clayton, Dubilier & Rice, Inc., total enterprise value is $5.5 billion; expected late second-quarter business.

UNIVERSAL HOSPITAL SERVICES INC.: New high-yield notes related to the acquisition of the company by Bear Stearns Merchant Banking, transaction expected to close in second quarter of 2007, and the expected tender for Universal Hospital Services' $260 million 10 1/8% senior notes due 2011; Edina, Minn.-based provider of medical equipment lifecycle services.

MUELLER WATER PRODUCTS INC.: $350 million senior subordinated notes; also $1.09 billion credit facility via Banc of America Securities and JP Morgan.; to fund tender for 10% senior subordinated notes due 2012 and 14¾% senior subordinated discount notes due 2014, consent deadline May 14, 2007; Atlanta-based manufacturer and marketer of infrastructure and flow control products.

NEFF CORP.: $250 million senior unsecured notes due 2015 (Caa2/B-); also $600 million credit facility via Bank of America, CIBC, General Electric Capital Corp. and UBS (bank meeting May 3); to help fund acquisition by Lightyear Capital LLC from Odyssey Investment Partners; Miami-based construction equipment rental company.

CENTRAL EUROPEAN MEDIA ENTERPRISES LTD.: €150 million senior floating-rate notes; private placement; general corporate purposes including the potential purchase of additional ownership interests in existing operations; Hamilton, Bermuda-based company with broadcast operations in Central Europe; offering to start shortly.

ON THE HORIZON

AFFILIATED COMPUTER SERVICES INC.: $2.515 billion of high-yield notes and $4.05 billion senior secured credit facility; to help finance public-to-private bid by Darwin Deason, founder and chairman, and Cerberus Capital Management LP for about $8.2 billion; Citigroup has provided the bidders with a "highly confident" letter regarding its ability to raise the necessary debt; investment partners are prepared to enter into negotiations with the company immediately and are ready to move quickly to complete the transaction; Dallas-based provider of business process outsourcing and information.

BIOMET INC.: $2.565 billion in senior unsecured and/or senior subordinated unsecured high-yield notes, also $4.35 billion senior secured credit facility; financing to be led by Bank of America, Goldman Sachs, Bear Stearns, Lehman Brothers, Merrill Lynch and Wachovia; to finance LBO by Blackstone Group, Goldman Sachs Capital Partners, Kohlberg Kravis Roberts & Co. and TPG in a transaction with a total equity value of about $10.9 billion, expected to be completed by Oct. 31, 2007; Biomet is a Warsaw, Ind., designer and manufacturer of musculoskeletal medical products.

CATALINA MARKETING CORP.: $490 million high-yield bonds and $760 million credit facility in LBO financing via Morgan Stanley, Bear Stearns & Co., Goldman Sachs & Co.; Catalina, St. Petersburg, Fla., provider of behavior-based promotional messaging, loyalty programs and direct-to-patient information, is being acquired by Hellman & Friedman Capital Partners VI, LP for $1.7 billion, in transaction expected to be completed during third quarter of 2007.

CLAIRE'S STORES INC. $937 million notes: $537 million senior unsecured notes and $400 million senior subordinated notes; Bear Stearns, Credit Suisse, Lehman Brothers; also $1.65 billion credit facility; to fund LBO by Apollo Management, LP; Pembroke Pines, Fla., specialty retailer; expected third quarter of 2007.

CLEAR CHANNEL COMMUNICATIONS INC.: $2.6 billion high-yield bonds (decreased from $4.1 billion) and 19.525 billion credit facility (upsized from $17.375 billion); Citigroup, Deutsche Bank, Morgan Stanley, Credit Suisse, RBS Greenwich Capital and Wachovia are lead banks on the debt financing; to help back its leveraged buyout by Thomas H. Lee Partners, LP and Bain Capital Partners, LLC, expected to be completed by the end of 2007; also $3.44 billion sponsor equity; San Antonio media and entertainment company.

COMMUNITY HEALTH SYSTEMS INC.: $3.365 billion unsecured notes; Credit Suisse, Wachovia Securities, backed by $3.365 billion bridge loan; also $6.95 billion credit facility; to help fund acquisition of Triad Hospitals Inc.; Nashville operator of general acute care hospitals in non-urban communities; expected in market during second or third quarter of 2007.

CONSUMER SOURCE INC.: $150 million second-lien loan and/or notes; to fund dividend to Primedia Inc., which Primedia will use to extinguish all existing bank debt; Consumer Source is a New York-based publisher and distributor of free real estate and automobile guides.

DOLLAR GENERAL CORP. $2.1 billion bonds: $1.45 billion senior unsecured notes, $650 million senior subordinated notes, backed up by $2.1 billion bridge loans via Goldman Sachs, Citigroup, Lehman Brothers, Wachovia ; also $3.5 billion credit facility; to help fund LBO, expected to close third quarter of 2007; Goodlettsville, Tenn., discount retailer.

HARMAN INTERNATIONAL INDUSTRIES INC.: $1.74 billion high-yield bonds; also new credit facility; Banc of America Securities LLC, Credit Suisse, Goldman Sachs & Co., Lehman Brothers; part of financing for LBO by Kohlberg Kravis Roberts & Co. LP and GS Capital Partners, expected in the third quarter; manufacturer of high fidelity audio products.

HAYES LEMMERZ INTERNATIONAL INC. (via European subsidiary): $150 million equivalent senior unsecured notes; Rule 144A/Regulation S; proceeds, together $495 million credit facilities (via Citigroup and Deutsche Bank), to refinance bank debt; Northville, Mich., supplier of automotive wheels, brakes, powertrain, suspension, structural and other lightweight components.

HUB INTERNATIONAL LTD. $590 million: $340 million senior unsecured notes and $250 million of senior subordinated notes backed by bridge loans provided by Morgan Stanley and Merrill Lynch; also $795 million credit facility; to help fund LBO by Apax Partners and Morgan Stanley Principal Investments, expected to close late 2007 second quarter; Chicago-based insurance broker.

INTEGRA TELECOM INC.: $215 million senior notes; Deutsche Bank and CIBC have provided the company with the commitment letter to purchase the notes; also $965 million revolver via Deutsche Bank, Morgan Stanley and CIBC; to help fund the acquisition of Minneapolis-based Eschelon Telecom, Inc. and repay Eschelon debt; transaction expected to close in third quarter of 2007; Integra is a Portland, Ore.-based provider of telecommunications and internet services for businesses.

INVERNESS MEDICAL INNOVATIONS INC.: $450 million of unsecured senior subordinated notes backed by a commitment for a $450 million senior subordinated unsecured bridge loan facility with UBS as the sole arranger; also $1.3 billion credit facility; financing backing bid to purchase Biosite Inc., a San Diego-based bio-medical company; Inverness is a Waltham, Mass.-based developer of advanced diagnostic devices.

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.

LAUREATE EDUCATION INC. $1.05 billion: $725 million senior unsecured notes and $325 million senior subordinated notes, also $1.15 billion credit facility; financing led by Goldman Sachs, Citigroup; to help fund LBO expected to close in June; Baltimore-based provider of higher education.

RITE-AID CORP.: $1.22 billion notes (increased from $870 million) backed by $1.72 bridge facility from Citigroup; also $1.105 billion tranche 2 term loans and additional draw on revolver; related to acquisition of The Jean Coutu Group; Camp Hill, Pa., drugstore chain; expected 2007 business.

TELESAT: $900 million senior notes and $2.2 billion credit facility; Morgan Stanley, UBS Investment Bank to lead financing; to help fund acquisition of Telesat by a joint venture company formed by Loral Space & Communications Inc. and the Public Sector Pension Investment Board, expected to close by mid-2007; new company will be one of the world's largest operators of telecommunications satellites, with a combined fleet of 11 satellites and four additional satellites to be launched over the next three years.

TRIBUNE CO.: $2.1 billion senior notes or senior subordinated notes backed up by $2.1 billion bridge via Merrill Lynch, JPMorgan, Citigroup and Bank of America; also $10.133 billion credit facility; to help finance public-to-private transaction; Chicago-based media company; expected to be completed by end of 2007.

INCOME DEPOSIT SECURITIES

OTELCO INC. 3 million income deposit securities representing 3 million shares of class A common stock and $22.5 million 13% senior subordinated notes due 2019; CIBC World Markets, UBS Investment Bank, Raymond James; to pay down term loan that matures on July 3, 2011; Oneonta, Ala., traditional wireline telephone services provider in several rural communities in Alabama, Maine and Missouri.

ROADSHOWS

May 1-9: NORANDA ALUMINUM HOLDING CORP. $510 million; Merrill Lynch & Co.

May 2-9: DELUXE CORP. $200 million; JP Morgan, Wachovia Securities

Starts May 7: NEW WORLD RESOURCES BV €300 million; Morgan Stanley, Barclays Capital, Citigroup

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