Convertibles Calendar

ON THE HORIZON

ENVIRONMENTAL POWER CORP. (Nasdaq: EPG): $10 million to $25 million of five-year unsecured convertible notes; registered; via Ziegler Capital Markets; may be upsized to $50 million; launched Wednesday with preliminary coupon of 13%, minimum conversion price of $5.40; non-callable for three years, then provisionally callable at 110% of par; marketing to be ongoing with once-a-month closings; Tarrytown, N.Y.-based developer, owner and operator of biogas renewable energy projects.

CLOUD PEAK ENERGY INC.: $250 million of three-year mandatory convertible preferred stock, at a liquidation preference price of $50 per share, via underwriter Credit Suisse, concurrent initial public offering; Cloud Peak formerly part of Rio Tinto America Inc., an indirect wholly owned subsidiary of Rio Tinto plc, and Rio Tinto America; dividends payable on a cumulative basis; no proceeds go to Cloud Peak; Gillette, Wyo.-based coal producer.

MIDWEST BANC HOLDINGS INC. (Nasdaq: MBHI): $110 million of depositary shares, each representing 1/100th of a share of convertible perpetual preferred stock; proceeds to improve its equity capital structure; greenshoe $15 million, or 600,000 depositary shares; shelf registration; via joint bookrunners Friedman, Billings, Ramsey S& Co. and Keefe, Bruyette & Woods, Inc., with Howe Barnes and Fox-Pitt Kelton as co-managers; preferred stock will automatically convert to common stock five business days after receiving shareholder approval to increase the number of authorized shares; closing seen in the third quarter; Melrose Park, Ill.-based commercial bank with $3.7 billion in assets.

MRU HOLDINGS INC. (Nasdaq: UNCL): Up to $250 million of equity or convertible debt securities; New York-based provider of student loans will use the proceeds to finance the growth of its business, to finance private student loan originations, to repay outstanding bridge and other note obligations and for general purposes.

EAGLE BANCORP INC. (Nasdaq: EGBN): up to $30 million of non-cumulative convertible perpetual preferred stock; registered deal; to price in the third quarter after its merger with Fidelity & Trust Corp.; offering is expected to be made primarily to the community bank's shareholders; proceeds will be used to further strengthen capital; in Bethesda, Md.-based community bank.

CVR ENERGY INC. (NYSE: CVI): $125 million five-year convertible senior notes; greenshoe for $18.75 million; Goldman, Sachs & Co., Citigroup (joint books), Deutsche Bank Securities and Credit Suisse; off shelf; non-callable, no puts; escrow for interest payments to 2011; Sugar Land, Texas-based independent refiner and marketer of high-value transportation fuels will use proceeds for general corporate purposes.

INTERNATIONAL CONVERTIBLES

NOVEMBER 27

BARCLAYS: to issue £4.3 billion of mandatory convertible notes; of which £1.5 billion were being offered Oct. 31 to institutional investors; conversion by June 30, 2009; coupon of 9.75%; 22.5% conversion discount to Barclays' average closing share price on Oct. 29-30; to be issued Nov. 27; concurrent issue of £3 billion of reserve capital instruments with an associated issue of warrants; Barclays Capital, Credit Suisse and JPMorgan Cazenove are acting as joint bookrunners; to be used to boost capital, but mandatories will not qualify as capital until conversion into ordinary shares; a London-based bank.

ON THE HORIZON

BENDIGO AND ADELAIDE BANK LTD: A$75 million of convertible preference shares; will count as Tier 1 capital; offering will begin on Nov. 6 and end on Dec. 3 for existing security-holders and the public and Dec. 9 for clients of brokers in the syndicate; settlement will be Dec. 10; mandatorily convert into ordinary shares on Dec. 16, 2013; holders will receive A$102.56 of stock per A$100 preference share; dividend is talked at 450 to 500 basis points over five-year Australian dollar swaps; Moody's has rated the shares Baa1 and Standard & Poor's has assigned them a BBB-; Australia-based bank.

PACIFIC ASIA PETROLEUM INC. (OTCBB: PFAP): $75 million of redeemable convertible preference shares; Regulation S; proceeds to fund the purchase of participating interests held by ChevronTexaco in four coalbed methane and tight gas sand resource blocks in China; Hartsdale, N.Y.-based oil and gas company with a focus on China.

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