High Yield Calendar: $700 million deals being marketed

WEEK OF NOVEMBER 26

SEQUA CORP.: $700 million senior unsecured notes due 2015, non-callable for four years (Caa2/CCC+): senior unsecured notes and senior unsecured discount notes (2.5-year zero coupon); Lehman Brothers (lead bookrunner); Citigroup, JPMorgan (joint books); Rule 144A for life/Regulation S; both tranches non-callable for four years, with three-year 35% equity clawback and 101.0 change-of-control put; to help fund $2.7 billion LBO by The Carlyle Group; New York-based diversified aerospace and industrial company; pricing expected Nov. 26 week following bank loan pricing.

EXPECTED 2007 BUSINESS

AGILE PROPERTY HOLDINGS LTD.: Up to $400 million senior notes (Ba3/BB) in fixed-rate and floating-rate tranches; HSBC; Rule 144A/Regulation S; to finance new and existing projects; Hong Kong-based property developer.

AVAYA INC. $1.45 billion senior unsecured notes (CCC+): $700 million cash-pay notes and $750 million PIK toggle notes; Morgan Stanley, Citigroup, JPMorgan; also $4.335 billion credit facilities, bank meeting expected to take place during November; to fund LBO by Silver Lake and TPG Capital; Basking Ridge, N.J., provider of communication systems, applications and services.

BASELL: $7 billion senior secured second-lien notes and/or senior unsecured notes via Rule 144A or other private placement; Citigroup, Goldman Sachs, Merrill Lynch, ABN Amro, UBS Investment Bank global coordinators for bonds, joint lead arrangers; also $14 billion credit facility; to finance acquisition of Houston-based Lyondell Chemical Co.; Basell is a Netherlands-based producer of polypropylene and polyethylene; expected to close during remainder of 2007 or early 2008.

CATALINA MARKETING CORP.: $490 million notes (Caa1/B-): $330 million senior PIK toggle notes and $160 million senior subordinated notes; Bear Stearns, Goldman Sachs & Co., Merrill Lynch & Co., Morgan Stanley; Rule 144A; to fund the acquisition of the company by Hellman & Friedman Capital partners VI; St. Petersburg, Fla., provider of promotional marketing services; expected to price mid to late fourth quarter.

CDW CORP. $1.96 billion: $1.04 billion senior notes and $920 million senior subordinated notes; JPMorgan, Lehman Brothers, Deutsche Bank Securities, Morgan Stanley; also $2.9 billion senior secured credit facility and $2.403 billion of equity; to help fund LBO by Madison Dearborn Partners, LLC and Providence Equity Partners Inc.; Vernon Hills, Ill., provider of technology products and services; expected November business.

EAST VALLEY TOURIST DEVELOPMENT AUTHORITY: $275 million senior secured notes due 2015 (B1/B); Merrill Lynch & Co. expected bookrunner; Rule 144A; to refinance debt, finance improvements to the casino and hotel and fund payments to the Cabazon Band of Mission Indians; Indio, Calif.-based tribal gaming company.

HARRAH'S ENTERTAINMENT INC.: $6.025 billion senior unsecured bridge loans; also $9 billion credit facility via Bank of America, Deutsche Bank, Citigroup, Credit Suisse, JPMorgan and Merrill Lynch; to help fund LBO by Texas Pacific Group and Apollo Management, LP; Las Vegas-based provider of branded casino entertainment.

LAUREATE EDUCATION INC.: $995 million notes: $685 million senior unsecured notes due 2015 and $310 million senior subordinated notes due 2016; Goldman Sachs & Co., Citigroup (joints), JPMorgan, Credit Suisse (co's); to help fund LBO; Baltimore-based provider of higher education; bridge loan funded in August.

MYLAN INC.: $2.85 billion senior notes; Merrill Lynch, Citigroup, Goldman Sachs & Co.; also $4.85 billion credit facility; to help fund acquisition of Merck KGaA's generic business, expected to close in the second half of 2007; Canonsburg, Pa., pharmaceutical company.

RELIANCE INTERMEDIATE HOLDINGS LP: $293 million senior secured notes due 2014 (BB-/Ba2) also RELIANCE LP C$1.075 billion senior secured notes due 2012 and 2017 (Baa3/BBB-); Citigroup (lead bookrunner), RBC Capital Markets (joint bookrunner), HSBC (co-manager on investment-grade tranches); Rule 144A; entire transaction to be run off of high-grade desk; to refinance acquisition-related bridge loan; Oshawa, Ont., heating and cooling products and services provider.

TELESAT: $900 million senior notes and $2.2 billion credit facility; Morgan Stanley, UBS Investment Bank to lead financing; to help fund acquisition of Telesat by a joint venture company formed by Loral Space & Communications Inc. and the Public Sector Pension Investment Board, expected to close by mid-2007; new company will be one of the world's largest operators of telecommunications satellites.

ON THE HORIZON

3COM CORP.: $400 million one-year bridge loan; also $800 million credit facility via Citibank Hong Kong Branch, UBS Singapore Branch, HSBC, ABN Amro and Bank of China; to fund LBO by affiliates of Bain Capital (financing includes $1.416 billion of equity) expected to close first quarter of 2008; Marlborough, Mass., network services company.

ACE CASH EXPRESS INC.: $45 million add-on to 10¼% senior notes due Oct. 1, 2014 (existing ratings Caa1/B-); Bear Stearns; callable on Oct. 1, 2010 at 105.125; to repay warehouse its line and fund acquisitions original $175 million issue priced at par on Sept. 26, 2006; Dallas-based provider of retail check-cashing services.

ALLIANCE DATA SYSTEMS CORP.: $2.21 billion bonds: $1.8 billion senior unsecured notes and $410 million senior subordinated notes; also $4.4 billion credit facility; Credit Suisse lead bank on financing; to help fund $7.8 billion LBO by The Blackstone Group expected to close by end of 2007; Dallas-based provider of marketing, loyalty and transaction services.

AFFILIATED COMPUTER SERVICES INC.: $2.515 billion of high-yield notes and $4.05 billion senior secured credit facility; to help finance public-to-private bid by Darwin Deason, founder and chairman, and Cerberus Capital Management LP for about $8.2 billion; Citigroup has provided the bidders with a "highly confident" letter regarding its ability to raise the necessary debt; investment partners are prepared to enter into negotiations with the company immediately and are ready to move quickly to complete the transaction; Dallas-based provider of business process outsourcing and information.

ALTRA NEBRASKA LLC: $130 million senior secured notes due 2018 (B); Morgan Stanley; to fund a portion of the cost to construct a 100 million gallon per year nameplate capacity, dry-mill ethanol plant in Carleton, Neb.; wholly owned subsidiary of Altra Inc., a California-based developer of renewable fuel projects.

BCE INC. C$11.3 billion U.S. dollar equivalent bonds: Up to $7.5 billion senior notes and $3.8 billion subordinated notes; also C$23.05 billion credit facility; Citigroup, Deutsche Bank, RBS Securities, TD Securities lead banks on financing; to fund LBO by Teachers Private Capital, Providence Equity Partners Inc. and Madison Dearborn Partners, LLC, expected to be completed first quarter of 2008; Montreal-based communications company.

CCS INCOME TRUST: C$600 million senior unsecured notes due 2015 (B-); Goldman Sachs & Co., Deutsche Bank Securities; also $1.9 billion credit facility, bank meeting Oct. 22; to help fund LBO of the company; Calgary, Alta.-based services provider to upstream and downstream oil and gas companies in Canada and the United States.

CLEAR CHANNEL COMMUNICATIONS INC.: $2.6 billion high-yield bonds (decreased from $4.1 billion) and $19.525 billion credit facility (upsized from $17.375 billion); Citigroup, Deutsche Bank, Morgan Stanley, Credit Suisse, RBS Greenwich Capital and Wachovia are lead banks on the debt financing; to help back its leveraged buyout by Thomas H. Lee Partners, LP and Bain Capital Partners, LLC, expected to be completed by the end of 2007; also $3.44 billion sponsor equity; San Antonio media and entertainment company.

DRIVETIME AUTOMOTIVE GROUP INC.: $160 million senior notes due 2013 (B2/B); to replace the company's existing $80 million issue of senior unsecured notes due 2010; Phoenix-based company sells and finances used cars to subprime niche.

THE FINISH LINE INC.: $700 million unsecured senior notes; also $1.14 billion credit facility led by UBS; to finance the acquisition of Nashville specialty retailer Genesco Inc., expected to close in the fall (at close leverage is expected to be mid-five times area); Finish Line is an Indianapolis mall-based specialty retailer.

GREAT ATLANTIC & PACIFIC TEA CO. INC.: $330 million (approximate) high-yield bridge loan (decreased from $780 million by proceeds from pending share sale, shareholder meeting scheduled Nov. 8, 2007); Banc of America Securities LLC, Lehman Brothers, also $675 million ABL credit facility (upsized from $615 million); to help fund its purchase of Pathmark Stores Inc. for $1.3 billion in cash, stock and debt assumption or retirement, expected in December 2007; Montvale, N.J.-based supermarket chain.

IKON OFFICE SOLUTIONS INC.: $150 million senior unsecured floating-rate notes due 2011; Wachovia; to help fund recapitalization of the company with respect to 18-month extension of standstill agreement between IKON and Steel Partners II, LP; amendment disclosing extension announced on Nov. 20, 2007; Malvern, Pa., integrated document management systems and solutions provider.

INTELSAT HOLDINGS LTD.: $5.11 billion expected in two approximately equal-sized tranches; Credit Suisse, Banc of America Securities LLC, Morgan Stanley; to help fund LBO by BC Partners and certain other investors, including about $860 million of existing debt at Intelsat (Bermuda), Ltd. and to defease or retire the $400 million Intelsat, Ltd. 5¼% senior notes due 2008, expected to close between November 2007 and February 2008; Pembroke, Bermuda, provider of fixed satellite services.

PENN NATIONAL GAMING INC.: High-yield bonds and new credit facility via Deutsche Bank Securities and Wachovia Securities; to fund LBO by Fortress Investment Group LLC and Centerbridge Partners LP, valued at about $8.9 billion, including repayment of $2.8 billion of outstanding Penn National debt; Wyomissing, Pa., gaming company.

RADIATION THERAPY SERVICES INC.: $165 million in unsecured senior subordinated notes; and $410 million credit facility; Wachovia to lead debt financing; to fund LBO of Radiation Therapy by Vestar Capital Partners, expected to close first quarter of 2008; Fort Myers, Fla., radiation therapy services provider.

RCN CORP.: $250 million unsecured debt and term loans; Deutsche Bank Securities; to help fund its acquisition of NEON Communications Group Inc., expected to close in fourth quarter of 2007; RCN is a Herndon, Va.-based provider of video, data and voice services.

RIVERDEEP INTERACTIVE LEARNING USA: $820 million senior subordinated notes; Credit Suisse, Citigroup (joint); proceeds along with $1.87 billion senior bank debt, $750 million mezzanine debt and $1.5 billion equity to fund the acquisition of Houghton Mifflin by Riverdeep from Thomas H. Lee Partners, Bain Capital Partners, LLC and Blackstone Group for $3.4 billion; Riverdeep, based in Dublin, Ireland, is a publisher of interactive products for the consumer and school markets.

TELEFLEX INC.: New notes, bank loan and convertibles to fund acquisition of Arrow International Inc., expected to close in fourth quarter of 2007; financing commitments from Bank of America, JPMorgan; Teleflex is a Limerick, Pa., designer, manufacturer and distributor of engineered products and services for the commercial, medical and aerospace markets.

TRIBUNE CO.: $2.1 billion senior notes or senior subordinated notes backed up by $2.1 billion bridge via Merrill Lynch, JPMorgan, Citigroup and Bank of America; also $10.133 billion credit facility; to help finance public-to-private transaction; Chicago-based media company; expected to be completed by end of 2007.

UNIVAR NV: $600 million senior subordinated notes; also $1.375 billion credit facility via Bank of America and Deutsche Bank; to fund the acquisition of the company by CVC Capital Partners; to help fund the acquisition of Univar; Netherlands-based distributor of industrial chemicals and provider of related specialty services.

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