Convertibles Calendar

AUGUST 6

ONYX PHARMACEUTICALS, INC. (Nasdaq: ONXX): $200 million seven-year convertible senior notes; Goldman Sachs & Co.; $30 million greenshoe; off shelf; non-callable for four years; contingent conversion; Emeryville, Calif., biopharmaceutical company that focuses on cancer treatments; concurrent public offering of 4 million common shares; pricing Thursday after the close; talked to yield 4% to 4.5% with an initial conversion premium of 20% to 25%.

RAYONIER INC. (NYSE: RYN): $150 million six-year exchangeable senior notes via subsidiary Rayonier TRS Holdings; Credit Suisse, JPMorgan and Merrill Lynch (joint books); Rule 144A; $22.5 million greenshoe; non-callable; contingent conversion with 130% trigger; exchangeable into parent's stock; a Jacksonville, Fla., forest products company; proceeds to repay debt and to fund exchangeable note hedge and warrant transactions; pricing Thursday after the close; talked to yield 4.75% and 5.25% with an initial conversion premium of 17.5% to 22.5%.

ON THE HORIZON

SECURITY FEDERAL CORP. (OTCBB: SFDL): $5 million to $15 million of 30-year convertible senior debentures; to yield 8%, with an initial conversion premium of about 67%; minimum denominations of $5,000, and increments of $1,000, up to a maximum of $1 million per subscriber; non-callable for 10 years, then at par; up to $5 million of the proceeds will be used to repay a line of credit with another financial institution; Aiken, S.C.-based savings and loan holding company for Security Federal Bank.

WACCAMAW BANKSHARES INC. (Nasdaq: WBNK): Up to $10 million of mandatory convertible perpetual preferred stock, or 400,000 of series B mandatories, with a liquidation amount of $25; to yield 7%; together with warrants, which will purchase one share of common stock at $5 per share for five years; distribution via shareholder rights offering and public offering for remainder; via McKinnon & Co., as bookrunner on a best-efforts basis; greenshoe of $1.5 million of units; proceeds to enhance bank's capital ratios and support growth through lending, or to retire outstanding debt and to redeem securities, and for general corporate purposes; preferred stock and warrants will each be listed on the Nasdaq Global Market; Whiteville, N.C.-based bank holding company.

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

BLACKROCK LATIN AMERICAN INVESTMENT TRUST PLC (London: BRLA): up to $75 million of six-year convertible bonds; talked to yield 3.5%; Cenkos Securities plc is bookrunner; subject to shareholder approval at a general meeting of shareholders expected to be held in late August or early September; conversion price will be based on the investment fund's U.S. dollar net asset value on the penultimate business day before the general meeting, plus a conversion premium of 5% for the first three years, ratcheting up to 15% for the second three years; distribution will be mainly in Europe, and issue won't be offered in the United States; proceeds will be invested; London-based investment fund.

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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