Convertibles Calendar: Rambus, LodgeNet Interactive for Tuesday

JUNE 23

RAMBUS INC. (Nasdaq: RMBS): $150 million five-year convertible senior notes; pricing Tuesday after the market closes; price talk at 5% to 5.5%, up 17.5% to 22.5%; Credit Suisse Securities (USA) LLC and J.P. Morgan Securities Inc. (joint books); off shelf; $22.5 million greenshoe; 130% contingent conversion; non-callable for three years, then subject to a 130% hurdle; proceeds for general corporate purposes, which may include financing strategic investments, repaying a zero-coupon convertible due February 2010 and funding working capital; Los Altos, Calif.-based designer of chip interface technologies and architectures.

LODGENET INTERACTIVE CORP. (Nasdaq: LNET): $50 million series B perpetual convertible preferred stock; pricing Tuesday after the market closes; talk at a dividend of 8% to 9% and an initial conversion premium of 10% to 20%; $7.5 million greenshoe; Bank of America/Merrill Lynch (books); Rule 144A; callable subject to a hurdle at 150% of the conversion price and a make-whole dividend payment for the first three years, then subject to a hurdle at 125% of the conversion price; proceeds to reduce the outstanding balance on a term loan and for general working capital; Sioux Falls, S.D.-based provider of interactive media and connectivity solutions to the hospitality industry.

JUNE 25

ALLIANCE ONE INTERNATIONAL, INC. (NYSE: AOI): $100 million five-year senior subordinated convertible notes; pricing Thursday after the market closes; Credit Suisse, Deutsche Bank Securities Inc. and Goldman Sachs & Co. (joint books); Rule 144A; $15 million greenshoe; non-callable, no puts; concurrently offering $600 million of seven-year senior notes; proceeds to finance a cash tender offer for outstanding 11% senior notes due 2012, 8.5% senior notes due 2012, 12.75% senior subordinated notes due 2012, 9.625% senior notes due 2011, 7.75% senior notes due 2013 and 8% senior notes due 2012 and for convertible note hedge transactions, to repay a $305 million senior secured credit facility and for other general corporate purposes; Morrisville, N.C.-based leaf tobacco merchant.

ON THE HORIZON

CLOUD PEAK ENERGY INC.: $250 million of three-year mandatory convertible preferred stock, at a liquidation preference price of $50 per share, via underwriter Credit Suisse, concurrent initial public offering; Cloud Peak formerly part of Rio Tinto America Inc., an indirect wholly owned subsidiary of Rio Tinto plc, and Rio Tinto America; dividends payable on a cumulative basis; no proceeds go to Cloud Peak; Gillette, Wyo.-based coal producer.

INTERNATIONAL CONVERTIBLES

ON THE HORIZON

AIR FRANCE-KLM GROUP (Euronext Paris: AF): about €575 million of convertibles in Oceane structure; coupon of 1.86%-2.36%, up 30%-35%; bookrunners BNP Paribas, Calyon, Lazard-Natixis, Societe Generale Corporate & Investment Banking and UBS Investment Bank; current shareholders have priority subscription rights from June 18-22; French Republic will participate in 15.7% of the issue; may issue up to €661 million total of the exchangeables, which includes a 15% over-allotment option exercisable on or prior to June 22; Oceane maturity will be April 1, 2015; proceeds will allow the group to diversify financing sources and lengthen debt maturities; airline business that includes Paris-based Air France and Amsterdam-based KLM.

INTRALOT SA: up to €150 million of a convertible bond loan; up to seven-year duration; approved at a June 4 shareholders meeting; Athens-based provider of lottery gaming systems.

UNIONE DI BANCHE ITALIANE SCPA: €640 million of four-year convertible bonds; fixed coupon and will be listed for trading; convertible at the option of both the bondholders and the group; net share settlement; Bergamo, Italy, banking group resulting from the 2007 merger of BPU - Banche Popolari Unite and Banca Lombarda e Piemontese.

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