High Yield Calendar

Total amount of high-yield bond offerings being marketed: $425 million and €350 million

WEEK OF FEB. 14

AERO INVEST 1 SA (AVIO): €350 million senior floating-rate PIK notes due 2015; Goldman Sachs & Co. (physical books), Lehman Brothers (joint books), Caboto (co); Rule 144A/Regulation S (no registration rights); PIK for life; callable after one year at 100, after two years at 102, 101, par; 150 basis points step up after March 1, 2008 if net consolidated leverage is greater than or equal to three times at the Avio Holding SpA level; to repay a vendor loan and fund a shareholder distribution; Turin, Italy-based manufacturer of aerospace components; price talk Euribor plus 850 basis points; pricing Tuesday.

BEAR CREEK CORP. (HARRY AND DAVID): $245 million in two tranches (B3/B-): $145 million senior notes due 2013, non-callable for four years, and $100 million senior floating-rate notes due 2012, non-callable for two years; UBS Investment Bank, Banc of America Securities (joint books), Calyon Securities (co); Rule 144A; also $125 million revolver; to fund an $83 million dividend to sponsor Wasserstein & Co. and repay debt; Medford, Ore.-based company is an operator of retail gift catalogs and web sites; roadshow started Feb. 9 week in Los Angeles; pricing expected Friday.

CPI HOLDCO INC.: $80 million senior floating-rate cash or PIK notes due 2015 (Caa1/B-); UBS Investment Bank (books), Wachovia Securities, Bear Stearns (joint bookrunners); Rule 144A/Regulation S; non-callable for one year; to fund a distribution to shareholders; manufacturer and distributor of vacuum electronic devices and other related equipment for defense applications; roadshow carried over into Feb. 14 week due to illness on the management team.

FPL ENERGY NATIONAL WIND PORTFOLIO LLC.: $100 million senior secured bonds due March 25, 2019 (Ba2); Credit Suisse First Boston (books), RBS Greenwich Capital, Scotia Capital, BNP Paribas, Calyon Securities (co's); Rule 144A/Regulation S; will contain make-whole call; also investment grade FPL Energy National Wind LLC $351 million senior secured bonds due 2024 (Baa3); to fund required reserves and return about $435 million to FPL Energy LLC, the indirect parent of both issuers; Juno Beach, Fla.-based subsidiary of wind energy producer FPL Group; roadshow Tuesday in New York.

WEEK OF FEB. 21

RURAL/METRO CORP. $190 million: $140 million senior subordinated notes due 2015 (Caa1/CCC+) and $50 million (proceeds) senior discount notes due 2016 (Caa2/CCC+); Citigroup; Rule 144A/Regulation S; also $155 million senior secured credit facility; to help finance the company's tender offer and consent solicitation for its $150 million 7 7/8% senior notes due 2008 (expires Feb. 16) and to repay about $153 million of outstanding revolver debt; Scottsdale, Ariz., provider of emergency and non-emergency medical transportation, fire protection and other safety services; expected during Feb. 21 week.

STILE ACQUISITION CORP./MASONITE INTERNATIONAL CORP. $825 million (B-): $300 million senior unsecured floating-rate notes due 2013 and $525 million senior subordinated notes due 2015; also approximately $1.525 billion credit facility comprised of $1.175 billion eight-year senior secured term loan and $350 million (equivalent) six-year multi-currency revolver; Deutsche Bank Securities, UBS Investment Bank and Bank of Nova Scotia have committed to provide the debt financing; to help fund Kohlberg Kravis Roberts & Co.'s acquisition of Masonite in an all-cash transaction under which Masonite's shareholders will receive C$40.20 per share (total value of the transaction is about C$3.1 billion); Mississauga, Ont.-based building products company; expected week of Feb. 21.

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.

AMERICAN LAWYER MEDIA INC.: $27.3 million 13% senior discount notes due 2013 (CCC); also $344.5 million credit facility; to help fund tender for $175 million 9¾% senior notes due 2007, Credit Suisse First Boston and UBS Securities dealer managers, expires Feb. 11; New York City-based integrated media company focused on the legal and business communities.

DAVITA INC.: $4.3 billion debt financing new high-yield bonds and new credit facility; bank loan to back $3.05 billion acquisition of renal dialysis services company Gambro Healthcare and refinance existing credit facility; JP Morgan has committed financing; DaVita is a Torrance, Calif.-based provider of dialysis services for patients suffering from chronic kidney failure; interest rate on total net debt expected to be in the 6½% to 8% range.

EXIDE TECHNOLOGIES: $350 million senior notes due in 2013; Rule 144A/Regulation S; to repay Exide's senior credit facilities, for general corporate purposes and to provide greater liquidity; Lawrenceville, N.J., stored electrical energy solutions provider.

FOCUS (FINANCE) PLC (FOCUS WICKES GROUP): High-yield notes; proceeds, along with proceeds from sale of Wickes Ltd. to Travis Perkings plc, to refinance all existing debt, including £190 million 10% mezzanine notes due 2011 and €140 million 9¼% mezzanine notes due 2011; Crewe, England-based do-it-yourself home improvement store owner-operator.

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.

MERITAGE HOMES CORP.: New high-yield bonds; refinancing all or a portion of its outstanding $280 million 9¾% notes; Dallas, Texas, and Scottsdale, Ariz.-based single family home builder.

MOVIE GALLERY INC.: $475 million senior notes; Wachovia Securities; also $720 million credit facility; to fund acquisition of Hollywood Entertainment Corp.; Movie Gallery is a Dothan, Ala.-based video rental chain.

PENN NATIONAL GAMING INC.: $300 million high-yield bonds; Deutsche Bank Securities; to back the $1.4 billion acquisition of Argosy Gaming Corp.; Wyomissing, Pa., gaming firm.

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.

ROADSHOWS

Started late Feb. 7 week: BEAR CREEK CORP. $245 million; UBS Investment Bank

Feb. 14 week: CPI HOLDCO INC. $80 million; UBS Investment Bank

Feb. 15: FPL ENERGY NATIONAL WIND PORTFOLIO LLC. $100 million; Credit Suisse First Boston

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