Convertibles Calendar

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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