Convertibles Calendar

JAN. 17 WEEK:

CELANESE CORP.: $200 million perpetual convertible preferred, par $25; price talk for 4.0% to 4.5% dividend, 18% to 22% initial conversion premium; non-callable for five years, then with a 130% hurdle for life; added to initial public offering of 57.5 million shares of Series A common stock, including greenshoe, in a range of $19 to $21 a share; also plans new $1.5 billion senior credit facility; proceeds to partially redeem 10% senior discount notes, partially redeem 10.3675% senior subordinated notes, repay existing $611 million senior credit facility, repay $350 million floating-rate term loan and $952 million dividend to Series B common stock holders; joint lead managers are Morgan Stanley and Lehman Brothers; co-managers are Banc of America Securities, UBS Investment Bank, Deutsche Bank Securities and Credit Suisse First Boston; roadshow scheduled Jan. 6 in London, Jan. 7 in Frankfurt and Milan, Jan. 10 in the Mid-Atlantic U.S., Jan. 11 and 12 in New York, Jan. 13 in Boston, Jan. 14 in Kansas City and Texas, Jan. 18 in San Francisco, Jan. 19 in Los Angeles and Jan. 20 in Minneapolis and Chicago; pricing slated Jan. 20.

ON THE HORIZON

FORTIS/ASSURANT INC.: Rule 144A; mandatory exchangeable three-year bonds, convertible into roughly 23 million shares of Assurant; Fortis also selling its remaining 27.2 million share stake in Assurant, estimated to fetch $822.8 million; bookrunner is Morgan Stanley; timing uncertain.

HUNTSMAN CORP.: amount undetermined; three-year mandatory convertible, concurrently with planned initial public offering of common stock; issue to have provisional call with 140% threshold; $40 million in proceeds will be used to buy Treasuries as collateral for dividends on the convert; Salt Lake City chemical company has estimated gross sales of the preferred and common stock at $1.3 billion; convertible bookrunners will be Citigroup Global Markets Inc., Credit Suisse First Boston, Merrill Lynch and Deutsche Bank Securities.

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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