High Yield Calendar

Total amount of high-yield bond offerings being marketed: $1.335 billion

WEEK OF JUN 20

HYNIX SEMICONDUCTOR INC.: $750 million dual tranche offering of seven- and 10-year senior notes (B1/B+); Citigroup, Deutsche Bank Securities, UBS Investment Bank, Merrill Lynch & Co. (joint); to repay bank debt; roadshow June 13 and June 14 in Asia, June 15 in London, June 16 in U.S.; Korea-based semiconductor company.

CHIQUITA BRANDS INTERNATIONAL INC.: $225 million senior notes due December 2015 (B3/B-); Morgan Stanley, Wachovia Securities (joint books), Goldman Sachs & Co. (joint lead), ABN Amro, BB&T, Rabo Securities (co's); Rule 144A with registration rights; non-callable for five years; also $600 million credit facility, to help fund acquisition of the Fresh Express unit of Performance Food Group; Cincinnati-based international marketer, producer and distributor of high-quality bananas and other fresh produce; roadshow started June 16; pricing late in the week of June 20.

OCEAN RIG NORWAY AS: $150 million senior secured second-lien notes due 2013 (B3/B-); Morgan Stanley (books), DNB (co); Rule 144A for life; non-callable for four years; to refinance existing debt; owner-operator of drilling rigs used for the offshore exploration and development of oil and gas fields, has headquarters in Oslo, Norway; roadshow begins Thursday on the U.S. West Coast, Friday in the Midwest; pricing late in the June 20 week.

COMMERCIAL VEHICLE GROUP INC.: $150 million senior notes due 2013; Credit Suisse First Boston; Rule 144A/Regulation S; to repay bank debt and for general corporate purposes; New Albany, Ohio-based truck parts manufacturer; roadshow starts June 20.

JUNE BUSINESS

EQUITY INNS PARTNERSHIP LP (EQUITY INNS INC.): $65 million senior unsecured notes due 2012 (B1/B+); Morgan Keegan; Rule 144A/Regulation S; non-callable for life; to reduce borrowings under its line of credit, fund future acquisitions of hotel properties and general corporate purposes; Germantown, Tenn.-based real estate investment trust with interests in hotel properties; expected to price during the May 23 week.

GASTAR EXPLORATION LTD.: $70 million senior secured floating-rate notes expected to pay Libor plus 6%; callable after one year at 105, with premium declining by one percentage point annually thereafter to par; to finance the acquisition of additional interests in Gastar's existing leasehold and working interests properties in East Texas and the Powder River Basin from Geostar, to refinance Gastar's existing 15% senior unsecured notes, to fund its drilling activities in East Texas and for general corporate purposes; subject to the closing of the company's previously announced acquisition of additional interests in East Texas and the Powder River basin from Geostar Corp.; Houston, Texas-based an exploration and production company focused on finding and developing natural gas assets in North America and Australia.

SUMMER 2005 BUSINESS

SUNGARD DATA SYSTEMS INC.: High yield bonds; Deutsche Bank Securities involved; to help fund the $11.3 billion acquisition of the company by Solar Capital Corp., a group formed by Silver Lake Partners, Bain Capital, The Blackstone Group, Goldman Sachs Capital Partners, Kohlberg Kravis Roberts & Co. LP, Providence Equity Partners and Texas Pacific Group; financing also includes up to a $5 billion credit facility via JP Morgan and Citigroup; expected summer 2005.

GLOBAL TOYS ACQUISITION LLC: High-yield bonds; Deutsche Bank Securities, Banc of America Securities; also a $2.85 billion U.S. asset-based debt facility, and a $350 million European working capital facility; to back the $6.6 billion Toys "R" Us Inc. acquisition by Bain Capital Partners LLC, Kohlberg Kravis Roberts & Co. and Vornado Realty Trust; expected summer 2005.

THE NEIMAN MARCUS GROUP INC.: $3.9 billion debt financing, including senior secured notes, revolving credit facility, term loans and possibly bridge loans; Credit Suisse First Boston to lead debt financing; to support acquisition of the company by Texas Pacific Group and Warburg Pincus LLC.

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.

BRASKEM SA: $100 million perpetual senior notes (/BB-/BB-); Banco Itau; Rule 144/Regulation S; non-callable for five years; Sao Paulo, Brazil, petrochemical company.

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.

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 postponed on April 19 due to market conditions.

COMPRESSION POLYMERS HOLDINGS LLC: $215 million in fixed-rate notes due 2013 and floating-rate notes due 2012 (expected ratings B2/B-); Wachovia Securities; to fund the leveraged buyout of Compression Polymers Corp. by AEA Investors; manufacturer of engineered extruded plastic sheet products used primarily as replacements for wood and metal, based in Moosic, Pa.; pending market conditions.

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.

EL PASO CORP.: Remarketing of $272 million 6.14% senior unsecured notes due Aug. 16, 2007 (assumed ratings Caa1/CCC+); via Credit Suisse First Boston; Rule 144A/Regulation S with registration rights; to facilitate issuance of El Paso stock in 2005 pursuant to terms of the company's 9% mandatory convertible securities issued in June 2002 (equity contract settles Aug. 16, 2005), no proceeds to El Paso Corp.; Houston-based diversified oil and gas utility company.

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.

PSYCHIATRIC SOLUTIONS INC.: $150 million senior subordinated notes; Rule 144A/Regulation S; to fund a portion of the acquisition of 20 inpatient psychiatric facilities from Ardent Health Services and for general corporate purposes; Franklin, Tenn.-based company.

SIERRA PACIFIC RESOURCES: $240 million short-term floating-rate notes; Rule 144A; to make an equity contribution to its subsidiary, Nevada Power Co.; Reno, Nev.-based holding company whose principal subsidiaries are Nevada Power Co. and Sierra Pacific Power Co.

SIRIUS SATELLITE RADIO INC.: $250 million senior notes due 2015 (/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.

TEXAS INDUSTRIES INC.: $250 million senior notes due 2013 (B1/BB-) to help fund tender for its $600 million 10¼% senior notes due 2011; additional funding for tender from a dividend payment from its wholly owned steel subsidiary, Chaparral Steel Co. (assuming completion by Chaparral Steel of its proposed debt financings), and its existing cash; Banc of America Securities LLC dealer-manager for tender which expires July 14, 2005; Dallas-based construction materials company.

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

June 13-16: HYNIX SEMICONDUCTOR INC.: $750 million; Citigroup, Deutsche Bank Securities, UBS Investment Bank, Merrill Lynch & Co.

Started June 16: OCEAN RIG NORWAY AS: $150 million; Morgan Stanley

Started June 16: CHIQUITA BRANDS INTERNATIONAL INC.: $225 million; Morgan Stanley, Wachovia Securities

Starts June 20: COMMERCIAL VEHICLE GROUP INC.: $150 million; Credit Suisse First Boston

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