High Yield Calendar

Total amount of high-yield bond offerings being marketed: $1.025 billion and €625 million

WEEK OF MAY 2

PREMIUM STANDARD FARMS INC.: $125 million senior unsecured notes due 2015 (B1/BB); Morgan Stanley; Rule 144A with registration rights; non-callable for five years; to refinance the 9¼% senior notes due 2011; vertically integrated hog producer based in Kansas City, Mo.; price talk 7¼% area; expected to price Thursday.

THE GREENBRIER COS.: $175 million senior notes due 2015 (B1/B+); Banc of America Securities LLC, Bear Stearns & Co (joint).; Rule 144A/Regulation S with registration rights; non-callable for five years; to refinance debt and for general corporate purposes; Lake Oswego, Ore., supplier of transportation equipment and services to the railroad industry; price talk 8 1/8% area; pricing Thursday.

ALLIANCE ONE INTERNATIONAL INC. $450 million senior unsecured notes due 2013 (B3/B); Wachovia Securities, Deutsche Bank Securities (joint); Rule 144A; non-callable for four years; to refinance existing debt of Dimon Inc. and Standard Commercial Corp. and to fund tender offers; Dimon and Standard Commercial Corp. to merge into Alliance One International; Danville, Va., company is the world's second-largest dealer of leaf tobacco with operations in more than 30 countries; price talk 10¾%-11%; pricing Thursday morning (company postponed $650 million three-tranche offering on April 19).

GSI GROUP INC.: $125 million senior unsecured notes due in 2013 (B3/B-); Lehman Brothers (books), KeyBank (co); Rule 144A/Regulation S; non-callable for four years; three-year 35% equity clawback; to redeem GSI's existing senior subordinated notes and repay other debt; Assumption, Ill.-based manufacturer and provider of agricultural equipment and services; roadshow started May 28; expected to price Thursday or Friday.

PETROQUEST ENERGY INC.: $150 million senior notes due 2013 (Caa1/CCC+); Credit Suisse First Boston (books), JP Morgan (joint), Raymond James (co); Rule 144A/Regulation S; to repay bank debt, fund acquisitions and for general corporate purposes; PetroQuest Energy Inc. is an independent energy company engaged in the exploration, development, acquisition and production of oil and natural gas reserves; headquarters in Lafayette, La.; started April 25 week; expected to price late May 2 week.

CELLC (PTY) LTD. €625 million in two tranches: Seven-year non-call-four first-priority secured notes (B2/BB-) and 10-year non-call-five senior subordinated notes (Caa1/B-), tranche sizes to be determined (ratings to be determined); Citigroup; to repay debt; South African wireless operator, with headquarters in Benmore, Gauteng.

MAY BUSINESS

HYNIX SEMICONDUCTOR INC.: $750 million (expected size) with five-year to 10-year maturity (issuer rating B+ from Standard & Poor's); Citigroup, Deutsche Bank Securities, UBS Investment Bank, Merrill Lynch & Co.; to repay bank debt; Korean-based semiconductor company; expected to launch in early May.

JAMES RIVER COAL CO.: $135 million senior notes due 2015; Morgan Stanley (books), PNC Capital Markets (co); registered; also concurrent 4.2 million shares of common stock; to refinance both of its current credit facilities, to fund the recently announced acquisition of Triad Mining Inc., and for general corporate purposes; Richmond, Va.-based producer of steam- and industrial-grade coal; to launch April 25 week pending market conditions.

SIRIUS SATELLITE RADIO INC.: $250 million senior notes due 2015 (Caa2/CCC); JP Morgan, Morgan Stanley (joint), UBS Investment Bank (co); Rule 144A/Regulation S with registration rights; make-whole call at Treasuries plus 50 basis points for first five years, then callable at premium; 40% equity clawback; approximately $63.1 million of proceeds to redeem outstanding 15% senior secured discount notes due 2007 and 14½% senior secured notes due 2009, and for general corporate purposes; New York-based satellite radio broadcast company.

ON THE HORIZON

AMADEUS GLOBAL TRAVEL DISTRIBUTION SA: €1 billion (approximate); Credit Suisse First Boston, BNP Paribas plus others; to fund the LBO of the company by BC Partners and Cinven; travel reservations firm based in Madrid, Spain; expected during first half of 2005.

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, expired Feb. 11; New York City-based integrated media company focused on the legal and business communities.

CHENIERE ENERGY: $500 million senior notes due 2015 (B3/B+); JP Morgan, Credit Suisse First Boston (joint), Banc of America Securities (co); Rule 144A/Regulation S; non-callable for five years; to fund three-year interest reserve, capital expenditures and for general corporate purposes; Houston-based company is a provider of liquified natural gas services; price talk 8¾% area was before offering was postpone on April 19, 2005 due to market conditions.

CHIQUITA BRANDS INTERNATIONAL: $150 million senior notes (B3); Morgan Stanley; Rule 144A/Regulation S; also $650 million credit facility, via Morgan Stanley and Wachovia Securities leads, Goldman Sachs & Co. (documentation agent) and $75 million convertible perpetual preferred stock; to fund acquisition of the Fresh Express unit of Performance Food Group, which is expected to close around the end of April; Cincinnati-based international marketer, producer and distributor of high-quality bananas and other fresh produce.

DACOM CORP.: $300 million notes due 2010 (expected ratings Ba3/BB-); Credit Suisse First Boston; Rule 144A/Regulation S; non-callable for life; to refinance debt; South Korea-based integrated service provider of telecommunications and internet related services; roadshow started March 14 week in Asia, March 17 in London, March 18-21 in Boston and New York City.

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.

PETROHAWK ENERGY CORP.: $125 high-yield bonds; to back the consolidation of the bank debt of Petrohawk and soon-to-be-acquired Mission Resources Corp.; bank group includes BNP Paribas; Petrohawk is a Houston-based energy company; Mission Resources is a Houston-based independent exploration and production company.

SUNGARD CAPITAL CORP.: $3 billion senior and/or senior subordinated notes; also $5 billion credit facility to be led by Citigroup and JP Morgan; to help fund the leveraged buyout of SunGard Data Systems Inc. by a consortium that includes Silver Lake Partners, Bain Capital, The Blackstone Group, Goldman Sachs Capital Partners, Kohlberg Kravis Roberts & Co. LP, Providence Equity Partners and Texas Pacific Group; expected to close in 2005 third quarter.

TIM HELLAS: Bond financing to back €1.1 billion buyout of the company by Apax Partners and Texas Pacific Group from Telecom Italia; Deutsche Bank Securities, JP Morgan, others; TIM Hellas is the Greek mobile telephone operation, of which Telecom Italia is the majority stake-holder; expected to close in July.

TRAVELEX GROUP: Sterling-denominated bonds, size of offering to be determined; Deutsche Bank Securities; a consortium led by Apax Partners signed an agreement in February 2005 to acquire a majority stake in Travelex, transaction expected to close in 2005; London-based foreign currency exchange services provider.

ROADSHOWS

Started April 25 week pending market conditions: JAMES RIVER COAL CO. $135 million; Morgan Stanley

Started April 25 week: PETROQUEST ENERGY INC. $150 million; Credit Suisse First Boston

Started May 28: GSI GROUP INC. $125 million; Lehman Brothers

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