Convertibles Calendar

FEB. 28 WEEK

ALLIED WASTE INDUSTRIES INC. (Symbol: AW): registered; $500 million of three-year mandatory convertible preferreds; $75 million greenshoe; par $250; price talk of 6.0% to 6.5% dividend, 23% to 27% initial conversion premium; non-callable with a 150% hurdle and make-whole provision; full takeover and dividend protection; Scottsdale, Ariz.-based trash hauler plans to use proceeds for its Allied Waste North America Inc. subsidiary to redeem a portion of its 9.25% senior notes due 2012 at 109.25 plus accrued and unpaid interest, fund its tender offer for the remaining $195 million of its 10% senior subordinated notes due 2009, repay $69.5 million of the Browning Ferris Inc. 7.875% senior notes due 2005, fund a portion of the tender offer for its 2006 senior notes and repay portions of term loans under the company's 2003 credit facility; offering is part of a larger refinancing effort that also includes the sale of $100 million of common stock, $600 million of Rule 144A senior notes by subsidiary Allied Waste North America Inc. and a new $1.45 billion bank facility; convertible joint bookrunners are Citigroup Global Markets Inc., JPMorgan Securities and Deutsche Bank Securities; SG Cowen & Co. is co-manager; slated to price March 3.

ON THE HORIZON

CHIQUITA BRANDS INTERNATIONAL INC. (Symbol: CQB): undetermined amount of perpetual convertible preferreds and straight bonds, totaling together at least $350 million; also plans new $700 million credit facility; with at least $75 million of cash on hand, proceeds are earmarked to fund the Cincinnati-based produce distributor's $855 million cash acquisition of the Fresh Express unit of Performance Food Group Co.; at least $350 million in gross proceeds from the issuance of unsecured senior notes and convertible securities for acquisition financing; Wachovia Securities is administrative agent on all the bank financings.

PNM RESOURCES INC. (Symbol: PNM): $200 million of equity-linked securities as part of financing package for $1.024 billion acquisition of TNP Enterprises Inc.; timing to coincide with acquisition closing 9 to 12 months from announcement on July 25; letter of intent obtained for the purchase of $100 million of the equity-linked securities from an existing shareholder; Albuquerque, N.M., electric utility also plans to issue $250 million of common equity, of which $95 million will go to TNP Enterprises shareholders, and place $100 million of long-term senior notes; expected ratings BBB/Baa2.

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