Convertibles Calendar

WEEK OF NOV. 29

AMERICAN EQUITY INVESTMENT LIFE HOLDING CO. (Symbol: AEL): $125 million of 20-year convertible senior unsecured notes, with $50 million greenshoe; price talk of 5.125% to 5.625% coupon, 45% to 50% initial conversion premium; non-callable for 7 years; puts in years 7, 10 and 15; 120% contingent conversion trigger; full dividend and takeover protection; West Des Moines, Iowa-based company will contribute proceeds directly or indirectly to the capital and surplus of its life insurance subsidiaries; via bookrunner Deutsche Bank Securities; Rule 144A; slated to price after the market close Thursday.

ON THE HORIZON

INTERNATIONAL SHIPHOLDING CORP. (Symbol: ISH): $40 million of convertible exchangeable perpetual preferred stock, $4 million greenshoe; via bookrunner Ferris, Baker Watts Inc.; New Orleans marine freight company, will use proceeds to buy two used ships and to add a second cargo deck to two vessels operating in its rail-ferry service.

PNM RESOURCES INC. (Symbol: PNM): $200 million of equity-linked securities as part of financing package for $1.024 billion acquisition of TNP Enterprises Inc.; timing to coincide with acquisition closing 9 to 12 months from announcement on July 25; letter of intent obtained for the purchase of $100 million of the equity-linked securities from an existing shareholder; Albuquerque, N.M., electric utility also plans to issue $250 million of common equity, of which $95 million will go to TNP Enterprises shareholders, and place $100 million of long-term senior notes; expected ratings BBB/Baa2.

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