High Yield Calendar

Total amount of high-yield bond offerings being marketed: $2.296 billion

WEEK OF NOV. 8

INTEGRATED ALARM SERVICES GROUP INC.: $125 million senior notes due 2011(B3/B-); Morgan Joseph & Co. (books), Wells Fargo Securities (joint lead), ABN Amro (co); Rule 144A with registration rights; make-whole call at Treasuries plus 50 basis points for first four years, then callable at premium; three-year 35% equity claw; guaranteed by all domestic subsidiaries; to retire high coupon debt and acquire National Alarm Computer Center Inc. from Tyco International Ltd.; Albany, N.Y.-based provider of monitoring, financing and business support services to independent security alarm dealers in the U.S; price talk 10¼% to 10½%; pricing Monday.

CITIZENS COMMUNICATIONS CO.: $400 million senior notes due January 2013 (Ba3/BB+); JP Morgan, Morgan Stanley, Banc of America Securities (joint); off the shelf; make-whole call at Treasuries plus 50 basis points; to repay debt due in 2006; Stamford, Conn.-based incumbent local-exchange carrier operates access lines in parts of 24 states; pricing Nov. 8.

ELAN CORP. PLC: $850 million seven-year notes (B3/B-) via Elan Finance Corp.; in tranches of fixed-rate notes non-callable for four years and floating-rate notes non-callable for two years; Morgan Stanley (books), Goldman Sachs (joint lead), J&E Davy Holdings (co); Rule 144A; to fund tender for existing notes, for working capital and general corporate purposes; Dublin, Ireland biotechnology company; roadshow Nov. 2-9; pricing middle of Nov. 8 week.

ULTRAPETROL (BAHAMAS) LTD.: $150 million senior secured first preferred ship mortgage notes due 2014 (B3/BB-); Credit Suisse First Boston; to fund tender for 10½% first preferred ship mortgage notes due 2008 and repay bank debt; Nassau, Bahamas-registered diversified ocean and river transportation company involved in the carriage of dry and liquid bulk cargoes; roadshow started Nov. 1; pricing week of Nov. 8.

AFFINIA GROUP, INC.: $300 million senior subordinated notes due 2014 (B); Credit Suisse First Boston, Deutsche Bank Securities, Goldman Sachs & Co., JP Morgan (books); non-callable for five years; to help fund the Cypress Group's $1.1 billion acquisition of Affinia from Dana Corp.; Dana Corp is a Toledo, Ohio-based designer and manufacturer of value-added products and systems for automotive, commercial, and off-highway vehicles; roadshow Nov. 3-11.

WEEK OF NOV. 15

CANWEST MEDIA INC.: $116 million 8% senior subordinated notes due Sept. 15, 2012 (B-); Citigroup; Rule 144A; non-callable for seven years; to repay seller notes; concurrent with exchange for Hollinger Participation Trust's 12 1/8% senior notes due 2010; Winnipeg, Manitoba-based international media company; expected to price Nov. 15.

NEENAH PAPER INC.: $200 million senior notes due 2014 (B+); Citigroup, Goldman Sachs & Co., JP Morgan; Rule 144A; non-callable for five years; to help fund the $215 million spinoff of Kimberly-Clark Corp.'s North American paper and Canadian pulp operations; Neenah Paper, based in Dallas, manufactures and distributes premium and specialty paper grades; roadshow Nov. 9-17.

AFC ENTERPRISES INC.: $155 million senior secured notes due 2011; SunTrust Robinson Humphrey; Rule 144A (no registration rights); non-callable for four years; to back AFC's sale of Church's Chicken brand to Crescent Capital Investments Inc. for $390 million; Atlanta-based franchisor and operator of 4,109 restaurants, bakeries and cafes in the U.S., Puerto Rico and 38 foreign countries under the brand names Popeyes, Chicken & Biscuits, Church's Chicken and Cinnabon, and the franchisor of Seattle's Best Coffee in Hawaii, on military bases and internationally; roadshow to start week of Nov. 15.

MAYNE GROUP LTD.: Dollar-denominated senior notes, size and maturity to be determined (existing senior ratings Ba1/BB); Morgan Stanley; Rule 144A/Regulation S; Melbourne, Australia, integrated pharmaceutical manufacturer and healthcare services provider; roadshow starts Nov. 10 in Singapore, Hong Kong on Nov. 11, London on Nov. 12, U.S. roadshow starts Nov. 15.

NOVEMBER BUSINESS

HORNBACH-BAUMARKT-AG: Up to €200 million bonds; Deutsche Bank Securities; Rule 144A; to improve the company's long-term capital structure and to secure its liquidity for further growth; Bornheim bei Landau/Pfalz, Germany-based company operates do-it-yourself retail markets and garden centers.

HORNBECK OFFSHORE SERVICES INC.: $225 million senior notes due 2014; Goldman Sachs & Co.; Rule 144A; to repurchase 10 5/8% senior notes due 2008 and for general corporate purposes, which may include the acquisition, construction or retrofit of vessels; New Orleans-based provider of offshore supply vessels in the U.S. Gulf of Mexico and select international markets, and transporter of petroleum products through its fleet of ocean-going tugs and tank barges, primarily in the northeastern U.S. and in Puerto Rico; expected to close late November.

TEXAS GENCO: $1.375 billion bonds; Goldman Sachs & Co., Morgan Stanley, Deutsche Bank Securities, Citigroup; to fund acquisition of Texas Genco by the Blackstone Group, Hellman & Friedman, Kohlberg Kravis Roberts and Texas Pacific Group; also $2.2 billion credit facility; Houston wholesale electric power generator.

2004 BUSINESS

STAR GAS PARTNERS LP: $300 million public or private offering of debt securities; JP Morgan; also $300 million asset-based senior secured revolving credit facility; to support its working capital requirements for the near term; financing to close on or before Dec. 17, 2004 (based on expiration date of letter amendment and waiver under the credit agreement with Wachovia Bank NA and other lenders); Stamford, Conn.-based distributor of home heating oil and propane.

ON THE HORIZON

ADELPHIA COMMUNICATIONS CORP.: $3.3 billion 10-year senior unsecured notes; non-callable for five years; part of $8 billion bond and bank loan exit financing from Chapter 11; Deutsche Bank Securities; Greenwood Village, Colo., cable television company.

BUFFETS HOLDINGS INC.: 10-year senior notes in connection with IDS offering; Eagan, Minn., restaurant operator; to help refinance existing debt.

COOPER STANDARD AUTOMOTIVE: $400 million bonds; Deutsche Bank, Lehman Brothers, Goldman Sachs & Co., UBS Investment Bank (joint); also $625 million credit facility; to help fund acquisition of Cooper-Standard by an entity formed by The Cypress Group and Goldman Sachs Capital Partners from Cooper Tire & Rubber Co. for about $1.165 billion; Novi, Mich.-based manufacturer of fluid handling systems, body sealing systems, and active and passive vibration control systems, primarily for automotive original equipment manufacturers; expected to close in fourth quarter.

EGL HOLDING CORP.: $660 million of senior subordinated notes; also $780 million senior secured credit facility to be led by JP Morgan, Wachovia Securities and Merrill Lynch & Co.; also equity contribution; to help fund approximately $2.3 billion acquisition of Select Medical Corp; issuer is a new company formed by an investment group led by Welsh, Carson, Anderson & Stowe; acquisition to close first quarter of 2005.

GLOBAL MOTORSPORT GROUP INC.: $85 million senior secured notes due 2008 (B-); Jefferies & Co.; Rule 144A; non-callable for three years; to repay bank debt; Morgan Hill, Calif., aftermarket supplier of motorcycle parts.

HOLLYWOOD MERGER CORP.: $550 million in bonds; also $275 million credit facility to be led by UBS Securities LLC; part of its amended merger agreement with affiliates of Leonard Green & Partners LP; Wilsonville, Ore., video chain; expected end of the fourth quarter 2004, or early first quarter 2005.

INTELSAT: New bonds and bank loan; Deutsche Bank Securities, Credit Suisse First Boston, Lehman Brothers; to help fund the approximately $5 billion acquisition of Intelsat by Zeus Holdings Ltd., a company formed by a consortium of funds advised by Apax Partners, Apollo Management, Madison Dearborn Partners and Permira; Intelsat is a Bermuda-based worldwide satellite telecommunications company; early fourth quarter of 2004.

VERIZON HAWAII: New high-yield bonds; also new credit facility to be led by JPMorgan, Goldman Sachs, Lehman Brothers (same banks to lead bond deal, although not necessarily in that order); to fund Carlyle Group's $1.65 billion acquisition of Verizon Hawaii from Verizon Communications Inc.; pending regulatory approvals.

VNU WORLD DIRECTORIES: Approximately $450 million equivalent bonds; JP Morgan; to fund Apax Partners Worldwide LLP and Cinven Ltd.'s €2.075 billion acquisition of the company from parent VNU NV, a Dutch information and media business.

INCOME SECURITIES OFFERINGS IN THE MARKET

ALLIANCE LAUNDRY HOLDINGS INC.: up to $375 million of Income Deposit Securities comprised of 20.63 million shares of class A common stock and $100 million senior subordinated notes due 2019; also separate offering of $13.9 million senior subordinated notes (Caal/CCC on notes); CIBC World Markets, Lehman Brothers (joint), UBS Investment Bank (co) estimated price $14.00 and $16.00 per IDS; company supplies washers and driers to laundromats.

BUFFETS HOLDINGS INC.: $550 million Income Deposit Securities and senior subordinated notes; Credit Suisse First Boston (on left), Banc of America Securities LLC, CIBC World Markets (joint books), UBS Investment Bank (lead), JPMorgan, Piper Jaffray (cos); also new credit facility and 10-year senior notes; proceeds along with cash on hand to refinance outstanding debt and repurchase common stock, warrants and options from the existing holders; Eagan, Minn., restaurant operator.

COINMACH SERVICE CORP. 18.333 million (decreased from 21.05 million) Income Deposit Securities at approximately $14.25-$15.75 per IDS (increased from $13.50-$15.00) comprised of shares of class A common stock and $123 million (decreased from $135 million) senior secured notes due 2024; also separate third party $20 million offering of senior secured notes due 2024 (Caa1 on notes); $6.75 allocated to each note and $8.25 allocated to each share common stock; Merrill Lynch & Co. (books), Citigroup, Jefferies & Co., Deutsche Bank Securities, RBC Capital Markets, SunTrust Robinson Humphrey (co's); to redeem part of Coinmach Corp.'s 9% notes, repay bank debt and repurchase class A and class B preferred shares; Plainview, N.Y., supplier of coin and card operated laundry equipment.

DAVCO ACQUISITION HOLDING INC. 7.99 million Enhanced Income Securities (EIS), price range $14.50 and $15.50 per EIS: comprised of 7.99 class A common stock and $59 million senior subordinated notes due 2016, also separate offering of $7.5 million senior subordinated notes due 2016; RBC Capital Markets (books), KeyBanc Capital Markets, Oppenheimer, SunTrust Robinson Humphrey; both issues of notes guaranteed on an unsecured senior subordinated basis by all domestic subsidiaries (DavCo Operations Inc., FriendCo Restaurants Inc., Heron Realty Corp., and MDF Inc.); about $13.0 million of the proceeds will be used to repurchase class B common stock from Citicorp Venture Capital Ltd. and affiliates; subsidiary of Crofton, Md.-based DavCo Restaurants Inc., the largest franchisee of Wendy's International Inc.

EYE CARE CENTERS OF AMERICA: $375 million Income Units comprised of class A common stock and senior subordinated notes due 2014; Banc of America Securities, Merrill Lynch & Co. (books), Citigroup, Lehman Brothers (co's); proceeds along with available cash to repay credit facility, redeem $100 million 9 1/8% senior subordinated notes due 2008 and $50 million subordinated term notes, also redeem all outstanding preferred stock and repurchase common stock from existing shareholders; San Antonio prescription optical retail chain owner.

FAIRPOINT COMMUNICATIONS INC.: 40.94 million Income Deposit Securities; includes 40.94 million shares of class A common stock and $184.2 million (decreased from $209.8 million) senior subordinated notes due 2019; also separate offering of $30 million (decreased from $33 million) senior subordinated notes due 2019 (CCC+ notes only); CIBC World Markets, Deutsche Bank Securities, UBS Investment Bank (books), Banc of America Securities, Citigroup, Credit Suisse First Boston, RBC Capital Markets, Wachovia Securities (co's); to repay existing credit facility, fund tender for $115.2 million 9½% senior subordinated notes due 2008, $75 million floating-rate notes due 2008, $193 million 12½% senior subordinated notes due 2010, $225 million 11 7/8% senior notes due 2010; Charlotte, N.C., rural local-exchange carrier; expected price of $15.00 to $17.00 per IDS.

PRESTIGE BRANDS HOLDINGS INC. $920 million Income Deposit Securities: shares of class A common stock and senior subordinated notes due 2019; also a separate offering of senior subordinated notes; Merrill Lynch & Co. Banc of America Securities; also new credit facility; to repay existing credit facility, purchase or redeem all of the 9¼% notes; purchase all senior preferred stock and class B preferred stock and purchase shares of class C common stock; Irvington, N.Y.-based cleaning products company.

RURAL LEC ACQUISITION LLC: 8.66 million (decreased from 9.1 million) Income Deposit Securities comprised of class A common stock and $65.1 million senior subordinated notes due 2019, estimated price range $15.20 and $16.80 per IDS; also separate $8.5 million offering of senior subordinated notes due 2019; CIBC World Markets, RBC Capital Markets UBS Investment Bank (leads), Deutsche Bank Securities, Harris Nesbitt, KeyBanc Capital Markets, Raymond James; to repay $81.2 million of long-term notes and $18 million Mid-Missouri Holding long-term notes and for general corporate purposes; Oneonta, Ala., provider of telephone services in Alabama and Missouri, plans to change name to Otelco Inc. before offering closes.

XERIUM TECHNOLOGIES INC.: 28.1 million (decreased from 40.625 million) Income Deposit Securities, expected offering price $15.20 and $16.80: securities comprised shares of class A common stock and $201 million (reduced from $298.6 million) senior subordinated notes due 2019, price range $15.20 and $16.80; also separate offering of $45.3 million (reduced from $52.4 million) of senior subordinated notes due 2019; CIBC World Markets (books), Citigroup, Merrill Lynch & Co., Robert W. Baird & Co., Calyon Securities, KeyBanc Capital Markets, Legg Mason (co's); to repay debt, including senior and mezzanine credit facilities and to redeem part of class A common stock; Westborough, Mass., manufacturer of clothing and machinery covers.

ROADSHOWS

Started Nov. 1: ULTRAPETROL (BAHAMAS) LTD. $150 million; Credit Suisse First Boston

Nov. 2-9: ELAN CORP. PLC: $850 million; Morgan Stanley

Nov. 3-11: AFFINIA GROUP INC. $300 million; Credit Suisse First Boston, Deutsche Bank Securities, Goldman Sachs & Co., JP Morgan

Nov. 9-17: NEENAH PAPER INC. $200 million; Citigroup, Goldman Sachs & Co., JP Morgan

Starts week of Nov. 15: AFC ENTERPRISES INC. $155 million; SunTrust Robinson Humphrey

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