High Yield Calendar

Total amount of high-yield bond offerings being marketed: $1.540 billion and €300 million

WEEK OF OCT. 3

AFFINION GROUP: $750 million in two parts: $250 million senior notes due 2013, non-callable for four years (B3/B-), price talk 9% area, and $500 million senior subordinated notes due 2015 (Caa1/B-), non-callable for five years, price talk 10 5/8% area; Credit Suisse First Boston, Deutsche Bank Securities (joint); to fund the acquisition by Apollo Management; global affinity direct marketer of membership, insurance and package enhancement products and services, pricing Monday.

MIDDLETOWN RANCHERIA GAMING ENTERPRISES: $50 million senior unsecured notes due 2012; Jefferies & Co.; Rule 144A for life; to refinance debt and fund a renovation; gaming company owned and operated by the Middletown Rancheria band of Pomo Indians; price talk 12% area.

UPC HOLDING BV (LIBERTY GLOBAL INC.): €300 million add-on its 7¾% senior notes due Jan. 15, 2014; Credit Suisse First Boston, Deutsche Bank Securities, JP Morgan (joint); Rule 144A/Regulation S; to help fund the Liberty Group's acquisition of Swiss broadband cable operator Cablecom Holdings AG; UPC is a wholly owned subsidiary of Liberty Global, which owns interests in broadband distribution and content companies operating outside the continental United States, principally in Europe, Asia, and the Americas, has headquarters in Denver; original €500 million priced at par on July 22, 2005; add-on expected to price Monday.

DYCOM INDUSTRIES: $150 million senior subordinated notes due 2015 (Ba3/B+); Merrill Lynch & Co., Goldman Sachs & Co. (books), Wachovia Securities, Friedman Billings Ramsey (co's); Rule 144A; non-callable for five years; to help fund repurchase of $199.5 million of common stock pursuant to tender offer and for general corporate purposes; Palm Beach Gardens, Fla., provider of engineering, construction, maintenance and installation services to telecommunications providers; roadshow Sept. 26-Oct. 4, pricing thereafter.

ACTIVANT SOLUTIONS INC.: $140 million senior floating-rate notes with terms identical to existing notes due April 1, 2010, callable April 1, 2006 at 102.0 (B2/B+) and ACTIVANT SOLUTIONS HOLDINGS: $40 million senior floating-rate PIK notes due 2011, non-callable for two years (Caa1/B-); Deutsche Bank Securities, JP Morgan; to fund acquisition of Prophet 21; Austin, Texas, software company; roadshow started Sept. 28, one-on-one meetings at the Deutsche Bank High Yield Conference, Sept. 28-29; pricing Oct. 7.

FOSUN INTERNATIONAL LTD.: $500 million senior notes due 2012 (Ba3/BB-); Morgan Stanley, Citigroup; Rule 144A/Regulation S with no registration rights; to repay debt; Shanghai, China, company with operations in the steel, real estate and pharmaceutical sectors; roadshow started Sept. 28 in Singapore, Sept. 29 in Hong Kong, Sept. 30 in London; U.S. roadshow starts Oct. 3; expected to price late in the week of Oct. 3.

COMSYS IT PARTNERS INC.: $150 million senior notes due 2013 (B2/B-); Wachovia Securities, Merrill Lynch & Co.; Rule 144A; non-callable for four years; proceeds together with new senior secured revolver, to repay existing senior credit facility and second-lien term loan; Houston-based information technology staffing company.

ON THE HORIZON

AMADEUS GLOBAL TRAVEL DISTRIBUTION SA: €1 billion (approximate); Credit Suisse First Boston; 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 144A/Regulation S; non-callable for five years; Sao Paulo, Brazil, petrochemical company.

THE DOLAN FAMILY GROUP (CABLEVISION): $4.25 billion in a multi-tranche bond offering at the holding company level; also $2.8 billion credit facility at the operating company level via Bank of America and Merrill Lynch; proceeds to be used to take Cablevision Systems Corp. private; pending shareholder approval; Cablevision is a Bethpage, N.Y.-based telecom and cable business.

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.

DRS TECHNOLOGIES INC. $700 million: $500 million senior notes and $200 million senior subordinated notes; also new bank debt and convertible notes; to help fund its acquisition of Engineered Support Systems Inc., a St. Louis-based diversified supplier of integrated military electronics, support equipment and technical services; committed financing from Bear Stearns & Co.; DRS Technologies is Parsippany, N.J.-based provider of technology products and services to defense, government intelligence and commercial customers; transaction expected to close by March 2006.

THE HERTZ CORP.: $3 billion bonds; Deutsche Bank Securities, Lehman Brothers and Merrill Lynch; to help fund the approximately $15 billion LBO of the company by Clayton, Dubilier & Rice Inc., The Carlyle Group and Merrill Lynch Global Private Equity from Ford Motor Co.; Park Ridge, N.J, vehicle rental company; 2006 business.

INTELSAT LTD.'s $7 billion acquisition of PANAMSAT HOLDING CORP.: $4 billion (approximate) minimum: PANAMSAT OPERATING CO. $572.9 million senior notes with the option to issue additional $663.57 million if PanAmSat 9% notes are refinanced, PANAMSAT HOLDING CO. $721.2 million in senior notes with option to issue additional $301.9 million if PanAmSat 10 3/8% notes are refinanced, INTELSAT OPERATING CO. up to $557 million of senior notes, INTELSAT HOLDING CO. up to $1.4155 billion in senior notes; also approximately $2.88 billion aggregate bank debt; financing provided by Deutsche Bank, Citigroup, Credit Suisse First Boston and Lehman Brothers; PanAmSat is a Wilton, Conn.-based satellite network operator; Intelsat is a Pembroke, Bermuda, satellite communications company; expected to be completed in 2006.

K. WAH CONSTRUCTION MATERIALS LTD.: $300 million and $500 million global bonds; Merrill Lynch & Co., Morgan Stanley; owner of Macau's Galaxy casino.

PER-SE TECHNOLOGIES INC.: $410 million in new debt including senior subordinated debt and bank debt; financing commitment from Bank of America; proceeds in addition to $240 million of Per-Se stock and cash on hand to help fund its acquisition of NDCHealth Corp.; Per-Se is an Alpharetta, Ga., provider of connective health care solutions to physicians and hospitals; transaction expected to be completed late 2005 or early 2006

PETROHAWK ENERGY CORP.: $170 million notes due 2013; BNP Paribas expected bookrunner; non-callable for four years; 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.

RADNOR HOLDINGS CORP.: $30 million add-on to three-month Libor plus 675 bps senior secured floating-rate notes due April 15, 2009 (existing ratings B3/B); Rule 144A; also $20 million preferred stock; to repay revolver, to provide additional availability to fund growth initiatives in its foodservice packaging business; Radnor, Pa.-based producer of foam packaging and specialty chemical products for the food service, insulation and protective packaging industries; original $70 million priced at par on April 15, 2004 via Lehman Brothers.

ROUNDY'S SUPERMARKETS INC.: New bonds to help repay existing credit facility, to tender for 8 7/8% senior subordinated notes due 2012 and to fund a substantial dividend to its existing shareholder; Bear Stearns & Co., Goldman Sachs & Co.; Rule 144A; Milwaukee supermarket operator.

SS&C TECHNOLOGIES INC.: $205 million subordinated notes; Wachovia Securities, JP Morgan, Bank of America (joint); Rule 144A; also senior secured credit facility; to fund $982 million LBO of the company by Carlyle Group; Carlyle Group will also contribute equity; Windsor, Conn., company delivers investment and financial management software and related services focused exclusively on the financial services industry; expected September or October.

TARGA RESOURCES INC.: $400 million high-yield bonds; Credit Suisse First Boston, Merrill Lynch & Co., Goldman Sachs & Co.; $1.45 billion credit facility; to help fund Targa's acquisition of Dynegy Inc.'s Midstream natural gas business for $2.35 billion; independent midstream energy company formed in 2003 by management and the global private equity firm Warburg Pincus; acquisition expected to close late October.

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.

VENETIAN MACAU LTD.: $300 million floating-rate notes; Goldman Sachs

WYNN RESORTS (MACAU) SA: $744 million equivalent; Banc of America Securities LLC, Deutsche Bank Securities

ROADSHOWS

Started Sept. 14: COMSYS IT PARTNERS INC. $150 million; Wachovia Securities, Merrill Lynch

Started Sept. 26: DYCOM INDUSTRIES $150 million; Merrill Lynch & Co., Goldman Sachs & Co.

Started Sept. 28: ACTIVANT SOLUTIONS INC. $140 million and ACTIVANT SOLUTIONS HOLDINGS $40 million; Deutsche Bank Securities, JP Morgan

Started Sept. 28: FOSUN INTERNATIONAL LTD. $500 million; Morgan Stanley, Citigroup

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