High Yield Calendar

Total amount of dollar-denominated high-yield bond offerings being marketed: $3.388 billion

WEEK OF DEC. 1

HANOVER COMPRESSOR CO.: $262.6 million zero-coupon subordinated notes due March 31, 2007, with 11% accretion rate (Caa1/B-) to be sold by Schlumberger Ltd.; Goldman Sachs; registered; non-callable before March 31, 2006, then at 102.5% of accreted value; to repay Schlumberger corporate debt (Hanover receives no proceeds); roadshow started Nov. 21; price talk 11¼%-11½%; pricing late Tuesday.

GRANITE BROADCASTING CORP.: $300 million first lien notes due 2010; JP Morgan, Banc of America Securities, Goldman Sachs & Co.; Rule 144A; non-callable for three years; first lien on all assets except accounts receivable, second lien on accounts receivable; to repay bank debt and to call 10 3/8% notes and 9 3/8% notes at par; New York City-based owner and operator of eight network-affiliated TV stations; roadshow started Nov. 24; pricing week of Dec. 1.

VALEANT PHARMACEUTICALS INTERNATIONAL: $275 million senior notes due 2011 (BB-); Bear Stearns (books), Goldman Sachs, Banc of America Securities (co's); Rule 144A; non-callable for four years; to retire outstanding 6½% convertible subordinated notes due 2008 and for general corporate purposes, including potential acquisitions; Costa Mesa, Calif.-based pharmaceutical company; roadshow started Dec. 1; pricing Dec. 5 or 8.

WEEK OF DEC. 8

EQUINOX HOLDINGS: $150 million senior notes due 2009 (B3 expected/B- confirmed); Merrill Lynch & Co., UBS Investment Bank (joint), Wachovia Securities (co); Rule 144A; non-callable for three years; also a $25 million revolving credit facility; to repay debt and for general corporate purposes; exercise and fitness company is headquartered in New York City; roadshow Dec. 1-9; pricing Dec. 9.

UNITED AGRI PRODUCTS INC.: $215 million senior notes due 2011 (B2/expected B); UBS Investment Bank (books), Goldman Sachs & Co., Bear Stearns & Co. (co's); Rule 144A; non-callable for four years; to help support Apollo Management LP's $600 million acquisition of the company from ConAgra Foods Inc. in a management led buyout; Greeley, Colo. developer and distributor of crop production products and services to growers; roadshow starts Dec. 2; pricing Dec. 10 or 11.

THL BEDDING CO.: $340 million senior subordinated notes due 2013; Goldman Sachs & Co., Deutsche Bank Securities, UBS Investment Bank (joint); Rule 144A/Regulation S (with registration rights); non-callable for five years; to fund the acquisition of Simmons Holdings from Fenway Partners (THL Bedding will be merged into Simmons Co.); Atlanta mattress manufacturer; roadshow starts Dec. 2; expected to price Thursday Dec. 11.

COUCHE-TARD INC.: $340 million senior subordinated notes 2013 (Ba3/B); CIBC World Markets, Scotia Capital (joint); Rule 144A; non-callable for five years; to help fund acquisition of Circle K convenience store chain from Conoco Phillips; Couche-Tard is a convenience store chain operating in Canada and upper midwestern U.S.; roadshow Dec. 1-12; pricing Dec. 12.

SHIP FINANCE INTERNATIONAL LTD. (FRONTLINE LTD.): $580 million 10-year senior notes (expected ratings B2/B); Jefferies & Co. (books), Citigroup (co); Rule 144A; non-callable for five years; also $1.06 billion credit facility; to fund acquisition of 47 vessels from Frontline and a related refinancing of the vessels' senior secured indebtedness; oil tanker shipping business based in Oslo, Norway; roadshow Dec. 1-12; pricing Dec. 12.

SBA TELECOMMUNICATIONS INC.: $200 million (proceeds) senior discount notes due 2011; Rule 144A; Lehman Brothers (books), Citigroup, Deutsche Bank Securities, Merrill Lynch & Co., TD Securities (co's); to fund tender for up to $153.3 million of 12% senior discount notes due 2008, to repurchase and/or redeem 12% senior discount notes and/or 10¼% senior notes due 2009 and/or repay senior credit facility debt; subsidiary of SBA Communications Corp., a Boca Raton, Fla.-based operator of wireless communications infrastructure.

TELENET COMMUNICATIONS: €400 million in senior notes due 2013 in dollar and euro tranches (B3/B-); JP Morgan, Goldman Sachs & Co., Merrill Lynch & Co., Royal Bank of Scotland (joint); Rule 144A; non-callable for five years; three-year 35% equity clawback; guaranteed on a senior subordinated basis by certain subsidiaries; to repay bank debt, refinance seller note and general corporate purposes; Mechelen, Belgium-based communications company; roadshow starts Dec. 2 in Europe, Dec. 8 in U.S.; pricing expected Dec. 8 week.

WMC FINANCE CO.: $250 million senior notes due 2008 (B2/B-); Credit Suisse First Boston, Merrill Lynch & Co. (joint), Lehman Brothers (co); Rule 144A; non-callable for three years; to fund a dividend payment and general corporate purposes; Woodland Hills, Calif.-based on-line lender that originates and sells mortgage loans; roadshow starts Dec. 2; pricing week of Dec. 8.

DECEMBER BUSINESS

BOMBARDIER RECREATIONAL PRODUCTS: $200 million 10-year senior subordinated notes; Merrill Lynch (books), Harris Nesbitt, RBC, UBS Investment Bank (co's); Rule 144A; to fund C$1.185 billion LBO by Bain Capital; Montreal-based manufacturer of recreational products; launching early December.

NEXSTAR FINANCE LLC/NEXSTAR FINANCE INC.: $125 million senior subordinated notes due 2013 (B3/B-); Banc of America, Bear Stearns & Co., Lehman Brothers, UBS Investment Bank; Rule 144A; non-callable for five years; to fund the acquisition of Quorum Broadcast Holdings, sponsored by Abry Partners; Nexstar is based in Irving Texas; possible December business.

ON THE HORIZON

SIX FLAGS, INC.: high yield notes (senior unsecured debt ratings B2/B-); Lehman Brothers; to redeem 9¾% notes, $422.6 million outstanding.

SENSUS METERING SYSTEMS INC.: $225 million subordinated notes due in 2013 (B-); Credit Suisse First Boston; Rule 144A (with registration rights); also $340 million senior secured bank credit facility; to help fund $650 million purchase of Invensys plc's metering business by Jordan Co. and GS Capital Partners, expected to close late December; Raleigh, N.C. producer of water meters and automatic meter reading systems.

GOODYEAR TIRE & RUBBER CO.: $250 million (minimum) of new debt securities; to repay bank debt; anticipated to close by Dec. 31.

ATRIUM COS. INC.: $50 million add-on to 10½% senior subordinated notes due May 1, 2009 (B3); UBS Investment Bank; to fund acquisition of company by Kenner & Co., including repaying existing bank debt and partially repaying existing accounts receivable securitization facility, and repay holding company PIK notes; Dallas-based window manufacturer; original deal priced in 1999.

KRATON POLYMERS GROUP: high yield bonds; UBS Securities and Goldman Sachs; also new credit facility, sizes to be determined; to help fund LBO by Texas Pacific Group from Ripplewood Holdings LLC, valued at $770 million, expected to close by year-end; Houston specialty chemicals company produces styrenic block copolymers.

RESOURCE AMERICA, INC.: $30 million of 12% senior notes due 2008; Bear Stearns and Friedman Billings Ramsey (joint); registered; callable on Aug. 1, 2006 at 106; Philadelphia-based oil and natural gas company.

http://www.sec.gov/Archives/edgar/data/83402/000095011603002731/s-3a.txt

LOEWS CINEPLEX THEATRES: senior subordinated notes; Rule 144A; coming with senior credit facility and IPO; IPO via Goldman Sachs, Citigroup, Credit Suisse First Boston and Merrill Lynch; to repay debt and for general corporate purposes; motion picture exhibitor headquartered in New York City.

CARMIKE CINEMAS, INC.: $250 million; to help retire its $155 million of public bonds and $197 million term loan.

SEAT PAGINE GIALLE: €1.2 billion bonds; to help fund €6 billion LBO by BC Partners, CVC, Investitori Associati and Permira.

MB TECH, INC.: high-yield non-convertible bond; to acquire the U.S. and German operating subsidiaries of Willtek, Inc. (Korea); Los Angeles-based manufacturer and distributor of satellite components.

EMERGING MARKETS CORPORATE OFFERINGS

RELIANCE INDUSTRIES: $750 million bond due 2008 (existing ratings Ba2/BB); Credit Suisse First Boston; Regulation S; diversified Indian company.

PRIVATBANCK: $150 million three-year notes (B-); Credit Suisse First Boston; Ukrainian bank; possibly pricing during the Nov. 24 week.

AXTEL SA: $150 million senior notes due 2013 (B2/B); Credit Suisse First Boston; Rule 144A; non-callable for five years; to refinance debt; CLEC based in San Pedro Garza García, Mexico, using fiber optic, wireless and radio technology; roadshow starts Dec. 2; pricing expected Dec. 8 week.

EMERGING MARKETS OFFERINGS ON THE HORIZON

PHILIPPINE NATIONAL BANK: $140 million lower tier II sub bonds due 2013; JP Morgan; non-callable for five years; roadshow expected to start Nov. 14 in Manila, Nov. 17 in Singapore, Nov. 19 in Hong Kong.

FILINVEST LAND INC.: $100 million bonds due 2008 (unrated); JP Morgan; to refinance debt and fund capital expenditures; Philippine homebuilder; price talk 9 ¼%-9 ½%.

PT BANK MANDIRI: up to $400 million of new debt securities; expected first quarter of 2004.

ROADSHOWS

Started Nov. 24: GRANITE BROADCASTING CORP. $300 million; JP Morgan, Banc of America Securities, Goldman Sachs & Co.; Rule 144A; 7NC3

Dec. 1-12: COUCHE-TARD INC. $340 million; CIBC World Markets, Scotia Capital; Rule 144A; 10NC5

Dec. 1-12: SHIP FINANCE INTERNATIONAL LTD. (FRONTLINE LTD.) $580 million; Jefferies & Co.; Rule 144A; 10NC5

Started Dec. 1: VALEANT PHARMACEUTICALS INTERNATIONAL $275 million; Bear Stearns; Rule 144A; 8NC4

Dec. 1-9: EQUINOX HOLDINGS $150 million; Merrill Lynch & Co., UBS Investment Bank; Rule 144A; 8NC4

Starts Dec. 2: UNITED AGRI PRODUCTS INC. $215 million; UBS Investment Bank; 8NC4

Starts Dec. 2: SBA TELECOMMUNICATIONS INC. $200 million; Lehman Brothers; Rule 144A; 8NC4

Starts Dec. 2: AXTEL SA $150 million; Credit Suisse First Boston; Rule 144A; 10NC5

Starts Dec. 2 (Europe) Dec. 8 (U.S): TELENET COMMUNICATIONS euro 400 million; JP Morgan, Goldman Sachs & Co., Merrill Lynch & Co., Royal Bank of Scotland; Rule 144A; 10NC5

Starts Dec. 2: THL BEDDING CO. $340 million; Goldman Sachs & Co., Deutsche Bank Securities, UBS Investment Bank; Rule 144A/Regulation S; 10NC5

Starts Dec. 2: WMC FINANCE CO. $250 million; Credit Suisse First Boston, Merrill Lynch & Co.; Rule 144A; 5NC3

Starts early Dec.: BOMBARDIER RECREATIONAL PRODUCTS $200 million; Merrill Lynch; Rule 144A; 10-year

RECENT SHELF FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION

ALEXION PHARMACEUTICALS, INC. (Symbol: ALXN): $150 million shelf filed Nov. 26 for common stock, preferred stock, debt securities and warrants; securities may be issued as convertibles; includes $44.48 million previously registered but unsold; Cheshire, Conn. drug company will use proceeds for general corporate purposes.

http://www.sec.gov/Archives/edgar/data/899866/000119312503087186/ds3.htm

AMR CORP.: $3 billion shelf filed Nov. 25 for debt securities, common stock, preferred stock, depositary shares, warrants, stock purchase contracts, stock purchase units and passthrough certificates; securities may be issued as convertibles; Dallas airline will use proceeds for general corporate purposes.

http://www.sec.gov/Archives/edgar/data/4515/000095013403015837/d10724sv3.txt

GUITAR CENTER, INC. (Symbol: GTRC): $150 million shelf filed Nov. 26 for debt securities, preferred stock, common stock and warrants; securities may be issued as convertibles; Westlake Village, Calif. music retailer will use proceeds for general corporate purposes.

http://www.sec.gov/Archives/edgar/data/1021113/000104746903038724/a2123750zs-3.htm

JLG INDUSTRIES, INC.: $125 million shelf filed Nov. 26 for common stock, debt securities, preferred stock and warrants; securities may be issued as convertibles; McConnellsburg, Pa. manufacturer of aerial work platforms, telehandlers and excavators will use proceeds for general corporate purposes.

http://www.sec.gov/Archives/edgar/data/216275/000095013303004177/w91834sv3.htm

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