High Yield Calendar

Total amount of high-yield bond offerings being marketed: $4.810 billion

WEEK OF MAY 29

LIBBEY GLASS INC.: $400 million notes; JP Morgan, Bear Stearns; Rule 144A/Regulation S; proceeds, together with new senior secured credit facility, to finance purchase of 51% equity interest (bringing Libbey's ownership to 100%) in its Mexican joint venture (Crisa) with Vitro SA de CV, repay Libbey's existing senior secured credit facility, redeem Libbey's outstanding senior notes, repay existing debt of Crisa, and refinance the euro-denominated working capital line of credit of its wholly owned subsidiary Libbey Europe BV; issuing entity is wholly owned subsidiary of Libby Inc., a Toledo, Ohio, glass tableware manufacturer.

WEEK OF JUNE 5

HEALTHSOUTH CORP. $1 billion senior notes (B3/CCC+): fixed-rate notes due 2016, non-callable for five years, and floating-rate notes due 2014, non-callable for two years; Merrill Lynch, JP Morgan, Citigroup (joint), Deutsche Bank Securities, Goldman Sachs & Co., Wachovia Securities (co's); Rule 144A with registration rights/Regulation S; proceeds along with proceeds from $400 million convertible preferred priced in March 2006 to refinance $1.3 billion bridge loan incurred in February 2006 to fund a complete debt recapitalization; Birmingham, Ala.-based nationwide provider of outpatient surgery, diagnostic imaging and rehabilitative health care services; roadshow started May 30; pricing expected June 8.

JACOBS ENTERTAINMENT INC.: $210 million senior notes due 2014 (B3/B-); Credit Suisse, CIBC World Markets (joint), Libra Securities, Wells Fargo Securities, KeyBanc Capital Markets (co's); Rule 144A; non-callable for four years; to refinance its existing $148 million of 11 7/8% senior secured notes due 2009; Golden, Colo.-based owner and operator of multiple gaming properties; roadshow started May 31; pricing late June 5 week.

WEEK OF JUNE 12

INTELSAT/PANAMSAT $3.2 billion combined notes offerings: PANAMSAT HOLDING CORP.: $725 million of senior notes due 2016; PANAMSAT CORP. (operating company) $575 million of senior notes due 2016; INTELSAT (BERMUDA) LTD. $1.9 billion senior notes due 2013 and 2016; Deutsche Bank Securities, Citigroup, Credit Suisse, Lehman Brothers; Rule 144A/Regulation S; proceeds, together with cash on hand, to fund a portion of the acquisition of PanAmSat Holding Corp. by Intelsat (Bermuda), Ltd., a subsidiary of Intelsat, Ltd.; PanAmSat is a Wilton, Conn.-based satellite network operator; Intelsat is a satellite communications company based in Pembroke, Bermuda, and London; roadshow starts June 6; pricing expected late in the June 12 week.

JUNE BUSINESS

NTL CABLE PLC: $1 billion equivalent of new high-yield bonds in dollar-, euro- and sterling-denominated tranches; JP Morgan, Deutsche Bank, Goldman Sachs, The Royal Bank of Scotland; to refinance the £1.8 billion bridge facility incurred in connection with NTL's reverse acquisition of Telewest, which closed on March 3, 2006; subsidiary of London-based communications company, NTL Inc.; expected June business.

NORTEL NETWORKS CORP.: $1 billion (maximum) high-yield notes; JP Morgan, Citigroup; to repay a portion of the $1.3 billion bridge loan incurred to fund repayment of its $1.275 billion 6 1/8% notes due Feb. 15, 2006; Brampton, Ont., telecommunications networking equipment and services provider; expected June business.

TRANSDIGM INC.: New senior subordinated notes (existing ratings B3/B-) and senior secured credit facilities as part of overall $888.4 million debt refinancing; Credit Suisse expected to be involved in both bond and bank loan; proceeds along with available cash to refinance $400 million 8 3/8% senior subordinated notes due 2011 and $488.4 million of bank debt; wholly owned subsidiary of TransDigm Group Inc., a Cleveland-based designer, producer and supplier of highly engineered aircraft components; expected to launch before the middle of June.

INTERLINE BRANDS INC. (via INTERLINE NEW JERSEY): $175 million senior subordinated notes due 2016; Lehman Brothers; public offering; also $355 million credit facility; to fund tender for 11½% senior subordinated notes due 2011, repay bank debt and fund acquisition of American Sanitary Inc.; Jacksonville, Fla., distributor and direct marketer of maintenance, repair and operations products; expected June business.

WILLIAMS PARTNERS LP: $150 million senior notes (BB-); Citigroup expected to emerge as bookrunner; Rule 144A/Regulation S; also $216.9 million from offering of 7 million units of common stock via Lehman Brothers and Citigroup; to fund 25.1% interest in Four Corners system, which gathers and processes about 37% of the natural gas produced in the San Juan Basin and connects with the five pipeline systems that transport natural gas to end markets from subsidiaries of Williams; Tulsa, Okla.-based natural gas gathering, transporting and processing company; expected June business.

ON THE HORIZON

ARAMARK CORP.: $6.25 billion of debt financing to include senior and/or subordinated debt securities or, pending market conditions, an interim bridge facility, and/or a senior credit facility and/or an accounts receivable securitization facility; financing to be arranged by Goldman Sachs Credit Partners LP and J.P. Morgan Securities, Inc.; to fund the acquisition of the company by chairman and chief executive officer Joseph Neubauer together with funds managed by sponsors GS Capital Partners, J.P. Morgan Partners, Thomas H. Lee Partners and Warburg Pincus LLC; Philadelphia-based professional services company which provides food, hospitality, facility management services as well as uniform and work apparel.

DUNKIN' BRANDS INC.: High-yield bonds and new credit facility; to help back leveraged buyout by Bain Capital Partners, The Carlyle Group and Thomas H. Lee Partners; Canton, Mass., quick-service restaurant franchisor; LBO expected to close in the first quarter of 2006.

HANESBRANDS INC.: Senior unsecured notes; Rule 144A; also new senior secured credit facility; in part to pay a dividend to Sara Lee prior to the spinoff of the business into Hanesbrands including Hanes, Champion, Playtex, Bali, Just My Size, barely there and Wonderbra, which is expected to be completed between June and September; Winston-Salem, N.C.-based Hanesbrands will operate as a stand-alone, publicly traded, global apparel company.

KERZNER INTERNATIONAL LTD.: $400 million unsecured senior subordinated discount notes (at operating company level); private placement; also $2.775 billion senior secured credit facility led by Deutsche Bank Securities and Goldman Sachs Credit Partners; to help fund its LBO by an investor group that's led by management; Paradise Island, The Bahamas, developer and operator of destination resorts, luxury resort hotels and gaming properties; LBO expected to close mid-2006.

KINDER MORGAN INC.: $14.5 billion of funded debt; likely Goldman Sachs; help fund proposed public-to-private buyout by management and equity investors; Houston-based energy infrastructure provider.

NATIONAL MENTOR HOLDINGS INC.: $215 million bonds; also $300 million in senior term loan debt via JP Morgan, UBS Securities, Bank of America; in connection with the buyout of the company by management and Vestar Capital Partners, expected to close in June, also to refinance existing term loan B and revolver, and fund a tender offer for 9 5/8% senior subordinated notes due 2012; Boston-based provider of home and community-based human services for individuals with developmental disabilities and acquired brain injuries, as well as for at-risk youth.

NEG INC.(to be renamed National Energy Group Inc.): $200 million senior notes; also $460 million common stock IPO via Bear, Stearns & Co., Citigroup; $125 million to repay a portion of NEG Oil & Gas revolver, $245 million to repay debt owed to American Real Estate Partners, LP (AREP) by National Energy Group, National Onshore and National Offshore, subsidiaries of NEG Oil & Gas, to fund $194 million distribution to AREP; independent oil and gas exploration, development and production company based in Dallas.

PET VALU CANADA INC.: C$15 million 10% two-year unsecured subordinated debentures; private placement; notes will come with a two-year extension available at the subscribers' option subject to a prepayment right on the part of Pet Valu Canada; the existing investors to whom Pet Valu Canada will be making the offer are the holders of its outstanding 8½% debentures due July 24, 2006, including Holtcorp Inc., a company controlled by Pet Valu Canada's chief executive officer, Geoffrey F. Holt; to retire maturing 8½% debentures; offering will be subject to Pet Valu Canada obtaining all required third party approvals; Markham, Ont., specialty retailers of pet food and pet supplies.

PINNACLE ENTERTAINMENT INC.: $1.25 billion bonds; also $2.15 billion credit facility led by Lehman Brothers and Bear Stearns & Co.; to back up the bond offering, the company has received a commitment for a $1.25 billion 365-day unsecured senior subordinated interim loan that would carry an interest rate of Libor plus 450 bps, increasing by 75 bps 180 days after funding and an additional 50 bps each 90 days thereafter up to a maximum of 11% per annum; proceeds to help finance Pinnacle's purchase of Phoenix-based gaming company, Aztar Corp., expected to close in the fourth quarter of 2005; Pinnacle Entertainment is a Las Vegas-based owner and operator of gaming entertainment facilities.

SEMGROUP LP: $400 million senior notes; Banc of America Securities LLC; also $725 million credit facility; to help fund its purchase of TransMontaigne Inc.; TransMontaigne is a Denver-based refined petroleum products marketing and distribution company; SemGroup is a Tulsa, Okla.-based midstream service company.

SILGAN HOLDINGS INC.: New subordinated notes and/or borrowings under senior secured credit facility; to fund €230 million acquisition of Amcor Ltd.'s White Cap closures business, expected to close during second quarter of 2005; Silgan is a Stamford, Conn., manufacturer of consumer goods packaging products.

SOURCECORP INC.: $175 million in senior subordinated notes (may be abandoned in favor of second-lien bank loan); Credit Suisse, UBS Securities; also $250 million senior secured credit facility; to help fund LBO by Apollo Management LP expected in the second or third quarter of 2006; as back-up for the bond offering, the company has received a commitment for a $175 million senior subordinated increasing rate bridge loan; Dallas-based provider of business process outsourcing solutions and specialized consulting services.

UTI WORLDWIDE INC.: $200 million senior notes; true private placement; proceeds along with cash reserves and $150 million draw from senior secured six-month term credit facility to fund $197.1 million acquisition of Portland, Ore.-based privately held third-party logistics services and multi-modal transportation capacity solutions provider Market Industries; ocean freight and logistics company, domiciled in the Virgin Islands with headquarters in Rancho Dominguez, Calif.

VALOR COMMUNICATIONS GROUP/ALLTEL CORP.: $800 million of senior notes; also up to $4.2 billion credit facility via JP Morgan and Merrill Lynch; to fund the merger of Valor with Alltel; new entity expected to be based in Central Arkansas; expected second quarter of 2006.

WEST CORP.: $3.2 billion to $3.3 billion (approximate) of new debt including high-yield bonds; Deutsche Bank Securities, Lehman Brothers; also new credit facility; to fund LBO of the company by an investor group Led by Thomas H. Lee Partners and Quadrangle Group in a deal that values the company at about $4.1 billion, including debt; Omaha, Neb.-based provider of outsourced communication solutions; transaction expected to close in the fourth quarter of 2006.

WOOD RESOURCES LLC/FINANCE CORP.: $75 million senior secured floating-rate notes due 2013 (B3/B-); Jefferies & Co. (books); Rule 144A/Regulation S; all existing and future domestic restricted subsidiaries will guarantee the notes on a senior secured basis; to repay substantially all outstanding debt and fund capital projects; Greenwich, Conn., company primarily produces plywood for specialized industrial markets as well as for the construction and residential repair and remodeling markets; price talk six-month Libor plus 750 basis points.

ROADSHOWS

Started May 30: HEALTHSOUTH CORP. $1 billion; Merrill Lynch, JP Morgan, Citigroup

Started May 31: JACOBS ENTERTAINMENT INC. $210 million; Credit Suisse, CIBC World Markets

Starts June 6: PANAMSAT/INTELSAT $3.2 billion; Deutsche Bank Securities, Citigroup, Credit Suisse, Lehman Brothers

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