Convertibles Calendar

WEEK OF APRIL 3

ANNALY MORTGAGE MANAGEMENT INC. (NYSE: NLY): $100 million of perpetual convertible preferred stock talked at a dividend of 5.75% to 6.25% with an initial conversion premium between 17.5% and 22.5%; greenshoe of $15 million; bookrunner is Merrill Lynch; par of $25; to price April 6 after the close; company's conversion option after 2011 subject to 130% threshold; full dividend and takeover protection; proceeds will be used to buy mortgage backed securities; New York-based real estate investment trust with portfolio of mortgage-backed securities.

ALLERGAN INC. (NYSE: AGN): $700 million of 20-year convertible senior notes talked at a coupon of 1% to 1.5% with an initial conversion premium between 20% and 25%; greenshoe of $50 million; bookrunners Morgan Stanley, Bank of America and Citigroup; to price April 6 after the close; non-callable three years, soft-call threshold at 130% in years four and five; puts in years five, 10 and 15; contingent conversion at 120%; full dividend and takeover protection; net-share settlement; proceeds will be used to redeem outstanding zero-coupon convertibles due 2022, repurchase $257 million of common stock and repay outstanding bridge loan from Inamed Corp. acquisition; Irvine, Calif.-based specialty drugs maker.

WEEK OF APRIL 11

RENTECH INC. (AMEX: RTK): $50 million of seven-year convertible senior notes; greenshoe of $7.5 million; Credit Suisse; callable with premium make-whole in first five years if 10-day volume weighted average price of the common stock exceeds 150% of the conversion price for at least five straight trading sessions; callable after 2011; also selling 12.5 million shares with a greenshoe for 1.875 million; Rentech, a Denver, Colo.-based developer of alternative fuel technology, will use proceeds to pay for purchase of Royster-Clark Nitrogen Inc., to fund working capital at Royster-Clark and for general corporate purposes.

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