High Yield Calendar

Total amount of dollar-denominated high-yield bond offerings being marketed: $3.49 billion

WEEK OF MAY 26

CRUM & FORSTER FUNDING CORP.: $200 million notes due 2013 (B1/BB); JP Morgan (books), Banc of America Securities, RBC (joint leads); Rule 144A; non-callable for five years; to repay Fairfax debt; Morristown, N.J. insurance company; roadshow began May 16; price talk 10¾%-11%; pricing Thursday.

ALON USA: $150 million of senior notes due 2011 (B3/B); Merrill Lynch, Credit Suisse First Boston; Rule 144A; non-callable for four years; to refinance debt and for general corporate purposes; refiner/marketer of petroleum products; Price talk 11% area.

NEW WORLD RESTAURANT GROUP, INC.: $160 million senior secured notes due 2008 (B3/B-); Jefferies & Co.; Rule 144A; to repay debt including senior secured increasing-rate notes due June 2006; Hamilton, N.J. restaurant operator; roadshow week of May 19 through week of May 26.

TEXAS INDUSTRIES, INC.: $600 million senior notes due 2011 (B1/BB-); Banc of America Securities, UBS Warburg (joint), Banc One Capital Markets, Wells Fargo, SunTrust Robinson Humphrey, Comerica, Hibernia; Rule 144A; non-callable for four years; to repurchase up to $283 million outstanding senior notes, repay existing credit facility, repurchase trade receivables previously sold under accounts receivable facility, retire $95.5 million of variable-rate industrial development revenue bonds; Dallas-based maker of cement and structural steel; roadshow May 20-30; pricing May 30.

TRITON PCS, INC.: $500 million senior notes due 2013; Lehman Brothers, Citigroup, JP Morgan, Merrill Lynch (joint books); Rule 144A; non-callable for five years; to finance tender for $512 million outstanding 11% senior subordinated discount notes due 2008; Berwyn, Pa.-based owner and operator of wireless networks; roadshow started May 27; pricing Friday.

WEEK OF JUNE 2

QUALITY DISTRIBUTION, LLC/QD CAPITAL CORP.: $175 million senior secured notes due 2008 (Caa1/B-); Credit Suisse First Boston (books), Deutsche Bank Securities (co); Rule 144A; non-callable for three years; to repay bank debt; Tampa, Fla.-based operator of tank truck fleets; investor conference calls Thursday and Friday; pricing Monday or Tuesday.

NOVA CHEMICALS CORP.: $200 million of senior notes due 2011 (Ba2/BB+); Citigroup (books), TD Securities, CIBC World Markets, RBC, Scotia, BCM (co's); Rule 144A; non-callable; to pay August 2003 put on 7% debentures due 2026, to repay revolver, general corporate purposes; Calgary, Alta.-based producer of chemicals used in plastic and foam products; roadshow May 22-June 2; pricing June 3.

DAYTON SUPERIOR CORP.: $150 million senior second secured notes due 2008; Rule 144A; non-callable for three years; Morgan Stanley, Deutsche Bank Securities (joint); to pay down credit facility and general corporate purposes; Dayton, Ohio-based company makes metal accessories and forms for concrete and masonry structures; roadshow begins week of May 26; pricing expected during week of June 2.

WARNACO GROUP, INC.: $210 million senior notes due 2013; Citigroup, JP Morgan (joint); Rule 144A; non-callable for five years; to refinance floating rate amortizing second lien notes due 2008; New York City based apparel-maker; roadshow May 29-June 5; pricing June 5.

UNITED COMPONENTS INC.: $255 million senior subordinated notes due 2013; Lehman Brothers, JP Morgan (joint), ABN Amro, Credit Lyonnais (co's); Rule 144A; non-callable for five years; to fund LBO of UIS, Inc.'s automotive business for approximately $800 million, sponsored by The Carlyle Group; Jersey City, N.J. company supplies vehicle replacement parts; roadshow started May 28; pricing late in the week of June 2.

CBD MEDIA LLC: $150 million subordinated notes due 2013 (B3/B-); Lehman Brothers, Banc of America Securities; Rule 144A; to repay debt and pay $133 million cash dividend; Cincinnati yellow pages publisher; roadshow expected to begin week of May 26; expected to price middle of June 2 week.

ESTERLINE TECHNOLOGIES CORP.: $150 million senior subordinated notes due 2013 (B+); Wachovia Securities; Rule 144A; non-callable for five years; to fund acquisition of Weston Aerospace, to repay credit facility and for general corporate purposes; aerospace/defense specialty component manufacturer based in Bellevue, Wash.; roadshow started May 27; pricing late in the week of June 2.

R.J. TOWER CORP.: $250 million senior notes due 2013; JP Morgan, Banc of America Securities; Rule 144A/Regulation S; to repay senior credit facility and general corporate purposes; Grand Rapids, Mich.-based auto parts supplier; roadshow May 29-June 5.

JUNE BUSINESS

SEQUA CORP.: $100 million add-on to 8 7/8% senior notes due April 1, 2008 (BB-); Rule 144A; make-whole call at T+50 basis points; general corporate purposes; New York, N.Y.-based manufacturer of aerospace, propulsion, metal coating, specialty chemicals and other products; expected to close in June.

ALARIS MEDICAL INC.: $210 million senior subordinated notes (B3/B-); Bear Stearns, Citigroup, UBS Warburg; off the shelf; also new credit facility and 9.1 million common shares offering; to fund the tender for the outstanding 11 1/8% senior discount notes due 2008, the 11 5/8% senior secured notes due 2006 and the 9¾% senior subordinated notes due 2006, Citigroup dealer-manager, expires at 5 p.m. on June 20, 2003.

SECOND QUARTER

RESOURCE AMERICA, INC.: $30 million of senior notes due 2008; Bear Stearns and Friedman Billings Ramsey (joint); registered; callable on Aug. 1, 2006 at 106; concurrently company will offer up to $65.336 million of new notes in exchange for all outstanding 12% senior notes due 2004; Philadelphia-based oil and natural gas company.

http://www.sec.gov/Archives/edgar/data/83402/000095011603001564/s3.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.

RIVERWOOD HOLDING INC./GRAPHIC PACKAGING INTERNATIONAL CORP.: $1.5 billion financing in high yield bonds and bank debt; notes via Deutsche Bank Securities, JP Morgan (joint) credit facility lead by JPMorgan, Deutsche Bank, Goldman Sachs and Morgan Stanley (equal leads in financing), Citigroup, Credit Suisse First Boston (co's); to fund merger of Riverwood Holding Inc. and Graphic Packaging International Corp.

ON THE HORIZON

WACKENHUT CORRECTIONS CORP.: new debt; company also has committed financing from BNP Paribas that will involve a restructuring of the existing senior credit facility; to repurchase all 12 million shares of common stock held by Group 4 Falck A/S, its 57% majority shareholder for $132 million in cash; closing anticipated by the end of June 2003.

KAPPA BEHEER BV: €95 million add-on to 10 5/8% senior subordinated notes due 2009 (B2/B); Rule 144A; to redeem 12½% senior subordinated notes due 2009.

ROADSHOWS

Started May 16: QUALITY DISTRIBUTION, LLC/QD CAPITAL CORPORATION $175 million; Credit Suisse First Boston; Rule 144A; 5NC3

Started during week of May 19: NEW WORLD RESTAURANT GROUP, INC. $160 million; Jefferies & Co.; Rule 144A; 5NC3

May 20-30: TEXAS INDUSTRIES, INC. $600 million; Banc of America Securities, UBS Warburg; Rule 144A; 8NC4

May 22-June 2: NOVA CHEMICALS CORP. $200 million; Citigroup; Rule 144A; 8NC

Expected to start week of May 26: CBD MEDIA LLC $150 million; Lehman Brothers, Banc of America Securities; Rule 144A; 10 years

Started May 27: TRITON PCS, INC. $500 million; Lehman Brothers, Citigroup, JP Morgan, Merrill Lynch; Rule 144A; 10-year maturity

Started May 28: UNITED COMPONENTS INC. $255 million; Lehman Brothers, JP Morgan; Rule 144A; 10NC5

May 29-June5: WARNACO GROUP, INC. $210 million; Citigroup, JP Morgan; Rule 144A; 10NC5

Starts during week of May 26: DAYTON SUPERIOR CORP. $150 million; Morgan Stanley, Deutsche Bank Securities; Rule 144A; 5NC3

May 29-June 5: R.J. TOWER CORP. $250 million; JP Morgan, Banc of America Securities; Rule 144A/Regulation S; 10-year maturity

RECENT SHELF FILINGS WITH THE SEC

ICOS CORP.: $150 million shelf filed May 27 for common stock, debt securities and convertibles debt securities; some securities carried forward from previous shelf registration; Bothell, Wash. pharmaceutical company will use proceeds to fund research and clinical development, to fund commercialization of potential products and for general corporate purposes.

http://www.sec.gov/Archives/edgar/data/874294/000089843003003173/ds3.htm

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