Convertibles Calendar

ON THE HORIZON

AMERICAN WATER WORKS CORP. INC. (NYSE: AWK): $500 million equity units; along with new issue of common stock; part of initial public offering and spinoff from RWE AG, a German utilities provider; proceeds to repay recent commercial paper borrowings and for general corporate purposes; Goldman Sachs, Citigroup, Merrill Lynch joint bookrunners.

BLACK HILLS CORP. (NYSE: BKH): mandatory convertible securities; proceeds, along with new equity and unsecured debt, to replace bridge facility; bridge facility will be used to fund the Rapid City, S.D.-based diversified energy company's acquisition of Aquila, Inc.'s electric utility in Colorado and gas utilities in Colorado, Kansas, Nebraska and Iowa, along with the associated liabilities, for $940 million.

International Convertibles

ON THE HORIZON

NATIONAL CENTRAL COOLING CO. (PJSC) - TABREED: 1.1 billion dhiram mandatory convertible trust certificates (equal to $300 million); dirham-denominated greenshoe equivalent to about $50 million; three-year maturity; Regulation S deal; roadshow to begin April 20 or April 21; sole books and joint lead manager Morgan Stanley, with Standard Chartered Bank and National Bank of Abu Dhabi joint lead managers; United Arab Emirates-based cooling services provider.

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