Convertibles Calendar

JULY 19 WEEK

OCWEN FINANCIAL CORP. (Symbol: OCN); Rule 144A; $125 million of 20-year convertible senior notes, with $20 million greenshoe; price talk of 3.0% to 3.5% yield, 30% to 35% initial conversion premium; non-callable for 5 years; puts in years 5, 10 and 15; 125% contingent conversion trigger, with option for company to waive it pending FASB ruling on EPS treatment of CoCo convertibles; full dividend protection via conversion ratio adjustment; cash takeover protection via premium make-whole provision; West Palm Beach, Fla.-based savings and loan to use up to 25% of proceeds to concurrently buyback stock and remainder to reduce debt, as working capital and general corporate purposes; via sole bookrunner Jefferies & Co.; set to price after the close Thursday.

ON THE HORIZON

ADVANCED SEMICONDUCTOR ENGINEERING INC.: (Symbol: ASX): $135 million of five-year convertible notes, with a $15 million greenshoe; via lead manager Goldman Sachs International; the Taiwanese semiconductor testing firm also plans to sell 60 million American Depositary Shares, which will each represent five ordinary shares with a par value of NT$10 each; timing will be as soon as the registration statement at the Securities and Exchange Commission becomes effective.

RECENT SHELF FILINGS WITH THE SEC:

AVANEX CORP. (Symbol: AVNX): $100 million shelf filed July 16 for common stock, preferred stock, depositary shares, warrants and debt securities; securities may be issued as convertibles; Fremont, Calif. provider of optical networking equipment will use proceeds for general corporate purposes.

CENTEX CORP. (Symbol: CTX): $2.5 billion shelf filed July 19 for senior debt securities, subordinated debt securities, common stock, preferred stock, warrants, stock purchase contracts and stock purchase units; securities may be issued as convertibles; includes $290 million previously registered but unsold; Dallas homebuilder and building contractor will use proceeds for general corporate purposes.

DEVELOPERS DIVERSIFIED REALTY CORP. (Symbol: DDR): $1 billion shelf filed July 21 for debt securities, preferred shares, depositary shares, common shares and common share warrants; securities may be issued as convertibles; includes $63.6 million previously registered but unsold; Beachwood, Ohio shopping center and business center real estate investment trust will use proceeds for general corporate purposes.

D.R. HORTON, INC. (Symbol: DHI): $2 billion shelf filed July 21 for debt securities, preferred stock, depositary shares, common stock, warrants, stock purchase contracts, stock purchase units and trust preferreds; securities may be issued as convertibles; includes $85 million previously registered but unsold; Arlington, Tex. homebuilder will use proceeds for general corporate purposes.

ENERGY PARTNERS, LTD. (Symbol: EPL): $300 million shelf filed July 16 for debt securities, preferred stock and common stock; securities may be issued as convertibles; New Orleans, La. oil and gas exploration company will use proceeds for general corporate purposes.

EQUITY INNS, INC. (Symbol: ENN): $300 million shelf filed July 16 for debt securities, preferred stock, common stock and depositary shares; securities may be issued as convertibles; includes $133 million previously registered but unsold; Germantown, Tenn. hotel real estate investment trust will use proceeds for general corporate purposes.

PILGRIM'S PRIDE CORP. (Symbol: PPC): $500 million shelf filed July 19 for debt securities, preferred stock and common stock; securities may be issued as convertibles; Pittsburg, Tex. poultry producer will use proceeds to expand business.

SEROLOGICALS CORP. (Symbol: SERO): $300 million shelf filed July 21 for debt securities, preferred stock and common stock; securities may be issued as convertibles; Norcross, Ga. provider of biological products and technologies to life sciences companies will use proceeds for general corporate purposes.

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