Convertibles Calendar

APRIL 4 WEEK

MERRILL LYNCH/MORGAN STANLEY (Symbol: JNC): Registered; total $700 million in non-callable mandatory exchangeable notes that convert into Nuveen Investments Inc. stock; Tranche 1, by Merrill Lynch, for $350 million of 2.5-year notes talked with 6.25% to 6.75% coupon, conversion premium set at 20%; Tranche 2, by Morgan Stanley, for $350 million of 3.5-year notes talked with 5.75% to 6.25% coupon, conversion premium set at 20%; both with dividend protection; expected ratings of Aa3/A+; part of The St. Paul Travelers Cos. Inc. divestiture of its 78% equity stake in Nuveen; Merrill and Morgan Stanley are joint bookrunners; pricing slated after the close April 6.

ON THE HORIZON

CHIQUITA BRANDS INTERNATIONAL INC. (Symbol: CQB): Rule 144A; $75 million perpetual convertible preferred; to be sold in conjunction with $150 million of senior bonds; also plans new $650 million bank credit facility; joint lead arrangers Wachovia Securities and Morgan Stanley & Co. Inc.; proceeds plus at least $75 million of cash on hand are earmarked to fund the Cincinnati-based produce distributor's $855 million cash acquisition of the Fresh Express unit of Performance Food Group Co.

LAZARD LTD. (Symbol: LAZ): $287.5 million mandatory convertible; also issuing to French bank Ixis $150 million security exchangeable into common stock and $50 million of common stock; both added to initial public offering estimated at $850 million; French investment banking firm to use proceeds to buy out the 36% stake in the firm owned by Lazard chairman Michel David-Weill and allies, including the French investment firm Eurazeo; Goldman Sachs & Co. Inc. is sole bookrunner; co-managers are Citigroup, Lazard, Merrill Lynch, Morgan Stanley, Credit Suisse First Boston and JPMorgan; timing uncertain.

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