JPM Relative Value Weekl 2012-04-12 827183

North America High Yield Research
April 12, 2012
High-Yield Relative Value Weekly

For the week ended April 11, 2012
Changes and additions to relative value recommendations
Contents
The table below is an at-a-glance summary of the changes in this weeks

Relative Value Analysis recommendations versus last weeks recommendations.
Aerospace/Defense
Automotive
Building
Building Materials
Cable/Satellite
Chemicals
Consumer Products
2
4
8
11
12
18
20
Yilma Abebe
Eric Selle
Susan Berliner
Yilma Abebe
Michael Pace
Tarek Hamid
Carla Casella, CFA
(1-212) 270-3265
(1-212) 270-9624
(1-212) 270-3085
(1-212) 270-3265
(1-212) 270-6530
(1-212) 834-5468
(1-212) 270-6798
Energy
22
Gregg Brody
(1-212) 834-5997
Food and Restaurants
32
Carla Casella, CFA
(1-212) 270-6798
Gaming
34
Susan Berliner
(1-212) 270-3085
Healthcare
36
David Common, CFA
(1-212) 270-5260
Industrials
42
Yilma Abebe
(1-212) 270-3265
Leisure
44
Michael Pace
(1-212) 270-6530
Lodging
46
Susan Berliner
(1-212) 270-3085
Media
47
Avi Steiner
(1-212) 270-5512
Metals and Mining
50
Dave Katz
(1-212) 270-4593
Paper and Packaging
54
Tarek Hamid
(1-212) 834-5468
Retail
58
Carla Casella, CFA
(1-212) 270-6798
Services
61
Yilma Abebe
(1-212) 270-3265
Shipping
63
Jenna Giannelli
(1-212) 270-9455
Technology
64
Thomas J. Egan
(1-212) 270-2149
Transportation
68
Mark Streeter
(1-212) 834-5086
Utility
69
Dave Katz
(1-212) 270-4593
Wireless Telecommunications
71
Thomas J. Egan
(1-212) 270-2149
Coupon
Texas Petrochemical Group 8.250% Sr. Sec. Notes due 2017
Peter D. Acciavatti AC
(1-212) 270-9633
Sector
Change
Recom.
From
Change
Recom.
To
Chemicals
Sell
Hold
peter.acciavatti@jpmorgan.com
J.P. Morgan Securities LLC
Page
Analyst
Phone
Wireline Telecommunications
73
Thomas J. Egan
North America Credit Research directory page 75
See page 76 for analyst certification and important disclosures.

J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest
that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.
(1-212) 270-2149
J.P. Morgan High-Yield Relative Value Weekly is

available on the J.P. Morgan MorganMarkets
website: www.morganmarkets.com
www.morganmarkets.com
April 12, 2012

Relative value analysis

Aerospace/Defense Yilma Abebe (1-212) 270-3265
Coupon
Desc.
Recom.
Maturity
Alliant Techsystems (ATK)

L + 200
Term Loan A
NR
7-Oct-15
6.750%
Sr Sub Nts
Hold
1-Apr-16
6.875%
Sr Sub Nts
Hold
15-Sep-20
1
BE Aerospace (BEAV)
8.500%
Sr Nts
Hold
1-Jul-18
6.875%
Sr Nts
Hold
1-Oct-20
5.250%
Sr Nts
NR
1-Apr-22
Bombardier (BBDBCN)
6.750%
Sr Nts
NR
1-May-12
6.300%
Sr Nts
NR
1-May-14
7.250%
Sr Nts
NR
15-Nov-16
7.500%
Sr Nts
NR
15-Mar-18
7.750%
Sr Nts
NR
15-Mar-20
6.125%
Sr Nts
NR
15-May-21
5.750%
Sr Nts
NR
15-Mar-22
7.450%
Sr Nts
NR
1-May-34
Colt Defense (CLTDEF)
8.750%
Sr Nts
NR
15-Nov-17
DynCorp (DCP)
L + 500
Term Loan B
NR
7-Jul-16
10.375%
Sr Nts
NR
1-Jul-17
Esterline Technologies (ESL)
6.625%
Sr Nts
Hold
1-Mar-17
7.000%
Sr Nts
NR
1-Aug-20
Hexcel (HXL)
6.750%
Sr Sub Nts
Hold
1-Feb-15
Huntington Ingalls (HII)
L + 300
Term Loan
NR
30-Mar-16
6.875%
Sr Nts
Buy
15-Mar-18
7.125%
Sr Nts
Buy
15-Mar-21
Kratos Defense & Security Solutions (KTOS)
10.000% Sr Sec Nts (1st Lien) NR
1-Jun-17
1. Pro forma for recently completed acquisitions.
Note: Loan yields are to maturity; spreads are over libor.
Source: J.P. Morgan and company reports.
Ratings
Moodys
S&P
Amount
Outst.
($ mn)
LTM
EBITDA
Debt/
EBITDA
Sr. Sec./
EBITDA
Net Debt./
EBITDA
EBITDA/
Int. Exp
Total Debt/
TEV
TEV/
LTM EBITDA
Equity
Mkt
Cap
NR/BBBBa3/BBBa3/BB-
$400.0
$400.0
$350.0
99.00
102.38
106.00
3.08%
5.33%
5.74%
228bp
516bp
455bp
na
1-Apr-13
15-Sep-18
na
1-Apr-13
15-Sep-15
na
101.13
103.44
$624
$624
$624
2.1x
2.1x
2.1x
0.6x
0.6x
0.6x
1.5x
1.5x
1.5x
6.6x
6.6x
6.6x
49%
49%
49%
4.3x
4.3x
4.3x
$1,715.3
$1,715.3
$1,715.3
Ba2/BB
Ba2/BB
Ba2/BB
$600.0
$650.0
$500.0
109.75
109.00
100.00
3.64%
4.94%
5.25%
344bp
436bp
370bp
1-Jul-13
1-Oct-15
1-Apr-20
1-Jul-13
1-Oct-15
1-Apr-17
104.25
103.44
102.63
$558
$558
$558
2.5x
2.5x
2.5x
0.2x
0.2x
0.2x
2.4x
2.4x
2.4x
5.3x
5.3x
5.3x
23%
23%
23%
10.8x
10.8x
10.8x
$4,677.7
$4,677.7
$4,677.7
Ba2/BB+
Ba2/BB+
Ba2/BB+
Ba2/BB+
Ba2/BB+
Ba2/BB+
Ba2/BB+
Ba2/BB+
$151.1
$162.0
$785.0
$650.0
$850.0
$780.0
$500.0
$250.0
100.13
105.50
103.25
109.50
110.25
98.50
96.63
101.00
3.59%
3.48%
5.62%
5.59%
6.10%
6.34%
6.21%
7.36%
355bp
318bp
549bp
451bp
455bp
475bp
421bp
464bp
1-May-12
1-May-14
15-Nov-12
15-Mar-18
15-Mar-20
15-May-21
15-Mar-22
1-May-34
nc
nc
15-Nov-12
nc
nc
nc
nc
nc
nc
nc
102.42
nc
nc
nc
nc
nc
$1,657
$1,657
$1,657
$1,657
$1,657
$1,657
$1,657
$1,657
3.0x
3.0x
3.0x
3.0x
3.0x
3.0x
3.0x
3.0x
0.0x
0.0x
0.0x
0.0x
0.0x
0.0x
0.0x
0.0x
1.2x
1.2x
1.2x
1.2x
1.2x
1.2x
1.2x
1.2x
2.1x
2.1x
2.1x
2.1x
2.1x
2.1x
2.1x
2.1x
57%
57%
57%
57%
57%
57%
57%
57%
5.3x
5.3x
5.3x
5.3x
5.3x
5.3x
5.3x
5.3x
$6,959.8
$6,959.8
$6,959.8
$6,959.8
$6,959.8
$6,959.8
$6,959.8
$6,959.8
Caa1/CCC+
$250.0
68.00
18.08%
1708bp
15-Nov-17
15-Nov-13
104.38
$36
nm
nm
nm
nm
na
na
na
Ba2/BBB2/B-
$570.0
$455.0
99.94
83.50
6.27%
15.04%
531bp
1412bp
na
1-Jul-17
na
1-Jul-14
na
105.19
$204
$204
4.8x
4.8x
2.8x
2.8x
4.3x
4.3x
2.2x
2.2x
na
na
na
na
na
na
Ba2/BB
Ba2/BB
$173.7
$250.0
103.38
110.25
5.12%
4.60%
495bp
406bp
1-Mar-13
1-Aug-15
1-Mar-13
1-Aug-15
102.21
103.50
$343
$343
2.9x
2.9x
0.7x
0.7x
2.6x
2.6x
8.1x
8.1x
32%
32%
8.8x
8.8x
$2,118.3
$2,118.3
B1/BB+
$75.0
101.00
5.43%
527bp
1-Feb-13
1-Feb-13
100.00
$199
1.7x
1.3x
1.1x
8.6x
12%
14.2x
$2,600.0
Baa3/BB+
Ba3/B+
Ba3/B+
$575.0
$600.0
$600.0
99.38
105.25
105.75
3.17%
5.64%
6.09%
233bp
478bp
478bp
na
15-Mar-17
15-Mar-19
na
15-Mar-15
15-Mar-16
na
103.44
103.56
$573
$573
$573
3.3x
3.3x
3.3x
1.0x
1.0x
1.0x
2.3x
2.3x
2.3x
3.5x
3.5x
3.5x
57%
57%
57%
5.7x
5.7x
5.7x
$1,949.9
$1,949.9
$1,949.9
B3/B+
$625.0
108.00
7.69%
699bp
1-Jun-16
1-Jun-14
105.00
$124
5.1x
0.0x
4.5x
2.4x
85%
6.0x
$185.1
Recent Quotes
Bid
YTW Spread
YTW Date
Next Call Data

Date
Price
April 12, 2012


Aerospace/Defense Yilma Abebe (1-212) 270-3265
Coupon
Desc.
Recom.
L-3 Communications (LLL)

6.375%
Sr Sub Nts
Hold
ManTech International (MANT)
7.250%
Sr Nts
NR
Moog (MOG)
6.250%
Sr Sub Nts
NR
7.250%
Sr Sub Nts
NR
Spirit Aerosystems (SPR)
L + 200
Term Loan B
NR
L + 300
Term Loan B
NR
7.500%
Sr Nts
NR
6.750%
Guar Nts
NR
1
Transdigm (TDG)
L + 300
Term Loan
NR
7.750%
Sr Sub Nts
Hold
Triumph Group (TGI)
8.000%
Sr Sub Nts
NR
8.625%
Sr Nts
NR
1
Wyle Services (WYLE)
L + 400
Term Loan B
NR
10.500%
Sr Sub Nts
NR
Maturity
Ratings
Moodys
S&P
Amount
Outst.
($ mn)
15-Oct-15
Ba1/BB+
$500.0
102.38
3.65%
351bp
15-Oct-12
15-Oct-12
15-Apr-18
Ba2/BB+
$200.0
106.25
5.49%
481bp
15-Apr-16
15-Jan-15
15-Jun-18
Ba3/B+
Ba3/B+
$187.0
$191.6
101.00
106.50
4.86%
4.51%
470bp
432bp
$591.3
$437.4
$300.0
$300.0
99.69
99.75
107.75
107.63
2.44%
3.78%
4.47%
5.28%
30-Sep-13 Ba1/BBB30-Sep-16 Ba1/BBB1-Oct-17 Ba3/BB15-Dec-20 Ba3/BB-
Debt/
EBITDA
Sr. Sec./
EBITDA
Net Debt./
EBITDA
EBITDA/
Int. Exp
Total Debt/
TEV
TEV/
LTM EBITDA
Equity
Mkt
Cap
101.06
$2,191
1.9x
0.0x
1.6x
8.2x
39%
5.5x
$6,872.3
15-Apr-14
103.63
$262
0.8x
0.0x
0.5x
16.9x
15%
5.1x
$1,204.1
15-Jan-13
15-Jun-13
15-Jan-13
15-Jun-13
100.00
103.63
$313
$313
2.3x
2.3x
1.1x
1.1x
2.0x
2.0x
8.9x
8.9x
29%
29%
7.9x
7.9x
$1,863.0
$1,863.0
169bp
277bp
424bp
466bp
na
na
1-Oct-13
15-Dec-15
na
na
1-Oct-13
15-Dec-15
na
na
103.75
103.38
$508
$508
$508
$508
2.4x
2.4x
2.4x
2.4x
1.2x
1.2x
1.2x
1.2x
2.0x
2.0x
2.0x
2.0x
6.6x
6.6x
6.6x
6.6x
25%
25%
25%
25%
9.5x
9.5x
9.5x
9.5x
$3,808.3
$3,808.3
$3,808.3
$3,808.3
YTW Date
Next Call Data

Date
Price
14-Feb-17
15-Dec-18
Ba2/BBB3/B-
$1,550.0
$1,600.0
99.90
107.50
4.02%
5.92%
293bp
531bp
na
15-Dec-15
na
15-Dec-14
na
103.88
$722
$722
5.0x
5.0x
2.8x
2.8x
4.9x
4.9x
3.1x
3.1x
38%
38%
13.1x
13.1x
$5,925.3
$5,925.3
15-Nov-17
15-Jul-18
B1/B+
Ba3/B+
$175.0
$350.0
108.25
111.50
4.97%
4.98%
472bp
464bp
15-Nov-13
15-Jul-14
15-Nov-13
15-Jul-14
104.00
104.31
$534
$534
2.3x
2.3x
1.0x
1.0x
2.2x
2.2x
5.9x
5.9x
29%
29%
7.9x
7.9x
$3,015.5
$3,015.5
26-Mar-17
1-Apr-18
B1/NR
Caa2/B-
$283.4
$175.0
99.00
106.00
4.95%
8.67%
384bp
800bp
na
1-Apr-16
na
1-Apr-14
na
105.25
na
na
na
na
na
na
na
na
na
na
na
na
na
na
na
na
1. Pro forma for recently completed acquisitions.

LTM
EBITDA
Recent Quotes
Bid
YTW Spread
April 12, 2012


Automotive Eric Selle (1-212) 270-9624
Issue Data
Issuer
Desc.
Maturity
Bond and CDS Data

Rating
AUTOMOTIVE OEMs
Chrysler (CHRYGR)
L + 475
Term Loan
5/24/2017
8.00%
Notes
6/15/2019
8.25%
Notes
6/15/2021
Fiat (FIAT)
5.75%
Notes
12/18/2012
6.38%
Notes
4/1/2016
7.38%
Notes
7/9/2018
Ford Motor Co. (F)
7.45%
Notes
7/16/2031
General Motors Corp. (GM)
L + 400
Revolver
10/27/2015
4.75%
Notes
12/1/2013
Jaguar-Land Rover (TTMTIN)
7.75%
Notes
5/15/2018
8.13%
Notes
5/15/2021
Peugot SA (PEUG)
6.00%
Notes
9/19/2033
Renault SA (RNO)
5.63%
Notes
3/22/2017
Automotive OEM Average
Overweight
Neutral
Ba2/BB
B2/B
B2/B
Not Rated
NR/BB
Ba3/BB
Ba3/BB
Overweight
Ba2/BB+
Overweight
NR/BB+
NR
Underweight
B1/B+
B1/B+
Not Rated
Ba1/BB+
Not Rated
Ba1/BB+
FINANCE COMPANIES
Ford Motor Credit Co. (F)
7.00%
Notes
10/1/2013
8.70%
Notes
10/1/2014
12.00%
Notes
5/15/2015
5.63%
Notes
9/15/2015
8.00%
Notes
12/15/2016
8.13%
Notes
1/15/2020
GM Financial (GM)
6.75%
Notes
6/1/2018
RCI Banque (RENAUL)
4.60%
Notes
4/12/2016
PSA Banque (PEUGOT)
4.38%
Notes
4/4/2016
Finance Companies Average
JPMorgan High Yield Index
Split BBB Index
BB Index
B Index
CCC Index
3 - Month LIBOR
Neutral
Neutral
Ba1/BB+
Ba1/BB+
Ba1/BB+
Ba1/BB+
Ba1/BB+
Ba1/BB+
Not Rated
Ba3/BBNot Rated
Baa2/BBB
Not Rated
Baa1/BBB
Amout
($mn)
Current
Price($) Yield
YTW
OAS
2,886
1,487
1,679
100.9
99.5
99.5
5.2%
8.0%
8.3%
5.0%
7.9%
8.2%
652
644
200
1,000
600
101.5
96.2
96.4
5.7%
6.6%
7.6%
2.1%
7.3%
7.9%
196
622
622
1,794
121.5
6.1%
5.5%
317
5,000
100
88.0
40.8
5.1%
11.6%
18.5%
410
410
101.3
101.8
7.7%
8.0%
7.2%
7.6%
603
586
600
77.5
7.7%
8.1%
518
500
103.2
$94.5
5.4%
7.5%
4.7%
7.7%
3,000
1,000
1,100
1,000
1,500
1,250
106.0
112.0
123.0
105.3
116.0
120.5
6.6%
7.8%
9.8%
5.3%
6.9%
6.7%
500
106.5
500
250
Total Return
5-Yr.
CDS
Next Call Data

Date
Price
NC
6/15/2015
6/15/2016
NC
104
104
848
NC
NC
NC
NC
NC
NC
301
NC
NC
NC
NC
5/15/2014
5/15/2016
106
104
524
NC
NC
336
510
378
475
NC
NC
2.1%
3.2%
3.7%
3.7%
4.2%
4.8%
187
282
326
315
342
332
231
NC
NC
NC
NC
NC
NC
6.3%
5.5%
437
99.5
4.6%
4.7%
410
99.8
$109.8
4.4%
6.5%
4.4%
4.0%
7.5%
5.2%
5.6%
7.6%
12.4%
0.5%
381
334
659
402
456
679
1,161
MTD
YTD
Credit Fundamentals (LTM 12/31/11)

EBITDA EBITDA Interest EBITDA-Capex Total
Net
TEV/
($ mn) Margin Coverage
Int. Exp. Leverage Leverage EBITDA
$4,754
-0.5%
-0.9%
8.6%
3.8x
1.4x
2.6x
0.6x
Private
11.4%
12.1%
Private
-0.8%
2.5%
$9,378
73.3%
11.5x
6.2x
1.4x
-1.1x
3.8x
$13,163
8.8%
24.4x
11.3x
0.4x
-0.8x
2.1x
$9,098
30.2%
13.2x
6.3x
1.5x
-0.4x
3.0x
325
378
304
-0.2%
-0.7%
9.3%
10.3%
-0.6%
9.1%
NC
NC
NC
NC
NC
NC
-0.3%
-0.4%
0.3%
-0.8%
0.3%
0.6%
1.9%
2.8%
3.5%
3.2%
4.2%
4.9%
NC
NC
0.2%
6.6%
NC
NC
NC
NC
0.0%
-0.4%
0.2%
-0.4%
-0.4%
-0.9%
3.9%
4.8%
4.5%
2.9%
4.8%
10.2%
April 12, 2012


Issue Data
Issuer
Desc.
Maturity
AUTOMOTIVE SUPPLIERS
Affinia Group, Inc (AFFGRP)
10.75%
Notes
8/15/2016
American Axle & Manufacturing, Inc. (AXL)
9.25%
Notes
1/15/2017
5.25%
Notes
2/11/2014
7.88%
Notes
3/1/2017
BorgWarner, Inc. (BWA)
7.13%
Notes
2/15/2029
8.00%
Notes
10/1/2019
Cooper Standard Automotive, Inc. (COSH)
8.50%
Notes
5/1/2018
Dana Corp. (DAN)
6.50%
Notes
2/15/2019
6.75%
Notes
2/15/2021
4.00%
Notes
Perpetual
Delphi, Inc. (DPH)
5.88%
Notes
5/15/2019
6.13%
Notes
5/15/2021
Exide Technologies (XIDE)
8.63%
Notes
2/1/2018
Federal Mogul (FDML)
L + 193.75
Term Loan
12/27/2014
L + 193.75
Term Loan
12/27/2015
Intl Automotive Components Group (IACCGA)
9.13%
Notes
6/1/2018
Johnson Controls, Inc. (JCI)
5.50%
Notes
1/15/2016
6.00%
Notes
1/15/2036
Lear Corp. (LEA)
7.88%
Notes
3/15/2018
8.13%
Notes
3/15/2020
Tenneco Automotive, Inc. (TEN)
L + 450
Term Loan
6/3/2016
7.750%
Notes
8/15/2018
6.875%
Notes
12/15/2020
Tower International (TOWR)
10.63%
Notes
9/1/2017
TRW Automotive Holdings Corp. (TRW)
7.00%
Notes
3/15/2014
7.25%
Notes
3/15/2017
12/1/2017
Notes
8.88%
Visteon Corp. (VC)
6.75%
Notes
4/15/2019
Bond and CDS Data

Rating
Underweight
Not Rated
B1/B+
Neutral
Ba1/BB+
B2/B
B2/B
Overweight
Baa2/BBB+
Baa2/BBB+
Neutral
B2/BBOverweight
B2/BB
B2/BB
NA
Not Rated
Ba2/BB+
Ba2/BB+
Neutral
B2/B
Underweight
Ba3/B+
Ba3/B+
Not Rated
Caa1/B
Underweight
Baa1/BBB+
Baa1/BBB+
Neutral
Ba2/BB
Ba2/BB
Overweight
Baa3/BBBB1/BBB1/BBOverweight
B1/B+
Overweight
Ba2/BB+
Ba2/BB+
Ba2/BB+
Neutral
B2/B+
Amout
($mn)
Current
Price($) Yield
YTW
OAS
203
108.0
10.0%
8.0%
425
383
250
300
110.8
102.5
103.3
8.4%
5.1%
7.6%
6.3%
3.2%
6.8%
439
299
354
121
134
125.4
122.7
5.7%
6.5%
4.9%
4.4%
262
300
450
108.5
7.8%
6.8%
400
350
522
105.3
105.8
6.2%
6.4%
500
500
104.5
105.3
674
Total Return
5-Yr.
CDS
Next Call Data

Date
Price
MTD
YTD

Net
TEV/
8/15/2012
108
0.3%
3.6%
$177
8.3%
2.2x
1.4x
5.0x
4.6x
Private
668
1/15/2014
NC
5/14/2012
105
NC
104
-0.6%
0.2%
0.3%
4.3%
5.2%
6.4%
$378
14.6%
4.5x
2.4x
3.1x
2.7x
4.9x
103
NC
NC
NC
NC
1.5%
1.1%
-1.7%
2.3%
$1,073
15.1%
14.3x
9.0x
1.2x
0.9x
9.4x
516
5/1/2014
104
0.3%
5.0%
$317
11.1%
7.8x
5.1x
1.5x
0.4x
2.8x
5.4%
5.8%
384
385
2/15/2015
2/15/2016
103
103
-0.7%
-0.7%
5.6%
4.7%
$765
10.1%
9.7x
7.2x
1.2x
-0.1x
2.6x
5.6%
5.8%
4.9%
5.2%
333
329
5/15/2014
5/15/2016
104
103
-0.5%
-1.2%
4.3%
3.6%
80.5
10.7%
13.0%
1,200
2/1/2015
104
-3.5%
7.3%
$186
6.0%
2.6x
1.1x
4.2x
3.6x
4.9x
1,877
958
96.0
96.0
2.5%
2.5%
3.9%
3.5%
NC
NC
NC
NC
$640
9.3%
5.0x
2.3x
4.5x
3.0x
5.5x
300
91.0
10.0%
10.7%
963
6/1/2015
105
3.7%
3.4%
800
400
112.9
112.5
4.9%
5.3%
1.9%
5.1%
134
245
NC
NC
NC
NC
0.6%
1.9%
2.5%
0.6%
$2,756
6.6%
16.4x
6.9x
2.2x
2.1x
9.9x
350
350
108.3
110.5
7.3%
7.4%
6.0%
6.3%
415
415
3/15/2014
3/15/2015
104
104
-0.2%
-0.2%
2.2%
2.9%
$946
6.7%
23.8x
15.5x
0.7x
-1.1x
3.6x
225
500
100.3
106.0
106.5
5.0%
7.3%
6.5%
4.9%
6.4%
5.8%
NC
8/15/2014
12/15/2015
NC
104
103
$597
8.3%
5.5x
3.6x
2.1x
1.7x
5.5x
489
385
0.0%
-0.7%
3.6%
5.8%
362
106.5
10.0%
8.7%
760
9/1/2014
105
-2.0%
8.1%
$228
9.5%
3.7x
1.7x
2.6x
2.0x
2.9x
439
491
221
106.5
112.5
110.8
6.6%
6.4%
8.0%
2.9%
4.2%
6.4%
266
335
369
NC
NC
12/1/2013
NC
NC
104
0.0%
0.9%
0.3%
3.0%
6.7%
4.1%
$1,726
10.6%
14.6x
9.8x
0.9x
0.2x
3.4x
500
103.0
6.6%
6.0%
456
4/15/2014
105
0.7%
4.1%
$685
8.5%
13.7x
8.5x
0.9x
-0.2x
3.4x
139
267
April 12, 2012


Issue Data
Bond and CDS Data

Rating
Amout
($mn)
United Components (UCII)

8.63%
Notes
2/15/2019
Automotive Suppliers Average
Split BBB Index
BB Index
B Index
CCC Index
3 - Month LIBOR
Underweight
B3/CCC+
400
HEAVY DUTY
Accuride, Corp. (ACW)
9.50%
Notes
8/1/2018
Commercial Vehicle Group, Inc. (CVGI)
7.88%
Notes
4/15/2019
Cummins, Inc. (CMI)
7.13%
Notes
3/1/2028
Meritor, Inc. (MTOR)
8.13%
Notes
9/15/2015
10.63%
Notes
3/15/2018
Navistar, International (NAV)
8.25%
Notes
11/1/2021
3.00%
Notes
10/15/2014
Stoneridge, Inc. (SRI)
9.500%
Notes
10/15/2017
Heavy Duty Average
Neutral
Underweight
B2/B
Underweight
B2/B
Neutral
Baa1/A
Overweight
B3/BB3/BNeutral
B1/BBNA
Overweight
B2/BB-
Issuer
Desc.
Maturity
Current
Price($) Yield
YTW
OAS
102.0
$106.8
8.5%
7.1%
8.2%
6.1%
7.5%
5.2%
5.6%
7.6%
12.4%
0.5%
689
447
659
402
456
679
1,161
310
105.1
9.0%
8.4%
250
100.0
7.9%
250
122.7
252
250
Total Return
5-Yr.
CDS
Next Call Data

Date
Price
MTD
YTD

Net
TEV/
2/15/2015
104
-0.4%
0.0%
-0.4%
0.2%
-0.4%
-0.4%
-0.9%
7.4%
4.2%
4.8%
4.5%
2.9%
4.8%
10.2%
$143
$748
14.5%
10.3%
2.4x
9.9x
2.1x
6.0x
4.9x
2.2x
4.6x
1.5x
Private
4.9x
709
8/1/2014
105
0.3%
11.1%
$75
8.0%
2.2x
0.5x
4.3x
3.5x
8.7x
7.5%
608
4/15/2014
106
-1.2%
5.6%
$61
7.3%
3.1x
2.0x
4.1x
2.6x
7.6x
5.8%
5.0%
281
54
NC
NC
1.5%
3.3%
$2,444
13.5%
55.5x
41.4x
0.3x
-0.3x
8.8x
105.5
108.00
7.7%
9.8%
6.0%
8.6%
549
712
846
NC
3/15/2014
NC
105
-0.5%
0.3%
19.1%
16.9%
$359
7.4%
3.9x
2.7x
2.9x
2.3x
4.2x
900
570
107.3
106.2
7.7%
2.8%
7.1%
0.5%
476
474
11/1/2014
NC
104
NC
-1.3%
3.0%
$683
4.8%
4.8x
1.2x
3.0x
2.4x
6.1x
175
105.0
$107.1
9.0%
8.0%
7.9%
7.1%
679
561
10/15/2014
105
-0.2%
-0.1%
$49
$622
6.4%
11.3%
2.8x
10.8x
1.3x
7.4x
5.4x
3.6x
3.8x
2.7x
9.2x
7.5x
294
458
5.5%
9.0%
April 12, 2012


Issue Data
Issuer
Desc.
Maturity
Bond and CDS Data

Rating
TIRES
American Tire Distributors (ATD)
9.75%
Notes
6/1/2017
Cooper Tire & Rubber Co. (CTB)
8.00%
Notes
12/15/2019
7.63%
Notes
3/15/2027
Goodyear Tire & Rubber Co. (GT)
L + 150
Term Loan
4/30/2014
10.50%
Notes
5/15/2016
8.75%
Notes
8/15/2020
8.25%
Notes
8/15/2020
7.00%
Notes
5/15/2022
Titan International (TWI)
7.88%
Notes
10/1/2017
Tire Manufacturer Average
Split BBB Index
BB Index
B Index
CCC Index
3 - Month LIBOR
Overweight
Not Rated
B2/BNeutral
B2/BBB2/BBNeutral
Ba1/BB
WR/B+
B1/B+
B1/B+
B1/B+
Not Rated
B1/B+
AUTOMOTIVE DEALERS/RETAIL
Asbury Automotive Group, Inc. (ABG)
7.6250%
Notes
3/15/2017
AutoNation, Inc. (AN)
6.75%
Notes
4/15/2018
Penske Auto Group, Inc. (PAG)
7.75%
Notes
12/15/2016
Sonic Automotive, Inc. (SAH)
9.00%
Notes
3/15/2018
5.00%
Notes
10/1/2029
Overweight
Overweight
Caa1/BNeutral
Ba2/BB+
Neutral
B3/BOverweight
B3/B
Automotive Dealer Average

SPEEDWAY OPERATORS
International Speedway Co. (ISCA)
5.40%
Notes
4/15/2014
Speedway Motor Sports (TRK)
8.75%
Notes
6/1/2016
Speedway Operators Average
Split BBB Index
BB Index
B Index
CCC Index
3 - Month LIBOR
Amout
($mn)
Current
Price($) Yield
YTW
OAS
250
108.5
9.0%
7.7%
656
174
117
108.0
96.0
7.4%
7.9%
6.6%
7.9%
522
575
1,200
282
1,000
700
99.5
109.1
107.3
103.8
95.5
2.0%
9.6%
8.2%
8.0%
7.3%
2.2%
200
106.3
$103.8
143
Total Return
5-Yr.
CDS
503
776
Next Call Data

Date
Price
MTD
YTD

Net
TEV/
6/1/2013
107
0.5%
7.4%
$156
5.1%
2.3x
1.8x
5.4x
5.3x
Private
NC
NC
NC
NC
-0.7%
-1.3%
6.7%
5.9%
$286
7.3%
7.9x
3.6x
1.7x
0.9x
4.1x
NC
NC
NC
NC
NC
NC
NC
NC
NC
NC
-1.1%
-1.6%
-1.5%
-0.7%
-2.2%
-3.6%
$1,879
8.3%
5.7x
2.5x
2.8x
1.3x
2.7x
10/1/2013
106
-0.2%
-0.8%
-0.4%
0.2%
-0.4%
-0.4%
-0.9%
4.0%
2.5%
4.8%
4.5%
2.9%
4.8%
10.2%
$178
$625
12.0%
8.2%
7.1x
5.7x
5.6x
3.4x
1.8x
2.9x
1.1x
2.1x
6.7x
4.5x
7.4%
7.5%
7.5%
587
579
560
7.4%
7.4%
6.5%
6.7%
7.5%
5.2%
5.6%
7.6%
12.4%
0.5%
538
574
659
402
456
679
1,161
103.3
7.4%
6.8%
563
5/14/2012
104
-0.4%
4.8%
$137
3.2%
2.5x
2.1x
6.8x
6.7x
13.1x
395
108.5
6.2%
5.1%
401
NC
NC
-0.5%
3.7%
$653
4.7%
6.0x
4.5x
5.4x
5.3x
11.7x
375
104.6
7.4%
6.6%
430
12/15/2012
103
0.2%
3.7%
$347
3.0%
4.6x
2.8x
7.4x
7.3x
14.1x
210
155
109.0
149.5
8.3%
3.3%
7.1%
1.7%
545
3/15/2014
10/1/2014
105
100
0.5%
5.3%
$260
3.3%
3.0x
1.2x
5.6x
5.6x
9.2x
$106.3
7.3%
6.4%
484
0.0%
4.4%
$349
3.6%
4.0x
2.6x
6.3x
6.2x
12.0x
$215
34.1%
14.6x
9.4x
1.5x
1.0x
6.9x
$170
$192
33.6%
33.8%
4.0x
9.3x
2.6x
6.0x
3.4x
2.4x
2.9x
1.9x
7.1x
7.0x
640
Not Rated
WR/BBB
106.1
5.1%
Ba2/BB
275
109.6
$107.9
8.0%
6.5%
6.1%
6.1%
7.5%
5.2%
5.6%
7.6%
12.4%
0.5%
357
357
659
402
456
679
1,161
NC
NC
6/1/2013
104
0.0%
0.0%
-0.4%
0.2%
-0.4%
-0.4%
-0.9%
2.5%
2.5%
4.8%
4.5%
2.9%
4.8%
10.2%
April 12, 2012


Building Susan Berliner (1-212) 270-3085
Coupon
Description
Beazer Homes
6.875%
Sr Nts
8.125%
Sr Nts
12.000%
2nd Lien
9.125%
Sr Nts
9.125%
Sr Nts
Centex Corp.
5.450%
Sr Nts
5.125%
Sr Nts
5.700%
Sr Nts
5.250%
Sr Nts
6.500%
Sr Nts
D.R. Horton
6.875%
Sr Nts
6.125%
Sr Nts
5.625%
Sr Nts
5.250%
Sr Nts
5.625%
Bds
6.500%
Sr Nts
Hovnanian
6.500%
Sr Nts
6.375%
Sr Nts
6.250%
Sr Nts
11.875%
Sr Nts
6.250%
Sr Nts
7.500%
Sr Nts
10.625%
Secured Nts
8.625%
Sr Nts
2.000%
Secured Nts
5.000%
Secured Nts
KB Home
5.750%
Sr Nts
5.875%
Sr Nts
6.250%
Sr Nts
9.100%
Sr Nts
7.250%
Sr Nts
Recom.
Maturity
Ratings
Moodys
S&P
Buy
Hold
Buy
Hold
Hold
15-Jul-15
15-Jun-16
15-Oct-17
15-Jun-18
15-May-19
Caa3/CCC
Caa3/CCC
B2/B
Caa3/CCC
Caa3/CCC
$172.5
$172.9
$250.0
$300.0
$250.0
89 1/2
89 1/2
108 1/4
83
82
10.78%
11.35%
6.90%
13.24%
13.10%
Sell
Sell
Sell
Sell
Sell
15-Aug-12
1-Oct-13
15-May-14
15-Jun-15
1-May-16
B1/BBB1/BBB1/BBB1/BBB1/BB-
$96.4
$119.5
$318.7
$424.5
$480.0
100 1/2
102 1/4
104 1/2
104
107
3.88%
3.53%
3.44%
3.89%
4.58%
378bp
330bp
313bp
338bp
390bp
15-Aug-12
1-Oct-13
15-May-14
15-Jun-15
1-May-16
nm
nm
nm
nm
nm
nm
nm
nm
nm
nm
nm
nm
nm
nm
nm
nm
nm
nm
nm
nm
nm
nm
nm
nm
nm
nm
nm
nm
nm
nm
Hold
Hold
Hold
Hold
Hold
Hold
1-May-13
15-Jan-14
15-Sep-14
15-Feb-15
15-Jan-16
15-Apr-16
Ba2/BBBa2/BBBa2/BBBa2/BBBa2/BBBa2/BB-
$171.7
$146.0
$138.7
$157.8
$170.1
$372.7
103 7/8
105
105
104 1/4
105 3/8
108 1/2
3.06%
3.16%
3.45%
3.65%
4.06%
4.17%
288bp
289bp
307bp
320bp
343bp
349bp
1-May-13
15-Jan-14
15-Sep-14
15-Feb-15
15-Jan-16
15-Apr-16
$233.3
$233.3
$233.3
$233.3
$233.3
$233.3
19.1%
19.1%
19.1%
19.1%
19.1%
19.1%
17,176
17,176
17,176
17,176
17,176
17,176
4,530
4,530
4,530
4,530
4,530
4,530
1.9x
1.9x
1.9x
1.9x
1.9x
1.9x
6.8x
6.8x
6.8x
6.8x
6.8x
6.8x
Hold
Hold
Hold
Hold
Hold
Hold
Sell
Hold
Sell
Sell
15-Jan-14
15-Dec-14
15-Jan-15
15-Oct-15
15-Jan-16
15-May-16
15-Oct-16
15-Jan-17
1-Nov-21
1-Nov-21
Caa3/CC
Caa3/CC
Caa3/CC
Caa3/CC
Caa3/CC
Caa3/CC
B3/CCCCaa3/CC
B3/CC
B3/CC
$36.7
$3.0
$21.4
$70.0
$159.9
$113.3
$797.0
$174.6
$53.2
$141.8
78 3/4
79
77 1/4
79 1/2
60 1/2
60 1/2
89
59 1/4
54 1/2
67 1/4
21.73%
16.41%
16.93%
20.35%
22.34%
22.89%
14.00%
23.21%
9.29%
10.52%
nm
nm
nm
nm
nm
nm
nm
nm
nm
nm
16.5%
16.5%
16.5%
16.5%
16.5%
16.5%
16.5%
16.5%
16.5%
16.5%
3,876
3,876
3,876
3,876
3,876
3,876
3,876
3,876
3,876
3,876
1,438
1,438
1,438
1,438
1,438
1,438
1,438
1,438
1,438
1,438
nm
nm
nm
nm
nm
nm
nm
nm
nm
nm
nm
nm
nm
nm
nm
nm
nm
nm
nm
nm
Hold
Hold
Hold
Buy
Hold
1-Feb-14
15-Jan-15
15-Jun-15
15-Sep-17
15-Jun-18
B2/B
B2/B
B2/B
B2/B
B2/B
$193.7
$170.0
$296.3
$265.0
$300.0
98 1/2
97
97
102 1/2
94 1/2
6.64%
7.09%
7.33%
8.51%
8.41%
$30.0
$30.0
$30.0
$30.0
$30.0
17.4%
17.4%
17.4%
17.4%
17.4%
6,013
6,013
6,013
6,013
6,013
2,203
2,203
2,203
2,203
2,203
0.3x
0.3x
0.3x
0.3x
0.3x
52.9x
52.9x
52.9x
52.9x
52.9x
Size
Recent Quotes
Bid
YTW
Spread
YTW
Date
1,025bp 15-Jul-15
1,064bp 15-Jun-16
677bp 15-Oct-12
1,210bp 15-Jun-18
1,175bp 15-May-19
2,146bp 15-Jan-14
1,599bp 15-Dec-14
1,649bp 15-Jan-15
1,977bp 15-Oct-15
2,171bp 15-Jan-16
2,220bp 15-May-16
1,323bp 15-Oct-16
2,239bp 15-Jan-17
738bp
1-Nov-21
860bp
1-Nov-21
638bp
665bp
681bp
754bp
727bp
1-Feb-14
15-Jan-15
15-Jun-15
15-Sep-17
15-Jun-18
Next Call Data

Date
Price
15-Jul-12
101 1/7
15-Oct-12
106
15-Nov-14 104 4/7
15-Oct-12
108
LTM HB
EBITDA
($mn)
HB Gross
Margin
LTM
Deliveries
(Units)
Backlog
(Units)
HB EBITDA/
Interest
Incurred
Net HB Debt/
LTM HB
EBITDA
nm
nm
nm
nm
nm
20.2%
20.2%
20.2%
20.2%
20.2%
3,683
3,683
3,683
3,683
3,683
1,309
1,309
1,309
1,309
1,309
nm
nm
nm
nm
nm
nm
nm
nm
nm
nm
April 12, 2012


Coupon
Description
Lennar
5.950%
Sr Nts
5.500%
Sr Nts
5.600%
Sr Nts
6.500%
Sr Guar Nts
12.250%
Sr Nts
6.950%
Sr Nts
MDC Holdings
5.375%
Sr Nts
5.375%
Sr Nts
5.625%
Sr Nts
Meritage
6.250%
Sr Nts
7.731%
Sr Sub Nts
7.150%
Sr Nts
Pulte
6.250%
Sr Nts
5.250%
Sr Nts
5.200%
Sr Nts
7.625%
Sr Nts
7.875%
Sr Nts
6.375%
Sr Nts
6.000%
Sr Nts
Ryland
6.875%
Sr Nts
5.375%
Sr Nts
8.400%
Sr Nts
6.625%
Sr Nts
Standard Pacific
6.250%
Sr Nts
7.000%
Sr Nts
10.750%
Guar Nts
8.375%
Sr Nts
8.375%
Guar Nts
Recom.
Maturity
Ratings
Moodys
S&P
Hold
Hold
Hold
Hold
Hold
Hold
1-Mar-13
1-Sep-14
31-May-15
15-Apr-16
1-Jun-17
1-Jun-18
B2/B+
B2/B+
B2/B+
B2/B+
B2/B+
B2/B+
$267.7
$250.0
$500.0
$250.0
$400.0
$250.0
102 1/4
103 1/2
103 3/4
104
127 3/4
105
3.31%
3.94%
4.30%
5.37%
5.89%
5.96%
315bp
357bp
379bp
470bp
499bp
483bp
1-Mar-13
1-Sep-14
31-May-15
15-Apr-16
1-Jun-17
1-Jun-18
$286.6
$286.6
$286.6
$286.6
$286.6
$286.6
23.6%
23.6%
23.6%
23.6%
23.6%
23.6%
11,315
11,315
11,315
11,315
11,315
11,315
2,696
2,696
2,696
2,696
2,696
2,696
1.4x
1.4x
1.4x
1.4x
1.4x
1.4x
12.1x
12.1x
12.1x
12.1x
12.1x
12.1x
Sell
Sell
Sell
15-Dec-14
1-Jul-15
1-Feb-20
Baa3/BB+
Baa3/BB+
Baa3/BB+
$250.0
$250.0
$250.0
106
104 1/3
97 5/8
2.99%
3.93%
6.01%
257bp
340bp
449bp
15-Dec-14
1-Jul-15
1-Feb-20
nm
nm
nm
20.0%
20.0%
20.0%
2,762
2,762
2,762
676
676
676
nm
nm
nm
nm
nm
nm
Buy
Hold
Buy
15-Mar-15
30-Apr-17
15-Apr-20
B1/B+
NR/BB1/B+
$285.0
$125.9
$200.0
101 2/7
96 1/2
102 1/2
4.77%
8.59%
6.74%
460bp
771bp
518bp
15-Mar-13
30-Apr-17
15-Apr-20
$43.2
$43.2
$43.2
17.7%
17.7%
17.7%
3,268
3,268
3,268
1,043
1,043
1,043
1.0x
1.0x
1.0x
14.0x
14.0x
14.0x
Sell
Sell
Sell
Sell
Sell
Sell
Sell
15-Feb-13
15-Jan-14
15-Feb-15
15-Oct-17
15-Jun-32
15-May-33
15-Feb-35
B1/BBB1/BBB1/BBB1/BBB1/BBB1/BBB1/BB-
$62.7
$335.9
$245.2
$150.0
$300.0
$400.0
$300.0
102
102 1/2
102
106
94
81 1/2
79
3.77%
3.75%
4.44%
6.32%
8.50%
8.24%
8.02%
361bp
349bp
398bp
533bp
589bp
557bp
525bp
15-Feb-13
15-Jan-14
15-Feb-15
15-Oct-17
15-Jun-32
15-May-33
15-Feb-35
$249.4
$249.4
$249.4
$249.4
$249.4
$249.4
$249.4
18.6%
18.6%
18.6%
18.6%
18.6%
18.6%
18.6%
15,275
15,275
15,275
15,275
15,275
15,275
15,275
3,924
3,924
3,924
3,924
3,924
3,924
3,924
1.1x
1.1x
1.1x
1.1x
1.1x
1.1x
1.1x
12.4x
12.4x
12.4x
12.4x
12.4x
12.4x
12.4x
Sell
Sell
Sell
Hold
15-Jun-13
15-Jan-15
15-May-17
1-May-20
B1/BBB1/BBB1/BBB1/BB-
$173.9
$126.5
$230.0
$300.0
103 3/4
102
109 1/2
99
3.55%
4.59%
6.19%
6.79%
335bp
415bp
530bp
522bp
15-Jun-13
15-Jan-15
15-May-17
1-May-20
$37.0
$37.0
$37.0
$37.0
20.0%
20.0%
20.0%
20.0%
3,627
3,627
3,627
3,627
1,514
1,514
1,514
1,514
0.6x
0.6x
0.6x
0.6x
22.3x
22.3x
22.3x
22.3x
Hold
Hold
Hold
Hold
Hold
1-Apr-14
15-Aug-15
15-Sep-16
15-May-18
15-Jan-21
B3/B
B3/B
B3/B
B3/B
B3/B
$5.0
$29.8
$280.0
$575.0
$400.0
100
101
113 1/2
104 1/2
104 1/8
6.25%
6.66%
7.13%
7.44%
7.71%
596bp
611bp
637bp
632bp
598bp
1-Apr-14
15-Aug-15
15-Sep-16
15-May-18
15-Jan-21
$105.9
$105.9
$105.9
$105.9
$105.9
27.5%
27.5%
27.5%
27.5%
27.5%
2,528
2,528
2,528
2,528
2,528
681
681
681
681
681
0.8x
0.8x
0.8x
0.8x
0.8x
12.5x
12.5x
12.5x
12.5x
12.5x
Size
Recent Quotes
Bid
YTW
Spread
YTW
Date
Next Call Data

Date
Price
15-Mar-13
1-Apr-13
100
103
LTM HB
EBITDA
($mn)
HB Gross
Margin
LTM
Deliveries
(Units)
Backlog
(Units)
HB EBITDA/
Interest
Incurred
Net HB Debt/
LTM HB
EBITDA
April 12, 2012


Coupon
Description
Toll Brothers
6.875%
Sr Nts
5.950%
Sr Nts
4.950%
Sr Nts
5.150%
Sr Nts
8.910%
Sr Guar Nts
6.750%
Sr Nts
Recom.
Maturity
Ratings
Moodys
S&P
Hold
Hold
Hold
Hold
Hold
Hold
15-Nov-12
15-Sep-13
15-Mar-14
15-May-15
15-Oct-17
1-Nov-19
Ba1/BB+
Ba1/BB+
Ba1/BB+
Ba1/BB+
Ba1/BB+
Ba1/BB+
10
Size
$139.8
$104.7
$268.0
$300.0
$400.0
$250.0
Recent Quotes
Bid
YTW
Spread
102
105 2/5
103 4/5
104 5/7
121 2/5
108 3/4
3.44%
2.04%
2.89%
3.52%
4.47%
5.33%
329bp
182bp
261bp
302bp
349bp
387bp
YTW
Date
15-Nov-12
15-Sep-13
15-Mar-14
15-May-15
15-Oct-17
1-Nov-19
Next Call Data

Date
Price
LTM HB
EBITDA
($mn)
HB Gross
Margin
LTM
Deliveries
(Units)
Backlog
(Units)
HB EBITDA/
Interest
Incurred
Net HB Debt/
LTM HB
EBITDA
$132.5
$132.5
$132.5
$132.5
$132.5
$132.5
23.2%
23.2%
23.2%
23.2%
23.2%
23.2%
2,605
2,605
2,605
2,605
2,605
2,605
1,784
1,784
1,784
1,784
1,784
1,784
1.2x
1.2x
1.2x
1.2x
1.2x
1.2x
12.0x
12.0x
12.0x
12.0x
12.0x
12.0x
April 12, 2012


Building Materials Yilma Abebe (1-212) 270-3265
Coupon
Description
Recom.
Associated Materials (SIDE)

9.125%
Sr Sec Nts
NR
Gibraltar (ROCK)
8.000%
Sr Sub Nts
Hold
Griffon Corporation (GFF)
7.125%
Sr Nts
NR
HD Supply (HD Supply)
Sr Sec Nts (1st Lien) NR
8.125%
11.000%
Sr Sec Nts (2nd Lien) NR
Interline Brands (IBI)
7.000%
Sr Sub Nts
NR
Mueller Water (MWA)
8.750%
Sr Nts
Hold
7.375%
Sr Sub Nts
Buy
USG Corp. (USG)
6.300%
Sr Nts
NR
9.750%
Sr Nts
NR
7.750%
Sr Nts
NR
8.375%
Sr Nts
NR
11
Maturity
Ratings
Moodys
S&P
Amount
Out
($ mn)
Bid
1-Nov-17
Caa1/B
$730.0
89.75
11.69%
1069bp
1-Nov-17
1-Nov-13
106.84
$100
8.3x
8.2x
1.0x
1.3x
1-Dec-15
B2/BB-
$204.0
102.63
5.77%
562bp
1-Dec-12
1-Dec-12
101.33
$61
3.4x
2.9x
0.4x
1-Apr-18
B1/BB-
$550.0
102.25
6.58%
572bp
1-Apr-17
1-Apr-14
105.34
$178
3.9x
2.7x
15-Apr-19
15-Apr-20
B2/NR
Caa1/CCC+
$950.0
$675.0
100.50
102.75
8.02%
10.37%
692bp
923bp
15-Apr-18 15-Apr-15
15-Apr-18 15-Apr-16
106.09
105.50
$508
$508
4.2x
5.5x
15-Nov-18
B2/BB
$300.0
105.25
5.68%
489bp
15-Nov-16 15-Nov-13
105.25
$110
1-Sep-20
1-Jun-17
B2/B+
Caa2/CCC+
$225.0
$420.0
111.25
98.50
6.19%
7.73%
563bp
683bp
1-Sep-15
1-Jun-17
1-Sep-15
nc
104.38
nc
15-Nov-16
1-Aug-14
15-Jan-18
15-Oct-18
Caa2/BB2/BBCaa2/BB2/BB-
$500.0
$300.0
$500.0
$350.0
95.00
110.25
100.00
103.75
7.61%
4.96%
7.75%
7.38%
682bp
461bp
670bp
661bp
15-Nov-16
nc
1-Aug-14
nc
15-Jan-18
nc
15-Oct-16 15-Oct-14
nc
nc
nc
104.19
Recent Quotes
YTW
Spread
YTW
Date
Next Call Date

Date
Price
TEV/
LTM
EBITDA
Equity
Market
Cap
na
na
na
2.2x
36%
10.4x
$430.6
0.0x
3.9x
67%
5.7x
$539.8
4.0x
5.3x
5.5x
5.5x
1.1x
1.1x
na
na
na
na
na
na
2.7x
2.0x
0.0x
4.6x
34%
8.0x
$666.0
$99
$99
6.8x
6.8x
6.4x
6.4x
0.4x
0.4x
1.5x
1.5x
57%
57%
12.1x
12.1x
$555.6
$555.6
$65
$65
$65
$65
nm
nm
nm
nm
nm
nm
nm
nm
nm
nm
nm
nm
nm
nm
nm
nm
68%
68%
68%
68%
nm
nm
nm
nm
$1,801.8
$1,801.8
$1,801.8
$1,801.8
LTM
EBITDA
Debt/
Net Debt/
EBITDA LTM EBITDA
Sr. Sec./ EBITDA

EBITDA Int. Exp.
Total Debt/
TEV
April 12, 2012


Cable/Satellite: Domestic HY Cable Michael Pace (1-212) 270-6530
Coupon
Description
AMC Networks
7.750%
Sr Nts
L+300 (1% floor)
TLB
Atlantic Broadband
L+850 (125bp floor)
2nd Lien TL
L+400 (125bp floor)
1st Lien TL
Cablevision Systems
CVC Bonds and CDS
8.625% (HoldCo)
Sr Nts
7.750% (HoldCo)
Sr Nts
8.000% (HoldCo)
Sr Nts
5-YR CDS (HoldCo)
8.500% (OpCo)
Sr Nts
7.625% (OpCo)
Sr Nts
8.625% (OpCo)
Sr Nts
5-YR CDS (OpCo)
CVC Bank Debt
L+300 (Bresnan)
TLB
L+300
TLB
Cequel Communications
8.625%
Sr Nts
L+300 (1% floor)
1st Lien TLB
Charter Communications Holdings
Bonds and CDS
13.5% (CCH II)
Sr Nts
8.125% (CCOH)
Sr Nts
Bank Debt
L+ 325 (OLD EXT)
TLC
Recommendation
Maturity
Ratings
Moodys /
S&P
Hold
15-Jul-21
30-Dec-18
B2/B+
Ba2/BB+
700.0
595.0
111
99 5/8
5.62%
4.07%
Hold
20-Sep-19
20-Mar-19
Caa1/BB2/B+
350.0
660.0
99 3/4
99 1/2
9.80%
5.34%
Buy
Hold
Hold
15-Sep-17
15-Apr-18
15-Apr-20
B1/B+
B1/B+
B1/B+
900.0
750.0
500.0
108
103 3/4
105 3/4
6.83%
6.97%
7.05%
586bp
587bp
549bp
Hold
Hold
Hold
15-Jun-15
15-Jul-18
15-Feb-19
Ba3/BB
Ba3/BB
Ba3/BB
120.5
500.0
526.0
105
110 3/4
113
6.71%
5.56%
6.25%
620bp
440bp
496bp
Recent Quotes
Bid
YTW
STW
Bank/CDS
1
Spread
489bp
Next Call Data

Date
Price
EBITDA/
Total Int.
LQA
Net Debt/
Basic
Sub
Net Debt/
EBITDA
LQA
TEV/
Fwd
2
EBITDA
15-Jul-16
na
103.88
na
4.2x
nm
nm
4.6x
3.1x
10.6x
307bp
855bp
409bp
20-Mar-14
nc
103.00
na
2.3x
$5,300
$3,400
6.8x
4.4x
Private
nc
nc
nc
na
na
na
3.9x
$3,300
4.5x
6.4x
nc
nc
nc
na
na
na
$2,300
3.4x
310bp
342bp
na
na
$1,200
4.6x
1.7x
15-Nov-12
na
106.47
na
2.4x
$3,200
$1,700
5.5x
3.0x
Private
329bp
30-Nov-12
30-Apr-15
106.75
104.06
3.0x
$3,100
$2,900
5.0x
4.5x
6.8x
na
na
$900
1.4x
585bp
490bp
Hold
Hold
14-Dec-17
30-Mar-16
NR/NR
Baa3/BBB-
765.0
2,375.0
99 1/2
98 1/2
4.60%
3.88%
Buy
Hold
15-Nov-17
14-Feb-19
B3/BBa2/BB-
1,825.0
2,200.0
106 3/4
98 1/4
6.48%
4.29%
588bp
Hold
NR
30-Nov-16
30-Apr-20
B2/B
B1/BB-
1,146.4
700.0
113 5/8
110 1/2
2.16%
5.57%
201bp
507bp
Hold
6-Sep-16
B1/B+
2,500.0
99 1/4
3.91%
1. CDS Spread references 5-year CDS.

2. TEV for Cablevision adjusted to include only cable assets; FWD EBITDA is 2012E EBITDA.
12
Amount
Outst.
344bp
April 12, 2012


Cable/Satellite: Domestic HY Cable Michael Pace (1-212) 270-6530
Coupon
Crown Media
10.500%
L+450
Mediacom
Bonds and CDS
8.500% (Broadband)
9.125% (LLC)
5-YR CDS
Bank Debt
L + 175 (Broadband)
L + 175 (LLC)
Description
Recommendation
Maturity
Ratings
Moodys /
S&P
Sr Nts
TLB
Buy
15-Jul-19
14-Jul-18
B3/BBa2/BB-
300.0
210.0
108 3/4
100
8.40%
4.97%
747bp
Sr Nts
Sr Nts
Hold
Hold
15-Oct-15
15-Aug-19
B3/BB3/B-
500.0
350.0
103
108 1/4
5.16%
7.05%
502bp
670bp
Recent Quotes
Bid
YTW
STW
Bank/CDS
1
Spread
450bp
Next Call Data

Date
Price
EBITDA/
Total Int.
LQA
Net Debt/
Basic
Sub
Net Debt/
EBITDA
LQA
TEV/
Fwd
2
EBITDA
15-Jul-15
na
105.25
na
4.4x
nm
nm
4.0x
1.5x
8.1x
15-Oct-11
15-Aug-14
102.83
104.56
2.9x
$3,300
$3,300
5.7x
5.6x
Private
na
na
na
na
$2,500
$2,600
4.1x
3.5x
570bp
TLD
TLC
Hold
Hold
31-Jan-15
31-Jan-15
1. CDS Spread references 5-year CDS

2. TEV for Cablevision adjusted to include only cable assets; FWD EBITDA is 2012E EBITDA.
13
Amount
Outst.
NR/BBBa3/BB-
800.0
650.0
96 1/4
96 1/4
3.39%
3.39%
292bp
292bp
April 12, 2012


Cable/Satellite: European Cable (David Caldana (44 207) 777-1737 / Michael Pace (1-212) 270-6530
Issuer
Description Recommendation
Kabel Deutschland (KABEGR)

6.500%
1st Lien
5-YR CDS
Kabel BW (KABEL)
7.500% (USD)
1st Lien
7.500% (EUR)
1st Lien
5-YR CDS
ONO Finance (ONOSM)
8.875% (Nara Cable Funding USD)1st Lien
8.875% (Nara Cable Funding EUR)1st Lien
10.875% (ONO Finance II PLC USD)Sr Nts
11.125% (ONO Finance II PLC EUR)Sr Nts
5-YR CDS
UPC Finance / UPC Holding BV (UPCB)
7.625% (UPCB Finance Ltd) - EUR1st Lien
6.625% (UPCB Finance Ltd) - USD1st Lien
6.375% (UPCB Finance Ltd) - EUR1st Lien
8.000% (UPC Holding BV) - EUR Sr Nts
9.875% (UPC Holding BV) - USD Sr Nts
5-YR CDS
Unitymedia GmbH (UNITY)
8.125% (USD)
Sr Sec Nts
8.125% (EUR)
Sr Sec Nts
9.625% (EUR)
Sr Sub Nts
5-YR CDS
Telenet (TNETBB)
5.300% (EUR)
1st Lien
6.375% (EUR)
1st Lien
6.625% (EUR)
1st Lien
Virgin Media (VMED)
7.000% (GBP)
1st Lien
6.500% (USD)
1st Lien
5.250% (USD)
1st Lien
9.500% (USD)
Sr Nts
9.500% (EUR)
Sr Nts
8.875% (GBP)
Sr Nts
Sr Nts
8.375% (USD)
5.250% (USD)
Sr Nts
5-YR CDS
14
Maturity
Ratings
Moodys /
S&P
Amount
Outst.
Recent Quotes
Bid
YTW
STW
29-Jun-18
Ba2/BB-
500.0
104
5.42%
491bp
Underweight
B1/B+
B1/B+
$500.0
800.0
107
103 1/2
5.84%
6.65%
499bp
598bp
Neutral
EBITDA/
Total Int.
LQA
Net Debt/
Basic
Sub
Net Debt/
EBITDA
LQA
TEV/
Fwd
EBITDA
30-Jun-14
103.25
4.3x
325.0
3.7x
8.3x
15-Mar-15
15-Mar-15
103.75
103.75
4.1x
785.0
4.0x
4.0x
na
1-Dec-13
1-Dec-13
15-Jan-14
15-Jul-14
108.88
108.88
110.88
111.13
3.0x
1,640.0
4.0x
4.0x
4.6x
4.6x
15-Jan-15
1-Jul-15
1-Jul-16
15-Nov-16
15-Jan-17
1-Nov-12
15-Apr-13
15-Apr-14
15-Aug-15
103.81
103.31
103.19
103.63
103.44
102.66
104.88
104.94
104.19
4.0x
2-Dec-12
2-Dec-12
1-Dec-14
108.13
108.13
104.81
2.6x
390bp
1-Dec-18
1-Dec-18
15-Jul-19
15-Jul-19
B1/B
B1/B
Caa1/CCC+
Caa1/CCC+
$1,000.0
1,000.0
$225.0
295.0
88
88
84 1/2
83
11.51%
11.51%
14.38%
15.05%
1,027bp
1,046bp
1,299bp
1,386bp
Overweight
1,900.0
na
27 pts upfront
15-Jan-20
1-Jul-20
1-Jul-20
15-Nov-21
15-Jan-22
1-Nov-16
15-Apr-18
15-Apr-18
15-Aug-20
Ba3/B+
Ba3/B+
Ba3/B+
Ba3/B+
Ba3/B+
B2/BB2/BB2/BB2/B-
500.0
$1,000.0
750.0
$750.0
$750.0
300.0
400.0
$400.0
640.0
103 3/4
101
97 1/4
104 1/2
101 3/4
102 1/2
105
110
101
6.82%
6.42%
6.82%
6.49%
6.58%
6.91%
7.85%
6.79%
8.17%
596bp
528bp
542bp
502bp
508bp
671bp
760bp
649bp
718bp
Overweight
740.0
900.0
4.0x
4.0x
4.0x
4.0x
4.0x
4.8x
4.8x
4.8x
4.8x
na
9 pts upfront
1-Dec-17
1-Dec-17
1-Dec-19
B1/BBB1/BBB3/B-
$845.0 106 3/4

1,430.0
104
665.0 106 3/4
6.02%
6.86%
8.10%
542bp
647bp
727bp
Overweight
Neutral
Next Call Data

Date
Price
475bp
15-Mar-19
15-Mar-19
Underweight
Bank / CDS
Spread
415.0
545.0
3.5x
3.5x
4.6x
na
5 pts upfront
15-Nov-16
15-Nov-20
15-Feb-21
Ba3/NR
Ba3/NR
Ba3/NR
100.0
500.0
300.0
105 2/9
99
99 1/2
3.52%
6.53%
6.70%
333bp
505bp
516bp
15-Nov-13
15-Nov-15
15-Feb-16
102.65
103.19
103.31
4.5x
990.0
3.0x
3.0x
3.0x
na
15-Jan-18
15-Jan-18
15-Jan-21
15-Aug-16
15-Aug-16
15-Oct-19
15-Oct-19
15-Feb-22
Baa3/BBBBaa3/BBBBaa3/BBBBa2/BBBa2/BBBa2/BBBa2/BBBa2/BB-
$875.0
$1,000.0
$500.0
$850.0
$180.0
350.0
$600.0
$500.0
105 3/4
108 1/2
110
112
111
111 1/2
111 3/4
97
5.29%
3.28%
3.88%
3.68%
4.39%
5.27%
4.91%
5.65%
461bp
301bp
214bp
347bp
418bp
501bp
453bp
367bp
15-Jan-14
15-Jan-14
nc
15-Aug-13
15-Aug-13
15-Oct-14
15-Oct-14
nc
103.50
103.25
na
104.75
104.75
104.44
104.19
na
3.6x
580.0
2.0x
2.0x
2.0x
3.1x
3.1x
3.1x
3.1x
3.1x
6.0x
470bp
925.0
April 12, 2012


Cable/Satellite: Satellites - FSS/MSS Michael Pace (1-212) 270-6530
Issuer
Eutelsat
Valuation Only
GeoEye
8.625%
9.625%
Inmarsat
7.375%
Intelsat Ltd.
6.5% (SA)
5-YR CDS (SA)
11.25% (Luxemborg)
11.25% (Jackson)
SES Global
Valuation Only
Telesat
12.500%
11.000%
ViaSat
8.875%
Description
Recommendation
Amount
Outst.
Bid
Recent Quotes
YTW
STW
Bank/CDS
1
Spread
Next Call Data

Date
Price
EBITDA/
Total Int.
LTM
Net Debt/
EBITDA
LTM
TEV/
Fwd
EBITDA
na
NR
na
na
na
na
na
na
na
na
8.5x
2.4x
8.5x
2nd Lien
1st Lien
Buy
1-Oct-16
1-Oct-15
B3/BBa3/BB-
125.0
400.0
103 1/2
109
7.46%
5.65%
688bp
527bp
1-Oct-13
1-Oct-13
104.31
104.81
3.6x
2.1x
1.3x
4.8x
Sr Nts
Hold
1-Dec-17
Ba2/BB+
850.0
106 1/4
5.45%
503bp
1-Dec-13
103.69
9.8x
1.5x
6.0x
Sr Nts
Buy
1-Nov-13
Caa3/CCC+
353.6
103 5/8
4.05%
381bp
nc
na
1.7x
7.9x
Private
335bp
Sr Nts
Sr Nts
Hold
Buy
4-Feb-17
15-Jun-16
Caa3/CCC+
Caa2/CCC+
2,805.0
1,032.9
100 3/4
105 1/8
10.92%
9.72%
1,047bp
901bp
15-Feb-13
nc
105.63
na
na
NR
na
na
na
na
na
na
na
na
5.8x
3.2x
8.5x
Sr Sub Nts
Sr Nts
NR
NR
1-Nov-17
1-Nov-15
B3/BB3/B-
217.2
692.8
111 1/4
106 5/8
6.99%
6.88%
681bp
670bp
1-May-13
1-May-12
106.25
105.50
3.0x
4.4x
4.0x
Private
Sr Nts
Buy
15-Sep-16
B1/B+
275.0
108 1/2
4.04%
392bp
15-Sep-12
106.66
6.0x
1.7x
12.8x
1. CDS spread references 5-year CDS; Fwd EBITDA is 2012E EBITDA.

15
Maturity
Ratings
Moodys /
S&P
7.4x
4.9x
April 12, 2012


Cable/Satellite: Canadian Cable/High Grade Cable Michael Pace (1-212) 270-6530
Issuer
Description
CANADIAN CABLE
Quebecor Media/Videotron
7.750% (QMI)
Sr Nts
6.875% (Videotron)
Sr Nts
6.375% (Videotron)
Sr Nts
9.125% (Videotron)
Sr Nts
Rogers Communications
6.250%
Sr Sec Nts
5.500%
Sr Sec Nts
6.375%
Sr Sec Nts
5-YR CDS
Shaw Communications
Valuation (Canadian bonds only) na
5-YR CDS
HIGH GRADE US CABLE
Comcast
5.700%
6.550%
5-YR CDS
Cox Communications
9.375%
8.375%
5-YR CDS
Time Warner Cable
5.000%
6.750%
5-YR CDS
Sr Nts
Sr Nts
Sr Nts
Sr Nts
Sr Nts
Sr Nts
1. Fwd EBITDA is 2012E EBITDA.

16
EBITDA/
Total Int.
LQA
Net Debt/
Basic
1
Sub
Net Debt/
EBITDA
LQA
TEV/
Fwd
1
EBITDA
4.3x
7.3x
na
C$ 1,000.0
3.6x
1.7x
Private
Private
Recommendation
Maturity
Ratings
Moodys /
S&P
Hold
Hold
Hold
Hold
15-Mar-16
15-Jan-14
15-Dec-15
15-Apr-18
B1/B+
Ba1/BB
Ba1/BB
Ba1/BB
700.0
395.0
175.0
715.0
102 3/4
100
102 3/8
110 1/2
6.94%
6.87%
4.29%
2.91%
627bp
660bp
414bp
273bp
15-Mar-11
103.88
15-Dec-12
15-Apr-13
101.06
104.56
Hold
Hold
Hold
Hold
15-Jun-13
15-Mar-14
1-Mar-14
Baa1/BBB
Baa1/BBB
Baa1/BBB
350.0
350.0
750.0
106 1/5
108 2/9
110 1/8
0.89%
1.14%
0.91%
70bp
86bp
64bp
nc
nc
nc
na
na
na
7.3x
$4,200.0
2.0x
6.5x
Hold
Hold
na
nc
na
6.8x
$1,700.0
2.3x
6.7x
Hold
Hold
Hold
1-Jul-19
1-Jul-39
nc
nc
na
na
6.2x
$1,700.0
2.2x
6.7x
Hold
Hold
Hold
15-Jan-19
1-Mar-39
nc
nc
na
na
7.1x
na
2.2x
Private
Hold
Hold
Hold
1-Feb-20
15-Jun-39
nc
nc
na
na
4.7x
$2,600.0
2.8x
6.1x
Amount
Outst.
Recent Quotes
Bid
YTW
STW
CDS
Spread
Next Call Data

Date
Price
67bp
na
na
na
na
na
157bp
Baa1/BBB+
Baa1/BBB+
700.0
800.0
118 3/5
123 5/9
2.83%
4.96%
145bp
194bp
75bp
Baa2/BBB
Baa2/BBB
600.0
1,250.0
134 3/5
142 1/4
3.56%
5.38%
228bp
238bp
50bp
Baa2/BBB
Baa2/BBB
1,500.0
1,500.0
111
120 1/2
3.39%
5.31%
187bp
229bp
138bp
April 12, 2012


Cable/Satellite: Satellites - DBS/Satellite Radio Michael Pace (1-212) 270-6530
Issuer
Description
DBS
DirecTV
4.750%
Sr Nts
7.625%
Sr Nts
5.875%
Sr Nts
5-YR CDS
Echostar DBS (DISH Network)
7.000%
Sr Nts
6.625%
Sr Nts
7.125%
Sr Nts
7.875%
Sr Nts
5-YR CDS
SATELLITE RADIO
Sirius XM Radio
9.750%
7.625%
8.750%
13.000%
1st Lien Nts

Sr Nts
Sr Nts
Sr Nts
1. CDS Spread references 5-year CDS

2. Fwd EBITDA is 2012E EBITDA
17
Recommendation
Maturity
Ratings
Moodys /
S&P
Hold
Hold
Hold
1-Oct-14
15-May-16
1-Oct-19
Baa2/BBB
Baa2/BBB
Baa2/BBB
Amount
Outst.
1,000.0
1,500.0
1,000.0
Recent Quotes
Bid
YTW
STW
108 2/5
104 5/9
115 2/5
1.26%
4.98%
3.51%
Bank/CDS
1
Spread
88bp
479bp
207bp
Next Call Data

Date
Price
EBITDA/
Total Int.
LTM
Net Debt/
EBITDA
LTM
TEV/
Fwd
2
EBITDA
nc
15-May-12
nc
na
103.81
na
10.1x
2.4x
6.0x
nc
nc
nc
nc
na
na
na
na
7.6x
1.5x
5.8x
1-Sep-12
1-Nov-14
nc
nc
104.88
103.81
na
na
2.4x
0.0x
3.6x
17.8x
155bp
Hold
Hold
Hold
Buy
1-Oct-13
1-Oct-14
1-Feb-16
1-Sep-19
Ba2/BBBa2/BBBa2/BBBa2/BB-
500.0
1,000.0
1,500.0
1,400.0
106 3/4
108 1/2
110 1/4
114 3/4
2.27%
3.01%
4.17%
5.42%
204bp
263bp
353bp
400bp
305bp
Buy
Buy
Hold
Hold
1-Sep-15
1-Nov-18
1-Apr-15
1-Aug-13
Ba2/BBBB2/BB
B2/BB
B2/BB
257.0
700.0
800.0
778.5
107 1/2
108 3/4
113
113
2.53%
5.32%
4.04%
2.68%
242bp
492bp
356bp
247bp
April 12, 2012


Chemicals Tarek Hamid (1-212) 834-5468
Issuer
COMMODITY CHEMICALS
Celanese (CE)
L+275
Term Loan C
NR
6.625%
Sr Nts
NR
Georgia Gulf (GGC)
9.000% Sr Sec Nts (1st Lien)
NR
Ineos Group Holdings Plc (INEGRP)
L+500
Term Loan C
Buy
9.000%
Sr Sec Nts
Buy
8.375%
Sr Sec Nts
Buy
8.500%
Sr Nts
Buy
7.875%
Sr Nts
Buy
LyondellBasell (LYO)
5.000%
Sr Nts
NR
5.750%
Sr Nts
NR
6.000%
Sr Nts
NR
8.000%
Sr Nts
NR
11.000%
Sr Nts
NR
Nova Chemicals (NCX)
8.375%
Sr Nts
Hold
8.625%
Sr Nts
Hold
Texas Petrochemical (TPCG)
8.250% Sr Sec Nts (1st Lien) Sell
Westlake (WLK)
6.625%
Sr Nts
NR
SPECIALTY & FINE CHEMICALS
Ashland (ASH)
L+225
Term Loan A
Hold
L+275
Term Loan B
Hold
9.125%
Sr Nts
Sell
Chemtura Corp. (CHMT)
L+400
Term Loan B
Hold
7.875%
Sr Nts
Sell
Compass Minerals (CMP)
L+275
Term Loan C
Hold
L+150
Term Loan A
Hold
L+200
Term Loan B
Hold
8.000%
Sr Nts
Buy
18
Maturity
Ratings
Moodys
S&P
LTM
Size
31-Oct-16
15-Oct-18
Ba1/BBBBa3/BB-
$1,140.0
$600.0
100 1/3
105 1/2
3.71%
5.24%
15-Jan-17
B1/B+
$500.0
110 1/2
5.13%
16-Dec-14
15-May-15
15-Feb-19
15-Feb-16
15-Feb-16
Ba3/B
Ba3/B
Ba3/B
Caa1/CCC
Caa1/CCC
$732.0
$570.0
$1,000.0
$677.5
1,532.1
15-Apr-19
15-Apr-24
15-Nov-21
1-Nov-17
1-May-18
Ba2/BB+
Ba2/BB+
Ba2/BB+
Ba2/BB+
Ba2/BB+
1-Nov-16
1-Nov-19
Recent Quotes
Bid
YTW
Spread
YTW
Date
Next Call
Date
Price
Current
Yield
Adj. EBITDA
Margin
Adj. EBITDA/
Int. Exp.
Net Debt/
Adj. EBITDA
267bp
446bp
na
15-Oct-16
na
15-Oct-14
na
103 1/3
3.20%
6.28%
$1,362.0
$1,362.0
20.1%
20.1%
6.2x
6.2x
0.5x
1.7x
486bp
15-Jan-14
15-Jan-14
104 1/2
8.14%
$230.3
7.1%
3.5x
1.8x
103 2/3 6.46%

573bp
105
6.39%
608bp
104 3/4 7.35%
629bp
90 1/4 11.72% 1,108bp
84
13.33% 1,290bp
na
15-May-14
15-Feb-18
15-Feb-16
15-Feb-16
na
15-May-13
15-Feb-15
15-Feb-12
15-Feb-12
na
104 1/2
106 2/7
102 5/6
102 5/8
7.72%
8.57%
8.00%
9.42%
9.38%
1,713.5
1,713.5
1,713.5
1,713.5
1,713.5
9.7%
9.7%
9.7%
9.7%
9.7%
2.6x
2.6x
2.6x
2.6x
2.6x
2.0x
2.4x
2.4x
3.6x
3.6x
$2,000.0
$1,000.0
$1,000.0
$618.9
$1,921.6
99
98 1/2
104 1/4
112 1/4
110
5.17%
5.93%
5.42%
1.81%
1.30%
384bp
379bp
350bp
162bp
112bp
15-Apr-19
15-Apr-24
15-Nov-21
1-May-13
1-May-13
15-Jan-19
15-Jan-24
nc
1-May-13
1-May-13
100
100
nc
106
100
5.05%
5.84%
5.76%
7.13%
10.00%
$5,279.0
$5,279.0
$5,279.0
$5,279.0
$5,279.0
10.3%
10.3%
10.3%
10.3%
10.3%
5.2x
5.2x
5.2x
5.2x
5.2x
0.6x
0.6x
0.6x
0.6x
0.6x
Ba2/BB
Ba2/BB
$350.0
$350.0
110 1/2
113 3/4
3.95%
4.46%
371bp
406bp
1-Nov-13
1-Nov-14
1-Nov-13
1-Nov-14
104 1/5
104 1/3
7.58%
7.58%
$1,279.0
$1,279.0
24.4%
24.4%
7.7x
7.7x
0.6x
0.6x
1-Oct-17
B1/NR
$350.0
103 5/8
7.28%
651bp
1-Oct-16
1-Oct-13
106 1/5
7.96%
$130.0
4.7%
3.8x
2.0x
15-Jan-16
Baa3/BBB-
$250.0
101 3/4
5.55%
529bp
15-Jan-14
15-Jan-13
101 1/9
6.51%
$584.0
16.1%
11.5x
nm
23-Aug-16
23-Aug-18
1-Jun-17
Baa3/BB
Baa3/BB
Baa3/BB
$1,500.0
$1,400.0
$650.0
99 3/5
99 8/9
110 1/2
3.31%
4.36%
3.53%
237bp
294bp
333bp
na
na
1-Jun-13
na
na
1-Jun-13
na
na
104 4/7
2.76%
3.75%
8.26%
$1,235.0
$1,235.0
$1,235.0
14.2%
14.2%
14.2%
4.8x
4.8x
4.8x
2.0x
2.0x
2.6x
29-Aug-16
1-Sep-18
Ba1/BB+
B1/BB-
$295.0
$455.0
100 3/8
106 3/4
5.27%
6.09%
430bp
534bp
na
1-Sep-16
na
1-Sep-14
na
104
5.48%
7.38%
$385.0
$385.0
12.7%
12.7%
6.1x
6.1x
0.3x
1.5x
15-Jan-16
24-Dec-12
24-Dec-12
1-Jun-19
Ba1/BBB
Ba1/BBB
Ba1/BBB
Ba2/BB+
$234.0
$350.0
$56.1
$100.0
99 2/3
99 5/7
99 5/7
108
3.71%
2.82%
3.32%
5.74%
285bp
195bp
245bp
542bp
na
na
na
1-Jun-14
na
na
na
1-Jun-14
na
na
na
104
3.23%
1.98%
2.48%
7.41%
$280.0
$280.0
$280.0
$280.0
25.3%
25.3%
25.3%
25.3%
13.3x
13.3x
13.3x
13.3x
0.9x
0.9x
0.9x
1.3x
Adj. EBITDA
April 12, 2012


Chemicals Tarek Hamid (1-212) 834-5468
Issuer
Maturity
Ferro Corp. (FOE)

7.875%
Sr Nts
Sell
15-Aug-18
Hexion/Borden (HXN)
L+375
Term Loan C
NR
5-May-15
L+375
Term Loan C
NR
5-May-15
L+375
Term Loan C
NR
5-May-15
L+375
Term Loan C
NR
5-May-15
NR
15-Apr-20
8.875% Sr Sec Nts (1.5 Lien)
NR
1-Feb-18
9.000% Sr Sec Nts (2nd Lien) NR
15-Nov-20
8.375%
Debs
NR
15-Apr-16
7.875%
Debs
NR
15-Feb-23
9.200%
Debs
NR
15-Mar-21
Huntsman International LLC (HUN)
L+150
Term Loan B
Hold
19-Apr-14
L+225
Term Loan C
Hold
30-Jun-16
L+250
Term Loan B
Hold
19-Apr-17
L+300
Term Loan B
Hold
19-Apr-17
5.500%
Sr Nts
Hold
30-Jun-16
8.625%
Sr Sub Nts
Sell
15-Mar-20
8.625%
Sr Sub Nts
Sell
15-Mar-21
Momentive Performance Materials (MOMENT)
L+350
Term Loan C
Hold
5-May-15
12.250% Sr Sec Nts (2nd Lien) Buy
15-Jun-14
9.000%
Sr Nts
Buy
15-Jan-21
11.500%
Sr Sub Nts
Buy
1-Dec-16
PolyOne (POL)
L+375
Loan
Buy
20-Dec-17
7.375%
Sr Nts
Hold
15-Sep-20
Solutia Inc. (SOA)
L+275
Term Loan B
Hold
1-Aug-17
8.750%
Sr Nts
Hold
1-Nov-17
7.875%
Sr Nts
Hold
15-Mar-20
AGRICULTURAL CHEMICALS
CF Inudstries (CF)
Sr Nts
6.875%
Sr Nts
7.125%
Buy
Buy
19
1-May-18
1-May-20
Ratings
Moodys
S&P
LTM
Size
B1/B+
$250.0
101 3/8
7.49%
Ba3/BBa3/BBa3/BBa3/BBa3/BB3/CCC+
NR/CCC+
Caa2/CCC+
Caa2/CCC+
Caa2/CCC+
$426.5
$178.2
$148.6
$85.6
$450.0
$1,000.0
$440.0
$61.5
$188.4
$74.0
99
99
97 3/4
97 1/2
101 3/4
101 3/4
90 1/4
89 1/4
81
87
Ba1/BB
Ba1/BB
Ba1/BB
Ba1/NR
B1/B+
B2/B
B2/B
$2,180.0
$500.0
$650.0
$345.7
$600.0
$350.0
$530.0
99 5/8
98 2/7
98 2/3
98 2/3
99 3/4
113
113
Ba3/B
B2/CCC
Caa1/CCC
Caa2/CCC
$436.4
$200.0
$635.0
$381.9
Ba1/BBBa3/B+
Recent Quotes
Bid
YTW
Spread
YTW
Date
Next Call
Date
Price
Current
Yield
Adj. EBITDA
Margin
Adj. EBITDA/
Int. Exp.
Net Debt/
Adj. EBITDA
675bp
15-Aug-16
15-Aug-14
104
7.77%
$183.0
8.5%
6.5x
1.6x
4.86%
4.86%
5.30%
5.38%
6.27%
8.42%
10.77%
11.83%
10.90%
11.57%
414bp
413bp
458bp
466bp
517bp
759bp
907bp
1,115bp
883bp
980bp
na
na
na
na
15-Apr-18
1-Feb-17
15-Nov-20
15-Apr-16
15-Feb-23
15-Mar-21
na
na
na
na
15-Apr-15
1-Feb-14
15-Nov-15
nc
nc
nc
na
na
na
na
105
104 4/9
104 1/2
nc
nc
nc
4.35%
4.33%
4.38%
4.40%
6.51%
8.72%
9.97%
9.38%
9.72%
10.57%
$635.0
$635.0
$635.0
$635.0
$635.0
$635.0
$635.0
$635.0
$635.0
$635.0
12.2%
12.2%
12.2%
12.2%
12.2%
12.2%
12.2%
12.2%
12.2%
12.2%
2.4x
2.4x
2.4x
2.4x
2.4x
2.4x
2.4x
2.4x
2.4x
2.4x
1.5x
1.5x
1.5x
1.5x
1.5x
3.1x
4.2x
4.9x
4.9x
4.9x
2.31%
3.65%
3.93%
4.43%
5.57%
5.15%
5.55%
172bp
269bp
280bp
331bp
485bp
468bp
499bp
na
na
na
na
30-Jun-16
15-Mar-15
15-Sep-15
na
na
na
na
nc
15-Mar-15
15-Sep-15
na
na
na
na
nc
104 1/3
104 1/3
2.01%
2.77%
3.01%
3.52%
5.51%
7.63%
7.63%
$1,214.0
$1,214.0
$1,214.0
$1,214.0
$1,214.0
$1,214.0
$1,214.0
10.8%
10.8%
10.8%
10.8%
10.8%
10.8%
10.8%
4.9x
4.9x
4.9x
4.9x
4.9x
4.9x
4.9x
1.6x
1.6x
1.6x
1.6x
2.0x
2.8x
2.8x
95 1/2 5.87%
514bp
105 1/2 8.20%
805bp
84 1/4 11.94% 1,021bp
80 5/8 17.81% 1,701bp
na
15-Dec-12
15-Jan-21
1-Dec-16
na
15-Dec-12
15-Jan-16
1-Dec-12
na
103 1/8
104 1/2
103 5/6
4.24%
11.61%
10.68%
14.26%
$379.0
$379.0
$379.0
$379.0
14.4%
14.4%
14.4%
14.4%
1.5x
1.5x
1.5x
1.5x
2.0x
2.5x
5.7x
6.7x
$300.0
$360.0
100 1/4
105 1/4
5.28%
6.36%
401bp
517bp
na
15-Sep-18
na
15-Sep-15
na
103 2/3
4.99%
7.01%
$278.5
$278.5
9.1%
9.1%
5.4x
5.4x
0.4x
1.8x
Ba1/BB+
B1/BBB1/BB-
$700.0
$389.0
$286.0
99 4/5
113
116 1/4
4.10%
2.86%
3.28%
291bp
262bp
281bp
na
1-Nov-13
15-Mar-15
na
1-Nov-13
15-Mar-15
na
104 3/8
104
3.51%
7.74%
6.77%
$518.0
$518.0
$518.0
24.7%
24.7%
24.7%
5.1x
5.1x
5.1x
1.1x
2.4x
2.4x
Ba1/BB+
Ba1/BB+
$800.0
$800.0
115
118 1/4
4.05%
4.40%
294bp
283bp
1-May-18
1-May-20
nc
nc
nc
nc
5.98%
6.03%
$2,986.0
$2,986.0
49.0%
49.0%
20.5x
20.5x
0.1x
0.1x
Adj. EBITDA
April 12, 2012


Consumer Products Carla Casella, CFA (1-212) 270-6798
Coupon
Description
American Greetings Corp.(AM)

7.375%
Sr Nts
Armored AutoGroup (VIKACQ)
9.250%
Sr Nts
1
Brunswick Corp. (BC)
11.250%
Sr Sec Nts (1st Lien)
9.75%/11.75%
Sr Nts
7.375%
Sr Nts
7.125%
Sr Nts
Central Garden and Pet (CENT)
8.250%
Sr Sub Nts
Easton-Bell Sports (EASTON)
9.750%
Sr Sec Nts
Elizabeth Arden (RDEN)
7.375%
Sr Nts
Hanes Brands (HBI)
FRN
Sr Nts
8.000%
Sr Nts
6.375%
Sr Nts
Jarden Corp. (JAH)
8.000%
Sr Nts
6.125%
Sr Nts
7.500%
Sr Sub Nts
7.500%
Sr Sub Nts
Jones Apparel Group (JNY)
5.125%
Sr Unsub Nts
6.875%
Sr Nts
6.125%
Sr Unsub Nts
Levi Strauss & Company (LEVI)
8.875%
Sr Nts
7.750%
Sr Nts
7.625%
Sr Nts
2
Liz Claiborne (LIZ)
10.500%
5.000%
Sr Nts
Phillips-Van Heusen, Inc. (PVH)
7.750%
7.375%
Sr Nts
Bid
LTM
EBITDA
LTM EBITDA/
Net Interest
(LTM EBITDA
- Capex)/
Cash Interest
Net Debt/
LTM
TEV/
EBITDA LTM EBITDA
Recommendation
Maturity
Hold
1-Dec-21
Ba2/BB+
$225.0
102 1/8
7.01%
553bp
1-Dec-16
103.69
$198.4
8.3x
5.8x
0.8x
3.8x
NR
1-Nov-18
Caa1/CCC+
$275.0
81 3/4
13.54%
1231bp
1-Nov-14
104.63
$90.6
1.9x
1.7x
6.1x
na
Buy
Hold
Buy
Buy
1-Nov-16
15-Aug-13
1-Sep-23
1-Aug-27
Ba2/B+
B3/B
B3/B
B3/B
$293.8
$73.0
$114.7
$167.9
116
112 1/2
97 3/4
93 3/4
4.01%
2.16%
7.67%
7.83%
377bp
195bp
557bp
550bp
1-Nov-13
Make Whole
nc
Make Whole
105.63
T+50
nc
T+15
$319.6
$319.6
$319.6
$319.6
4.1x
4.1x
4.1x
4.1x
2.9x
2.9x
2.9x
2.9x
0.9x
2.2x
2.2x
2.2x
8.0x
8.0x
8.0x
8.0x
Hold
1-Mar-18
B2/B
$450.0
102 3/8
7.53%
687bp
1-Mar-14
104.13
$109.3
2.9x
1.9x
4.6x
9.2x
Hold
1-Dec-16
B2/B-
$350.0
110 5/8
4.02%
387bp
1-Dec-12
107.31
$98.2
2.3x
1.7x
3.7x
na
NR
15-Mar-21
B1/BB-
$250.0
108 3/4
5.70%
504bp
15-Mar-16
103.69
$125.5
5.8x
4.7x
1.5x
10.2x
Hold
Sell
Sell
15-Dec-14
15-Dec-16
15-Dec-20
B1/BBB1/BBB1/BB-
$293.3
$500.0
$1,000.0
99 1/2
110
101 1/8
4.08%
4.07%
6.16%
339bp
381bp
491bp
14-May-12
15-Dec-13
15-Dec-15
100.00
104.00
103.19
$578.8
$578.8
$578.8
3.7x
3.7x
3.7x
3.1x
3.1x
3.1x
3.5x
3.5x
3.5x
8.1x
8.1x
8.1x
Hold
Hold
Hold
Hold
1-May-16
15-Nov-22
1-May-17
15-Jan-20
Ba3/BBBa3/BBB2/B
B2/B
$300.0
$300.0
$650.0
$275.0
108
104 1/2
109 1/2
108 1/4
3.89%
5.18%
5.33%
5.50%
370bp
418bp
445bp
506bp
1-May-13
15-Nov-15
1-May-12
15-Jan-15
104.00
103.06
103.75
103.75
$790.8
$790.8
$790.8
$790.8
4.4x
4.4x
4.4x
4.4x
3.7x
3.7x
3.7x
3.7x
3.0x
3.0x
3.0x
3.0x
7.5x
7.5x
7.5x
7.5x
Hold
Hold
Hold
15-Nov-14
15-Mar-19
15-Nov-34
Ba3/B+
Ba3/B+
Ba3/B+
$250.0
$300.0
$250.0
101 1/2
97 1/4
76
4.50%
7.39%
8.54%
410bp
608bp
579bp
Make Whole
Make Whole
Make Whole
T+15
T+50
T+20
$283.3
$283.3
$283.3
3.9x
3.9x
3.9x
2.5x
2.5x
2.5x
2.1x
2.1x
2.1x
5.5x
5.5x
5.5x
Hold
Hold
Hold
1-Apr-16
15-May-18
15-May-20
B2/B+
B2/B+
B2/B+
$350.0
300.0
$525.0
103 1/4
101 1/2
105
6.83%
7.32%
6.61%
665bp
683bp
549bp
1-Apr-13
15-May-14
15-May-15
101.48
103.88
103.81
$473.2
$473.2
$473.2
3.5x
3.5x
3.5x
2.7x
2.7x
2.7x
3.6x
3.6x
3.6x
na
na
na
Buy
Buy
15-Apr-19
8-Jul-13
B2/B
Caa1/CCC+
$220.0
81.5
111
97 1/2
7.00%
7.18%
671bp
708bp
15-Apr-14
Make Whole
105.25
T+15
$94.1
$94.1
1.6x
1.6x
7.1x
7.1x
2.4x
3.1x
17.0x
17.0x
Hold
Hold
15-Nov-23
15-May-20
Ba1/BBB
Ba3/BB+
$100.0
$600.0
115 3/4
110
5.86%
4.96%
375bp
445bp
nc
15-May-15
nc
103.69
$804.9
$804.9
6.3x
6.3x
5.0x
5.0x
1.3x
2.1x
11.0x
11.0x
Note: TEV calculations are based on Thursday prices.

1. BC net debt/EBITDA is net of maintenance cash of $500 mn.
2. LIZ leverage levels are shown PF for sale of Mexx of $85 mn.
20
Amount
Outstanding
($ mn)
Ratings
Moodys /
S&P
Recent Quotes
YTW
Spread
Next Call Data

Date
Price
April 12, 2012


Consumer Products Carla Casella, CFA (1-212) 270-6798
Coupon
Description
Bid
LTM
EBITDA
LTM EBITDA/
Net Interest
(LTM EBITDACapex)/
Cash Interest
Net Debt/
LTM
TEV/
EBITDA LTM EBITDA
Recommendation
Maturity
NR
NR
1-Apr-18
1-Feb-20
Ba3/BBB3/B-
$250.0
$250.0
109 1/4
108 1/4
5.24%
6.39%
496bp
534bp
1-Apr-14
1-Feb-16
104.13
104.06
$211.4
$211.4
2.3x
2.3x
2.3x
2.3x
4.1x
5.4x
9.5x
9.5x
NR
NR
15-Apr-15
15-Dec-17
Caa1/CCC+
Ba3/B
$400.0
200.0
100
101
6.87%
8.60%
670bp
799bp
15-Apr-12
15-Dec-14
101.15
104.44
$191.5
$191.5
3.2x
3.2x
1.7x
1.7x
3.2x
3.2x
6.5x
6.5x
Hold
15-Nov-15
B2/B
$330.0
107 1/4
5.27%
513bp
15-Nov-12
104.88
$266.0
2.8x
2.2x
4.1x
7.6x
Hold
Hold
15-Jan-18
15-Dec-20
B1/BB
B1/BB
$200.0
$200.0
107 1/4
104 1/2
4.88%
5.80%
461bp
454bp
15-Jan-14
15-Dec-15
103.63
103.31
$409.1
$409.1
7.2x
7.2x
6.1x
6.1x
2.2x
2.2x
10.1x
10.1x
Buy
Buy
15-Apr-16
15-Jun-14
Ba3/BBCaa1/CCC+
$295.0
$268.9
108 1/2
98 1/2
7.24%
9.02%
706bp
869bp
15-Apr-12
15-Jun-12
108.16
100.00
$128.4
$128.4
2.1x
2.1x
2.1x
2.1x
3.2x
5.3x
6.9x
6.9x
NR
NR
15-Jun-18
28-Aug-19
Caa3/CCCB3/CCC+
$750.0
$245.0
111 7/8
109 3/4
5.68%
1.59%
535bp
148bp
15-Jun-14
28-Aug-12
104.75
106.00
$460.8
$460.8
2.3x
2.3x
2.2x
2.2x
3.1x
3.7x
7.5x
7.5x
Prestige Brands (PBH)

8.250%
Sr Sec Nts
8.125%
Sr Nts
Quiksilver, Inc. (ZQK)
6.875%
Sr Nts
8.875%
Sr Nts
Revlon, Inc. (REV)
9.750%
Sr Sec Nts
Scotts Miracle Gro (SMG)
7.250%
Sr Nts
6.625%
Sr Nts
Sealy Corporation (ZZ)
10.875%
8.250%
Sr Sub Nts
Spectrum Brands (SPB)
9.500%
12.000%
Sr Sub Toggle Nts
Note: TEV calculations are based on Thursday prices.

21
Amount
Outstanding
($ mn)
Ratings
Moodys /
S&P
Recent Quotes
YTW
Spread
Next Call Data

Date
Price
April 12, 2012


Energy: Exploration and Production Gregg Brody (1-212) 834-5997
Coupon
Desc.
Recom.
Alta Mesa Holdings

9.625%
Sr Nts
NR
Antero Resources
9.375%
Sr Nts
NR
7.250%
Sr Nts
NR
ATP Oil & Gas
Bill Barrett
9.875%
Sr Nts
NR
7.625%
Sr Nts
NR
7.000%
Sr Nts
NR
Berry Petroleum Co.
10.250%
Sr Nts
NR
6.750%
Sr Nts
NR
6.375%
Sr Nts
NR
Breitburn Energy Partner
8.625%
Guar Nts
NR
7.875%
Sr Nts
NR
Carrizo Oil & Gas
8.625%
Sr Nts
NR
Chaparral Energy
8.875%
Sr Nts
Hold
9.875%
Sr Nts
Hold
8.250%
Sr Nts
Hold
Chesapeake Energy
7.625%
Sr Nts
Hold
9.500%
Sr Nts
Hold
6.250%
Sr Nts
Hold
6.500%
Sr Nts
Hold
6.875%
Sr Nts
Hold
7.250%
Sr Nts
Hold
6.775%
Sr Nts
Hold
6.625%
Sr Nts
Hold
6.875%
Sr Nts
Hold
6.125%
Sr Nts
Hold
Cimarex Energy
7.125%
Sr Nts
NR
5.875%
Sr Nts
Hold
Clayton Williams
7.750%
Sr Nts
NR
Comstock Resources
8.375%
Sr Nts
NR
7.750%
Sr Nts
NR
Current
Yield
MTD
Total
Return
YTD
Total
Return
%
Natural
Gas
104 13/16
9.72%
-1.36%
4.74%
1-Dec-13
1-Aug-14
104 11/16
105 7/16
8.65%
7.11%
0.39%
-0.73%
2.76%
1.45%
5,021
5,021
78.3%
78.3%
2611bp
1-May-13
111 7/8
16.84%
-2.70%
11.91%
759
$250.0 110 1/4 5.16%

$400.0 99 1/2 7.71%
$400.0 94 1/4 7.81%
495bp
628bp
576bp
15-Jul-13
1-Oct-15
15-Oct-17
104 15/16
103 13/16
103 1/2
8.96%
7.66%
7.43%
0.52%
-1.72%
-2.08%
2.63%
-2.68%
-5.09%
B2/B+
B2/B+
B2/B+
$355.3
115
2.92%
$300.0 105 1/4 5.77%
$600.0 102 1/4 6.01%
260bp
455bp
447bp
1-Nov-15
15-Mar-17
103 3/8
103 3/16
8.91%
6.41%
6.23%
-0.13%
-0.25%
-0.28%
15-Oct-20
15-Apr-22
B3/B
B3/B
$305.0
$250.0
106
101
7.44%
7.70%
623bp
620bp
15-Oct-15
15-Jan-17
104 5/16
103 15/16
8.14%
7.80%
15-Oct-18
B3/B
$600.0
105
7.50%
651bp
15-Oct-14
104 5/16
1-Feb-17
1-Oct-20
1-Sep-21
Caa1/BCaa1/BCaa1/B-
$325.0
104
7.23%
$300.0 110 1/2 7.64%
$400.0 105 3/4 7.23%
696bp
706bp
581bp
1-Feb-13
1-Oct-15
1-Sep-16
102 23/24
104 15/16
104 1/8
15-Jul-13
15-Feb-15
15-Jan-17
15-Aug-17
15-Aug-18
15-Dec-18
15-Mar-19
15-Aug-20
15-Nov-20
15-Feb-21
Ba3/BB+
Ba3/BB+
Ba3/BB+
Ba3/BB+
Ba3/BB+
Ba3/BB+
Ba3/BB+
Ba3/BB+
Ba3/BB+
Ba3/BB+
Maturity
Amount
Outst.
Recent Quotes
Bid
YTW
Spread
15-Oct-18
B3/B
$300.0
99
9.84%
862bp
15-Oct-14
1-Dec-17
1-Aug-19
B3/B+
B3/B+
$525.0 108 3/8 6.62%

$400.0
102
6.79%
637bp
585bp
1-May-15 Caa2/CCC- $1,500.0 70 1/2 26.61%

15-Jul-16
1-Oct-19
15-Oct-22
B1/BBB1/BBB1/BB-
1-Jun-14
1-Nov-20
15-Sep-22
2.89%
4.20%
5.70%
5.41%
6.34%
6.18%
6.96%
6.62%
6.80%
6.50%
269bp
374bp
507bp
446bp
559bp
493bp
564bp
498bp
510bp
475bp
1-May-17 Ba1/BB+
1-May-22 Ba1/BB+
$350.0
103
6.03%
$750.0 101 1/2 5.64%
1-Apr-19
Caa1/B
$350.0
15-Oct-17
1-Apr-19
B2/B
B2/B
$300.0
$300.0
22
2011
Reserves
Bcfe
Ratings
Moody's
S&P
$464.1 105 3/4

$1,264.7 114
$344.2 102 6/25
$660.4
105
$473.7
102
$668.6 105 3/4
$1,300.0
99
$1,300.0 100
$500.0 100 1/2
$1,000.0 97 1/2
Next Call Date

Date
Price
FCF
Balance
Sheet
Liquidity
Debt/
EBITDAX
Debt/PD
(mcfe)
Debt/
EV
$340.8
$340.8
-$321.2
-$321.2
$851.2
$851.2
2.8x
2.8x
$1.13
$1.13
na
na
40.6%
$514.9
-$249.2
$85.8
3.9x
$14.11
74.6%
1,365
1,365
1,365
91.6%
91.6%
91.6%
$523.3
$523.3
$523.3
-$463.4
-$463.4
-$463.4
$1,080.3
$1,080.3
$1,080.3
2.0x
2.0x
2.0x
$1.50
$1.50
$1.50
53.5%
53.5%
53.5%
4.16%
6.01%
2.91%
1,776
1,776
1,776
32.8%
32.8%
32.8%
$557.6
$557.6
$557.6
-$64.1
-$64.1
-$64.1
$645.6
$645.6
$645.6
2.6x
2.6x
2.6x
$1.51
$1.51
$1.51
36.6%
36.6%
36.6%
0.03%
-0.71%
3.56%
3.91%
907
907
65.1%
65.1%
$225.0
$225.0
$108.8
$108.8
$723.8
$723.8
2.9x
2.9x
$0.84
$0.84
37.9%
37.9%
8.21%
0.03%
6.24%
624
77.7%
$172.1
-$414.5
$410.6
4.3x
$2.64
44.7%
8.53%
8.94%
7.80%
-0.19%
-0.60%
-0.44%
2.79%
4.77%
6.55%
896
896
896
37.4%
37.4%
37.4%
$313.2
$313.2
$313.2
-$109.7
-$109.7
-$109.7
$406.7
$406.7
$406.7
3.3x
3.3x
3.3x
$1.75
$1.75
$1.75
na
na
na
7.21%
8.33%
6.11%
6.19%
6.74%
6.86%
6.84%
6.63%
6.84%
6.28%
0.47%
-0.16%
-0.29%
-1.20%
-0.74%
-0.70%
-0.02%
-1.49%
-2.38%
-1.30%
1.96%
1.83%
3.63%
0.30%
-2.80%
-2.45%
1.40%
-4.91%
-4.23%
-3.36%
18,789
18,789
18,789
18,789
18,789
18,789
18,789
18,789
18,789
18,789
82.6%
82.6%
82.6%
82.6%
82.6%
82.6%
82.6%
82.6%
82.6%
82.6%
$5,219
$5,219
$5,219
$5,219
$5,219
$5,219
$5,219
$5,219
$5,219
$5,219
-$3,794
-$3,794
-$3,794
-$3,794
-$3,794
-$3,794
-$3,794
-$3,794
-$3,794
-$3,794
$6,996.6
$6,996.6
$6,996.6
$6,996.6
$6,996.6
$6,996.6
$6,996.6
$6,996.6
$6,996.6
$6,996.6
2.0x
2.0x
2.0x
2.0x
2.0x
2.0x
2.0x
2.0x
2.0x
2.0x
$1.06
$1.06
$1.06
$1.06
$1.06
$1.06
$1.06
$1.06
$1.06
$1.06
43.5%
43.5%
43.5%
43.5%
43.5%
43.5%
43.5%
43.5%
43.5%
43.5%
LTM
EBITDAX
15-Aug-13
105 5/32
554bp
407bp
1-May-12
1-May-17
103 9/16
102 15/16
6.92%
5.79%
0.22%
-0.31%
0.71%
1.68%
2,045
2,045
59.5%
59.5%
$1,255.5
$1,255.5
-$375.6
-$375.6
$1,078.7
$1,078.7
0.6x
0.6x
$0.45
$0.45
11.6%
11.6%
99 1/4 7.89%
657bp
1-Apr-15
103 7/8
7.81%
0.01%
6.07%
386
23.0%
$317.6
-$119.4
$308.4
1.7x
$2.25
36.4%
97
9.08%
92 3/4 9.18%
809bp
786bp
15-Oct-13
1-Apr-15
104 3/16
103 7/8
8.63%
8.36%
0.03%
0.01%
2.64%
-0.08%
1,248
1,248
85.4%
85.4%
$319.3
$319.3
-$275.7
-$275.7
$321.8
$321.8
3.2x
3.2x
$1.24
$1.24
60.7%
60.7%
April 12, 2012


Coupon
Desc.
Recom.
Maturity
Ratings
Moody's
S&P
Concho Resources
8.625%
Sr Nts
Hold
1-Oct-17 B1/BB+
7.000%
Sr Nts
Hold 15-Jan-21 B1/BB+
6.500%
Sr Nts
Hold 15-Jan-22 B1/BB+
5.500%
Sr Nts
Hold
1-Oct-22 B1/BB+
Continental Resources
8.250%
Sr Nts
NR
1-Oct-19 Ba2/BB+
7.375%
Sr Nts
NR
1-Oct-20 Ba2/BB+
7.125%
Sr Nts
NR
1-Apr-21 Ba2/BB+
5.000%
Sr Nts
NR
15-Sep-22 Ba2/BB+
Connacher Oil and Gas
1-Aug-19 Caa2/BB8.500% Sr Sec Nts (2nd Lien) NR
Delta Petroleum
7.000%
Sr Nts
NR
1-Apr-15
NR/D
Denbury Resources
9.750% Sr Sub Nts Hold
1-Mar-16 B1/BB
9.500% Sr Sub Nts Hold 1-May-16 B1/BB
8.250% Sr Sub Nts Hold 15-Feb-20 B1/BB
6.375% Sr Sub Nts Hold 15-Aug-21 B1/BB
Eagle Rock Energy
8.375%
Sr Nts
NR
1-Jun-19
B3/BEnergy Partners
8.250%
Sr Nts
NR
15-Feb-18 Caa1/BEV Energy Partners
8.000%
Sr Nts
NR
15-Apr-19 B3/BEnergy XXI Gulf Coast
9.250%
Guar Nts
NR
15-Dec-17 Caa1/B
7.750%
Sr Nts
NR
15-Jun-19 Caa1/B
Exco Resources
7.500%
Sr Nts
NR
15-Sep-18 B3/BForest Oil
8.500%
Sr Nts
NR
15-Feb-14
B1/B
7.250%
Sr Nts
NR
15-Jun-19
B1/B
Goodrich Petroleum Company
8.875%
Sr Nts
Buy 15-Mar-19 Caa1/CCC+
Harvest Operations
6.875%
Guar Nts
NR
1-Oct-17 Ba1/BBHilcorp Energy LP
Sr Nts
8.000%
Sell 15-Feb-20 B1/BB7.625%
Sr Nts
Sell
15-Apr-21 B1/BBKodiak Oil & Gas Corp.
Sr Nts
NR
1-Dec-19 Caa1/B8.125%
23
Amount
Outst.
Recent Quotes
Bid
YTW
Spread
$300.0
109
$600.0
106
$600.0 103 3/4
$600.0
97
Next Call Date

Date
Price
Current
Yield
MTD
Total
Return
YTD
Total
Return
2011
Reserves
Bcfe
%
Natural
Gas
LTM
EBITDAX
FCF
Balance
Sheet
Liquidity
Debt/
EBITDAX
Debt/PD
(mcfe)
Debt/
EV
5.03%
5.92%
5.89%
5.89%
480bp
488bp
438bp
384bp
1-Oct-13
15-Jan-16
15-Jan-17
1-Oct-17
104 5/16
103 1/2
103 1/4
102 3/4
7.91%
6.60%
6.27%
5.67%
-0.19%
-0.93%
-1.43%
-1.33%
1.95%
0.53%
0.99%
-2.48%
2,319
2,319
2,319
2,319
38.3%
38.3%
38.3%
38.3%
$1,275.2
$1,275.2
$1,275.2
$1,275.2
-$233.1
-$233.1
-$233.1
-$233.1
$1,720.8
$1,720.8
$1,720.8
$1,720.8
1.8x
1.8x
1.8x
1.8x
$1.61
$1.61
$1.61
$1.61
18.4%
18.4%
18.4%
18.4%
$300.0 111 3/4 4.73%

$200.0
111
4.87%
$400.0 110 3/4 4.93%
$800.0
100
5.00%
435bp
430bp
426bp
346bp
1-Oct-14
1-Oct-15
1-Apr-16
15-Mar-17
104 1/8
103 11/16
103 9/16
102 1/2
7.38%
6.64%
6.43%
5.00%
0.25%
0.22%
-0.01%
-0.33%
3.62%
3.67%
3.85%
0.53%
3,051
3,051
3,051
3,051
35.9%
35.9%
35.9%
35.9%
$1,304.0
$1,304.0
$1,304.0
$1,304.0
-$976.1
-$976.1
-$976.1
-$976.1
$1,230.7
$1,230.7
$1,230.7
$1,230.7
1.3x
1.3x
1.3x
1.3x
$1.38
$1.38
$1.38
$1.38
10.5%
10.5%
10.5%
10.5%
$550.0
100
8.49%
756bp
1-Aug-15
104 1/4
8.50%
0.28%
12.63%
$129.9
-$125.6
$214.8
7.4x
$150.0
66
23.60%
0bp
1-Apr-13
100
10.61%
-2.94%
-24.85%
123
91.4%
$27
-$61
$99.1
10.3x
$2.49
148.9%
$426.4 109 1/2 4.10%

$225.0 109 1/2 4.56%
$996.3 110 1/4 5.64%
$400.0
105
5.53%
394bp
437bp
519bp
413bp
1-Mar-13
1-May-13
15-Feb-15
15-Aug-16
104 7/8
104 3/4
104 1/8
103 3/16
8.90%
8.68%
7.48%
6.07%
0.07%
-0.16%
-1.09%
-0.50%
1.75%
1.71%
0.71%
2.14%
2,694
2,694
2,694
2,694
23.1%
23.1%
23.1%
23.1%
$869.3
$869.3
$869.3
$869.3
-$782
-$782.4
-$782
-$782
$1,546.7
$1,546.7
$1,546.7
$1,546.7
2.7x
2.7x
2.7x
2.7x
$1.56
$1.56
$1.56
$1.56
24.8%
24.8%
24.8%
24.8%
$300.0 103 1/4 7.59%
669bp
1-Jun-15
104 3/16
8.11%
0.50%
5.56%
371
63.0%
$202.1
$21.0
$185.8
3.9x
$2.76
39.1%
$210.0
7.99%
715bp
15-Feb-15
104 1/8
8.17%
-0.10%
7.92%
$500.0 101 1/2 7.63%
676bp
15-Apr-15
104
7.88%
-0.69%
1.93%
1,144
70.7%
$243.3
$138.4
$609.8
3.0x
$0.92
21.1%
$750.0 107 3/4 7.26%

$250.0 101 3/4 7.33%
645bp
642bp
15-Dec-14
15-Jun-15
104 5/8
103 7/8
8.58%
7.62%
-0.17%
-0.94%
1.69%
1.88%
700
700
33.8%
33.8%
$744.5
$744.5
$141.2
$141.2
$569.4
$569.4
1.4x
1.4x
$2.11
$2.11
26.7%
26.7%
$750.0
10.56%
936bp
15-Sep-14
103 3/4
8.72%
-3.08%
-6.61%
1,330
97.1%
$604.9
-$458.7
$798.2
2.8x
$1.67
60.7%
$600.0
107
4.47%
$1,000.0 96 7/8 7.83%
420bp
646bp
15-Jun-12
103 5/8
7.94%
7.48%
0.26%
-0.63%
0.34%
-3.02%
2,045
2,045
59.5%
59.5%
$550.9
$550.9
-$677.9
-$677.9
$1,146.0
$1,146.0
3.1x
3.1x
$1.02
$1.02
56.3%
56.3%
15-Mar-15
104 7/16
9.15%
0.30%
-0.50%
501
92.5%
$169.1
-$243.9
$175.8
3.3x
$2.67
45.4%
6.55%
-0.73%
3.26%
101
86
75.6%
$275.0
97
9.47%
816bp
$500.0
105
5.79%
482bp
$300.0 107 1/2 6.37%

$350.0
107
6.29%
592bp
531bp
15-Feb-15
1-Oct-15
104
103 13/16
7.44%
7.13%
-0.21%
-0.67%
2.49%
4.12%
2,010
2,010
54.8%
54.8%
$890.4
$890.4
$272.5
$272.5
$1,429.9
$1,429.9
0.7x
0.7x
$0.58
$0.58
na
na
$650.0 104 1/2 7.14%
612bp
1-Dec-15
104 1/16
7.78%
-0.90%
3.02%
239
10.7%
$89.7
-$254.8
$299.5
7.2x
$7.36
25.8%
April 12, 2012


Coupon
Desc.
Recom.
Maturity
Ratings
Moody's
S&P
Laredo Petroleum
9.500%
Sr Nts
NR
15-Feb-19 Caa2/BLinn Energy
11.750%
Sr Nts
NR
15-May-17 B2/B
9.875%
Sr Nts
NR
1-Jul-18
B2/B
6.500%
Sr Nts
NR
15-May-19 B2/B
6.250%
Sr Nts
NR
1-Nov-19
B2/B
8.625%
Sr Nts
NR
15-Apr-20
B2/B
7.750%
Guar Nts
NR
1-Feb-21
B2/B
McMoRan Exploration
11.875%
Sr Nts
Hold 15-Nov-14 Caa1/BMEG Energy Corp.
6.500%
Sr Nts
NR
15-Mar-21 B3/BB
MIE Holdings Corp.
9.750%
Sr Nts
NR
12-May-16 NR/B+
Newfield Exploration
6.625% Sr Sub Nts Hold 1-Sep-14 Ba2/BB+
6.625% Sr Sub Nts Hold 15-Apr-16 Ba2/BB+
7.125% Sr Sub Nts Hold 15-May-18 Ba2/BB+
1-Feb-20 Ba2/BB+
5.750%
Sr Nts
Buy 30-Jan-22 Ba1/BBBNFR Energy
9.750%
Sr Nts
NR
15-Feb-17 Caa1/B9.750%
Sr Nts
NR
15-Feb-17 Caa1/BOasis Petroleum
7.250%
Sr Nts
NR
1-Feb-19 Caa1/B
6.500%
Sr Nts
NR
1-Nov-21 Caa1/B
OGX Austria GmbH
8.500%
Sr Nts
NR
1-Jun-18
B1/B
8.375%
Sr Nts
NR
1-Apr-22
B1/B
Penn Virginia Corp.
10.375%
Sr Nts
NR
15-Jun-16
B3/B
7.250%
Sr Nts
NR
15-Apr-19
B3/B
Petrobakken Energy
8.625%
Sr Nts
NR
1-Feb-20 Caa1/CCC+
Petroleum Development Corporation
12.000%
Sr Nts
NR
15-Feb-18 B3/BPetroQuest Energy Inc.
10.000%
Sr Nts
NR
1-Sep-17 Caa1/B
24
Current
Yield
MTD
Total
Return
YTD
Total
Return
2011
Reserves
Bcfe
%
Natural
Gas
FCF
Balance
Sheet
Liquidity
Debt/
EBITDAX
Debt/PD
(mcfe)
Debt/
EV
104 3/4
8.64%
-0.83%
6.08%
1,159
62.8%
$378.5
-$230.7
$352.7
2.8x
$2.37
26.3%
15-May-13
1-Jul-13
15-May-15
1-Nov-15
15-Apr-15
15-Sep-15
105 7/8
104 15/16
103 1/4
103 1/8
104 5/16
103 7/8
10.38%
9.00%
6.74%
6.56%
8.12%
7.60%
0.12%
0.07%
-1.28%
-1.58%
-1.08%
-1.43%
2.65%
-0.42%
-0.92%
-3.98%
0.15%
0.16%
4,100
4,100
4,100
4,100
4,100
4,100
61.2%
61.2%
61.2%
61.2%
61.2%
61.2%
$1,217.6
$1,217.6
$1,217.6
$1,217.6
$1,217.6
$1,217.6
$394.9
$394.9
$394.9
$394.9
$394.9
$394.9
$2,214.1
$2,214.1
$2,214.1
$2,214.1
$2,214.1
$2,214.1
4.0x
4.0x
4.0x
4.0x
4.0x
4.0x
$1.59
$1.59
$1.59
$1.59
$1.59
$1.59
40.5%
40.5%
40.5%
40.5%
40.5%
40.5%
817bp
15-Nov-12
104 15/16
11.31%
-0.09%
2.17%
256
59.4%
$309.8
-$397.2
$618.8
1.8x
$2.55
23.7%
$750.0 104 1/2 5.70%
439bp
15-Mar-15
104 7/8
6.22%
-0.03%
3.91%
4,248
$307.2
-$705.2
$2,146.3
5.8x
$400.0
951bp
12-May-14
104 7/8
9.90%
-0.17%
13.53%
168
16.0%
$187.4
-$0.4
$103.0
2.1x
2.7x
34.5%
3.20%
5.37%
5.65%
5.94%
5.19%
309bp
519bp
546bp
489bp
321bp
1-Sep-12
15-Apr-13
15-May-13
1-Feb-15
100
101 8/77
103 9/16
103 7/16
6.54%
6.48%
6.79%
6.58%
5.52%
0.23%
0.21%
-0.13%
-0.02%
-0.29%
1.93%
1.06%
0.12%
-0.52%
-1.95%
3,909
3,909
3,909
3,909
3,909
59.7%
59.7%
59.7%
59.7%
59.7%
$1,727.0
$1,727.0
$1,727.0
$1,727.0
$1,727.0
-$739.0
-$739.0
-$739.0
-$739.0
-$739.0
$1,375.0
$1,375.0
$1,375.0
$1,375.0
$1,375.0
1.7x
1.7x
1.7x
1.7x
0.4x
$1.41
$1.41
$1.41
$1.41
$0.35
40.6%
40.6%
40.6%
40.6%
10.1%
87 1/2 13.33%
87 1/2 13.33%
1249bp
1249bp
15-Feb-14
15-Feb-14
104 7/8
104 7/8
11.14%
11.14%
2.68%
2.68%
0.25%
0.25%
1,207
1,207
92.0%
92.0%
$242.8
$242.8
-$354.6
-$354.6
$211.3
$211.3
3.2x
3.2x
$2.30
$2.30
na
na
$400.0 103 1/4 6.45%

$400.0 99 1/2 6.57%
562bp
465bp
1-Feb-15
1-Nov-16
103 5/8
103 1/4
7.02%
6.53%
-1.65%
-0.76%
1.67%
2.07%
472
472
12.3%
12.3%
$234.5
$234.5
-$392.5
-$392.5
$820.8
$820.8
3.4x
3.4x
$3.72
$3.72
26.0%
26.0%
$2,563.0 101 1/4 8.19%

$1,063.0 99 1/2 8.45%
729bp
644bp
1-Jun-15
1-Apr-17
104 1/4
104 3/16
8.40%
8.42%
-2.22%
-1.21%
5.70%
-0.13%
0
0
nm
nm
nm
nm
$0.0
$0.0
$4,407.0
$4,407.0
nm
nm
nm
nm
14.9%
14.9%
10.98%
10.09%
1027bp
876bp
15-Jun-13
15-Apr-15
105 3/16
103 5/8
10.59%
8.43%
0.34%
0.27%
-5.22%
-5.25%
990
990
78.4%
78.4%
$213.8
$213.8
-$276.6
-$276.6
$108.5
$108.5
3.3x
3.3x
$1.62
$1.62
78.7%
78.7%
$900.0 103 1/2 7.86%
680bp
1-Feb-16
104 5/16
8.33%
-0.44%
5.85%
$203.0
8.88%
871bp
15-Feb-13
106
11.11%
-0.09%
2.53%
1,015
66.2%
$188.3
-$177.1
$236.5
2.8x
$1.13
40.8%
$150.0 102 7/8 9.18%
843bp
1-Sep-14
105
9.72%
-0.04%
2.52%
265
91.0%
$103.3
-$107.2
$122.3
1.5x
$0.93
26.9%
Amount
Outst.
Recent Quotes
Bid
YTW
Spread
$550.0
110
7.02%
618bp
15-Feb-15
$40.5
$16.0
$750.0
$1,800.0
$1,300.0
$1,000.0
113 1/4
109 3/4
96 1/2
95 1/4
106 1/4
102
4.42%
5.43%
7.14%
7.07%
7.32%
7.35%
423bp
522bp
579bp
561bp
622bp
615bp
$300.0
105
8.42%
$325.0
$550.0
$600.0
$700.0
$750.0
$150.0
$200.0
$300.0
$300.0
98 1/2 10.20%
101 13/50
102 1/4
104 7/8
104 1/2
104 1/4
98
86
108
Next Call Date

Date
Price
LTM
EBITDAX
23.5%
April 12, 2012


Coupon
Desc.
Recom.
Maturity
Pioneer Natural Resource

5.875%
Sr Nts
NR
15-Jul-16
6.650%
Sr Nts
NR
15-Mar-17
6.875%
Bds
NR
1-May-18
7.500%
Sr Nts
NR
15-Jan-20
7.200%
Sr Nts
NR
15-Jan-28
Plains Exploration & Production
7.750%
Sr Nts
NR
15-Jun-15
10.000% Sr Guar Nts NR
1-Mar-16
7.000%
Sr Nts
NR
15-Mar-17
7.625%
Sr Nts
NR
1-Jun-18
8.625%
Sr Nts
NR
15-Oct-19
7.625%
Sr Nts
NR
1-Apr-20
6.625%
Sr Nts
NR
1-May-21
6.750%
Sr Nts
NR
1-Feb-22
QEP Resources
6.800%
Sr Nts
NR
1-Apr-18
6.050%
Sr Nts
NR
1-Sep-16
6.800%
Sr Nts
NR
1-Mar-20
6.875%
Sr Nts
NR
1-Mar-21
5.375%
Sr Nts
NR
1-Oct-22
Quicksilver Resources
8.250%
Sr Nts
NR
1-Aug-15
11.750%
Sr Nts
NR
1-Jan-16
7.125% Sr Sub Nts NR
1-Apr-16
9.125%
Sr Nts
NR
15-Aug-19
Range Resources
1-Oct-17
7.250% Sr Sub Nts Hold 1-May-18
8.000% Sr Sub Nts Hold 15-May-19
6.750% Sr Sub Nts Hold 1-Aug-20
1-Jun-21
5.000% Sr Sub Nts Hold 15-Aug-22
Rosetta Resources
9.500%
Sr Nts
NR
15-Apr-18
Samson Investment
9.750%
Sr Nts
NR
15-Feb-20
25
Ratings
Moody's
S&P
Amount
Outst.
Ba1/BBBBa1/BBBBa1/BBBBa1/BBBBa1/BBB-
$455.4
$485.1
$450.0
$450.0
$250.0
B1/BB
B1/BB
B1/BB
B1/BB
B1/BB
B1/BB
B1/BB
B1/BB
Ba1/BB+
Ba1/BB+
Ba1/BB+
Ba1/BB+
Ba1/BB+
Recent Quotes
Bid
YTW
Spread
3.08%
3.58%
3.53%
4.23%
5.08%
235bp
272bp
242bp
272bp
273bp
$79.3
103
1.20%
$184.9 110 1/4 3.66%
$76.9 103 1/8 5.82%
$400.0
106
5.38%
$400.0
112
5.09%
$300.0 108 3/4 5.58%
$600.0
104
5.92%
$1,000.0 104
6.10%
114bp
349bp
535bp
519bp
470bp
510bp
458bp
458bp
YTD
Total
Return
2011
Reserves
Bcfe
%
Natural
Gas
LTM
EBITDAX
15-Jun-12
1-Mar-13
15-Mar-13
1-Jun-13
15-Oct-14
1-Apr-15
1-May-16
1-Feb-17
FCF
Balance
Sheet
Liquidity
Debt/
EBITDAX
Debt/PD
(mcfe)
Debt/
EV
5.29%
5.85%
5.82%
6.18%
5.87%
0.27%
-0.33%
0.56%
-0.52%
1.78%
3.47%
4.39%
6.03%
5.16%
8.88%
6,065
6,065
6,065
6,065
6,065
44.1%
44.1%
44.1%
44.1%
44.1%
$1,709.3
$1,709.3
$1,709.3
$1,709.3
$1,709.3
-$769.0
-$769.0
-$769.0
-$769.0
-$769.0
$1,661.4
$1,661.4
$1,661.4
$1,661.4
$1,661.4
1.5x
1.5x
1.5x
1.5x
1.5x
$0.73
$0.73
$0.73
$0.73
$0.73
16.7%
16.7%
16.7%
16.7%
16.7%
101 15/16
105
102 1/3
103 13/16
104 5/16
103 13/16
103 5/16
103 5/8
7.52%
9.07%
6.79%
7.19%
7.70%
7.01%
6.37%
6.49%
0.25%
0.07%
0.23%
0.00%
0.03%
0.00%
-1.64%
-0.26%
1.86%
2.02%
1.50%
2.00%
4.07%
2.39%
0.81%
1.08%
2,465
2,465
2,465
2,465
2,465
2,465
2,465
2,465
40.6%
40.6%
40.6%
40.6%
40.6%
40.6%
40.6%
40.6%
$1,265.1
$1,265.1
$1,265.1
$1,265.1
$1,265.1
$1,265.1
$1,265.1
$1,265.1
-$650.6
-$650.6
-$650.6
-$650.6
-$650.6
-$650.6
-$650.6
-$650.6
$1,549.1
$1,549.1
$1,549.1
$1,549.1
$1,549.1
$1,549.1
$1,549.1
$1,549.1
3.0x
3.0x
3.0x
3.0x
3.0x
3.0x
3.0x
3.0x
$2.76
$2.76
$2.76
$2.76
$2.76
$2.76
$2.76
$2.76
40.9%
40.9%
40.9%
40.9%
40.9%
40.9%
40.9%
40.9%
-0.94%
0.19%
1.35%
-0.02%
0.05%
2.10%
12.31%
-3.85%
4.02%
-0.33%
3,614
3,614
3,614
3,614
3,614
76.1%
76.1%
76.1%
76.1%
76.1%
$1,386.6
$1,386.6
$1,386.6
$1,386.6
$1,386.6
-$109.5
-$109.5
-$109.5
-$109.5
-$109.5
$887.9
$887.9
$887.9
$887.9
$887.9
1.2x
1.2x
1.2x
1.2x
1.2x
$0.86
$0.86
$0.86
$0.86
$0.86
24.9%
24.9%
24.9%
24.9%
24.9%
437bp
389bp
434bp
364bp
345bp
1-Jul-22
100
6.37%
5.73%
6.43%
6.24%
5.43%
$438.0 99 3/4 7.83%

$590.6 105 1/2 9.70%
$350.0 91 3/4 9.68%
$298.0
97
9.70%
729bp
918bp
901bp
829bp
1-Jul-13
1-Apr-13
15-Aug-14
105 7/8
101 3/16
104 9/16
8.27%
11.14%
7.77%
9.41%
1.00%
0.13%
-0.01%
-0.20%
-1.48%
-4.14%
-5.67%
-5.88%
2,791
2,791
2,791
2,791
77.0%
77.0%
77.0%
77.0%
$420.5
$420.5
$420.5
$420.5
-$420.7
-$420.7
-$420.7
-$420.7
$800.1
$800.1
$800.1
$800.1
3.6x
3.6x
4.5x
3.6x
$0.98
$0.98
$0.98
$0.98
29.2%
29.2%
73.2%
29.2%
Ba3/BB
Ba3/BB
Ba3/BB
Ba3/BB
Ba3/BB
Ba3/BB
$250.0
$250.0
$300.0
$500.0
$500.0
$600.0
104 3/4
105 1/2
109 3/4
107 1/2
103 1/2
97 1/2
5.06%
5.19%
4.86%
5.19%
5.16%
5.32%
493bp
500bp
455bp
465bp
380bp
328bp
1-Oct-12
1-May-13
15-May-14
1-Aug-15
1-Jun-16
15-Feb-17
103 3/4
103 5/8
104
103 3/8
102 7/8
102 1/2
7.16%
6.87%
7.29%
6.28%
5.56%
5.13%
-0.24%
0.22%
0.24%
-0.71%
-1.22%
-1.09%
0.56%
0.49%
0.44%
-1.41%
-2.88%
-1.99%
5,054
5,054
5,054
5,054
5,054
5,054
79.3%
79.3%
79.3%
79.3%
79.3%
79.3%
$859.4
$859.4
$859.4
$859.4
$859.4
$859.4
-$591.9
-$591.9
-$591.9
-$591.9
-$591.9
-$591.9
$1,284.5
$1,284.5
$1,284.5
$1,284.5
$1,284.5
$1,284.5
2.3x
2.3x
2.3x
2.3x
2.3x
2.3x
$0.82
$0.82
$0.82
$0.82
$0.82
$0.82
18.5%
18.5%
18.5%
18.5%
18.5%
18.5%
Caa1/BB-
$200.0
109
6.85%
637bp
15-Apr-14
104 3/4
8.72%
-0.60%
3.33%
479
78.0%
$347.0
-$110.5
$342.1
0.7x
$1.02
7.7%
$2,250.0 100 3/4 9.57%
851bp
15-Feb-16
104 7/8
9.68%
-0.17%
2.59%
2,330
87.0%
$1,006.0
na
$1,032.0
3.6x
$2.45
na
B1/B
106 3/4
105 1/2
105 49/66
110 1/4
99
MTD
Total
Return
5.46%
4.64%
5.88%
5.40%
5.50%
B2/B
B2/B
B3/BB2/B
$138.6
$176.8
$137.8
$625.0
$500.0
111 5/98
113 8/11
118 1/15
121 22/53
122 31/41
Current
Yield
Next Call Date

Date
Price
April 12, 2012


Coupon
Desc.
Recom.
SandRidge Energy
9.875%
Sr Nts
Buy
8.000%
Sr Nts
Buy
8.750%
Sr Nts
Buy
7.500%
Sr Nts
Buy
8.125%
Sr Nts
NR
SM Energy
6.625%
Sr Nts
NR
6.500%
Sr Nts
NR
Southwestern Energy
7.500%
Sr Nts
Buy
Stone Energy
8.625%
Sr Nts
NR
Swift Energy
7.125%
Sr Nts
NR
8.875%
Sr Nts
NR
7.875%
Sr Nts
NR
Whiting Petroleum
WPX Energy Inc.
5.250%
Nts
NR
6.000%
Nts
NR
W&T Offshore
8.500%
Sr Nts
NR
Vanguard Natural Resources
7.875%
Sr Nts
NR
Venoco
11.500%
Sr Nts
NR
8.875%
Sr Nts
NR
Maturity
Ratings
Moody's
S&P
15-May-16
1-Jun-18
15-Jan-20
15-Mar-21
15-Oct-22
B3/B
B3/B
B3/B
B3/NR
B3/B
$365.5
109
7.28%
$750.0 101 1/4 7.64%
$450.0 102 3/4 8.14%
$900.0 97 1/2 7.89%
$750.0 99 3/4 8.16%
659bp
693bp
709bp
612bp
611bp
1-Jun-13
15-Jan-15
15-Mar-16
15-Apr-17
104
104 3/8
103 3/4
104 1/16
9.06%
7.90%
8.52%
7.69%
8.15%
0.74%
-0.46%
-0.43%
-0.76%
-0.25%
4.40%
2.45%
1.82%
0.35%
-0.25%
3,201
3,201
3,201
3,201
3,201
48.1%
48.1%
48.1%
48.1%
48.1%
$1,043.4
$1,043.4
$1,043.4
$1,043.4
$1,043.4
-$954.7
-$954.7
-$954.7
-$954.7
-$954.7
$1,058.1
$1,058.1
$1,058.1
$1,058.1
$1,058.1
3.4x
3.4x
3.4x
3.4x
3.4x
$2.10
$2.10
$2.10
$2.10
$2.10
48.9%
48.9%
48.9%
48.9%
48.9%
15-Feb-19
15-Nov-21
B1/BB
B1/BB
$350.0
$350.0
5.43%
5.68%
459bp
421bp
15-Feb-15
15-Nov-16
103 5/16
103 1/4
6.31%
6.19%
-0.73%
-1.18%
2.68%
3.68%
1,259
1,259
52.7%
52.7%
$924.0
$924.0
-$727.1
-$727.1
$1,118.6
$1,118.6
1.1x
1.1x
$1.17
$1.17
19.5%
19.5%
1-Feb-18 Baa3/BBB- $600.0 120 40/63 3.53%
247bp
6.22%
0.33%
6.32%
5,893
99.9%
$1,790.4
-$417.5
$844.1
0.8x
$0.41
11.9%
15-Dec-14 Caa2/CCC+ $200.0

100
6.73%
1-Feb-17 Caa1/B
$375.0 104 1/2 7.24%
658bp
660bp
15-Dec-12
1-Feb-14
100
104 5/16
6.75%
8.25%
-0.51%
0.27%
3.43%
4.66%
602
602
54.4%
54.4%
$632.6
$632.6
-$143.0
-$143.0
$571.3
$571.3
1.4x
1.1x
$2.48
$2.48
45.9%
36.2%
1-Jun-17
15-Jan-20
1-Mar-22
B3/B+
B3/B+
B3/B+
$250.0 102 1/2 6.23%

$225.0 108 1/2 6.91%
$250.0
102
7.53%
572bp
647bp
600bp
1-Jun-12
15-Jan-15
1-Mar-17
103 9/16
104 7/16
103 15/16
6.95%
8.18%
7.72%
-0.95%
-0.18%
-0.71%
4.99%
5.49%
5.49%
945
945
945
65.3%
65.3%
65.3%
$396.4
$396.4
$396.4
-$142.8
-$142.8
-$142.8
$551.7
$551.7
$551.7
1.8x
1.8x
1.8x
$2.16
$2.16
$2.16
43.8%
43.8%
43.8%
1-Feb-14
1-Oct-18
Ba3/BB+
Ba3/BB+
$250.0 106 1/2 3.23%

$350.0
106
4.98%
296bp
422bp
1-Oct-14
103 1/4
6.57%
6.13%
0.22%
-0.27%
1.79%
3.13%
2,071
2,071
13.8%
13.8%
$1,354.1
$1,354.1
-$257.9
-$257.9
$334.4
$334.4
1.0x
1.0x
$0.97
$0.97
18.3%
18.3%
15-Jan-17 Ba1/BB+ $400.0 96 1/2 6.10%

15-Jan-22 Ba1/BB+ $1,100.0 96 3/8 6.50%
528bp
454bp
15-Oct-21
100
5.44%
6.23%
-2.78%
-3.35%
-2.50%
-4.18%
5,000
5,000
77.0%
77.0%
$1,330.0
$1,330.0
-$453.0
-$453.0
$2,332.0
$2,332.0
1.1x
1.1x
$0.51
$0.51
38.4%
38.4%
15-Jun-19
Caa1/B
$600.0 104 1/8 7.52%
661bp
15-Jun-15
104 1/4
8.16%
-1.24%
2.89%
914
33.5%
$646.4
$275.7
$562.1
1.1x
$1.44
33.3%
1-Apr-20
Caa1/B-
$350.0
98 1/4 8.18%
663bp
1-Apr-16
103 15/16
8.02%
$150.0 102 1/2 10.78%

$500.0 91 1/4 10.71%
1001bp
941bp
1-Oct-13
15-Feb-15
105 3/4
104 7/16
11.22%
9.73%
575
575
50.6%
50.6%
$221.8
$221.8
-$67.7
-$67.7
$161.4
$161.4
3.1x
3.1x
$2.35
$2.35
53.5%
53.5%
1-Oct-17 Caa1/B15-Feb-19 Caa1/B-
26
Amount
Outst.
Recent Quotes
Bid
YTW
Spread
105
105
Next Call Date

Date
Price
Current
Yield
MTD
Total
Return
YTD
Total
Return
2011
Reserves
Bcfe
%
Natural
Gas
LTM
EBITDAX
FCF
Balance
Sheet
Liquidity
Debt/
EBITDAX
Debt/PD
(mcfe)
Debt/
EV
-0.77%
-1.07%
0.05%
4.54%
4.00%
April 12, 2012


Energy: Exploration and Production/Diversified Gregg Brody (1-212) 834-5997
Coupon
Desc.
Recom.
Maturity
Ratings
Moody's
S&P
El Paso
7.875%
7.375%
12.000%
6.875%
8.250%
5.950%
7.000%
7.000%
7.250%
6.500%
8.625%
7.500%
8.050%
7.350%
7.800%
7.750%
8.000%
8.375%
Sr Nts
Sr Nts
Sr Nts
Sr Nts
Sr Nts
Sr Nts
Sr Nts
Debs
Sr Nts
Sr Nts
Debs
Debs
Sr Nts
Sr Nts
Sr Nts
Sr Nts
Sr Nts
Bds
NR
NR
NR
NR
NR
NR
NR
NR
NR
NR
NR
NR
NR
NR
NR
NR
NR
NR
15-Jun-12
15-Dec-12
12-Dec-13
15-Jun-14
15-Feb-16
15-Apr-17
15-Jun-17
1-Feb-18
1-Jun-18
1-Apr-20
15-Jan-22
15-Nov-26
15-Oct-30
15-Feb-31
1-Aug-31
15-Jan-32
1-Mar-32
15-Jun-32
Ba3/BBBa3/BBBa3/BBBa3/BBBa3/BBBaa3/BB
Ba3/BBBa3/BBBa3/BBBa1/BB
Baa3/BB
Baa3/BB
Ba3/BBBaa3/BB
Ba3/BBBa3/BBBaa3/BB
Baa3/BB
Amount
Outst.
Recent Quotes
Bid
YTW
Spread
$176.0 100 79/96

$98.0 102 64/85
$29.9 114 81/91
$207.4 107 45/53
$67.9 109 9/20
$355.0
111
$786.2 111 1/56
$82.2 106 17/18
$477.1 111 43/74
$535.0 113 9/22
$260.0 125 43/64
$200.0 117 61/68
$234.2 117 21/59
$153.3 116 46/81
$537.4 112 19/32
$1,005.2112 64/81
$257.7 124 59/95
$300.0 124 19/48
2.76%
3.14%
2.73%
3.09%
5.48%
3.53%
4.58%
5.58%
5.03%
4.48%
5.23%
5.68%
6.43%
5.88%
6.63%
6.58%
5.88%
6.23%
Next Call Date

Date
Price
269bp
299bp
248bp
277bp
483bp
266bp
367bp
452bp
390bp
293bp
326bp
339bp
392bp
335bp
407bp
399bp
329bp
362bp
Current
Yield
MTD
Total
Return
YTD
Total
Return
2011
Reserves
Bcfe
%
Natural
Gas
FCF
Balance
Sheet
Liquidity
Debt/
EBITDAX
7.81%
7.18%
10.44%
6.37%
7.54%
5.36%
6.31%
6.55%
6.50%
5.73%
6.86%
6.36%
6.86%
6.31%
6.93%
6.87%
6.42%
6.73%
0.08%
0.10%
0.14%
0.17%
0.66%
0.73%
-0.09%
0.87%
-0.11%
1.68%
1.49%
1.93%
1.82%
1.93%
-0.70%
-0.71%
0.86%
1.91%
0.75%
0.74%
1.93%
0.87%
2.01%
0.34%
3.11%
4.46%
3.74%
4.49%
1.03%
-2.42%
2.63%
0.88%
-0.39%
-0.45%
2.52%
-0.10%
3,362
3,362
3,362
3,362
3,362
3,362
3,362
3,362
3,362
3,362
3,362
3,362
3,362
3,362
3,362
3,362
3,362
3,362
78.4%
78.4%
78.4%
78.4%
78.4%
78.4%
78.4%
78.4%
78.4%
78.4%
78.4%
78.4%
78.4%
78.4%
78.4%
78.4%
78.4%
78.4%
$3,563.0
$3,563.0
$3,563.0
$3,563.0
$3,563.0
$3,563.0
$3,563.0
$3,563.0
$3,563.0
$3,563.0
$3,563.0
$3,563.0
$3,563.0
$3,563.0
$3,563.0
$3,563.0
$3,563.0
$3,563.0
-$1,706.0
-$1,706.0
-$1,706.0
-$1,706.0
-$1,706.0
-$1,706.0
-$1,706.0
-$1,706.0
-$1,706.0
-$1,706.0
-$1,706.0
-$1,706.0
-$1,706.0
-$1,706.0
-$1,706.0
-$1,706.0
-$1,706.0
-$1,706.0
$1,690.0
$1,690.0
$1,690.0
$1,690.0
$1,690.0
$1,690.0
$1,690.0
$1,690.0
$1,690.0
$1,690.0
$1,690.0
$1,690.0
$1,690.0
$1,690.0
$1,690.0
$1,690.0
$1,690.0
$1,690.0
3.9x
3.9x
3.9x
3.9x
3.9x
3.9x
3.9x
3.9x
3.9x
3.9x
3.9x
3.9x
3.9x
3.9x
3.9x
3.9x
3.9x
3.9x
Current
Yield
MTD
Total
Return
YTD
Total
Return
LTM
EBITDA
Dist.
Cash
Flow
LTM
FCF
Balance
Sheet
Liquidity
Debt/
EBITDA
Debt/
Book
Cap
Dist.
Cov.
Raio
Debt/
EV
LTM
EBITDAX
Debt/
Proved Res
(mcfe)
Debt/
EV
36.3%
36.3%
36.3%
36.3%
36.3%
36.3%
36.3%
36.3%
36.3%
36.3%
36.3%
36.3%
36.3%
36.3%
36.3%
36.3%
36.3%
36.3%
Energy: Propane Distribution Gregg Brody (1-212) 834-5997

Coupon
Desc. Recom. Maturity
Amerigas Partners, L.P.
6.250%
Sr Nts
NR
20-Aug-19
6.750%
Sr Nts
NR
20-May-20
6.500%
Sr Nts
NR
20-May-21
7.000%
Sr Nts
NR
20-May-22
Ferrellgas Partners, L.P.
9.125%
Sr Nts
NR
1-Oct-17
6.500%
Sr Nts
NR
1-May-21
8.625%
Sr Nts
NR
15-Jun-20
Inergy, L.P.
8.750%
Sr Nts
NR
1-Mar-15
7.000%
Sr Nts
NR
1-Oct-18
1-Aug-21
NR
Sr Nts
6.875%
Suburban Propane Partners, L.P.
7.375%
Sr Nts
NR
15-Mar-20
Star Gas Partners
8.875%
Sr Nts
NR
1-Dec-17
27
Ratings
Moodys
S&P
Amount
Outst.
Ba3/NR
Ba2/NR
Ba3/NR
Ba2/NR
$450.0 100 3/8 6.16%

$550.0 100 3/4 6.60%
$470.0
101
6.32%
$1,000.0 101 1/2 6.76%
521bp
548bp
497bp
517bp
20-Aug-15
20-May-16
20-May-16
20-May-17
103
103
103
103
1/8
3/8
1/4
1/2
6.23%
6.70%
6.44%
6.90%
0.70%
-0.51%
-0.27%
-0.26%
2.58%
2.51%
4.62%
3.33%
$580.7
$580.7
$580.7
$580.7
$466.1
$466.1
$466.1
$466.1
$242.7
$242.7
$242.7
$242.7
$122.6
$122.6
$122.6
$122.6
4.2x
4.2x
4.2x
4.2x
88%
88%
88%
88%
2.7x
2.7x
2.7x
2.7x
52.7%
52.7%
52.7%
52.7%
B2/B+
B2/B+
B3/B-
$300.0 103 1/2 7.95%

$500.0
90
8.08%
$182.0 90 1/2 10.37%
737bp
628bp
877bp
1-Oct-13
1-May-16
15-Jun-15
104 9/16
103 1/4
104 5/16
8.82%
7.22%
9.53%
-0.67%
-0.04%
0.31%
1.46%
4.29%
-3.94%
$187.8
$187.8
$187.8
$266.7
$266.7
$266.7
$79.6
$79.6
$79.6
$249.2
$249.2
$249.2
5.9x
5.9x
6.9x
94%
94%
95%
0.6x
0.6x
0.6x
47.4%
47.4%
55.1%
Ba3/B+
Ba3/B+
Ba3/B+
$0.8
110
2.13%
$600.0 98 1/2 7.29%
$600.0 95 3/4 7.52%
196bp
609bp
566bp
1-Mar-13
1-Oct-14
1-Aug-16
104 3/8
103 1/2
103 7/16
7.95%
7.11%
7.18%
0.04%
1.26%
-0.28%
-0.47%
-1.00%
-2.73%
$372.2
$372.2
$372.2
$251.1
$251.1
$251.1
-$227.1
-$227.1
-$227.1
$586.8
$586.8
$586.8
4.1x
4.1x
4.1x
57%
57%
57%
0.8x
0.8x
0.8x
41.9%
41.9%
41.9%
Ba3/BB
$250.0
6.15%
507bp
15-Mar-15
103 11/16
6.96%
0.00%
3.83%
$179.4
$140.9
$8.2
$244.7
1.9x
49%
1.2x
20.0%
$125.0 99 1/2 8.99%
797bp
1-Dec-14
104 7/16
8.92%
0.29%
0.48%
$82.5
$72.4
$51.7
$284.5
1.5x
33%
3.5x
40.0%
B2/B-
Recent Quotes
Bid
YTW
Spread
106
Next Call Date

Date
Price
April 12, 2012


Energy: Midstream Gregg Brody (1-212) 834-5997
Coupon
Desc.
Recom.
Maturity
Atlas Pipeline
8.750% Sr Guar Nts NR
15-Jun-18
Chesapeake Midstream Partners
5.875%
Sr Nts
NR
15-Apr-21
6.125%
Sr Nts
NR
15-Jul-22
Copano Energy LLC
7.750%
Sr Nts
NR
1-Jun-18
7.125%
Sr Nts
NR
1-Apr-21
Crosstex Energy
8.875%
Sr Nts
NR
15-Feb-18
Energy Transfer Partners
9.700%
Sr Nts
NR
15-Mar-19
9.000%
Sr Nts
NR
15-Apr-19
7.500%
Sr Nts
NR
15-Oct-20
Holly Energy Partners
6.250%
Sr Nts
NR
1-Mar-15
8.250%
Sr Nts
NR
15-Mar-18
MarkWest Energy Partners LP
8.750%
Sr Nts
NR
15-Apr-18
6.750%
Guar Nts
NR
1-Nov-20
6.500%
Sr Nts
NR
15-Aug-21
6.250%
Sr Nts
NR
15-Jun-22
Martin Midstream Partners
8.875%
Sr Nts
NR
1-Apr-18
NGPL Pipeco
7.119%
Sr Nts
NR
15-Dec-17
6.514%
Sr Nts
NR
15-Dec-12
7.768%
Sr Nts
NR
15-Dec-37
Niska Gas Storage US/Canada
8.875%
Sr Nts
NR
15-Mar-18
Penn Virginia Resource Partners
8.250%
Sr Nts
NR
15-Apr-18
Regency Energy Partners
9.375%
Sr Nts
NR
1-Jun-16
6.875%
Guar Nts
NR
1-Dec-18
6.500%
Sr Nts
NR
15-Jul-21
Rockies Express
6.250%
Sr Nts
NR
15-Jul-13
3.900%
Nts
NR
15-Apr-15
6.850%
Sr Nts
NR
15-Jul-18
5.625%
Nts
NR
15-Apr-20
6.875%
Nts
NR
15-Apr-40
Sabine Pass LNG
30-Nov-13
30-Nov-16
Targa Resources Partners
8.250%
Sr Nts
NR
1-Jul-16
11.250%
Sr Nts
NR
15-Jul-17
6.875%
Sr Nts
NR
1-Feb-21
6.375%
Sr Nts
NR
1-Aug-22
28
Ratings
Moodys
S&P
B3/B
Amount
Outst.
Recent Quotes
Bid
YTW
Spread
Next Call Date

Date
Price
Current
Yield
MTD
Total
Return
YTD
Total
Return
LTM
EBITDA
Dist.
Cash
Flow
LTM
FCF
Balance
Sheet
Liquidity
Debt/
EBITDA
Debt/
Book
Cap
Dist.
Cov.
Raio
Debt/
EV
$360.8 106 1/2 6.52%
633bp
15-Jun-13
104 3/8
8.22%
0.27%
3.75%
$181.0
$131.2
-$196.3
$308.1
2.9x
30%
1.3x
22.5%
$350.0
$750.0
6.17%
6.26%
438bp
422bp
15-Apr-15
15-Jan-17
104 13/32
103 1/16
5.99%
6.19%
-1.28%
-1.51%
-0.35%
0.62%
$449.5
$449.5
$355.7
$355.7
-$190.0
-$190.0
$727.1
$727.1
3.9x
3.9x
42%
42%
1.8x
1.8x
43.3%
43.3%
B1/B+
B1/B+
$249.5
105
$510.0 104 5/8 6.29%
583bp
497bp
1-Jun-13
1-Apr-16
103 7/8
103 9/16
7.38%
6.81%
0.47%
-0.37%
3.03%
5.47%
$203.4
$203.4
$152.4
$152.4
-$260.5
-$260.5
$222.0
$222.0
4.1x
4.1x
49%
49%
1.0x
1.0x
24.5%
24.5%
B2/B+
$725.0 104 3/4 7.42%
678bp
15-Feb-14
104 7/16
$209.6
$122.0
-$35.2
$479.0
3.8x
46%
1.3x
45.6%
Baa3/BBB- $400.0 128 11/32 4.83%

Baa3/BBB- $450.0 124 21/40 4.83%
Ba2/BB $1,800.0 110
5.98%
352bp
350bp
430bp
Ba3/BB+
Ba3/BB+
98
99
8.47%
-1.12%
-1.78%
7.56%
7.23%
6.82%
0.64%
0.63%
-0.65%
6.81%
6.70%
2.57%
B1/BBB1/BB-
$185.0 101 1/24 5.01%

$150.0
106
6.49%
484bp
583bp
1-Mar-13
15-Mar-14
100
104 1/8
6.19%
7.78%
0.21%
0.26%
1.99%
3.08%
$234.2
$234.2
$183.9
$183.9
$0.3
$0.3
$174.8
$174.8
2.6x
2.6x
86%
86%
1.1x
1.1x
31.8%
31.8%
Ba3/BB
Ba3/BB
Ba3/BB
Ba3/BB
$81.1
110
$500.0
107
$500.0 105 1/4
$700.0
104
2.86%
5.43%
5.56%
5.60%
268bp
484bp
427bp
411bp
15-Apr-13
1-Nov-15
15-Feb-16
15-Dec-16
104
103
103
103
3/8
3/8
1/4
1/8
7.95%
6.31%
6.18%
6.01%
0.70%
-0.70%
-0.73%
-0.74%
3.35%
3.91%
2.76%
1.19%
$451.4
$451.4
$451.4
$451.4
$332.8
$332.8
$332.8
$332.8
-$420.8
-$420.8
-$420.8
-$420.8
$547.2
$547.2
$547.2
$547.2
4.1x
4.1x
4.1x
4.1x
55%
55%
55%
55%
1.5x
1.5x
1.5x
1.5x
25.9%
25.9%
25.9%
25.9%
$200.0
8.27%
760bp
1-Apr-14
104 7/16
8.70%
-0.68%
1.41%
$101.5
-$16.7
-$122.0
$145.2
4.3x
59%
nm
40.4%
Ba3/BBBa3/BBBa3/BB-
$1,250.0 91 51/82 9.04%

$1,250.0 96 35/46 11.69%
$500.0
87
9.08%
801bp
1154bp
615bp
7.77%
6.73%
8.93%
0.79%
0.49%
1.63%
-5.14%
-2.39%
-1.78%
B2/B+
$678.8 93 1/4 10.43%
935bp
15-Mar-14
104 7/16
9.52%
-0.48%
-2.00%
B2/B
$300.0
7.66%
698bp
15-Apr-14
104 1/8
8.09%
-0.21%
3.73%
$248.9
$189.4
-$110.0
$566.7
3.0x
65%
1.4x
28.9%
B1/BBB1/BBB1/BB-
$250.0
110
4.28%
$600.0 105 1/4 5.57%
$500.0 105 1/2 5.57%
409bp
477bp
418bp
1-Jun-13
1-Dec-14
15-Jul-16
104 11/16
103 7/16
103 1/4
8.52%
6.53%
6.16%
0.39%
-0.25%
-0.26%
2.37%
0.87%
3.08%
$358.0
$358.0
$358.0
$242.4
$242.4
$242.4
-$378.0
-$378.0
-$378.0
$672.1
$672.1
$672.1
4.4x
4.4x
4.4x
32%
32%
32%
1.0x
1.0x
1.0x
29.5%
29.5%
29.5%
Ba1/BB
Ba1/BB
Ba1/BB
Ba1/BB
Ba1/BB
$500.0
$450.0
$550.0
$750.0
$500.0
4.57%
6.80%
8.14%
7.98%
8.78%
437bp
632bp
698bp
642bp
571bp
6.13%
4.23%
7.31%
6.52%
8.57%
0.69%
0.40%
1.04%
1.64%
0.88%
-1.64%
-5.49%
-7.18%
-7.68%
-10.49%
$550.0 104 3/4 4.19%

$1,482.0 106 3/4 5.81%
394bp
501bp
6.92%
7.03%
-0.47%
-0.23%
5.69%
8.25%
7.84%
9.96%
6.61%
6.38%
0.26%
-0.54%
0.22%
-1.25%
2.68%
3.10%
4.49%
1.35%
$458.7
$458.7
$458.7
$458.7
$287.4
$287.4
$287.4
$287.4
-$123.7
-$123.7
-$123.7
-$123.7
$1,108.7
$1,108.7
$1,108.7
$1,108.7
3.0x
3.0x
3.0x
3.0x
48%
48%
48%
0.5x
1.3x
1.3x
1.3x
1.3x
28.9%
28.9%
28.9%
28.9%
B3/B
B3/BBB3/BBBa3/BB
Ba3/BB
Ba3/BB
Ba3/BB
102
102
102
92 1/4
93 3/4
86 1/4
80 1/4
$209.1 105 1/4

$72.7
113
$483.6
104
$400.0
100
2.65%
4.80%
6.14%
6.37%
257bp
460bp
486bp
486bp
1-Jul-12
15-Jul-13
1-Feb-16
1-Feb-17
104 1/8
105 5/8
103 7/16
103 3/16
April 12, 2012


Energy: Services Offshore Drilling & Support Gregg Brody (1-212) 834-5997
Coupon
Desc.
Recom.
Maturity
Atwood Oceanics
6.500%
Sr Nts
NR
1-Feb-20
Bristow
7.500%
Sr Nts
NR
15-Sep-17
CHC Helicopter
15-Oct-20
Compagnie Generale de Geophysique
9.500%
Sr Nts
NR
15-May-16
7.750%
Sr Nts
NR
15-May-17
6.500%
Sr Nts
NR
1-Jun-21
Expro
8.500% Sr Sec Nts NR
15-Dec-16
GulfMark Offshore
6.375%
Sr Nts
NR
15-Mar-22
Helix Energy Solutions
9.500%
Sr Nts
NR
15-Jan-16
Hercules Offshore
10.500%
Sr. Nts
NR
15-Oct-17
1-Apr-17
10.250%
Sr Nts
NR
1-Apr-19
Hornbeck Offshore Services
6.125%
Sr Nts
NR
1-Dec-14
8.000%
Sr Nts
NR
1-Sep-17
5.875%
Sr Nts
NR
1-Apr-20
PHII
8.625%
Guar Nts
NR
15-Oct-18
RDS Ultra-Deepwater
15-Mar-17
Seacor Holdings
5.875%
Sr Nts
NR
1-Oct-12
7.375%
Sr Nts
NR
1-Oct-19
Vantage Drilling
1-Aug-15
1-Aug-15
Welltec A/S
1-Feb-19
29
Ratings
Moody's
S&P
Amount
Outst.
Current
Yield
MTD
Total
Return
YTD
Total
Return
LTM
EBITDA
LTM
EBITDA
Margin
LTM
FCF
Balance
Sheet
Liquidity
Debt/
EBITDA
EBITDA/
Interest
Expense
Ba3/BB
$450.0
104
5.68%
462bp
1-Feb-16
103 7/20
6.25%
-0.74%
5.59%
Ba3/BB
$350.0
104
6.18%
580bp
15-Sep-12
103 3/4
7.21%
-0.24%
1.98%
$302.6
27.2%
-$60.2
$318.5
3.6x
6.6x
42.4%
B2/B+
$1,100.0
99
9.42%
775bp
15-Apr-15
104 5/8
9.34%
0.06%
12.60%
$412.7
25.4%
-$342.1
$232.3
6.5x
3.9x
na
Ba3/BBBa3/BBBa3/BB-
$350.0 108 1/2 5.60%

$400.0 103 3/4 6.38%
$650.0
101
6.32%
541bp
607bp
496bp
15-May-13
15-May-12
1-Jun-16
104 3/4
103 7/8
103 1/4
8.76%
7.47%
6.44%
-1.04%
0.01%
-0.75%
2.90%
4.57%
5.97%
$852.0
$852.0
$852.0
26.8%
26.8%
26.8%
$55.0
$55.0
$55.0
$739.3
$739.3
$739.3
2.1x
2.1x
2.1x
5.4x
5.4x
5.4x
31.7%
31.7%
31.7%
B3/B-
$1,400.0 96 1/4 9.51%
870bp
15-Dec-13
104 1/4
8.83%
0.29%
12.02%
$202.7
18.3%
-$236.9
$575.9
6.8x
0.4x
na
B1/BB-
$300.0 100 1/4 6.33%
479bp
15-Mar-17
103 3/16
6.36%
-0.04%
0.85%
$139.9
36.6%
$37.6
$272.1
2.2x
6.3x
21.0%
B3/B
$475.0 104 3/4 6.03%
588bp
15-Jan-13
102 3/8
9.07%
0.30%
3.15%
$675.5
48.3%
$341.2
$1,105.1
1.8x
7.1x
48.5%
Caa1/BB1/B+
Caa1/B-
$300.0 103 1/2 9.52%

$300.0 99 1/4 7.31%
$200.0
98
10.66%
875bp
644bp
934bp
15-Oct-13
1-Apr-14
1-Apr-15
105 1/4
105 11/32
107 11/16
10.14%
7.18%
10.46%
-0.82%
-0.64%
0.09%
9.23%
-0.49%
-1.63%
$149.9
$149.9
$149.9
22.9%
22.9%
22.9%
$38.8
$38.8
$38.8
$281.1
$281.1
$281.1
5.9x
2.0x
5.9x
1.9x
1.9x
1.9x
64.5%
21.8%
64.5%
Ba3/BBBa3/BBBa3/BB-
$300.0 101 10/77 4.26%

$250.0 105 1/4 6.25%
$375.0
99
6.03%
412bp
569bp
448bp
1-Dec-12
1-Sep-13
1-Apr-16
100
104
102 15/16
6.06%
7.60%
5.93%
0.20%
0.49%
-1.05%
2.20%
4.37%
-0.51%
$140.1
$140.1
$140.1
36.7%
36.7%
36.7%
-$25.9
-$25.9
-$25.9
$695.1
$695.1
$695.1
5.9x
5.9x
5.9x
2.3x
2.3x
2.3x
43.2%
43.2%
43.2%
B2/B+
$300.0
7.82%
705bp
15-Oct-14
104 5/16
8.37%
0.74%
5.06%
$86.6
16.6%
-$40.9
$137.5
5.7x
3.1x
66.5%
B3/B-
$270.0 109 1/2 8.94%
828bp
15-Mar-14
105 15/16
10.84%
-0.54%
6.72%
Ba1/BB+
Ba1/BB+
$176.5 101 16/31 2.52%

$233.5 106 4/7 6.26%
239bp
482bp
5.79%
6.92%
0.10%
1.13%
0.82%
2.95%
$246.2
$246.2
11.5%
11.5%
-$157.3
-$157.3
$882.3
$882.3
4.2x
4.2x
6.0x
6.0x
24.1%
24.1%
B3/BB3/NR
$1,225.0 108 3/4 7.27%

$775.0 108 3/4 7.27%
692bp
692bp
1-Feb-13
1-Feb-13
108 5/8
108 5/8
10.57%
10.57%
-0.77%
1.00%
3.41%
1.00%
$325.6
$325.6
67.1%
67.1%
-$117.1
-$117.1
$85.1
$85.1
6.2x
6.2x
2.1x
2.1x
85.3%
85.3%
751bp
1-Feb-15
106
8.33%
0.27%
0.27%
B1/BB-
$325.0
Recent Quotes
Bid
YTW
Spread
103
96
8.79%
Next Call Date

Date
Price
Debt/
LQA
EBITDA
Debt/
EV
April 12, 2012


Energy: Services Land, EM & D, Seismic Gregg Brody (1-212) 834-5997
Coupon
Desc.
Recom.
Maturity
Ratings
Moody's
S&P
Amount
Outst.
SERVICES - LAND
Basic Energy Service
7.125%
Sr Nts
NR
15-Apr-16
B2/B
$225.0
7.750%
Sr Nts
NR
15-Feb-19
B2/B
$475.0
Calfrac Holdings
7.500%
Sr Nts
NR
1-Dec-20
B1/B+
$450.0
Chesapeake Oilfield Services
6.625%
Sr Nts
NR
15-Nov-19 Ba3/BB+
$650.0
Frac Tech
7.625%
Sr Nts
NR
15-Nov-18 Ba3/BB
$550.0
Heckmann
9.875%
Sr Nts
NR
15-Apr-18 Caa1/B$250.0
Key Energy
6.750%
Sr Nts
NR
1-Mar-21 B1/BB$475.0
Parker Drilling
9.125%
Sr Nts
NR
1-Apr-18
B1/B+
$300.0
Pioneer Drilling
9.875%
Sr Nts
NR
15-Mar-18
NR/B
$250.0
Precision Drilling
6.625%
Sr Nts
NR
15-Nov-20 Ba1/BB+
$650.0
6.500%
Sr Nts
NR
15-Dec-21 Ba1/BB+
$400.0
Stallion Oilfield Services
15-Feb-15
B3/B
$180.0
Trinidad Drilling
7.875%
Sr Nts
NR
15-Jan-19 B2/BB$450.0
SERVICES - EQUIPMENT MANUFACTURERS & DISTRIBUTION
Dresser-Rand Group
6.500%
Sr Sub Nts NR
1-May-21
B1/B+
$375.0
Exterran Holdings Inc.
7.250%
Guar Nts
NR
1-Dec-18 Ba3/BB
$350.0
Edgen Murray
12.250%Sr Sec Nts (1st Lien)
Buy
15-Jan-15 Caa3/BMcJunkin Redman
9.500%
Sr Sec Nts NR
15-Dec-16
B3/B$1,050.0
Superior Energy
6.875%
Sr Nts
NR
1-Jun-14 Ba3/BB+
$300.0
6.375%
Sr Nts
NR
1-May-19 Ba3/BB+
$500.0
7.125%
Sr Nts
NR
15-Dec-21 Ba3/BB+
$800.0
Stewart & Stevenson
Sr Nts
NR
15-Jul-14 Caa2/B$150.0
10.000%
SERVICES - SEISMIC
Compagnie Generale de Geophysique
9.500%
Sr Nts
NR
15-May-16 Ba3/BB$350.0
7.750%
Sr Nts
NR
15-May-17 Ba3/BB$400.0
Sr Nts
NR
1-Jun-21 Ba3/BB$650.0
6.500%
Geokinetics
9.750%
Sr Sec Nts NR
15-Dec-14 Caa2/CCC- $300.0
Global Geophysical Services
NR
1-May-17
B3/B+
$200.0
Sr Nts
10.500%
Seitel
9.750%
Sr Nts
NR
15-Feb-14 Caa1/B
$275.0
30
Recent Quotes
Bid
YTW
Spread
Next Call Date

Date
Price
Currrent
Yield
MTD
Total
Return
YTD
Total
Return
LTM
EBITDA
LTM
EBITDA
Margin
LTM
FCF
Balance
Sheet
Liquidity
Debt/
EBITDA
EBITDA/
Interest
Expense
Debt/
LQA
EBITDA
Debt/
EV
101 1/2 6.31%

102 1/2 7.13%
602bp
629bp
15-Apr-13
15-Feb-15
101 3/16
103 7/8
7.02%
7.56%
0.23%
0.25%
3.19%
3.78%
$334.3
$334.3
26.9%
26.9%
$57.1
$57.1
$284.7
$284.7
2.3x
2.3x
6.2x
6.2x
57.8%
57.8%
100 1/2 7.40%
616bp
1-Dec-15
103 3/4
7.46%
0.24%
5.20%
$316.3
24.0%
-$128.8
$389.5
1.5x
5.8x
31.5%
550bp
15-Nov-15
103 5/16
6.76%
-1.01%
-3.94%
$330.0
24.3%
-$40.8
$501.0
2.0x
7.4x
na
$875.4
$0.4
-$171.6
$248.4
2.3x
24.5x
na
98
6.97%
104
6.86%
562bp
15-Nov-14
103 9/16
7.33%
-0.23%
1.31%
99 1/2
9.99%
889bp
15-Apr-15
104 15/16
9.92%
0.22%
0.22%
101 1/2 6.47%
517bp
1-Mar-16
103 3/8
6.65%
-0.99%
3.32%
$419.7
22.7%
$69.6
$226.1
1.8x
9.9x
25.7%
105 1/2 7.49%
682bp
1-Apr-14
104 9/16
8.65%
-0.18%
2.61%
$224.1
33.0%
$11.2
$176.8
2.2x
9.5x
47.2%
105 1/2 8.20%
754bp
15-Mar-14
104 15/16
9.36%
-0.16%
3.51%
$166.1
25.1%
$200.5
$152.7
2.1x
13.8x
41.5%
104 1/2 5.79%

104 1/2 5.76%
456bp
428bp
15-Nov-15
15-Dec-16
103 5/16
103 1/4
6.34%
6.22%
-0.03%
0.20%
3.98%
4.22%
$610.2
$610.2
33.9%
33.9%
-$113.6
-$113.6
$1,028.1
$1,028.1
2.1x
2.1x
7.3x
7.3x
36.4%
36.4%
107
6.38%
610bp
15-Feb-13
105 1/4
9.81%
-0.37%
2.65%
$143.8
28.9%
-$6.4
$84.3
1.1x
nm
na
106
6.39%
556bp
15-Jan-15
103 15/16
7.43%
-0.10%
4.88%
$238.2
32.4%
-$23.9
$168.8
2.5x
11.2x
44.0%
104
5.80%
446bp
1-May-16
103 1/4
6.25%
0.20%
3.46%
$387.6
18.4%
$220.5
$342.8
2.7x
7.3x
21.6%
96
8.04%
17.68%
$62.6
6.9%
$43.1
$0.0
8.0x
679bp
1-Dec-13
105 7/16
7.55%
0.25%
3.17%
9.99%
973bp
15-Jan-13
106 1/8
11.84%
1.82%
7.28%
667bp
15-Dec-12
107 1/8
8.88%
-1.50%
8.00%
$297.7
6.2%
-$128.1
$562.1
5.4x
2.2x
na
100 1/4 4.74%

104
5.46%
106 1/2 6.05%
468bp
458bp
457bp
1-Jun-12
1-May-15
15-Dec-16
100
103 3/16
103 9/16
6.86%
6.13%
6.69%
0.22%
-1.64%
-1.14%
1.66%
3.93%
3.31%
$1,076.3
$1,076.3
$1,076.3
26.5%
26.5%
26.5%
$133.8
$133.8
$133.8
$717.1
$717.1
$717.1
2.2x
2.2x
2.2x
9.4x
9.4x
9.4x
39.1%
39.1%
39.1%
5.75%
567bp
15-Jul-12
100
9.90%
-0.64%
1.22%
$113.7
9.5%
$1,252.4
$126.4
1.9x
5.8x
na
108 1/2 5.60%

103 3/4 6.38%
101
6.32%
541bp
607bp
496bp
15-May-13
15-May-12
1-Jun-16
104 3/4
103 7/8
103 1/4
8.76%
7.47%
6.44%
-1.04%
0.01%
-0.75%
2.90%
4.57%
5.97%
$852.0
$852.0
$852.0
26.8%
26.8%
26.8%
$55.0
$55.0
$55.0
$739.3
$739.3
$739.3
2.1x
2.1x
2.1x
5.4x
5.4x
5.4x
31.7%
31.7%
31.7%
73 1/2 23.69%
2327bp
15-Dec-12
102 7/16
13.27%
-1.82%
20.83%
$89.9
16.1%
$72.3
$55.8
3.9x
na
90.4%
$465.0 103 1/2

107
101
0.1x
99 1/4 10.69%
981bp
1-May-14
105 1/4
10.58%
0.10%
8.55%
$191.0
75.0%
$85.4
$8.8
1.5x
7.9x
46.1%
102 5/8 6.43%
627bp
15-Feb-13
100
9.50%
0.55%
5.93%
$115.2
54.5%
-$53.2
$68.6
2.4x
2.8x
na
April 12, 2012


Energy: Refiners Gregg Brody (1-212) 834-5997
Coupon
Desc.
Recom.
Maturity
Alon Refining Krotz Springs

15-Oct-14
Calumet Specialty Products Partners
9.375%
Sr Nts
NR
1-May-19
Citgo
1-Jul-17
Coffeyville Resources
1-Apr-15
10.875%Sr Sec Nts (2nd Lien) NR
1-Apr-17
HollyFrontier Corp.
8.500%
Sr Nts
NR
15-Sep-16
9.875%
Sr Nts
NR
15-Jun-17
6.875%
Guar Nts
NR
15-Nov-18
Northern Tier Energy
1-Dec-17
PBF Energy
15-Feb-20
Petroplus
1-May-14
1-May-17
15-Sep-19
Tesoro Corporation
6.250%
Sr Nts
NR
1-Nov-12
6.625%
Sr Nts
NR
1-Nov-15
6.500%
Sr Nts
NR
1-Jun-17
9.750%
Sr Nts
NR
1-Jun-19
United Refining
28-Feb-18
Western Refining
15-Jun-17
31
Ratings
Moody's
S&P
Amount
Outst.
Recent Quotes
Bid
YTW
Spread
Next Call Date

Date
Price
Current
Yield
MTD
Total
Return
YTD
Total
Return
LTM
EBITDA
Capacity
Kbds
LTM
FCF
Balance
Sheet
Liquidity
Debt/
EBITDA
EBITDA/
Interest
Expense
Debt/
Complex.
Barrel
Debt/
EV
$288.0
83
$233.4
$8.1
0.7x
7.1x
$383.8
na
B2/B
$216.5 109 1/2 7.28%
714bp
15-Oct-12
106 3/4
12.33%
-0.89%
8.68%
B3/B
$400.0 104 1/2 8.26%
738bp
1-May-15
104 11/16
8.97%
0.75%
10.27%
Ba2/BB+
$300.0 112 1/4 7.78%
745bp
1-Jul-14
105 3/4
10.24%
0.55%
4.50%
Ba2/BB
B1/B+
$447.6
$222.8
5.72%
6.17%
543bp
600bp
1-Apr-13
1-Apr-13
104 1/2
108 5/32
8.49%
9.71%
-0.65%
-0.12%
2.33%
2.66%
$922.7
$922.7
185
185
$603.6
$603.6
$727.2
$727.2
0.9x
0.9x
20.4x
20.4x
$394.5
$394.5
28.8%
28.8%
Ba2/BB+
Ba2/BB+
Ba2/BB+
$200.0 106 1/2 2.86%

$291.8 111 1/2 3.86%
$150.0 104 1/2 5.74%
274bp
366bp
495bp
15-Sep-12
15-Jun-13
15-Nov-14
104 1/4
104 15/16
103 7/16
7.98%
8.86%
6.58%
0.50%
0.29%
0.68%
2.19%
3.40%
3.80%
$1,367.0
$1,367.0
$1,367.0
443
443
443
$510.7
$510.7
$510.7
$2,834.5
$2,834.5
$2,834.5
0.9x
0.9x
0.9x
17.5x
17.5x
17.5x
$226.6
$226.6
$226.6
21.0%
21.0%
21.0%
B1/BB-
$290.0
109
8.12%
732bp
1-Dec-13
107 7/8
9.63%
0.31%
4.58%
$400.9
74
$333.4
$255.6
1.3x
11.8x
$631.7
nm
Ba3/BB+
$650.0
102
7.81%
675bp
15-Feb-16
104 1/8
8.09%
0.27%
5.04%
$464.5
540
-$306.7
$125.1
2.4x
7.9x
$179.7
nm
C/D
C/D
C/D
$600.0
$600.0
$400.0
38
38
38
66.38%
33.07%
31.31%
0bp
0bp
0bp
1-May-12
1-May-12
15-Sep-15
101 11/16
103 1/2
104 11/16
17.76%
18.42%
24.67%
-1.30%
-1.30%
-1.30%
-37.40%
-25.11%
-28.79%
$505.0
$505.0
$505.0
667
667
667
$83.9
$83.9
$83.9
$741.0
$741.0
$741.0
3.4x
3.4x
3.4x
4.0x
4.0x
4.0x
$310.9
$310.9
$310.9
111.9%
111.9%
111.9%
2.51%
4.41%
5.79%
4.87%
236bp
427bp
528bp
456bp
1-Nov-12
1-Jun-12
1-Jun-14
101 8/77
103 1/4
104 7/8
6.13%
6.48%
6.37%
8.54%
0.20%
0.21%
-0.51%
0.38%
1.21%
2.29%
1.28%
4.07%
$1,480.0
$1,480.0
$1,480.0
$1,480.0
664
664
664
664
$871.0
$871.0
$871.0
$871.0
$1,792.6
$1,792.6
$1,792.6
$1,792.6
1.1x
1.1x
1.1x
1.1x
13.0x
13.0x
13.0x
13.0x
$264.1
$264.1
$264.1
$264.1
41.5%
41.5%
41.5%
41.5%
B3/B
$365.0 104 3/4 9.25%
841bp
28-Feb-15
105 1/4
10.02%
1.77%
14.61%
$106.7
70
$21.6
$226.8
3.3x
2.6x
$563.2
nm
B3/B+
$325.0
342bp
15-Jun-13
105 5/8
9.87%
0.32%
2.98%
$965.9
151
$690.6
$791.8
0.8x
8.0x
$641.7
37.6%
Ba1/BB+
Ba1/BB+
Ba1/BB+
Ba1/BB+
106
112
$299.0
102
$450.0 102 1/4
$473.0
102
$300.0 114 1/8
114
3.62%
April 12, 2012


Food and Beverage Carla Casella, CFA (1-212) 270-6798
Coupon
Description
FOOD AND BEVERAGE

ARAMARK Corp.
5.000%
Sr Nts
8.500%
Sr Nts
L +350
Sr Nts
8.625%
Sr PIK Nts
1
Bumble Bee
9.000%
9.625%
Sr Toggle Nts
Chiquita Brands International
7.500%
Sr Nts
Constellation Brands, Inc.
8.375%
Sr Nts
7.250%
Sr Nts
7.250%
Sr Nts
Cott Corporation
8.375%
Sr Nts
8.125%
Sr Nts
C&S Group Enterprises
8.375%
Darling International
8.500%
Guar Nts
Dean Foods Company
7.000%
Sr Nts
6.900%
Sr Nts
9.750%
Sr Nts
Del Monte Foods Company
7.625%
Sr Nts
Dole Food Company
13.875%
Sr Sec Nts
8.000%
Sr Sec Nts
8.750%
Debs
JBS USA LLC
11.625%
Sr Nts
8.250%
Sr Nts
7.250%
Sr Nts
Michael Foods
9.750%
Sr Nts
Pilgrims Pride
7.875%
Guar Nts
Pinnacle Foods, Inc.
9.250%
Sr Nts
8.250%
Guar Nts
Sr Sub Nts
10.625%
Recommendation
Maturity
Ratings
Moodys
S&P
NR
NR
NR
NR
1-Jun-12
1-Feb-15
1-Feb-15
1-May-16
B3/BB3/B
B3/B
B3/B-
$250.0
$1,280.0
$500.0
$600.0
100
102 1/2
98 1/2
102 1/4
4.91%
5.22%
4.70%
2.45%
485bp
505bp
407bp
241bp
nc
1-Feb-13
14-May-12
1-May-12
nc
100.00
100.00
102.00
$1,118.2
$1,118.2
$1,118.2
$1,118.2
2.6x
2.6x
2.6x
2.6x
1.9x
1.9x
1.9x
1.9x
5.2x
5.2x
5.2x
5.7x
na
na
na
na
NR
NR
15-Feb-17
15-Mar-18
B2/B
Caa1/CCC+
$575.1
$150.0
100 3/8
89 3/4
8.89%
12.10%
809bp
1102bp
15-Dec-14
15-Mar-14
104.00
104.81
$121.2
$121.2
1.9x
1.9x
1.8x
1.8x
5.7x
6.9x
na
na
Hold
1-Nov-14
Caa1/B-
$106.4
100 3/4
6.06%
592bp
1-Nov-12
100.00
$149.8
3.2x
1.6x
3.5x
6.2x
Hold
Hold
Hold
15-Dec-14
1-Sep-16
15-May-17
Ba1/BB+
Ba1/BB+
Ba1/BB+
$500.0
$700.0
$700.0
112 3/4
110 1/2
110 3/4
3.33%
4.57%
4.84%
291bp
382bp
395bp
Make Whole
Make Whole
Make Whole
T+50
T+50
T+50
$871.1
$871.1
$871.1
4.8x
4.8x
4.8x
4.4x
4.4x
4.4x
3.5x
3.5x
3.5x
7.8x
7.8x
7.8x
NR
NR
15-Nov-17
1-Sep-18
B3/B
B3/B
$215.0
$375.0
108
107 7/8
5.58%
6.05%
534bp
530bp
15-Nov-13
1-Sep-14
104.19
104.06
$203.1
$203.1
3.6x
3.6x
3.0x
3.0x
2.5x
2.5x
5.1x
5.1x
NR
1-May-17
B1/BB-
$300.0
105
6.93%
625bp
1-May-14
104.19
$248.1
5.3x
4.0x
2.6x
na
Buy
15-Dec-18
Ba3/BB+
$250.0
111 1/2
5.31%
489bp
15-Dec-14
104.25
$393.5
10.6x
9.0x
0.6x
5.8x
Hold
Hold
Hold
1-Jun-16
15-Oct-17
15-Dec-18
B2/BB2/BB2/B-
$500.0
$142.0
$400.0
102 1/2
100 1/2
111
6.30%
6.79%
6.85%
560bp
580bp
643bp
Make Whole
nc
15-Dec-14
T+50
nc
104.88
$767.4
$767.4
$767.4
3.0x
3.0x
3.0x
1.7x
1.7x
1.7x
4.9x
4.9x
4.9x
7.8x
7.8x
7.8x
Hold
15-Feb-19
B3/CCC+
$1,300.0
97 3/4
8.06%
676bp
15-Feb-14
103.81
$542.9
2.3x
1.9x
6.9x
na
Hold
Buy
Sell
15-Mar-14
1-Oct-16
15-Jul-13
B2/B+
B2/B+
B3/B-
$174.9
$315.0
$155.0
114 1/4
104 1/4
107
3.46%
6.11%
2.98%
323bp
573bp
278bp
15-Mar-13
1-Oct-12
nc
106.94
104.00
nc
$375.8
$375.8
$375.8
2.7x
2.7x
2.7x
2.1x
2.1x
2.1x
3.6x
3.6x
4.1x
6.5x
6.5x
6.5x
NR
NR
NR
1-May-14
1-Feb-20
1-Jun-21
B1/BB
B1/BB
B1/BB
$700.0
$700.0
$650.0
115 1/4
101 3/4
95
3.79%
7.86%
8.03%
349bp
681bp
621bp
nc
1-Feb-15
1-Jun-15
nc
106.19
105.44
$1,090.5
$1,090.5
$1,090.5
9.3x
9.3x
9.3x
7.5x
7.5x
7.5x
2.7x
2.7x
2.7x
na
na
na
NR
15-Jul-18
Caa1/CCC+
$430.0
109 1/4
7.18%
665bp
15-Jul-14
104.88
$222.4
2.1x
2.1x
5.6x
na
Hold
15-Dec-18
Caa1/B-
$500.0
98 3/4
8.12%
686bp
15-Dec-14
103.94
($145.3)
nm
nm
nm
nm
Hold
Hold
Buy
1-Apr-15
1-Sep-17
1-Apr-17
Caa1/CCC+
Caa1/CCC+
Caa1/CCC+
$625.0
$400.0
$199.0
102 1/2
108 1/8
105 1/4
6.51%
6.10%
8.42%
633bp
535bp
825bp
1-Apr-13
1-Sep-13
1-Apr-13
100.00
106.19
103.54
$445.1
$445.1
$445.1
2.1x
2.1x
2.1x
1.6x
1.6x
1.6x
5.4x
5.4x
5.9x
na
na
na

1. Financial data is available and disclosed through Intralinks only. Please contact us with any questions.
32
Amount
Outstanding
($ mn)
Bid
Recent Quotes
YTW
Spread
Next Call Data

Date
Price
LTM
EBITDA
LTM EBITDA/
Cash Interest
(LTM EBITDACapex)/
Cash Interest
Net Debt/
LTM
TEV/
EBITDA LTM EBITDA
April 12, 2012


Food and Beverage (continued) Carla Casella, CFA (1-212) 270-6798
Coupon
Description
Recommendation
Maturity
Ratings
Moodys
S&P
NR
15-Feb-22
B1/B+
$775.0
103 1/2
6.79%
526bp
15-Feb-17
103.69
$234.4
3.3x
3.3x
4.0x
8.7x
Hold
Hold
Hold
15-Jul-14
15-May-13
1-Jul-17
Ba2/BBBB2/BB
B2/BB
$612.0
$160.0
$500.0
116 7/8
105 1/2
113
2.25%
2.55%
4.89%
191bp
237bp
397bp
Make Whole
nc
nc
T+50
nc
nc
$1,133.6
$1,133.6
$1,133.6
6.1x
6.1x
6.1x
4.7x
4.7x
4.7x
0.1x
1.6x
1.6x
4.7x
4.7x
4.7x
Hold
Hold
Hold
Hold
1-Mar-14
1-Apr-16
1-May-18
15-Jan-28
Ba1/BBBBa1/BBBBa2/BB+
Ba2/BB+
$810.0
$638.0
$121.0
$18.0
115 1/2
113
111
99
2.03%
3.09%
4.88%
7.10%
175bp
242bp
376bp
475bp
Make Whole
Make Whole
nc
nc
T+50
T+30
nc
nc
$1,552.0
$1,552.0
$1,552.0
$1,552.0
7.2x
7.2x
7.2x
7.2x
4.1x
4.1x
4.1x
4.1x
0.4x
0.4x
0.9x
0.9x
5.3x
5.3x
5.3x
5.3x
Next Call Data

Date
Price
LTM
EBITDA
LTM EBITDA/
Net Int. + 1/3 Rent
(LTM EBITDACapex)/
Int + 1/3 rent
Post Holdings, Inc.

7.375%
Sr Nts
Smithfield Foods, Inc.
10.000%
7.750%
Sr Nts
7.750%
Sr Nts
Tyson Foods
10.500%
Sr Nts
6.600%
Sr Nts
7.000%
Sr Nts
7.000%
Sr Nts
Amount
Outstanding
($ mn)
Bid
Recent Quotes
YTW
Spread
Next Call Data

Date
Price
LTM
EBITDA
LTM EBITDA/
Cash Interest
(LTM EBITDACapex)/
Cash Interest
Net Debt/
LTM
TEV/
EBITDA LTM EBITDA

1. 10.5% TSN notes are guaranteed by all tomestic subsidiaries, while the 6.6% notes are only guaranteed by beef and pork subs.
Restaurants Carla Casella, CFA (1-212) 270-6798

Coupon
Description
RESTAURANTS 1
Burger King
9.875%
Sr Nts
0.000%/11.000% Sr Disc Nts
CKE Restaurants
11.375%
Sr Sec Nts (2nd Lien)
11.250%
Sr Toggle Nts
Dave and Busters
11.000%
Sr Nts
0.000%
Sr Nts
DineEquity Inc.
9.500%
Sr Nts
Logans Roadhouse
10.750%
Outback Steakhouse Inc.
10.000%
Sr Nts
Wendys
10.000%
Sr Nts
Sr Nts
6.200%
7.000%
Debs
1. Credit stats are rent adjusted.
33
Recommendation
Maturity
Ratings
Moodys
S&P
Amount
Outstanding
($ mn)
NR
NR
15-Oct-18
15-Apr-19
B3/BCaa1/CCC+
$800.0
$685.0
112 3/4
75 1/4
6.15%
7.85%
576bp
737bp
15-Oct-14
15-Apr-15
104.94
94.79
$585.0
$585.0
3.0x
3.0x
2.7x
2.7x
4.9x
5.5x
na
na
NR
NR
15-Jul-18
14-Mar-16
B2/BCaa1/CCC
$503.6
$223.2
114 1/8
104 1/2
6.86%
10.01%
652bp
954bp
15-Jul-14
14-Mar-13
105.69
105.25
$165.1
$165.1
2.3x
2.3x
1.7x
1.7x
4.2x
5.2x
na
na
NR
NR
1-Jun-18
15-Feb-16
Caa1/CCC+
NR/NR
$200.0
$180.8
106 7/8
67
8.96%
10.51%
826bp
996bp
1-Jun-14
15-Aug-13
105.50
78.84
$98.4
$98.4
4.3x
4.3x
1.5x
1.5x
4.7x
5.5x
na
na
NR
30-Oct-18
B3/CCC+
$785.3
108 1/4
7.33%
655bp
30-Oct-14
104.75
$311.5
2.5x
2.5x
6.0x
8.1x
NR
15-Oct-17
B3/B-
$355.0
96 1/2
11.63%
1064bp
15-Oct-13
108.06
$72.6
2.3x
1.2x
5.8x
na
NR
15-Jun-15
Caa3/CCC
$248.1
103 1/4
5.09%
502bp
15-Jun-12
102.50
$345.5
4.2x
3.2x
4.7x
na
NR
NR
NR
15-Jul-16
15-Jun-14
15-Dec-25
B3/B+
Caa1/BCaa1/B-
$565.0
$225.0
$100.0
109 1/4
106 1/4
89 1/8
2.61%
3.19%
8.35%
253bp
286bp
611bp
15-Jul-12
Make Whole
nc
107.50
T+25
nc
$331.1
$331.1
$331.1
2.8x
2.8x
2.8x
1.8x
1.8x
1.8x
3.8x
3.8x
3.8x
8.7x
8.7x
8.7x
Bid
Recent Quotes
YTW
Spread
Adj Net Debt/

LTM
TEV/
EBITDAR LTM EBITDA
April 12, 2012


Gaming Susan Berliner (1-212) 270-3085
Coupon
Description
Amount
Outstanding
($ mn)
Price
Hold
15-Apr-21
B3/B+
$800
104.00
6.68%
558bp
15-Apr-15
105.63
$1,215
Hold
Buy
Hold
15-Apr-14
1-Feb-16
1-Dec-18
Caa1/CCC+
Caa1/CCC+
B3/B
$216
$241
$500
99.50
96.00
103.00
7.02%
8.37%
8.33%
673bp
773bp
753bp
1-Feb-13
1-Dec-14
100.69
104.56
Hold
Buy
15-Jan-16
15-Jan-17
B1/B
Caa2/CCC
$900
$633
104.75
109.50
5.73%
7.73%
529bp
729bp
15-Jan-14
15-Jan-14
103.81
105.38
Buy
Hold
Hold
Hold
Hold
Buy
Hold
Hold
Hold
NR
15-Dec-13
1-Jun-15
15-Dec-15
1-Feb-16
1-Jun-16
1-Jun-17
1-Oct-17
15-Apr-18
15-Dec-18
15-Feb-20
Caa3/CCC
Caa3/CCC
NR/CCC
Caa3/CCC
Caa3/CCC
B2/B
Caa3/CCC
Caa2/CCC
NR/CCC
B2/B
$125
$365
$188
$471
$247
$2,095
$154
$750
$3,705
$1,250
91.00
75.00
89.50
85.00
63.00
108.50
52.00
83.25
73.50
101.00
11.46%
16.11%
13.73%
16.18%
20.11%
8.05%
20.90%
17.35%
16.74%
8.28%
1120bp
1560bp
1312bp
1554bp
1940bp
773bp
1992bp
1625bp
1548bp
721bp
Buy
Hold
1-Mar-14
15-Mar-19
Caa1/CCC+
B3/B-
$357
$300
99.25
101.50
7.43%
7.38%
Sell
Sell
15-Oct-15
15-Aug-18
B2/BBB2/BB-
$398
$394
92.50
90.00
Hold
Hold
Hold
Hold
Hold
Buy
Buy
Hold
Hold
Hold
Hold
NR
Hold
NR
1-Sep-12
15-Nov-13
27-Feb-14
15-May-14
15-Jul-15
1-Apr-16
1-Jun-16
1-Nov-16
15-Jan-17
15-Nov-17
1-Mar-18
1-Feb-19
15-Mar-20
15-Mar-22
B3/BBa2/B+
B3/BBa2/B+
B3/BB3/BB3/BB3/BB3/BBa2/B+
B3/BB3/BBa2/B+
B3/B-
$535
$750
$509
$650
$872
$238
$733
$500
$743
$850
$475
$850
$845
$1,000
101.50
116.00
102.75
113.00
102.25
101.25
102.75
111.00
102.50
113.00
118.00
107.00
110.63
101.00
Recommendation
Ameristar Casinos
7.500%
Sr Nts
Boyd Gaming Corporation
6.750%
Sr Sub Nts
7.125%
Sr Sub Nts
9.125%
Sr Nts
CityCenter Holdings, LLC
7.625%
10.750% Sr Sec Toggle Nts (2nd Lien)
Harrahs Operating Company
5.375%
Sr Nts
5.625%
Bds
10.000%
10.750%
Guar Nts
6.500%
Sr Nts
11.250%
5.750%
Bds
12.750%
10.000%
8.500%
Isle of Capri Casinos
7.000%
Sr Sub Nts
7.750%
Sr Nts
Marina District Finance (Borgata)
9.500%
9.875%
MGM Resorts
6.750%
Sr Nts
13.000%
Sr Sec Nts
5.875%
Sr Nts
10.375%
Sr Sec Nts
6.625%
Sr Nts
6.875%
Sr Nts
7.500%
Sr Nts
10.000%
Guar Nts
7.625%
Sr Nts
11.125%
Sr Sec Nts
11.375%
Sr Nts
8.625%
Sr Nts
9.000%
7.750%
Sr Nts
34
Maturity
Ratings
Moodys
S&P
Recent Quotes
YTW
Spread
Next Call Data

Date
Price
Total Debt/
LTM
EBITDA
LTM
EBITDA/
Int. Exp.
$365
5.3x
3.7x
$1,605
$1,605
$1,605
$392
$392
$392
7.7x
7.7x
5.5x
2.0x
2.0x
2.0x
$1,081
$1,081
$212
$212
5.7x
8.9x
0.8x
0.8x
$1,513
$1,513
$1,513
$1,513
$1,513
$1,513
$1,513
$1,513
$1,513
$1,513
12.6x
12.6x
9.9x
10.2x
12.6x
6.3x
12.6x
9.9x
9.9x
6.3x
1.0x
1.0x
1.0x
1.0x
1.0x
1.0x
1.0x
1.0x
1.0x
1.0x
LTM
Revenue
LTM
Adjusted
EBITDA
15-Dec-12
1-Feb-13
105.00
102.69
1-Jun-13
105.63
15-Dec-13
15-Feb-16
105.00
104.25
$6,814
$6,814
$6,814
$6,814
$6,814
$6,814
$6,814
$6,814
$6,814
$6,814
715bp
652bp
15-Mar-15
103.88
$1,010
$1,010
$192
$192
6.1x
4.2x
2.6x
2.6x
12.20%
12.18%
1162bp
1100bp
15-Oct-13
15-Aug-14
104.75
104.94
$730
$730
$158
$158
5.2x
5.2x
1.9x
1.9x
2.69%
2.60%
4.32%
3.81%
5.85%
6.51%
6.72%
7.12%
6.99%
3.82%
7.52%
7.29%
5.35%
7.60%
257bp
235bp
404bp
350bp
532bp
584bp
602bp
634bp
617bp
363bp
645bp
601bp
506bp
560bp
$7,841
$7,841
$7,841
$7,841
$7,841
$7,841
$7,841
$7,841
$7,841
$7,841
$7,841
$7,841
$7,841
$7,841
$1,142
$1,142
$1,142
$1,142
$1,142
$1,142
$1,142
$1,142
$1,142
$1,142
$1,142
$1,142
$1,142
$1,142
11.2x
3.3x
11.2x
3.3x
11.2x
11.2x
11.2x
11.2x
11.2x
3.3x
11.2x
11.2x
3.3x
11.2x
1.1x
1.1x
1.1x
1.1x
1.1x
1.1x
1.1x
1.1x
1.1x
1.1x
1.1x
1.1x
1.1x
1.1x
15-May-13
105.56
15-Mar-14
104.50
April 12, 2012


Gaming Susan Berliner (1-212) 270-3085
Coupon
Description
Amount
Outstanding
($ mn)
Bid
Sell
Sell
Sell
NR
Sell
NR
15-Feb-13
15-Aug-14
15-Feb-15
15-Dec-16
1-Nov-17
15-Sep-18
Caa3/CCC
Caa3/CCC
Caa3/CCC
NR/CCC
Caa3/CCC
NR/CCC
$16
$225
$10
$418
$200
$344
93.00
75.00
75.00
84.25
101.50
72.50
15.39%
21.25%
18.62%
15.29%
10.97%
18.48%
1522bp
2090bp
1816bp
1448bp
1038bp
1728bp
Hold
1-Aug-19
Caa1/B-
$568
98.00
11.91%
Sell
15-Aug-19
B1/BB
$325
111.00
Sell
Buy
NR
1-Aug-17
15-May-20
1-Apr-22
B1/BBB3/B
B3/B
$450
$350
$325
NR
NR
NR
15-Jun-16
15-Sep-18
15-Jun-19
B1/BBB1/BBB1/BB-
Hold
1-Feb-15
Hold
Hold
Hold
NR
1-Nov-17
1-May-20
15-Aug-20
15-Mar-22
Recommendation
Mohegan Tribal Gaming

6.125%
Sr Nts
7.125%
Sr Sub Nts
6.875%
Sr Sub Nts
10.500%
Sr Sec Nts (3rd Lien)
11.500%
11.000%
Sr Sub Nts
MTR Gaming
11.500% Sr Sec Toggle Nts (2nd Lien)
Penn National Gaming, Inc.
8.750%
Sr Sub Nts
Pinnacle Entertainment
8.625%
Sr Nts
8.750%
Sr Sub Nts
7.750%
Sr Sub Nts
Scientific Games
7.875%
Sr Sub Nts
8.125%
Sr Sub Nts
9.250%
Sr Sub Nts
Snoqualmie Entertainment
9.125%
Sr Sec Nts
Wynn Las Vegas
7.875%
1st Mtg Nts
7.875%
1st Mtg Nts
7.750%
1st Mtg Nts
5.375%
1st Mtg Nts
35
Maturity
Ratings
Moodys
S&P
Recent Quotes
YTW
Spread
Next Call Data

Date
Price
LTM
Revenue
LTM
Adjusted
EBITDA
Total Debt/
LTM
EBITDA
LTM
EBITDA/
Int. Exp.
$1,435
$1,435
$1,435
$1,435
$1,435
$1,435
$266
$266
$266
$266
$266
$266
5.1x
7.2x
7.2x
4.7x
3.1x
7.2x
1.6x
1.6x
1.6x
1.6x
1.6x
1.6x
106.00
$428
$81
7.0x
1.8x
15-Aug-14
104.38
$2,742
$741
2.8x
9.5x
442bp
635bp
588bp
1-Aug-13
15-May-15
1-Apr-17
104.31
104.38
103.88
$1,158
$1,158
$1,158
$262
$262
$262
2.9x
5.5x
5.5x
2.7x
2.7x
2.7x
5.87%
5.96%
6.26%
555bp
540bp
593bp
15-Jun-12
15-Sep-14
15-Jun-14
103.94
104.06
104.63
$879
$879
$879
$263
$263
$263
5.3x
5.3x
5.3x
2.5x
2.5x
2.5x
100.25
9.01%
857bp
$203
$85
4.5x
2.4x
109.00
109.00
109.00
95.75
4.28%
5.81%
5.81%
5.95%
404bp
531bp
526bp
395bp
$1,481
$1,481
$1,481
$1,481
$412
$412
$412
$412
7.6x
7.6x
7.6x
7.6x
2.2x
2.2x
2.2x
2.2x
15-Aug-12
15-Feb-13
100.00
100.00
1-Nov-13
105.75
1051bp
1-Aug-15
5.44%
508bp
109.00
108.75
103.75
4.64%
6.85%
7.20%
$200
$250
$350
104.00
108.25
110.00
Caa1/B
$200
NR/BBBNR/BBBBa2/BBBBa2/BBB-
$500
$382
$1,320
$900
1-Nov-13
1-May-15
15-Aug-15
15-Mar-17
103.94
103.94
103.88
102.69
April 12, 2012


Healthcare David Common, CFA (1-212) 270-5260
Coupon
Desc.
HOSPITALS AND RELATED

Air Medical Group
9.250%
Sr Nts
Capella Healthcare
9.250%
Sr Nts
Community Health Systems Inc.
L + 350
TLB - Ext (Old)
L + 350
TLB - Ext (New)
L + 225
TLB - NonExt
8.875%
Sr Nts
8.000%
Sr Nts
Emergency Medical Services
L + 375
TLB
8.125%
Sr Nts
HealthSouth Corporation
7.250%
Sr Nts
8.125%
Sr Nts
7.750%
Sr Nts
HCA, Inc.
L + 125
TLA1
L + 250
TLA2
L + 225
TLB1
L + 325
TLB2
L + 325
TLB3
8.500%
1st Lien
6.500%
1st Lien
7.875%
1st Lien
7.250%
1st Lien
5.875%
1st Lien
9.875%
2nd Lien
6.950%
Sr Nts
6.300%
Sr Nts
6.250%
Sr Nts
6.750%
Sr Nts
5.750%
Sr Nts
6.375%
Sr Nts
6.500%
Sr Nts
8.000%
Sr Nts
7.500%
Sr Nts
7.690%
Sr Nts
7.500%
Sr Nts
7.750%
Sr Nts
Recom.
Maturity
Ratings
Moodys
S&P
NR
1-Nov-18
B2/B
$545
$101.50
8.84%
806bp
1-Nov-16
1-Nov-14
$104.63
$102
2.3x
5.5x
69%
NR
1-Jul-17
B3/B
$500
$100.75
9.02%
831bp
1-Jul-16
1-Jul-13
$106.94
$96
1.9x
5.2x
79%
NR
NR
NR
Hold
NR
1/25/2017
1/25/2017
7/25/2014
15-Jul-15
15-Nov-19
Ba3/BB
Ba3/BB
Ba3/BB
B3/B
B3/B
$1481
$1532
$2205
$1781
$2000
$99.00
$99.00
$99.25
$102.75
$102.63
4.20%
4.20%
3.06%
6.41%
7.42%
373bp
373bp
259bp
632bp
641bp
na
na
na
15-Jul-12
15-Nov-17
na
na
na
15-Jul-12
15-Nov-15
na
na
na
$102.22
$104.00
$1,828
$1,828
$1,828
$1,828
$1,828
2.5x
2.5x
2.5x
2.5x
2.5x
3.3x
3.3x
3.3x
4.8x
4.8x
54%
54%
54%
78%
78%
NR
NR
5/25/2018
1-Jun-19
B1/B+
Caa1/B-
$1417
$950
$99.50
$100.25
5.35%
8.06%
385bp
716bp
na
1-Jun-17
na
1-Jun-14
na
$106.09
$345
$345
2.0x
2.0x
4.1x
6.9x
48%
81%
Hold
Hold
Hold
1-Oct-18
15-Feb-20
15-Sep-22
B2/B+
B2/B+
B2/B+
$335
$290
$310
$105.63
$109.25
$107.25
5.80%
5.87%
6.35%
503bp
541bp
538bp
1-Oct-16
15-Feb-15
15-Sep-17
1-Oct-14
15-Feb-15
15-Sep-15
$103.63
$104.06
$103.88
$464
$464
$464
3.5x
3.5x
3.5x
2.9x
2.9x
2.9x
39%
39%
39%
NR
NR
NR
NR
NR
Buy
NR
Buy
Buy
NR
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
NR
NR
Buy
Buy
Buy
11/17/2012
5/2/2016
11/17/2013
3/31/2017
5/1/2018
15-Apr-19
15-Feb-20
15-Feb-20
15-Sep-20
15-Mar-22
15-Feb-17
1-May-12
1-Oct-12
15-Feb-13
15-Jul-13
15-Mar-14
15-Jan-15
15-Feb-16
1-Oct-18
15-Feb-22
15-Jun-25
6-Nov-33
15-May-21
Ba3/BB
Ba3/BB
Ba3/BB
Ba3/BB
Ba3/BB
Ba3/BB
Ba3/BB
Ba3/BB
Ba3/BB
Ba3/BB
B2/BB
B3/BB3/BB3/BB3/BB3/BB3/BB3/BB3/BB3/BB3/BB3/BB3/B-
$414
$564
$1689
$2000
$2373
$1500
$3000
$1250
$1400
$1350
$202
$402
$500
$500
$500
$500
$750
$1000
$500
$2000
$291
$250
$1525
$100.25
$98.50
$100.00
$98.75
$98.50
$110.63
$103.75
$109.25
$108.25
$99.25
$108.50
$100.00
$100.75
$101.50
$103.50
$103.50
$104.75
$105.00
$108.25
$104.50
$96.00
$92.50
$102.00
1.30%
3.41%
2.72%
4.00%
4.00%
4.90%
5.89%
5.21%
5.32%
5.97%
5.17%
6.74%
4.62%
4.38%
3.84%
3.83%
4.51%
5.05%
6.42%
6.86%
8.19%
8.25%
7.36%
83bp
294bp
225bp
353bp
353bp
461bp
437bp
486bp
485bp
397bp
500bp
670bp
449bp
422bp
364bp
355bp
408bp
440bp
521bp
488bp
599bp
556bp
612bp
na
na
na
na
na
15-Apr-14
15-Feb-20
15-Aug-14
15-Mar-15
15-Mar-22
15-Feb-13
1-May-12
1-Oct-12
15-Feb-13
15-Jul-13
15-Mar-14
15-Jan-15
15-Feb-16
1-Oct-18
15-Feb-22
15-Jun-25
6-Nov-33
15-Nov-18
na
na
na
na
na
15-Apr-14
nc
15-Aug-14
15-Mar-15
nc
15-Feb-13
nc
nc
nc
nc
nc
nc
nc
nc
nc
nc
nc
15-Nov-15
na
na
na
na
na
$104.25
nc
$103.94
$103.63
nc
$104.94
nc
nc
nc
nc
nc
nc
nc
nc
nc
nc
nc
$103.88
$6,287
$6,287
$6,287
$6,287
$6,287
$6,287
$6,287
$6,287
$6,287
$6,287
$6,287
$6,287
$6,287
$6,287
$6,287
$6,287
$6,287
$6,287
$6,287
$6,287
$6,287
$6,287
$6,287
3.2x
3.2x
3.2x
3.2x
3.2x
3.2x
3.2x
3.2x
3.2x
3.2x
3.2x
3.2x
3.2x
3.2x
3.2x
3.2x
3.2x
3.2x
3.2x
3.2x
3.2x
3.2x
3.2x
2.9x
2.9x
2.9x
2.9x
2.9x
2.9x
2.9x
2.9x
2.9x
2.9x
3.0x
4.3x
4.3x
4.3x
4.3x
4.3x
4.3x
4.3x
4.3x
4.3x
4.3x
4.3x
4.5x
48%
48%
48%
48%
48%
48%
48%
48%
48%
48%
48%
70%
70%
70%
70%
70%
70%
70%
70%
70%
70%
70%
74%
Note: EBITDA is Adjusted EBITDA. Interest Expense is based on LTM values.

36
Current
Bid
Recent Quotes
Yield
Spread
YTW
Date
Next Call Data

Date
Price
EBITDA
LTM
EBITDA/
Interest
LTM
Debt/
EBITDA
LTM
Debt/
TEV
April 12, 2012


Coupon
Desc.
Health Management Associates

L + 350
TLB
6.125%
Sr Sec Nts
7.375%
Sr Nts
Iasis Healthcare
L + 375
TLB
8.375%
Sr Nts
Kindred Healthcare
L + 375
TLB
8.250%
Sr Nts
Lifepoint Hospitals
6.625%
Guar Nts
MedAssets
L + 375
TLB
8.000%
Sr Nts
Rural/Metro
10.125%
Sr Nts
Select Medical
L + 375
TLB
7.625%
Sr Sub Nts
6.494%
Sr HoldCo FRN
Tenet Healthcare
10.000%
Sr Sec Nts
6.250%
Sr Sec Nts
8.875%
Sr Sec Nts
7.375%
Sr Nts
9.250%
Sr Nts
8.000%
Sr Nts
6.875%
Sr Nts
Universal Health Services
L + 225
TLA
L + 275
TLB
7.125%
Sr Sec Nts
7.000%
Sr Nts
Vanguard Health Systems
8.000%
Sr Nts
7.750%
Sr Nts
DISTRIBUTORS
Omnicare
7.750%
Sr Sub Nts
VWR International
10.250%
Sr Toggle Nts
Recom.
Maturity
Ratings
Moodys
S&P
NR
Hold
Hold
11/18/2018
15-Apr-16
15-Jan-20
Ba3/BBNR/BBB3/B-
$1397
$400
$875
$100.25
$104.25
$101.88
4.45%
4.94%
6.97%
345bp
426bp
593bp
na
15-Apr-16
15-Jan-18
na
nc
15-Jan-16
na
nc
$103.69
$893
$893
$893
4.0x
4.0x
4.0x
2.9x
2.9x
4.0x
49%
49%
67%
NR
Buy
5/3/2018
15-May-19
Ba3/B
Caa1/CCC+
$1010
$850
$100.25
$95.38
4.95%
9.28%
370bp
793bp
na
15-May-19
na
15-May-14
na
$106.28
$322
$322
2.8x
2.8x
3.2x
5.8x
53%
97%
NR
NR
6/1/2018
1-Jun-19
Ba3/B+
B3/B-
$695
$550
$95.00
$86.50
6.26%
11.03%
476bp
967bp
na
1-Jun-19
na
1-Jun-14
na
$106.19
$445
$445
4.2x
4.2x
2.2x
3.4x
34%
53%
NR
1-Oct-20
Ba1/BB-
$400
$104.50
5.78%
457bp
1-Oct-18
1-Oct-15
$103.31
$550
5.1x
2.9x
48%
NR
NR
11/16/2016
15-Nov-18
Ba3/BBB3/B-
$577
$325
$100.50
$105.50
5.12%
6.59%
362bp
580bp
na
15-Nov-16
na
15-Nov-14
na
$104.00
$184
$184
2.6x
2.6x
3.1x
4.9x
36%
56%
NR
15-Jul-19
Caa1/CCC+
$200
$93.50
11.46%
1007bp
15-Jul-19
15-Jul-15
$105.06
$89
2.1x
6.0x
70%
NR
Buy
Buy
6/1/2018
1-Feb-15
9/15/2015
Ba3/BBCaa1/CCC+
Caa1/CCC+
$844
$345
na
$97.00
$98.75
na
6.10%
8.13%
na
435bp
768bp
na
na
1-Feb-15
na
na
1-Feb-13
10-May-12
na
$100.00
$100.00
$386
$386
$386
3.9x
3.9x
3.9x
2.3x
3.2x
3.6x
35%
48%
55%
Buy
Buy
Buy
Buy
Buy
Buy
Buy
1-May-18
1-Nov-18
1-Jul-19
1-Feb-13
1-Feb-15
1-Aug-20
15-Nov-31
B1/BBB1/BBB1/BBCaa1/CCC+
Caa1/CCC+
Caa1/CCC+
Caa1/CCC+
$714
$900
$925
$216
$474
$600
$429
$114.00
$103.00
$111.38
$102.50
$110.25
$100.75
$84.25
5.05%
5.69%
5.27%
4.12%
5.25%
7.84%
8.54%
475bp
447bp
493bp
396bp
480bp
667bp
597bp
1-May-14
1-Nov-18
1-Jul-14
1-Feb-13
1-Feb-15
1-Aug-18
15-Nov-31
1-May-14
nc
1-Jul-14
nc
nc
1-Aug-15
nc
$105.00
nc
$104.44
nc
nc
$104.00
nc
$1,161
$1,161
$1,161
$1,161
$1,161
$1,161
$1,161
3.1x
3.1x
3.1x
3.1x
3.1x
3.1x
3.1x
2.3x
2.3x
2.3x
3.9x
3.9x
3.9x
3.9x
36%
36%
36%
62%
62%
62%
62%
NR
NR
NR
NR
11/15/2015
11/15/2016
30-Jun-16
1-Oct-18
Ba2/BB+
Ba2/BB+
Ba2/BB+
B1/B+
$1017
$1455
$400
$250
$100.25
$100.38
$112.75
$106.75
2.64%
3.66%
3.81%
5.28%
217bp
266bp
310bp
451bp
na
na
30-Jun-16
1-Oct-16
na
na
nc
1-Oct-14
na
na
nc
$103.50
$1,165
$1,165
$1,165
$1,165
5.8x
5.8x
5.8x
5.8x
1.0x
1.0x
3.1x
3.1x
15%
15%
48%
48%
Hold
NR
1-Feb-18
1-Feb-19
B3/BB3/B-
$1175
$725
$100.50
$98.50
7.84%
8.04%
720bp
675bp
1-Feb-16
1-Feb-19
1-Feb-14
1-Feb-14
$104.00
$105.81
$544
$544
2.9x
2.9x
5.0x
5.0x
83%
83%
Hold
1-Jun-20
Ba3/BB
$550
$109.50
5.55%
504bp
1-Jun-15
1-Jun-15
$103.88
$614
4.5x
1.6x
18%
NR
15-Jul-15
Caa1/B-
$713
$103.00
7.66%
745bp
15-Jul-13
15-Jul-12
$102.56
$395
2.0x
5.7x
63%

37
Current
Bid
Recent Quotes
Yield
Spread
YTW
Date
Next Call Data

Date
Price
EBITDA
LTM
EBITDA/
Interest
LTM
Debt/
EBITDA
LTM
Debt/
TEV
April 12, 2012


Coupon
Desc.
ALTERNATE SITE PROVIDERS

Alliance Imaging
8.000%
Sr Nts
American Renal Holdings
8.375%
9.750%
Sr PIK Nts
CRC Health
10.750%
Sr Sub Nts
Davita
L + 275
TLA
L + 300
TLB
6.375%
Sr Nts
6.625%
Sr Nts
Fresenius Medical Care
6.875%
Sr Nts
6.500%
Sr Nts
5.625%
Sr Nts
5.750%
Sr Nts
5.875%
Sr Nts
Fresenius SE
5.000%
Sr Nts
8.750%
Sr Nts
9.000%
Sr Nts
Gentiva Health Services
11.500%
Sr Nts
Hanger Orthopedic Group
7.125%
Sr Nts
National Mentor
L + 525
TLB
12.500%
Sr Nts
OnCure Medical Group
11.750%
Radiation Therapy
9.875%
Sr Sub Nts
RadNet
10.375%
Sr Nts
Res-Care
10.750%
Sr Nts
Skilled Healthcare Group
11.000%
Sr Sub Nts
Surgical Care Affiliates
L + 400
TLB
9.625%
Sr Toggle Nts
10.000%
Sr Sub Nts
Recom.
Maturity
Ratings
Moodys
S&P
NR
1-Dec-16
B3/B-
$190
$74.25
16.10%
1530bp
1-Dec-16
1-Dec-12
$104.00
$133
2.9x
4.8x
89%
NR
NR
15-May-18
1-Mar-16
B2/B
Caa2/CCC+
$250
$149
$106.00
$105.25
6.20%
8.32%
570bp
786bp
15-May-15
1-Mar-15
15-May-13
1-Mar-13
$104.19
$105.00
$69
$69
3.3x
3.3x
3.8x
5.4x
51%
72%
NR
1-Feb-16
Caa1/CCC
$177
$91.25
13.77%
1314bp
1-Feb-16
nc
$103.58
$105
2.3x
5.7x
76%
NR
NR
NR
NR
10/20/2015
10/20/2016
1-Nov-18
1-Nov-20
Ba2/BB
Ba2/BB
B2/B
B2/B
$938
$1728
$775
$775
$100.50
$100.75
$103.50
$103.75
3.04%
4.31%
5.49%
5.82%
257bp
281bp
471bp
483bp
na
na
1-Nov-16
1-Nov-17
na
na
1-Nov-13
1-Nov-14
na
na
$104.78
$104.97
$1,359
$1,359
$1,359
$1,359
5.8x
5.8x
5.8x
5.8x
2.0x
2.0x
3.2x
3.2x
26%
26%
40%
40%
NR
NR
NR
NR
NR
15-Jul-17
15-Sep-18
31-Jul-19
15-Feb-21
31-Jan-22
Ba2/BB+
Ba2/BB+
Ba2/BB+
Ba2/BB+
Ba2/BB+
$500
$400
$800
$650
$700
$109.00
$107.25
$101.00
$101.25
$101.00
4.91%
5.16%
5.46%
5.57%
5.74%
398bp
396bp
406bp
381bp
376bp
15-Jul-17
15-Sep-18
31-Jul-19
15-Feb-21
31-Jan-22
nc
nc
nc
nc
nc
na
na
na
na
na
$2,575
$2,575
$2,575
$2,575
$2,575
13.3x
13.3x
13.3x
13.3x
13.3x
3.4x
3.4x
3.4x
3.4x
3.4x
31%
31%
31%
31%
31%
Hold
Hold
Hold
31-Jan-13
15-Jul-15
15-Jul-15
Ba1/BB+
Ba1/BB+
Ba1/BB+
$500
$275
$500
$102.00
$116.00
$114.88
2.42%
3.49%
4.06%
222bp
319bp
353bp
31-Jan-13
15-Jul-15
15-Jul-15
nc
nc
nc
na
na
na
$4,507
$4,507
$4,507
5.5x
5.5x
5.5x
2.9x
2.9x
2.9x
39%
39%
39%
NR
1-Sep-18
Caa2/CCC
$325
$93.13
13.12%
1193bp
1-Sep-18
1-Sep-14
$105.75
$271
3.0x
3.7x
92%
NR
15-Nov-18
NR/B
$200
$103.50
6.23%
544bp
15-Nov-16
15-Nov-14
$103.56
$149
4.7x
3.4x
43%
NR
NR
2/9/2017
15-Feb-18
B1/B+
Caa2/CCC+
$525
$250
$98.25
$99.25
7.44%
12.68%
569bp
1161bp
na
15-Feb-18
na
15-Feb-14
na
$106.25
$117
$117
1.6x
1.6x
4.6x
6.7x
77%
nm
NR
15-May-17
Caa1/B
$210
$67.00
23.10%
2221bp
15-May-17
15-May-14
$105.88
$35
1.3x
6.0x
85%
NR
15-Apr-17
B3/CCC+
$360
$79.75
15.90%
1503bp
15-Apr-17
15-Apr-14
$104.94
$123
2.0x
4.9x
70%
NR
1-Apr-18
Caa1/CCC+
$200
$98.00
10.84%
975bp
1-Apr-18
1-Apr-14
$100.00
$106
2.0x
5.3x
83%
NR
15-Jan-19
NR/B-
$200
$110.50
8.04%
722bp
15-Jan-17
15-Jan-15
$105.38
$129
3.7x
2.9x
na
NR
15-Jan-14
Caa1/CCC+
$130
$99.25
11.46%
1120bp
15-Jan-14
15-Jan-13
$100.00
$128
3.3x
3.7x
65%
NR
NR
NR
6/30/2018
15-Jul-15
15-Jul-17
Ba3/B
B3/CCC+
Caa1/CCC+
$100
$165
$150
$98.25
$101.00
$100.00
5.83%
10.07%
9.99%
433bp
954bp
946bp
na
15-Jul-15
15-Jul-15
na
15-Jul-12
15-Jul-12
na
$102.22
$105.00
$131
$131
$131
2.2x
2.2x
2.2x
3.4x
6.0x
6.0x
45%
80%
80%

38
Current
Bid
Recent Quotes
Yield
Spread
YTW
Date
Next Call Data

Date
Price
EBITDA
LTM
EBITDA/
Interest
LTM
Debt/
EBITDA
LTM
Debt/
TEV
April 12, 2012


Coupon
Desc.
Symbion
8.000%
11.000%
Sr Toggle Nts
United Surgical Partners
9.000%
Sr Nts
PRODUCT & DEVICE COMPANIES
Accellent Inc.
8.375%
1st Lien Nts
10.000%
Sr Sub Nts
Alere
7.875%
Sr Nts
9.000%
Sr Sub Nts
8.625%
Sr Sub Nts
Apria Healthcare Group
11.250%
Sr Sec Nts
12.375%
Sr Sec Nts
Bausch & Lomb
L + 325
TLB
9.875%
Sr Nts
Biomet Inc.
L + 300
TLB
10.000%
Sr Nts
10.375%
Sr Toggle Nts
11.625%
Sr Sub Nts
Bio-Rad Laboratories
8.000%
Sr Sub Nts
4.875%
Sr Nts
Boston Scientific
6.400%
Sr Nts
Convatec
L + 425
TLB
10.500%
Sr Nts
DJO/Reable
8.750%
10.875%
Sr Nts
7.750%
Sr Nts
9.750%
Sr Sub Nts
Kinetic Concepts
10.500%
12.500%
Sr Nts
Lantheus Medical Imaging
9.750%
Sr Nts
Recom.
Maturity
Ratings
Moodys
S&P
NR
NR
15-Jun-16
23-Aug-15
B2/B
Caa2/CCC+
$341
$95
$98.75
$95.25
8.36%
12.77%
765bp
1222bp
15-Jun-16
23-Aug-15
15-Jun-14
23-Aug-12
$104.00
$102.75
$76
$76
1.5x
1.5x
4.6x
7.3x
62%
97%
NR
1-Apr-20
Caa1/CCC+
$440
$103.00
8.35%
726bp
1-Apr-18
1-Apr-15
$106.75
$210
2.5x
6.3x
84%
NR
NR
1-Feb-17
1-Nov-17
B1/B+
Caa2/CCC+
$400
$315
$99.50
$76.75
8.50%
16.57%
767bp
1557bp
1-Feb-17
1-Nov-17
1-Feb-13
1-Nov-13
$106.28
$107.50
$107
$107
1.5x
1.5x
3.7x
6.7x
47%
84%
NR
NR
NR
1-Feb-16
15-May-16
1-Oct-18
B2/B
B3/BB3/B-
$250
$400
$400
$104.13
$103.00
$102.50
6.24%
7.88%
7.95%
579bp
738bp
718bp
1-Feb-15
15-May-15
1-Oct-16
1-Feb-13
15-May-13
1-Oct-14
$103.94
$104.50
$104.31
$528
$528
$528
2.7x
2.7x
2.7x
5.3x
6.3x
6.3x
50%
60%
60%
NR
NR
1-Nov-14
1-Nov-14
Ba3/BB+
B3/BB-
$700
$318
$103.25
$98.38
8.94%
13.14%
870bp
1274bp
1-Nov-13
1-Nov-14
1-Nov-12
1-Nov-12
$102.81
$103.09
$274
$274
2.1x
2.1x
2.6x
3.8x
46%
68%
NR
NR
4/24/2015
1-Nov-15
B1/BBCaa1/B
$1143
$650
$99.50
$104.88
3.90%
5.18%
343bp
503bp
na
1-Nov-12
na
1-Nov-12
na
$102.47
$566
$566
3.3x
3.3x
3.6x
4.8x
40%
53%
NR
Hold
Hold
Buy
3/25/2015
15-Oct-17
15-Oct-17
15-Oct-17
B1/BBB3/BB3/BCaa1/B-
$2235
$771
$761
$1015
$99.50
$107.75
$108.25
$108.50
3.65%
4.15%
3.80%
5.73%
318bp
401bp
366bp
559bp
na
15-Oct-12
12-Oct-12
15-Oct-12
na
15-Oct-12
12-Oct-12
15-Oct-12
na
$105.00
$105.19
$105.81
$1,014
$1,014
$1,014
$1,014
2.1x
2.1x
2.1x
2.1x
3.3x
4.8x
4.8x
5.8x
44%
64%
64%
78%
NR
NR
15-Sep-16
15-Dec-20
Ba2/BBBBa1/BBB
$300
$425
$110.63
$105.02
3.05%
4.18%
283bp
246bp
15-Sep-13
15-Dec-20
15-Sep-13
nc
$104.00
na
$416
$416
7.8x
7.8x
1.8x
1.8x
28%
28%
NR
15-Jun-16
Baa3/BBB-
$600
$115.64
2.43%
172bp
15-Jun-16
nc
na
$1,705
6.0x
2.5x
36%
NR
Buy
12/22/2016
15-Dec-18
Ba3/B+
Caa1/B
$496
$745
$100.75
$102.00
5.57%
9.95%
407bp
914bp
na
15-Dec-16
na
15-Dec-14
na
$105.25
$423
$423
2.3x
2.3x
3.9x
6.4x
48%
80%
NR
NR
NR
NR
15-Mar-18
15-Nov-14
15-Apr-18
15-Oct-17
B2/B+
B3/BB3/BCaa1/CCC+
$230
$675
$300
$300
$99.50
$100.50
$81.00
$73.50
8.86%
10.51%
12.32%
17.44%
778bp
1027bp
1122bp
1645bp
15-Mar-18
15-Nov-13
15-Apr-18
15-Oct-17
15-Mar-15
15-Nov-12
15-Apr-14
15-Oct-13
$104.38
$102.72
$105.81
$107.31
$278
$278
$278
$278
1.6x
1.6x
1.6x
1.6x
4.1x
6.9x
6.9x
8.0x
51%
86%
86%
100%
Buy
Buy
1-Nov-18
1-Nov-19
B3/B
Caa1/CCC+
$1750
$1500
$102.50
$92.00
9.90%
14.26%
890bp
1281bp
1-Nov-17
1-Nov-19
1-Nov-15
1-Nov-15
$105.25
$106.25
$734
$734
1.7x
1.7x
5.5x
6.5x
76%
90%
NR
15-May-17
Caa1/B+
$400
$88.00
13.05%
1216bp
15-May-17
15-May-14
$104.88
$80
2.1x
5.0x
83%

39
Current
Bid
Recent Quotes
Yield
Spread
YTW
Date
Next Call Data

Date
Price
EBITDA
LTM
EBITDA/
Interest
LTM
Debt/
EBITDA
LTM
Debt/
TEV
April 12, 2012


Coupon
Desc.
Rotech Healthcare
10.750%
10.500%
Teleflex
6.875%
Sr Sub Nts
Universal Hospital Services
8.500%
Sr Sec Toggle Nts
4.121%
Sr Sec Nts
PHARMA & LIFE SCIENCES
Aptalis/Axcan
L + 400
TLB
12.750%
Sr Nts
BioScrip
10.250%
Sr Nts
Catalent Pharmaceuticals (PTS Acq.)
L + 225
TLB
9.500%
Sr Toggle Nts
Elan Pharmaceuticals
8.750%
Sr Nts
8.750%
Sr Nts
Endo Pharmaceuticals
7.000%
Sr Nts
7.000%
Sr Nts
7.250%
Sr Nts
Grifols
L + 350
TLB
8.250%
Sr Nts
Immucor
11.125%
Sr Nts
INC Research
11.500%
Sr Nts
Mylan
L + 200
TLA
7.625%
Sr Nts
6.000%
Sr Nts
7.875%
Sr Nts
Patheon
8.625%
First Lien Nts
PPD
9.500%
Sr Nts
Maturity
Ratings
Moodys
S&P
EBITDA
LTM
EBITDA/
Interest
LTM
Current
Bid
NR
NR
15-Oct-15
15-Mar-18
B1/BBCaa1/B
$230
$290
$99.50
$65.00
10.93%
21.13%
1034bp
2005bp
15-Oct-15
15-Mar-18
15-Apr-13
15-Mar-15
$105.38
$105.25
$110
$110
1.8x
1.8x
2.6x
4.7x
52%
94%
NR
1-Jun-19
B1/BB-
$250
$107.75
5.13%
423bp
1-Jun-17
1-Jun-15
$103.44
$368
5.2x
2.6x
28%
NR
NR
1-Jun-15
1-Jun-15
B3/B+
B3/B+
$405
$230
$102.25
na
6.38%
na
619bp
nm
1-Jun-13
nm
1-Jun-12
10-May-12
$102.13
$102.00
$124
$124
2.6x
2.6x
5.2x
5.2x
75%
75%
NR
NR
2/11/2017
1-Mar-16
B1/B+
Caa1/B
$741
$235
$99.50
$106.75
5.62%
8.16%
412bp
799bp
na
1-Mar-13
na
1-Mar-13
na
$103.19
$218
$218
2.8x
2.8x
4.5x
4.5x
58%
58%
NR
1-Oct-15
Caa1/B-
$225
$109.00
5.35%
506bp
1-Apr-14
1-Apr-13
$105.13
$67
2.4x
4.1x
44%
NR
NR
4/10/2014
15-Apr-15
Ba3/BBCaa1/B
$1010
$624
$96.25
$102.50
4.09%
6.86%
384bp
668bp
na
15-Apr-13
na
15-Apr-13
na
$102.38
$369
$369
2.2x
2.2x
3.8x
5.5x
47%
68%
Buy
Buy
15-Oct-16
15-Oct-16
B1/BBB1/BB-
$200
$625
$109.63
$109.63
4.86%
4.86%
462bp
462bp
15-Oct-13
15-Oct-13
15-Oct-12
15-Oct-12
$108.75
$108.75
$231
$231
2.0x
2.0x
nm
nm
16%
16%
NR
NR
NR
15-Jul-19
15-Dec-20
15-Jan-22
Ba3/BBBa3/BBBa3/BB-
$500
$400
$400
$105.25
$105.00
$105.50
5.82%
6.07%
6.29%
489bp
482bp
490bp
15-Jul-17
15-Dec-18
15-Jul-19
15-Jul-15
15-Dec-15
15-Jul-16
$103.50
$103.50
$103.63
$974
$974
$974
4.5x
4.5x
4.5x
3.8x
3.8x
3.8x
46%
46%
46%
NR
NR
6/4/2017
1-Feb-18
Ba3/BB
B3/B
$1600
$1100
$100.50
$107.00
4.39%
6.52%
339bp
569bp
na
1-Feb-17
na
1-Feb-14
na
$106.19
$849
$849
3.2x
3.2x
3.8x
5.1x
29%
39%
NR
15-Aug-19
Caa1/B-
$400
$111.00
8.51%
756bp
15-Aug-17
15-Aug-15
$105.56
$151
1.6x
6.7x
75%
NR
15-Jul-19
Caa1/B-
$300
$98.25
11.86%
1047bp
15-Jul-19
15-Jul-15
$105.75
$111
2.2x
5.8x
84%
NR
NR
NR
NR
11/14/2016
15-Jul-17
15-Nov-18
15-Jul-20
Baa3/BBB
Ba3/BB
Ba3/BB
Ba3/BB
$1227
$550
$800
$1000
$100.00
$108.75
$103.00
$110.00
2.47%
5.20%
5.25%
5.58%
200bp
467bp
446bp
505bp
na
15-Jul-15
15-Nov-16
15-Jul-15
na
15-Jul-15
15-Nov-14
15-Jul-15
na
$101.91
$103.00
$103.94
$1,677
$1,677
$1,677
$1,677
5.0x
5.0x
5.0x
5.0x
0.7x
2.8x
2.8x
2.8x
9%
34%
34%
34%
Hold
15-Apr-17
B3/B+
$280
$84.50
12.93%
1206bp
15-Apr-17
15-Apr-13
$106.47
$47
1.8x
6.0x
53%
NR
1-Dec-19
B3/B
$575
$108.00
7.72%
670bp
1-Dec-17
1-Dec-14
$107.13
$350
2.4x
5.8x
64%
Recom.

40
Recent Quotes
Yield
Spread
YTW
Date
Next Call Data

Date
Price
Debt/
EBITDA
LTM
Debt/
TEV
April 12, 2012


Coupon
Desc.
Valeant Pharmaceuticals
6.500%
Sr Nts
6.750%
Sr Nts
6.875%
Sr Nts
7.000%
Sr Nts
6.750%
Sr Nts
7.250%
Sr Nts
Warner Chilcott
L + 325
TLB1
L + 325
TLB2
L + 325
TLB3
7.750%
Sr Nts
MISCELLANEOUS
Carriage Services
7.875%
Sr Nts
Centene
5.750%
Sr Nts
Corrections Corp of America
6.250%
Sr Nts
6.750%
Sr Nts
7.750%
Sr Nts
Inventiv
10.000%
Sr Nts
10.000%
Sr Nts
Merge Healthcare
11.750%
Sr Sec Nts
Multiplan
9.875%
Sr Nts
Service Corporation International
7.375%
Sr Nts
6.750%
Sr Nts
6.750%
Sr Nts
7.000%
Sr Nts
7.625%
Sr Nts
7.000%
Sr Nts
8.000%
Sr Nts
7.500%
Sr Nts
Sterigenics
8.000%
Stewart Enterprises
6.500%
Sr Nts
Recom.
Maturity
Current
Bid
Recent Quotes
Yield
Spread
YTW
Date
Next Call Data

Date
Price
EBITDA
LTM
EBITDA/
Interest
LTM
Debt/
EBITDA
LTM
Debt/
TEV
NR
NR
NR
NR
NR
NR
15-Jul-16
1-Oct-17
1-Dec-18
1-Oct-20
15-Aug-21
15-Jul-22
B1/BBB1/BBB1/BBB1/BBB1/BBB1/BB-
$950
$500
$1000
$700
$650
$550
$101.50
$100.25
$99.75
$98.63
$96.50
$98.00
5.98%
6.68%
6.92%
7.22%
7.27%
7.53%
545bp
592bp
568bp
555bp
540bp
550bp
15-Jul-15
1-Oct-16
1-Dec-18
1-Oct-20
15-Aug-21
15-Jul-22
15-Jul-13
1-Oct-14
1-Dec-14
1-Oct-15
15-Feb-16
15-Jul-16
$103.25
$103.38
$103.44
$103.50
$103.38
$103.63
$1,747
$1,747
$1,747
$1,747
$1,747
$1,747
5.2x
5.2x
5.2x
5.2x
5.2x
5.2x
4.2x
4.2x
4.2x
4.2x
4.2x
4.2x
31%
31%
31%
31%
31%
31%
NR
NR
NR
NR
3/15/2018
3/15/2018
3/15/2018
15-Sep-18
Ba3/BBBBa3/BBBBa3/BBBB3/BB
$720
$396
$545
$1250
$100.25
$100.25
$100.25
$102.00
4.14%
4.14%
4.14%
7.21%
314bp
314bp
314bp
645bp
na
na
na
15-Sep-16
na
na
na
15-Sep-14
na
na
na
$103.88
$1,380
$1,380
$1,380
$1,380
2.2x
2.2x
2.2x
2.2x
2.2x
2.2x
2.2x
2.8x
38%
38%
38%
49%
NR
15-Jan-15
B1/B-
$130
$101.00
6.46%
630bp
15-Jan-13
15-Jan-13
$100.00
$44
2.4x
3.1x
50%
NR
1-Jun-17
Ba2/BB
$250
$101.00
5.52%
462bp
1-Jun-17
nc
na
$249
12.2x
1.4x
19%
NR
NR
NR
15-Mar-13
31-Jan-14
1-Jun-17
Ba1/BB
Ba1/BB
Ba1/BB
$40
$150
$465
$100.00
$100.13
$108.44
6.24%
6.67%
3.44%
607bp
640bp
325bp
15-Mar-13
31-Jan-14
1-Jun-13
nc
nc
1-Jun-13
$100.00
$100.00
$103.88
$418
$418
$418
5.7x
5.7x
5.7x
2.8x
2.8x
2.8x
35%
35%
35%
NR
NR
15-Aug-18
15-Aug-18
Caa2/CCC+
Caa2/CCC+
$275
$390
$88.25
$88.75
12.75%
12.63%
1157bp
1145bp
15-Aug-18
15-Aug-18
15-Aug-14
15-Aug-14
$105.00
$105.00
$326
$326
1.8x
1.8x
6.0x
6.0x
80%
80%
NR
1-May-15
B2/B+
$257
$107.00
7.96%
766bp
1-May-14
1-May-13
$105.88
$57
1.9x
4.4x
39%
NR
1-Sep-18
Caa1/CCC+
$675
$107.50
7.81%
706bp
1-Sep-16
1-Sep-14
$104.94
na
na
5.9x
74%
NR
NR
NR
NR
NR
NR
NR
NR
1-Oct-14
1-Apr-15
1-Apr-16
15-Jun-17
1-Oct-18
15-May-19
15-Nov-21
1-Apr-27
Ba3/BBBa3/BBBa3/BBBa3/BBBa3/BBBa3/BBBa3/BBBa3/BB-
$181
$135
$196
$295
$250
$250
$150
$200
$109.00
$109.00
$108.25
$110.75
$114.25
$107.50
$114.50
$100.25
3.52%
3.52%
4.45%
4.63%
5.01%
5.13%
5.99%
7.47%
314bp
304bp
378bp
372bp
381bp
453bp
406bp
516bp
1-Oct-14
1-Apr-15
1-Apr-16
15-Jun-17
1-Oct-18
15-Nov-15
15-Nov-21
1-Apr-27
nc
nc
nc
nc
nc
15-Nov-14
nc
nc
nc
nc
nc
nc
nc
$103.50
nc
nc
$558
$558
$558
$558
$558
$558
$558
$558
4.2x
4.2x
4.2x
4.2x
4.2x
4.2x
4.2x
4.2x
3.4x
3.4x
3.4x
3.4x
3.4x
3.4x
3.4x
3.4x
44%
44%
44%
44%
44%
44%
44%
44%
NR
15-Mar-18
B2/B
$475
$107.00
6.32%
546bp
15-Mar-17
15-Mar-14
$106.00
$102
2.9x
4.7x
71%
NR
15-Apr-19
B1/BB-
$200
$103.75
5.63%
476bp
15-Apr-17
15-Apr-14
$104.88
$97
4.3x
3.2x
30%

41
Ratings
Moodys
S&P
April 12, 2012


Industrials Yilma Abebe (1-212) 270-3265
Coupon
Desc.
Recom.
Altra Holdings (ALTHDS)

8.125%
Sr Sec Nts
NR
Briggs & Stratton (BGG)
6.875%
Sr Nts
NR
Cleaver-Brooks (CLEAVB)
1
CNH Global (CNH)
7.750%
Sr Nts
Hold
7.250%
Sr Nts
Hold
6.250%
Sr Nts
NR
7.875%
Sr Nts
Hold
Columbus McKinnon (CMCO)
7.875%
Sr Sub Nts
NR
Dynacast International (DYNCST)
General Cable (BGC)
7.125%
Sr Nts
Hold
Gibraltar (ROCK)
8.000%
Sr Sub Nts
Hold
2
HD Supply (HD Supply)
Interline Brands (IBI)
7.000%
Sr Sub Nts
NR
Manitowoc (MTW)
L + 300
Term Loan A
NR
L + 300
Term Loan B
NR
7.125%
Sr Nts
Hold
9.500%
Sr Nts
Buy
8.500%
Sr Nts
Buy
Mueller Water (MWA)
7.375%
Sr Sub Nts
Buy
8.750%
Sr Nts
Hold
Maturity
Ratings
Moodys
S&P
Amount
Outst.
($ mn)
1-Dec-16
Ba3/BB-
$198.0
107.50
5.46%
531bp
1-Dec-12
1-Dec-12
15-Dec-20
Ba3/BB
$225.0
104.00
6.27%
455bp
15-Dec-20
1-May-16
B2/B
$185.0
104.00
10.03%
973bp
106.25
109.50
105.50
115.25
3.07%
4.47%
4.88%
4.75%
1-Sep-13
15-Jan-16
1-Nov-16
1-Dec-17
Ba2/BB+ $1,000.0
Ba2/BB+ $254.0
Ba2/BB $500.0
Ba2/BB+ $1,500.0
Recent Quotes
Bid
YTW
Spread
Debt/
EBITDA
Net Debt/
EBITDA
Sr. Sec./
EBITDA
EBITDA/
Int. Exp
Total Debt/
TEV
106.09
$99
2.9x
2.0x
2.0x
4.1x
41%
7.1x
$507.1
nc
nc
$158
1.4x
1.2x
0.0x
6.0x
22%
6.7x
$870.0
1-May-14
1-May-13
106.13
na
na
na
na
na
na
na
na
285bp
384bp
410bp
374bp
1-Sep-13
15-Jan-16
1-Nov-16
1-Dec-17
nc
nc
nc
nc
nc
nc
nc
nc
$1,692
$1,692
$1,692
$1,692
2.7x
2.7x
2.7x
2.7x
1.9x
1.9x
1.9x
1.9x
0.6x
0.6x
0.6x
0.6x
4.4x
4.4x
4.4x
4.4x
33%
33%
33%
33%
8.0x
8.0x
8.0x
8.0x
$10,360.5
$10,360.5
$10,360.5
$10,360.5
1-Feb-19
B1/B+
$150.0
104.00
6.88%
605bp
1-Feb-17
1-Feb-15
103.94
$52
2.9x
1.4x
0.2x
3.7x
41%
7.2x
$304.5
15-Jul-19
B2/B
$350.0
103.88
8.32%
739bp
15-Jul-17
15-Jul-15
104.63
na
na
na
na
na
na
na
na
1-Apr-17
Ba3/B+
$200.0
102.75
6.09%
562bp
1-Apr-15
1-Apr-13
102.38
$395
2.7x
1.6x
0.6x
4.3x
51%
5.2x
$1,418.5
1-Dec-15
B2/BB-
$204.0
102.63
5.77%
562bp
1-Dec-12
1-Dec-12
101.33
$67
3.1x
2.3x
0.0x
3.6x
35%
8.7x
$430.6
15-Apr-19
B2/B+
$950.0
15-Apr-20 Caa1/CCC+ $675.0
100.50
102.75
8.02%
10.37%
692bp
923bp
15-Apr-18
15-Apr-18
15-Apr-15
15-Apr-16
106.09
105.50
$508
$508
4.2x
5.5x
4.0x
5.3x
5.5x
5.5x
1.1x
1.1x
na
na
na
na
na
na
15-Nov-18
B2/BB
$300.0
105.25
5.68%
489bp
15-Nov-16
15-Nov-13
105.25
$110
2.7x
2.0x
0.0x
4.6x
34%
8.0x
$667.4
13-May-16
13-Nov-17
1-Nov-13
15-Feb-18
1-Nov-20
Ba2/BB
Ba2/BB
B3/B+
B3/B+
B3/B+
$350.0
$400.0
$150.0
$400.0
$600.0
98.77
99.38
100.25
111.25
109.25
3.88%
3.60%
6.95%
5.45%
6.61%
300bp
233bp
671bp
518bp
602bp
na
na
1-Nov-13
15-Feb-14
1-Nov-15
na
na
na
na
15-Feb-14
1-Nov-15
104.75
104.25
$349
$349
$349
$349
$349
5.4x
5.4x
5.4x
5.4x
5.4x
5.2x
5.2x
5.2x
5.2x
5.2x
1.9x
1.9x
1.9x
1.9x
1.9x
2.4x
2.4x
2.4x
2.4x
2.4x
52%
52%
52%
52%
52%
10.5x
10.5x
10.5x
10.5x
10.5x
$1,843.8
$1,843.8
$1,843.8
$1,843.8
$1,843.8
1-Jun-17 Caa2/CCC+ $420.0

1-Sep-20
B2/B+
$225.0
98.50
111.25
7.73%
6.19%
683bp
563bp
1-Jun-17
1-Sep-15
1-Jun-12
1-Sep-15
103.69
104.38
$99
$99
6.8x
6.8x
6.4x
6.4x
0.4x
0.4x
1.5x
1.5x
57%
57%
12.1x
12.1x
$555.6
$555.6
1. Leverage stats exclude finance arm subsidiary, although Enterprise Value calculations are on a consolidated basis.
2. Leverage stats are only through the notes, total leverage on a consolidated basis is 10.6x.
42
TEV/
LTM EBITDA
Equity
Mkt
Cap
LTM
EBITDA
YTW Date
Next Call Data

Date
Price
April 12, 2012


Industrials Yilma Abebe (1-212) 270-3265
Coupon
Desc.
Recom.
Oshkosh (OSK)
L + 300
Term Loan A
NR
8.250%
Sr Nts
NR
8.500%
Sr Nts
NR
Park Ohio Industries (PKOH)
8.125%
Sr Nts
NR
Polypore (PPO)
L + 200
Term Loan
NR
7.500%
Sr Nts
NR
1
Rexnord (RXN)
8.500%
Sr Nts
Buy
11.750% Sr Sub Nts
Hold
2
SPX Corp. (SPW)
7.625%
Sr Nts
NR
6.875%
Guar Nts
NR
Terex Corp. (TEX)
L + 400
Term Loan
NR
8.000%
Sr Sub Nts
Hold
10.875%
Sr Nts
Hold
6.500%
Sr Nts
NR
Tomkins (PINFOR)
L + 300
Term Loan A
NR
L + 300
Term Loan B
NR
TriMas (TRS)
L + 300
Term Loan B
NR
Wire Co. (WIREWG)
L + 300
Term Loan B
NR
9.500%
Sr Nts
NR
Wabtec (WAB)
6.875%
Sr Nts
Hold
Maturity
Ratings
Moodys
S&P
Amount
Outst.
($ mn)
1-Oct-15
1-Mar-17
1-Mar-20
Ba2/BBBB1/BB
B1/BB
$650.0
$250.0
$250.0
98.50
108.00
107.75
3.73%
5.79%
6.84%
294bp
552bp
618bp
na
1-Mar-14
1-Mar-16
na
1-Mar-14
1-Mar-15
1-Apr-21
B3/CCC+
$250.0
102.88
7.58%
626bp
1-Apr-19
3-Jul-14
15-Nov-17
Ba2/BB
B3/B
$322.9
$365.0
99.16
104.75
2.87%
6.29%
224bp
550bp
1-May-18
1-Aug-16
Caa1/B $1,145.0
Caa2/B- $300.0
107.00
105.88
6.50%
4.65%
15-Dec-14
1-Sep-17
Ba2/BB+
Ba2/BB+
$500.0
$600.0
111.00
108.50
28-Apr-17
15-Nov-17
1-Jun-16
1-Apr-20
Ba2/BB
Caa1/B
B2/BBB2/BB-
$460.1
$800.0
$300.0
$300.0
29-Sep-15
29-Sep-16
1-Oct-18
Ba2/NR
Ba2/BB
B1/B+
21-Jun-17
15-Dec-17
Debt/
EBITDA
Net Debt/
EBITDA
Sr. Sec./
EBITDA
EBITDA/
Int. Exp
Total Debt/
TEV
na
104.13
104.25
$555
$555
$555
1.8x
1.8x
1.8x
1.0x
1.0x
1.0x
0.9x
0.9x
0.9x
6.9x
6.9x
6.9x
39%
39%
39%
4.9x
4.9x
4.9x
$2,020.3
$2,020.3
$2,020.3
1-Apr-16
104.06
$72
4.9x
4.1x
1.4x
3.0x
65%
7.6x
$254.3
na
15-Nov-16
na
15-Nov-13
na
105.63
$242
2.9x
2.5x
1.4x
6.5x
31%
9.6x
$1,720.5
582bp
456bp
1-May-16
1-Aug-12
1-May-14
1-Aug-12
104.25
103.92
$383
$383
6.3x
6.3x
5.7x
5.7x
2.4x
2.4x
2.2x
2.2x
na
na
na
na
na
na
3.28%
5.05%
286bp
409bp
15-Dec-14
1-Sep-17
nc
nc
nc
nc
$621
$621
3.2x
3.2x
2.4x
2.4x
0.0x
0.0x
6.0x
6.0x
37%
37%
7.7x
7.7x
$3,957.2
$3,957.2
100.48
101.50
112.75
100.50
5.39%
7.51%
3.94%
6.40%
427bp
691bp
375bp
530bp
na
15-Nov-15
1-Jun-13
1-Apr-18
na
15-Nov-12
1-Jun-13
1-Apr-16
na
104.00
105.44
103.25
$200
$200
$200
$200
nm
nm
nm
nm
nm
nm
nm
nm
nm
nm
nm
nm
nm
nm
nm
nm
56%
56%
56%
56%
nm
nm
nm
nm
$2,596.1
$2,596.1
$2,596.1
$2,596.1
$296.0
$1,677.3
$1,035.1
99.33
99.95
110.50
4.46%
4.26%
6.06%
365bp
325bp
568bp
na
na
1-Oct-14
na
na
1-Oct-14
na
na
104.50
$704
$704
$704
4.5x
4.5x
4.5x
3.8x
3.8x
3.8x
2.8x
2.8x
2.8x
2.2x
2.2x
2.2x
na
na
na
na
na
na
na
na
na
Ba2/BB
B2/B-
$225.0
$250.0
99.58
110.50
4.34%
5.86%
318bp
560bp
na
15-Dec-13
na
15-Dec-13
na
104.88
$165
$165
2.9x
2.9x
2.8x
2.8x
2.9x
2.9x
3.5x
3.5x
37%
37%
7.9x
7.9x
$832.6
$832.6
10-Feb-14
15-May-17
Ba1/BB
B2/B
$125.0
$425.0
98.00
103.25
6.17%
8.28%
554bp
778bp
na
15-May-15
na
na
15-May-13 104.75
na
na
na
na
na
na
na
na
na
na
na
na
na
na
na
na
31-Jul-13
Ba1/BB+
$150.0
105.00
2.89%
268bp
31-Jul-13
$246
1.7x
0.8x
1.1x
23.8x
11%
15.6x
$3,650.0
43
YTW Date
Next Call Data

Date
Price
nc
nc
TEV/
LTM EBITDA
Equity
Mkt
Cap
LTM
EBITDA
1. Pro forma for VAG acquisition.

2. Pro forma for acquisitions and divestitures.
Recent Quotes
Bid
YTW
Spread
April 12, 2012


Leisure/Entertainment Michael Pace (1-212) 270-6530
Issuer
Description
Carnival Cruises
6.650%
Sr Nts
Cedar Fair
9.125%
Sr Nts
L+300
TLB
Expedia Inc.
7.456%
Sr Nts
5.950%
Sr Nts
5-YR CDS
Live Nation Entertainment
8.125% (Live Nation Ent)
Sr Nts
10.75% (Ticketmaster)
Sr Nts
L+300
TLB
Manchester United
8.375%
Sr Nts
NetFlix
8.500%
Sr Nts
Royal Caribbean Cruises
6.875%
Sr Nts
7.250%
Debs
7.500%
Nts
5-YR CDS
Six Flags, Inc.
L+325
1st Lien TL
1. CDS spread references 5-year CDS.
2. Forward EBITDA is 2012E EBITDA
44
Recommendation
Maturity
Ratings
Moodys /
S&P
NR
15-Jan-28
A3/BBB+
200.0
105 3/8
6.11%
376bp
Buy
NR
1-Aug-18
15-Dec-16
B2/B
Ba3/BB
405.0
1150.0
111 3/4
100
5.49%
4.00%
514bp
NR
NR
NR
15-Aug-18
15-Aug-20
Ba1/BBBBa1/BBB-
500.0
750.0
113 1/3
103
4.98%
5.51%
380bp
387bp
NR
NR
NR
15-May-18
1-Aug-16
30-Apr-16
B3/B
B3/B
Ba3/B+
250.0
287.0
325.0
105
107 1/4
99 3/4
6.70%
3.95%
4.56%
601bp
385bp
NR
1-Feb-17
NR/NR
425.0
107
6.27%
NR
15-Nov-17
Ba2/BB-
200.0
109
NR
NR
NR
NR
1-Dec-13
15-Jun-16
15-Oct-27
Ba1/BB
Ba1/BB
Ba1/BB
350.0
350.0
300.0
105
107 1/2
100 3/4
NR
20-Dec-18
Amount
Outst.
Recent Quotes
Bid
YTW
STW
Bank/CDS
1
Spread
Next Call Data

Date
Price
EBITDA/
Total Int.
LTM
Net Debt/
EBITDA
LTM
Net Debt/
UFCF
LTM
TEV/
Fwd
2
EBITDA
nc
na
8.9x
2.5x
nm
10.4x
1-Aug-14
na
104.56
na
9.5x
4.1x
2.9x
5.9x
4.7x
7.9x
15-Aug-13
100.00
10.2x
0.4x
0.4x
5.3x
15-May-14
1-Aug-12
nc
104.06
105.38
na
3.4x
3.5x
4.9x
6.4x
2.2x
nm
563bp
1-Feb-13
108.38
4.0x
3.2x
nm
Private
5.11%
487bp
15-Nov-13
104.25
20.5x
-0.3x
nm
nm
3.67%
5.22%
7.42%
342bp
451bp
508bp
nc
nc
nc
na
na
na
4.7x
5.3x
nm
9.1x
2.9x
2.0x
6.0x
9.8x
300bp
230bp
306bp
475bp
B1/BB+
770.0
99 5/8
4.32%
332bp
April 12, 2012


Leisure/Theaters Arjun Chandar (1-212) 270-6797
Issuer
Description
Cinemark USA
8.625%
Sr Nts
7.375%
Sr Sub Nts
L+325
TLB
Regal Cinemas
8.625% (Regal Cinemas)
Sr Nts
9.125% (Regal Ent- Holdco) Sr Nts
L+325
TLB
National Amusements
8.250%
Sr Sec Nts
National CineMedia
7.875%
Sr Unsec Nts
1. Forward EBITDA is 2012E EBITDA.
45
Recommendation
Maturity
Ratings
Moodys /
S&P
Sell
Sell
Hold
15-Jun-19
15-Jun-21
30-Apr-16
B2/B
B3/B
Ba2/BB
470.0
200.0
1,043.5
110 1/2
107
99 3/4
5.32%
6.15%
3.79%
500bp
478bp
Sell
Sell
Hold
15-Jul-19
15-Aug-18
23-Aug-17
B2/BB3/BNR/BB-
400.0
525.0
1,086.9
109
109 3/4
99 2/5
6.09%
6.39%
3.82%
575bp
604bp
NR
15-Dec-17
B1/BB
400.0
109 3/4
5.62%
NR
15-Jul-21
B2/B
200.0
106 1/4
6.77%
Amount
Outst.
Recent Quotes
Bid
YTW
STW
Bank/CDS
1
Spread
Next Call Data

Date
Price
EBITDA/
Total Int.
LTM
Net Debt/
EBITDA LTM
Net Debt + 8xRent/

EBITDAR
LTM
TEV/
Fwd
EBITDA
15-Jun-14
15-Jun-16
104.31
103.69
4.8x
1.9x
2.3x
1.0x
4.0x
4.3x
3.4x
7.1x
15-Jul-14
15-Aug-14
104.31
104.56
3.5x
2.6x
3.7x
1.8x
4.9x
5.5x
4.5x
7.4x
537bp
15-Dec-13
106.19
na
na
na
Private
538bp
15-Jul-16
103.94
3.5x
3.1x
na
10.5x
332bp
336bp
April 12, 2012


Lodging Susan Berliner (1-212) 270-3085
Coupon
Description
Recommendation
Maturity
Ratings
Moodys
S&P
Hold
Hold
1-Oct-14
1-Jun-19
B2/NR
B2/B-
$492
$525
114.50
100.38
3.77%
6.66%
339bp
576bp
1-Jun-15
103.375
$971
$971
$203
$203
7.9x
7.9x
1.5x
1.5x
NR
15-Nov-14
Caa2/B
$152
100.38
6.07%
593bp
15-Nov-12
100.000
$952
$217
4.9x
3.5x
Hold
Hold
Hold
Hold
Hold
Hold
NR
1-Nov-14
15-Mar-15
1-Jun-16
15-May-17
15-Jun-19
1-Nov-20
15-Mar-22
NR/BB+
Ba1/BB+
Ba1/BB+
Ba1/BB+
Ba1/BB+
Ba1/BB+
Ba1/BB+
$500
$650
$800
$400
$500
$500
$350
102.00
101.25
102.88
110.38
105.25
105.75
98.50
3.12%
4.95%
1.66%
3.27%
4.72%
4.96%
5.45%
298bp
478bp
160bp
308bp
381bp
396bp
345bp
1-Nov-12
15-Mar-13
1-Jun-12
15-May-13
15-Jun-15
1-Nov-15
15-Dec-21
100.000
100.000
102.250
104.500
102.938
103.000
100.000
$4,999
$4,999
$4,999
$4,999
$4,999
$4,999
$4,999
$1,018
$1,018
$1,018
$1,018
$1,018
$1,018
$1,018
5.9x
5.9x
5.9x
5.9x
5.9x
5.9x
5.9x
2.8x
2.8x
2.8x
2.8x
2.8x
2.8x
2.8x
NR
NR
NR
15-Jun-12
15-Feb-13
15-Jun-16
Baa2/BBB
Baa2/BBB
Baa2/BBB
$348
$400
$289
100.50
103.73
115.75
1.52%
1.09%
2.22%
145bp
93bp
151bp
$12,317
$12,317
$12,317
$1,073
$1,073
$1,073
2.3x
2.3x
2.3x
6.5x
6.5x
6.5x
Hold
Buy
Buy
Buy
15-Feb-13
15-Nov-15
15-May-18
1-Dec-19
Baa3/BBBBaa3/BBBBaa3/BBBBaa3/BBB-
$495
$450
$400
$250
103.75
115.00
115.25
118.50
1.68%
2.93%
3.91%
4.28%
152bp
233bp
279bp
280bp
$5,624
$5,624
$5,624
$5,624
$1,032
$1,032
$1,032
$1,032
2.5x
2.5x
2.5x
2.5x
4.8x
4.8x
4.8x
4.8x
Hold
Hold
NR
Hold
Buy
Hold
NR
1-May-14
1-Dec-16
1-Mar-17
1-Feb-18
1-Mar-20
1-Mar-21
1-Mar-22
Baa3/BBBBaa3/BBBBaa3/BBBBaa3/BBBBaa3/BBBBaa3/BBBBaa3/BBB-
$43
$357
$300
$250
$250
$250
$650
117.23
114.83
99.78
112.10
121.41
108.85
99.30
1.29%
2.58%
3.00%
3.43%
4.16%
4.41%
4.34%
99bp
178bp
215bp
237bp
262bp
264bp
234bp
$4,254
$4,254
$4,254
$4,254
$4,254
$4,254
$4,254
$976
$976
$976
$976
$976
$976
$976
2.2x
2.2x
2.2x
2.2x
2.2x
2.2x
2.2x
6.9x
6.9x
6.9x
6.9x
6.9x
6.9x
6.9x
Felcor Lodging Trust

10.000%
Sr Sec Nts
6.750%
Sr Sec Nts
Gaylord Entertainment Company
6.750%
Sr Nts
Host Hotels & Resorts
6.875%
Sr Nts
6.375%
Sr Nts
6.750%
Sr Nts
9.000%
Sr Nts
5.875%
Sr Nts
6.000%
Guar Nts
5.250%
Sr Nts
Marriott International
4.625%
Nts
5.625%
Sr Nts
6.200%
Nts
Starwood
6.250%
Sr Nts
7.375%
Debs
6.750%
Sr Nts
7.150%
Sr Nts
Wyndham Worldwide
9.875%
Sr Nts
6.000%
Sr Nts
2.950%
Sr Nts
5.750%
Sr Nts
7.375%
Sr Nts
5.625%
Sr Nts
4.250%
Sr Nts
46
Amount
Outstanding
($ mn)
Bid
Recent Quotes
YTW
Spread
Next Call Data

Date
Price
1-Feb-17
100.00
1-Dec-21
100.00
LTM
Revenue
LTM
Adjusted
EBITDA
Total Debt/
LTM
EBITDA
LTM
EBITDA/
Int. Exp.
April 12, 2012


Media: Broadcasting Avi Steiner (1-212) 270-5512
Coupon
Desc.
OUT OF HOME (RADIO & OUTDOOR)

Clear Channel Communications
L+340
TL A
L+365
TL B
L+365
TL C
L+365
DD TL 1
L+365
DD TL 2
9.000%
Priority G'teed
10.750%
Senior G'teed
11.000%
Senior G'teed PIK Toggle
5.750%
Senior
5.500%
Senior
4.900%
Senior
5.500%
Senior
6.875%
Senior
7.250%
Senior
Clear Channel Outdoor
9.250%
Sr Nts - A
9.250%
Sr Nts - B
7.625%
Sr Sub Nts - A
7.625%
Sr Sub Nts - B
Cumulus Media
L+450
TL (1st Lien)
L+600
TL (2nd Lien)
7.750%
Senior
Entercom Communications
L+500
TL B
10.500%
Senior
Lamar Media
L+250
TL A
L+275
TL B
9.750%
Senior
6.625%
Sr. Sub
7.875%
Sr. Sub
5.875%
Sr. Sub
Salem Communications
9.625%
Sr. Sec. 2nd Lien
Spanish Broadcasting
12.500%
Sr. Sec.
Townsquare Radio
9.000%
Senior
TELEVISION BROADCASTERS
Allbritton Communications
Senior
8.000%
Belo Corporation
Sr. Sub. G'teed
8.000%
Senior
6.750%
Senior
7.750%
Senior
7.250%
47
Recom.
Maturity
Ratings
Moodys/
S&P
Buy
Buy
Buy
Buy
Buy
Hold
Buy
Buy
Hold
Hold
Hold
Hold
Hold
Hold
30-Jul-14
29-Jan-16
29-Jan-16
29-Jan-16
29-Jan-16
1-Mar-21
1-Aug-16
1-Aug-16
15-Jan-13
15-Sep-14
15-May-15
15-Dec-16
15-Jun-18
15-Oct-27
Caa1/CCC+
Caa1/CCC+
Caa1/CCC+
Caa1/CCC+
Caa1/CCC+
Caa1/CCC+
Ca/CCCCa/CCCCa/CCCCa/CCCCa/CCCCa/CCCCa/CCCCa/CCC-
Hold
Hold
Buy
Buy
15-Dec-17
15-Dec-17
15-Mar-20
15-Mar-20
Buy
Buy
Hold
Amount
O/S
Bid
Recent Quotes
Yield
1,070
8,599
660
569
408
1,750
796
784
312
461
250
250
175
300
91.75
79.96
77.20
78.75
78.75
89.00
72.25
71.00
99.00
85.50
78.00
56.00
54.75
50.25
8.11%
12.38%
13.70%
12.94%
12.94%
10.97%
20.82%
21.70%
7.13%
12.65%
13.92%
20.62%
19.94%
16.03%
747bp
1,167bp
1,299bp
1,222bp
1,222bp
920bp
2,008bp
2,096bp
697bp
1,228bp
1,342bp
1,982bp
1,880bp
1,369bp
na
na
na
na
na
1-Mar-21
1-Aug-16
1-Aug-16
15-Jan-13
15-Sep-14
15-May-15
15-Dec-16
15-Jun-18
15-Oct-27
na
na
na
na
na
1-Mar-16
1-Aug-12
1-Aug-12
nc
nc
nc
nc
nc
nc
na
na
na
na
na
$104.50
$105.38
$105.50
nc
nc
nc
nc
nc
nc
5.9x
5.9x
5.9x
5.9x
5.9x
5.9x
9.1x
9.1x
10.2x
10.2x
10.2x
10.2x
10.2x
10.2x
1.5x
1.5x
1.5x
1.5x
1.5x
1.5x
1.5x
1.5x
1.5x
1.5x
1.5x
1.5x
1.5x
1.5x
B1/B
B1/B
B3/B
B3/B
500
2,000
275
1,925
108.25
108.50
95.50
96.75
6.60%
6.34%
8.41%
8.19%
634bp
619bp
687bp
665bp
15-Dec-13
15-Dec-12
15-Mar-20
15-Mar-20
15-Dec-12
15-Dec-12
15-Mar-15
15-Mar-15
$106.94
$106.94
$105.72
$105.72
2.5x
2.5x
5.2x
5.2x
2.0x
2.0x
2.0x
2.0x
17-Sep-18
18-Mar-19
1-May-19
Ba2/BBB2/CCC+
B3/CCC+
1,322
790
610
100.56
101.50
94.25
5.56%
6.95%
8.86%
485bp
623bp
752bp
na
na
1-May-19
na
na
1-May-15
na
na
$103.88
3.8x
5.9x
7.6x
2.0x
2.0x
2.0x
NR
NR
23-Nov-18
1-Dec-19
Ba3/BBCaa1/B-
375
220
100.75
107.75
5.99%
8.72%
527bp
771bp
na
1-Dec-17
na
1-Dec-15
na
$105.25
3.8x
6.0x
5.5x
5.5x
NR
NR
Hold
Hold
Hold
Sell
31-Dec-15
30-Dec-16
1-Apr-14
15-Aug-15
15-Apr-18
1-Feb-22
Baa3/BB+
Baa3/BB+
Ba3/BB+
B1/BBB1/BBB1/BB-
378
363
350
260
400
500
99.00
100.15
113.00
102.00
108.50
100.50
3.62%
3.95%
2.87%
3.80%
5.23%
5.79%
291bp
323bp
259bp
369bp
494bp
428bp
na
na
1-Apr-14
15-Aug-12
15-Apr-14
1-Feb-20
na
na
nc
30-Apr-12
15-Apr-14
1-Feb-17
na
na
nc
$102.21
$103.94
$102.94
1.6x
1.6x
2.3x
4.4x
4.4x
4.4x
3.2x
3.2x
3.2x
3.2x
3.2x
3.2x
NR
15-Dec-16
B2/B
235
110.25
5.86%
560bp
15-Dec-13
15-Dec-13
$104.81
5.1x
2.1x
NR
15-Apr-17
Caal/B-
275
104.00
11.23%
1,035bp
15-Apr-17
15-Apr-15
$106.25
5.9x
1.3x
NR
1-Apr-19
B3/B
265
99.38
9.12%
780bp
1-Apr-19
1-Apr-15
$106.75
5.3x
2.0x
Hold
15-May-18
B2/B
455
106.00
6.78%
566bp
15-May-18
15-May-14
$104.00
6.5x
1.9x
Hold
Hold
Hold
Hold
15-Nov-16
30-May-13
1-Jun-27
15-Sep-27
Ba1/BBBa3/BBBa3/BBBa3/BB-
271
175
200
240
109.00
103.75
95.50
94.75
4.50%
3.31%
8.28%
7.84%
426bp
312bp
596bp
551bp
15-Nov-13
30-May-13
1-Jun-27
15-Sep-27
15-Nov-13
nc
nc
nc
$104.00
nc
nc
nc
1.0x
4.0x
4.0x
4.0x
3.1x
3.1x
3.1x
3.1x
Spread
YTW
Date
Next Call Data

Date
Price
Net
Leverage
Interest
Coverage
April 12, 2012


Coupon
Desc.
Entravision Communications
8.750%
Sr. Sec.
Fox Acquisition
13.375%
Senior
Gray Television
L+350
TL B
10.500%
Sr. Sec. 2nd Lien
LIN Television
L+375
TL B
8.375%
Senior
Local TV Finance
9.250%
Senior Toggle
Nexstar Broadcasting
8.875%
Sr. Sec. 2nd Lien
7.000%
Sr. Sub.
Sinclair Broadcast
L+225
TL A
L+300
TL B
9.250%
Sr Sec. 2nd Lien
8.375%
Senior
Univision Communications
L+200
Initial TL
L+425
Extended TL
6.875%
Sr. Sec.
7.875%
Sr. Sec.
8.500%
Senior
NEWSPAPER PUBLISHERS
Gannett
8.750%
Sr G'teed
10.000%
Sr G'teed
6.375%
Sr G'teed
10.000%
Sr G'teed
9.375%
Sr G'teed
7.125%
Sr G'teed
McClatchy
11.500%
Sr. Sec.
4.625%
Senior
5.750%
Senior
6.875%
Senior
Media General
11.750%
Sn. Sec.
New York Times Co.
Senior
5.000%
6.625%
Senior
Postmedia Network
12.500%
2nd/3rd Lien
MAGAZINE PUBLISHERS
American Media
11.500%
Sr. Sec 1st Lien
13.500%
Sr. Sec 2nd Lien
48
Recom.
Maturity
Ratings
Moodys/
S&P
Amount
O/S
Bid
Recent Quotes
Yield
Spread
YTW
Date
Next Call Data

Date
Price
Net
Leverage
Interest
Coverage
NR
1-Aug-17
B1/B
384
105.25
7.30%
656bp
1-Aug-16
1-Aug-13
$106.56
5.9x
1.5x
NR
15-Jul-16
Caa1/B-
200
108.50
5.40%
532bp
15-Jul-12
15-Jul-12
$106.69
4.8x
2.2x
NR
Buy
31-Dec-14
29-Jun-15
B2/B+
Caa2/CCC+
463
365
99.06
104.00
4.56%
8.32%
387bp
802bp
na
1-May-14
na
1-Nov-12
na
$107.88
4.9x
8.7x
1.5x
1.5x
NR
Hold
21-Dec-18
15-Apr-18
Ba3/BBCaa1/CCC+
259
200
100.33
103.75
4.89%
7.28%
417bp
660bp
na
15-Apr-16
na
15-Apr-14
na
$104.19
3.3x
4.9x
2.6x
2.6x
NR
15-Jun-15
Caa2/CCC+
231
101.88
7.52%
732bp
15-Jun-13
15-Jun-12
$102.31
6.1x
4.1x
Hold
NR
15-Apr-17
15-Jan-14
B3/B
Caa2/CCC+
325
151
106.75
98.13
6.91%
8.16%
624bp
790bp
15-Apr-16
15-Jan-14
15-Apr-14
nc
$104.44
nc
5.1x
6.7x
1.9x
1.9x
NR
NR
Hold
Hold
15-Mar-16
28-Oct-16
1-Nov-17
15-Oct-18
Ba1/BB+
Ba1/BB+
B1/BBB2/B
113
402
500
229
98.67
99.73
110.50
108.00
3.50%
4.15%
5.01%
6.30%
279bp
343bp
477bp
553bp
na
na
1-Nov-13
15-Oct-16
na
na
1-Nov-13
15-Oct-14
na
na
$104.63
$104.19
1.4x
1.4x
3.3x
4.2x
2.5x
2.5x
2.5x
2.5x
Hold
Buy
Hold
Hold
Hold
29-Sep-14
31-Mar-17
15-May-19
1-Nov-20
15-May-21
B2/B+
B2/B+
B2/B+
B2/B+
Caa2/CCC+
457
5,645
1,200
750
815
98.26
92.62
100.25
103.75
97.50
3.39%
7.71%
6.81%
7.15%
8.91%
274bp
700bp
592bp
592bp
709bp
na
na
15-May-17
1-Nov-18
15-May-21
na
na
15-May-15
1-Nov-15
15-Nov-15
na
na
$103.44
$103.94
$104.25
8.6x
8.6x
8.6x
8.6x
9.5x
1.8x
1.8x
1.8x
1.8x
1.8x
NR
NR
NR
NR
NR
NR
15-Nov-14
1-Jun-15
1-Sep-15
1-Apr-16
15-Nov-17
1-Sep-18
Ba1/BB
Ba1/BB
Ba1/BB
Ba1/BB
Ba1/BB
Ba1/BB
250
67
250
193
250
250
111.50
115.75
106.00
116.00
113.25
105.50
4.01%
4.53%
4.44%
5.43%
3.58%
5.68%
361bp
402bp
388bp
476bp
334bp
493bp
15-Nov-14
1-Jun-15
1-Sep-15
1-Apr-16
15-Nov-13
1-Sep-16
nc
nc
nc
nc
15-Nov-13
1-Sep-14
nc
nc
nc
nc
$104.69
$103.56
1.2x
1.2x
1.2x
1.2x
1.2x
1.2x
6.6x
6.6x
6.6x
6.6x
6.6x
6.6x
Buy
Hold
Hold
Hold
15-Feb-17
1-Nov-14
1-Sep-17
15-Mar-29
B1/B
Caa2/CCC
Caa2/CCC
Caa2/CCC
851
81
337
276
104.00
90.75
76.00
56.00
10.20%
8.76%
11.92%
13.57%
956bp
836bp
1,096bp
1,115bp
15-Feb-16
1-Nov-14
1-Sep-17
15-Mar-29
15-Feb-13
nc
nc
nc
$108.63
nc
nc
nc
2.2x
4.4x
4.4x
4.4x
2.4x
2.4x
2.4x
2.4x
NR
15-Feb-17
Caa1/CCC+
300
91.00
14.39%
1,355bp
15-Feb-17
15-Feb-14
$105.88
5.6x
2.1x
NR
NR
15-Mar-15
15-Dec-16
B1/B+
B1/B+
250
225
100.75
105.25
4.72%
5.34%
425bp
432bp
15-Mar-15
15-Dec-16
nc
nc
nc
nc
1.5x
1.5x
4.2x
4.2x
NR
15-Jul-18
B3/B-
275
103.00
11.57%
1,085bp
15-Jul-16
15-Jul-14
$106.25
3.0x
2.9x
NR
NR
15-Dec-17
15-Jun-18
B2/B
Caa2/CCC+
365
105
89.50
75.00
14.25%
20.87%
1,323bp
1,973bp
15-Dec-17
15-Jun-18
15-Dec-13
15-Dec-13
$108.63
$110.13
3.6x
4.6x
1.8x
1.8x
April 12, 2012


Coupon
Desc.
Readers Digest
L+650bp
Sr Sec.
PRINTERS
Catalina Marketing
10.500%
Senior
11.625%
Sr. Sub.
0.000%
Sr Disc. HoldCo
Cenveo
8.875%
Sr. Sec 2nd Lien
11.500%
Sr. Sec 2nd Lien
7.875%
Sr. Sub.
Deluxe
7.375%
Senior G'teed
7.000%
Senior G'teed
5.125%
Senior
R.R. Donnelley
4.950%
Senior
5.500%
Senior
8.600%
Senior
6.125%
Senior
7.250%
Senior
8.250%
Senior
7.625%
Senior
6.625%
Senior
Valassis
6.625%
Senior
DIVERSIFIED
Cengage
L+225
Initial TL
L+550
Ext TL
11.500%
Sr Sec. 1st Lien Nts
10.500%
Senior
13.250%
Sr Sub Disc. Nts
Houghton Mifflin
10.500%
Sr. Sec.
Interpublic Group
6.250%
Senior
10.000%
Senior
Lions Gate
10.250%
Sr Sec. 2nd Lien Nts
MDC Partners
Senior
11.000%
Nielsen
11.625%
Senior OpCo
11.500%
Senior OpCo
7.750%
Senior OpCo
Warner Music Group
9.500%
Sr Sec OpCo
11.500%
Sr OpCo
13.750%
Sr HoldCo
49
Recom.
Maturity
Ratings
Moodys/
S&P
NR
15-Feb-17
B3/CCC
NR
NR
NR
1-Oct-15
1-Oct-17
15-Nov-15
Hold
Hold
Hold
Amount
O/S
Bid
Recent Quotes
Yield
525
86.25
13.42%
15-Feb-17
15-Feb-13
$104.00
3.1x
2.5x
B3/BCaa1/BCaa1/B-
330
160
295
96.25
86.75
40.00
11.84%
15.24%
27.30%
1,126bp
1,427bp
2,670bp
1-Oct-15
1-Oct-17
15-Nov-15
1-Oct-12
1-Oct-12
15-May-12
$102.63
$105.81
$70.77
3.5x
4.2x
5.5x
2.5x
2.5x
2.5x
1-Feb-18
15-May-17
1-Dec-13
B3/BCaa2/CCC+
Caa2/CCC+
400
225
165
94.00
90.75
94.50
10.27%
14.12%
11.67%
921bp
1,323bp
1,142bp
1-Feb-18
15-May-17
1-Dec-13
1-Feb-14
15-May-15
nc
$104.44
$105.75
nc
3.5x
4.9x
5.7x
1.9x
1.9x
1.9x
NR
NR
NR
1-Jun-15
15-Mar-19
1-Oct-14
Ba2/BBBa2/BBB1/B
200
200
254
102.00
103.00
102.00
5.51%
6.28%
4.26%
531bp
543bp
388bp
1-Jun-13
15-Mar-17
1-Oct-14
1-Jun-12
15-Mar-15
nc
$101.84
$103.50
nc
1.1x
1.1x
2.0x
7.3x
7.3x
7.3x
NR
NR
NR
NR
NR
NR
NR
NR
1-Apr-14
15-May-15
15-Aug-16
15-Jan-17
15-May-18
15-Mar-19
15-Jun-20
15-Apr-29
Ba1/BB+
Ba1/BB+
Ba1/BB+
Ba1/BB+
Ba1/BB+
Ba1/BB+
Ba1/BB+
Ba1/BB+
258
208
350
525
600
450
400
200
102.50
101.00
104.75
94.00
95.63
97.00
93.50
82.00
3.62%
5.14%
7.30%
7.65%
8.18%
8.84%
8.76%
8.67%
333bp
464bp
655bp
683bp
706bp
753bp
716bp
624bp
1-Apr-14
15-May-15
15-Aug-16
15-Jan-17
15-May-18
15-Mar-19
15-Jun-20
15-Apr-29
nc
nc
nc
nc
nc
nc
nc
nc
nc
nc
nc
nc
nc
nc
nc
nc
2.6x
2.6x
2.6x
2.6x
2.6x
2.6x
2.6x
2.6x
5.2x
5.2x
5.2x
5.2x
5.2x
5.2x
5.2x
5.2x
Hold
1-Feb-21
Ba3/BB-
260
102.50
6.17%
488bp
1-Feb-19
1-Feb-16
$103.31
1.6x
10.1x
NR
NR
NR
NR
NR
3-Jul-14
31-Jul-17
15-Apr-20
15-Jan-15
15-Jul-15
B2/B
B2/B
B2/B
Caa2/CCC
Caa2/CCC
2,107
1,295
725
1216
234
90.50
87.00
102.50
73.50
71.50
7.55%
9.81%
10.92%
24.22%
26.91%
697bp
863bp
1,004bp
2,379bp
2,637bp
na
na
15-Apr-18
15-Jan-15
15-Jul-15
na
na
15-Apr-16
15-Jul-12
15-Jul-12
na
na
$105.75
$102.63
$103.31
4.4x
4.4x
4.4x
5.8x
6.1x
2.2x
2.2x
2.2x
2.2x
2.2x
Spread
YTW
Date
Next Call Data

Date
Price
Net
Leverage
Interest
Coverage
NA
1-Jun-19
Caa3/NR
300
56.00
23.49%
2,213bp
1-Jun-19
1-Jun-15
$105.25
8.3x
2.1x
Hold
Hold
15-Nov-14
15-Jul-17
Baa3/BB+
Baa3/BB+
350
600
108.63
114.13
2.76%
2.40%
236bp
220bp
15-Nov-14
15-Jul-13
nc
15-Jul-13
nc
$105.00
2.1x
2.1x
6.0x
6.0x
NR
1-Nov-16
B1/B
436
109.75
6.70%
645bp
1-Nov-13
1-Nov-13
$105.13
4.0x
2.4x
NR
1-Nov-16
B2/B+
345
108.75
8.11%
752bp
1-Nov-15
1-Nov-13
$105.50
3.8x
3.0x
Hold
Hold
Hold
1-Feb-14
1-May-16
15-Oct-18
B2/BBB2/BBB2/BB-
215
325
1,080
115.00
114.75
110.00
2.96%
2.54%
4.92%
269bp
236bp
453bp
1-Feb-14
1-May-13
15-Oct-14
nc
1-May-13
15-Oct-14
nc
$105.75
$103.88
4.2x
4.2x
4.2x
3.5x
3.5x
3.5x
NR
NR
NR
15-Jun-16
1-Oct-18
1-Oct-19
Ba2/BBB3/BB3/B-
1,100
765
150
108.50
106.00
99.13
5.83%
10.04%
13.94%
563bp
907bp
1,098bp
15-Jun-13
1-Oct-17
1-Oct-19
15-Jun-13
1-Oct-14
1-Oct-15
$104.75
$108.63
$106.88
2.3x
4.0x
4.3x
2.4x
2.4x
2.4x
April 12, 2012


Metals and Mining Dave Katz (1-212) 270-4593
Coupon
Desc.
STEEL COMPANIES
1
AK Steel Corp.
7.625%
Sr Nts
8.375%
Sr Nts
2
Essar Steel Algoma Inc.
9.375%
Sr Nts
9.875%
Sr Nts
Nucor Corp.
5.000%
Sr Nts
5.850%
Sr Nts
6.400%
Sr Nts
Steel Dynamics Inc.
7.375%
Sr Nts
6.750%
Sr Nts
7.750%
Sr Nts
7.625%
Sr Nts
3
United States Steel Corp.
6.050%
Sr Nts
7.000%
Sr Nts
7.375%
Sr Nts
7.500%
Sr Nts
6.650%
Sr Nts
Recom.
Maturity
Ratings
Moodys
S&P
Buy
Buy
15-May-20
1-Apr-22
B2/BBB2/BB-
$550
$300
$95.50
$95.50
8.40%
9.07%
682bp
706bp
15-May-20
1-Apr-22
15-May-15
1-Apr-17
$103.81
$104.19
$272
$272
5.7x
5.7x
3.5x
3.5x
58%
58%
Buy
Buy
15-Mar-15
15-Jun-15
B3/B
Caa2/CCC
$400
$385
$102.875
$90.75
7.72%
13.55%
743bp
1304bp
15-Mar-14
15-Jun-15
15-Mar-13
15-Jun-12
$104.69
$102.47
$246
$246
2.8x
2.8x
4.2x
4.2x
95%
95%
NR
NR
NR
1-Dec-12
1-Jun-18
1-Dec-37
A2/A
A2/A
A2/A
$300
$500
$650
$102.80
$121.74
$129.63
0.49%
2.05%
4.45%
34bp
86bp
150bp
1-Dec-12
1-Jun-18
1-Dec-37
nc
nc
nc
nc
nc
nc
$1,940
$1,940
$1,940
11.7x
11.7x
11.7x
2.2x
2.2x
2.2x
28%
28%
28%
Sell
Sell
Sell
Sell
1-Nov-12
1-Apr-15
15-Apr-16
15-Mar-20
Ba2/BB+
Ba2/BB+
Ba2/BB+
Ba2/BB+
$420
$500
$500
$350
$102.50
$101.75
$103.50
$109.25
2.69%
4.86%
5.87%
5.38%
255bp
468bp
558bp
491bp
1-Nov-12
1-Apr-13
15-Apr-14
15-Mar-15
nc
1-Apr-13
15-Apr-13
15-Mar-15
nc
$100.00
$103.88
$103.81
$837
$837
$837
$837
4.7x
4.7x
4.7x
4.7x
2.8x
2.8x
2.8x
2.8x
48%
48%
48%
48%
Hold
Hold
Hold
Hold
Hold
1-Jun-17
1-Feb-18
1-Apr-20
15-Mar-22
1-Jun-37
B1/BB
B1/BB
B1/BB
B1/BB
B1/BB
$450
$500
$600
$400
$350
$101.25
$102.50
$102.00
$99.25
$83.50
5.76%
6.47%
7.04%
7.61%
8.21%
486bp
542bp
549bp
561bp
531bp
1-Jun-17
1-Feb-18
1-Apr-20
15-Mar-22
1-Jun-37
nc
nc
nc
15-Mar-17
nc
nc
nc
nc
$103.75
nc
$854
$854
$854
$854
$854
4.6x
4.6x
4.6x
4.6x
4.6x
4.7x
4.7x
4.7x
4.7x
4.7x
52%
52%
52%
52%
52%
Current
Offer

1. AK Steel capitalization data is pro forma for refinancing of tax-expemt industrial revenue bonds and new 2022 notes.
2. Algoma enterprise value estimated using 6.0x multiple of normalized EBITDA. Data presented in Canadian dollar.
3. U.S. Steel capitalization data is pro forma for issuance of 2022 notes and retirement of 2013 notes.
50
Recent Quotes
YTW
Spread
YTW
Date
Next Call Data

Date
Price
EBITDA
LTM
EBITDA/
Interest
LTM
Debt/
EBITDA
LTM
Debt/
TEV
April 12, 2012


Coupon
Desc.
COAL COMPANIES
Arch Coal, Inc.
6.750%
Sr Nts
8.750%
Sr Nts
7.000%
Sr Nts
7.250%
Sr Nts
7.250%
Sr Nts
1
Cloud Peak Energy
8.250%
Sr Nts
8.500%
Sr Nts
Consol Energy
8.000%
Sr Nts
8.250%
Sr Nts
6.375%
Sr Nts
Alpha Natural Resources
6.000%
Sr Nts
6.250%
Sr Nts
James River Coal Co.
7.875%
Sr Nts
Patriot Coal Corp.
8.250%
Sr Nts
Peabody Energy Corp.
7.375%
Sr Nts
6.000%
Sr Nts
6.500%
Sr Nts
6.250%
Sr Nts
7.875%
Sr Nts
Recom.
Maturity
Ratings
Moodys
S&P
Hold
Hold
Hold
Hold
Hold
1-Jul-13
1-Aug-16
15-Jun-19
1-Oct-20
15-Jun-21
B1/BBB1/B+
B1/B+
B1/B+
B1/B+
$450
$600
$1000
$500
$1000
$100.00
$103.25
$89.75
$89.75
$89.75
6.74%
7.61%
8.97%
9.01%
8.91%
654bp
707bp
760bp
734bp
708bp
1-Jul-13
1-Aug-15
15-Jun-19
1-Oct-20
15-Jun-21
nc
1-Aug-13
15-Jun-15
1-Oct-15
15-Jun-16
nc
$104.38
$103.50
$103.63
$103.63
$921
$921
$921
$921
$921
4.1x
4.1x
4.1x
4.1x
4.1x
4.4x
4.4x
4.4x
4.4x
4.4x
67%
67%
67%
67%
67%
Hold
Hold
15-Dec-17
15-Dec-19
B1/BBB1/BB-
$300
$300
$100.88
$101.75
7.96%
8.10%
735bp
708bp
15-Dec-15
15-Dec-17
15-Dec-13
15-Dec-14
$104.13
$104.25
$371
$371
11.1x
11.1x
1.6x
1.6x
56%
56%
Sell
Sell
Sell
1-Apr-17
1-Apr-20
1-Mar-21
B1/BB
B1/BB
B1/BB
$1500
$1250
$250
$103.13
$103.00
$94.00
7.08%
7.61%
7.30%
641bp
652bp
554bp
1-Apr-16
1-Apr-18
1-Mar-21
1-Apr-14
1-Apr-15
1-Mar-16
$104.00
$104.13
$103.19
$1,819
$1,819
$1,819
7.3x
7.3x
7.3x
1.8x
1.8x
1.8x
30%
30%
30%
NR
NR
1-Jun-19
1-Jun-21
Ba3/BB
Ba3/BB
$800
$700
$89.25
$89.00
8.01%
7.97%
665bp
615bp
1-Jun-19
1-Jun-21
1-Jun-14
1-Jun-16
$103.00
$103.13
$1,091
$1,091
10.3x
10.3x
2.8x
2.8x
53%
53%
NR
1-Apr-19
B2/B
$275
$65.00
16.52%
1520bp
1-Apr-19
1-Apr-15
$103.94
$139
3.2x
4.9x
104%
NR
30-Apr-18
B3/B
$250
$75.00
14.62%
1351bp
30-Apr-18
30-Apr-14
$100.00
$177
2.7x
2.6x
57%
Buy
Buy
Buy
Buy
Buy
1-Nov-16
15-Nov-18
15-Sep-20
15-Nov-21
1-Nov-26
Ba1/BB+
Ba1/BB+
Ba1/BB+
Ba1/BB+
Ba1/BB+
$650
$1600
$650
$1500
$250
$109.25
$97.00
$98.25
$96.25
$103.00
5.07%
6.57%
6.78%
6.79%
7.53%
429bp
533bp
512bp
486bp
525bp
1-Nov-16
15-Nov-18
15-Sep-20
15-Nov-21
1-Nov-26
nc
nc
nc
nc
nc
nc
nc
nc
nc
nc
$2,129
$2,129
$2,129
$2,129
$2,129
9.7x
9.7x
9.7x
9.7x
9.7x
3.1x
3.1x
3.1x
3.1x
3.1x
49%
49%
49%
49%
49%

1. Cloud Peak data is historical and not adjusted for structuring transactions.
51
Current
Bid
Recent Quotes
YTW
Spread
YTW
Date
Next Call Data

Date
Price
EBITDA
LTM
EBITDA/
Interest
LTM
Debt/
EBITDA
LTM
Debt/
TEV
April 12, 2012


Coupon
Desc.
Recom.
MINING COMPANIES
1
Calcipar SA
6.875%
Sr Nts
NR
2
Consolidated Minerals Ltd
8.875%
Sr Nts
NR
3
Fortescue Metals Group Ltd
7.000%
Sr Nts
Buy
6.375%
Sr Nts
Buy
6.000%
Sr Nts
NR
6.875%
Sr Nts
Buy
8.250%
Sr Nts
Buy
6.875%
Sr Nts
NR
Midwest Vanadium Pty Ltd
11.500%
Sr Nts
Buy
Mirabela Nickel Pty
8.750%
Sr Nts
Hold
Quadra FNX Mining
7.750%
Sr Nts
NR
4
Taseko Mines Ltd
7.750%
Sr Nts
NR
Thompson Creek Mining Company Inc.
7.375%
Sr Nts
Hold
Maturity
Ratings
Moodys
S&P
EBITDA
LTM
EBITDA/
Interest
LTM
Current
1-May-18
B1/BB-
$450
$102.25
6.35%
546bp
1-May-17
1-May-15
$103.44
253
3.4x
2.6x
39%
1-May-16
B3/B+
$405
$84.00
14.21%
1352bp
1-May-16
1-May-14
$104.44
$142
9.5x
3.1x
52%
1-Nov-15
1-Feb-16
1-Apr-17
1-Feb-18
1-Nov-19
1-Apr-22
$2040
$600
$1000
$900
$1500
$1000
$101.25
$99.50
$98.25
$99.25
$104.50
$96.25
6.46%
6.52%
6.42%
7.03%
7.25%
7.41%
606bp
588bp
555bp
598bp
625bp
540bp
1-Nov-14
1-Feb-16
1-Apr-17
1-Feb-18
1-Nov-17
1-Apr-22
1-Nov-12
1-Feb-13
1-Apr-15
1-Feb-14
1-Nov-15
1-Apr-17
$105.25
$104.78
$103.00
$105.16
$104.13
$103.44
$2,937
$2,937
$2,937
$2,937
$2,937
$2,937
5.0x
5.0x
5.0x
5.0x
5.0x
5.0x
2.8x
2.8x
2.8x
2.8x
2.8x
2.8x
37%
37%
37%
37%
37%
37%
15-Feb-18
Caa1/CCC+
$335
$66.75
21.83%
2077bp
15-Feb-18
15-Feb-15
$105.75
15-Apr-18
B3/CCC+
$395
$82.75
12.98%
1188bp
15-Apr-18
15-Apr-15
$104.38
$15
0.4x
nm
68%
15-Jun-19
B1/BB-
$500
$113.00
4.45%
393bp
15-Jun-15
15-Jun-15
$103.88
$426
nm
1.2x
22%
15-Apr-19
B3/B
$200
$95.13
8.69%
736bp
15-Apr-19
15-Apr-15
$103.88
$107
nm
2.3x
39%
1-Jun-18
Caa2/B
$350
$89.00
9.80%
867bp
1-Jun-18
1-Jun-14
$105.53
$295
109.2x
1.3x
32%

1. Calcipar SA enterprise value based on 6.5x LTM EBITDA. Calcipar EBITDA presented in , other in US dollar.
2. Consolidated Minerals enterprise value based on 6.0x LTM EBITDA.
3. Fortescue Metals capitalization data is pro forma for the new 2017 and 2022 notes.
4. Taseko Mines Ltd individual bond outstanding amounts presented in $US. Other data presented in Canadian dollar.
52
Bid
Recent Quotes
YTW
Spread
YTW
Date
Next Call Data

Date
Price
Debt/
EBITDA
LTM
Debt/
TEV
April 12, 2012


Coupon
Desc.
ALUMINUM COMPANIES
Century Aluminum Co.
8.000%
Sr Nts
1
Noranda Aluminum
4.659%
FRNs
2
Novelis Inc.
8.375%
Sr Nts
8.750%
Sr Nts
MISCELLANEOUS
ATKORE International
9.875%
Sr Sec Nts
3
JMC Steel Group
8.250%
Sr Nts
Metals USA
11.125%
Sr Sec Nts
Reliance Steel & Aluminum Co.
6.200%
Sr Nts
4
Russel Metals
6.375%
Sr Nts
SunCoke Energy, Inc.
7.625%
Sr Nts
Recom.
Maturity
Ratings
Moodys
S&P
NR
15-May-14
NR/B
$250
$102.00
6.05%
586bp
15-May-13
15-May-12
$102.00
$218
8.8x
1.3x
32%
Hold
15-May-15
B3/B-
$275
na
na
nm
nm
14-May-12
$100.00
$236
11.0x
2.5x
55%
Hold
Hold
15-Dec-17
15-Dec-20
B2/B
B2/B
$1100
$1400
$106.50
$108.00
6.72%
7.21%
592bp
596bp
15-Dec-16
15-Dec-18
15-Dec-13
15-Dec-15
$106.28
$104.38
$1,093
$1,093
3.7x
3.7x
4.2x
4.2x
64%
64%
NR
1-Jan-18
B3/B
$410
$101.50
9.47%
865bp
1-Jan-17
1-Jan-14
$107.41
$123
2.5x
3.7x
58%
Buy
15-Mar-18
B3/B
$875
$103.00
7.51%
665bp
15-Mar-17
15-Mar-14
$106.19
$363
4.8x
3.8x
58%
Buy
1-Dec-15
B2/B+
$226
$104.31
6.88%
673bp
1-Dec-12
1-Dec-12
$101.85
$164
4.5x
2.9x
49%
NR
15-Nov-16
Baa3/BBB-
$0
$115.33
2.62%
183bp
15-Nov-16
nc
nc
$659
10.9x
2.0x
26%
NR
1-Mar-14
Ba1/BB
$142
$100.00
6.37%
609bp
1-Mar-14
nc
nc
$213
8.4x
1.4x
18%
Hold
1-Aug-19
B1/B+
$400
$101.50
7.27%
634bp
1-Aug-17
1-Aug-14
$105.72
$153
109.0x
4.8x
45%
Current
Bid
Recent Quotes
YTW
Spread
YTW
Date
Next Call Data

Date
Price

1. Noranda Aluminum capitalization data is pro forma for the debt refinancing, a $75mn tender of the 2015 notes, and a $88mn dividend payment.
2. Novelis enterprise value estimated using a 6.5x multiple of estimated normalized mid-cycle EBITDA.
3. JMC Steel EV estimated using a 7.0x multiple of LTM EBITDA. Capitalization data is pro forma for the for Lakeside Steel transaction and the $150mn add-on to the 8.75% notes and $100mn add-on to the term loan.
4. Russel Metals data presented in Canadian dollar.
53
EBITDA
LTM
EBITDA/
Interest
LTM
Debt/
EBITDA
LTM
Debt/
TEV
April 12, 2012


Paper and Packaging Tarek Hamid (1-212) 834-5468
Issuer
Description
Recommendation
PLASTIC PACKAGING
Berry Plastics (BERRY)
L+200
Term Loan C
9.500% Sr Sec Nts (2nd Lien)
10.250%
Sr Sub Nts
Plastipak Holdings (PLASPK)
8.500%
Sr Nts
10.625%
Sr Nts
Solo Cup Co. (SOLOC)
10.500%
Sr Sec Nts
8.500%
Sr Sub Nts
Hold
Hold
Hold
Hold
Hold
3-Apr-15
15-Nov-15
15-May-18
15-Jan-21
1-Mar-16
Hold
Hold
15-Dec-15
15-Aug-19
B3/B
B3/B
NR
NR
1-Nov-13
15-Feb-14
GLASS AND METAL CONTAINERS

Ardagh Glass (ARGID)
7.375%
Sr Sec Nts
Hold
9.125%
Sr Nts
Buy
Ball Corporation (BLL)
L+175
Term Loan A
Hold
7.125%
Sr Nts
Hold
6.625%
Sr Nts
Hold
7.375%
Sr Nts
Hold
6.750%
Sr Nts
Hold
5.750%
Sr Nts
Hold
Bway Holding (BWY)
L+325
Term Loan B
NR
10.000%
Sr Nts
NR
Crown Holdings (CCK)
6.250%
Sr Nts
Hold
7.625%
Sr Nts
Hold
7.125%
Sr Nts
Buy
7.375%
Debs
Buy
7.500%
Debs
Buy
O-I (OI)
7.375%
Sr Nts
Hold
7.800%
Sr Debs
Buy
54
Maturity
Ratings
Moodys
S&P
LTM
Size
B1/B
$1,200.0
B1/B
$370.0
Caa1/CCC $500.0
Caa1/CCC $800.0
Caa2/CCC $168.0
Recent Quotes
Bid
YTW
Spread
YTW
Date
Next Call
Date
Price
Current
Yield
Adj. EBITDA
Adj. EBITDA
Margin
Adj. EBITDA/
Int. Exp.
Net Debt/Adj.
EBITDA
97 1/4
106 1/4
104 1/4
107 1/4
102 1/2
3.70%
4.32%
8.25%
8.32%
8.64%
299bp
417bp
755bp
705bp
847bp
na
15-Nov-12
15-May-16
15-Jan-19
1-Mar-13
na
15-Nov-12
15-May-14
15-Jan-16
1-Mar-13
na
104 1/8
104 3/4
104 7/8
101 2/7
2.54%
7.76%
9.11%
9.09%
10.00%
$758.0
$758.0
$758.0
$758.0
$758.0
16.3%
16.3%
16.3%
16.3%
16.3%
2.4x
2.4x
2.4x
2.4x
2.4x
3.0x
3.0x
5.1x
5.1x
5.9x
$250.0
$225.0
103
113 1/4
5.93%
6.54%
578bp
618bp
15-Dec-12
15-Aug-14
15-Dec-12
15-Aug-14
101 3/7
105 1/3
8.25%
9.38%
$239.4
$239.4
10.4%
10.4%
3.5x
3.5x
2.8x
2.8x
B2/B
Caa2/CCC
$300.0
$325.0
101 1/4
100 1/4
9.60%
8.34%
936bp
807bp
1-Nov-13
15-Feb-14
1-May-12
nc
100
nc
10.37%
8.48%
$76.2
$76.2
4.7%
4.7%
1.1x
1.1x
3.6x
7.9x
15-Oct-17
15-Oct-20
Ba3/BBB3/B-
$510.0
$450.0
106
106
5.84%
7.93%
506bp
671bp
15-Oct-16
15-Oct-18
15-Oct-14
15-Oct-15
103 2/3
104 4/7
6.96%
8.61%
555.5
555.5
16.9%
16.9%
2.1x
2.1x
2.3x
4.5x
21-Dec-15
1-Sep-16
15-Mar-18
1-Sep-19
15-Sep-20
15-May-21
Ba1/BBBBa1/BB+
Ba1/BB+
Ba1/BB+
Ba1/BB+
Ba1/BB+
$200.0
$375.0
$57.3
$325.0
$500.0
$500.0
99 1/3
108 3/4
102 1/5
110 1/2
109
105 5/8
2.77%
3.13%
5.31%
4.18%
4.51%
4.74%
203bp
290bp
513bp
381bp
405bp
374bp
na
1-Sep-13
15-Mar-13
1-Sep-14
15-Mar-15
15-Nov-17
na
1-Sep-13
15-Mar-13
1-Sep-14
15-Mar-15
15-Nov-15
na
103 4/7
101 1/9
103 2/3
103 3/8
102 7/8
2.24%
6.55%
6.48%
6.67%
6.19%
5.44%
$1,168.3
$1,168.3
$1,168.3
$1,168.3
$1,168.3
$1,168.3
13.5%
13.5%
13.5%
13.5%
13.5%
13.5%
6.6x
6.6x
6.6x
6.6x
6.6x
6.6x
0.5x
2.5x
2.5x
2.5x
2.5x
2.5x
23-Feb-18
15-Jun-18
Ba3/B
B3/CCC+
$470.7
$202.6
99 5/6
109
4.89%
7.44%
358bp
673bp
na
15-Jun-16
na
15-Jun-14
na
105
4.51%
9.17%
$154.0
$154.0
13.2%
13.2%
2.2x
2.2x
3.1x
4.5x
1-Feb-21
15-May-17
15-Aug-18
15-Dec-26
15-Dec-96
Ba3/BB
Ba3/BB
Ba1/BB
B1/BBB1/BB-
700.0
$400.0
500.0
$350.0
$64.0
107 1/4
107 1/4
106 1/4
104
83 1/2
4.89%
4.17%
5.48%
6.93%
8.98%
425bp
399bp
494bp
464bp
262bp
1-Feb-16
15-May-13
15-Aug-16
15-Dec-26
15-Dec-96
nc
15-May-13
15-Aug-14
nc
nc
nc
103 4/5
103 4/7
nc
nc
5.83%
7.11%
6.71%
7.09%
8.98%
$1,129.0
$1,129.0
$1,129.0
$1,129.0
$1,129.0
13.1%
13.1%
13.1%
13.1%
13.1%
5.1x
5.1x
5.1x
5.1x
5.1x
2.8x
2.8x
2.8x
2.8x
2.8x
15-May-16
15-May-18
Ba3/BB
B1/BB-
$600.0
$250.0
110 3/4
111 1/2
4.46%
5.54%
377bp
443bp
15-May-16
15-May-18
nc
nc
nc
nc
6.66%
7.00%
$1,253.0
$1,253.0
17.0%
17.0%
4.1x
4.1x
2.7x
2.9x
April 12, 2012


Issuer
Description
Maturity
Size
Hold
Hold
Hold
16-Mar-17
15-Jun-17
1-Oct-18
Ba2/BBB
B2/BB+
B2/BB+
$1,000.0
$425.0
$250.0
99 4/7
110 1/2
110
3.42%
4.18%
5.02%
236bp
398bp
464bp
na
15-Jun-13
1-Oct-14
na
15-Jun-13
1-Oct-14
NR
NR
1-Feb-17
1-Aug-19
Ba2/BB
Ba2/BB
$300.0
$250.0
107 1/2
112
4.97%
5.71%
414bp
431bp
1-Feb-17
1-Aug-19
Hold
Hold
Hold
Hold
Hold
Hold
1-Mar-17
1-Sep-19
15-Jun-27
15-Jan-30
15-Feb-31
15-Nov-32
Ba1/BBB
Ba1/BBB
Ba1/BBB
Ba1/BBB
Ba1/BBB
Ba1/BBB
$150.0
$250.0
$97.5
$400.0
$300.0
$76.1
111 2/7
117 4/5
112 1/2
112 4/5
109 5/7
96 2/3
4.73%
4.51%
6.21%
6.93%
7.01%
7.11%
388bp
309bp
389bp
446bp
448bp
448bp
NR
NR
NR
NR
NR
NR
NR
NR
NR
NR
NR
NR
NR
9-Aug-18
9-Feb-18
15-Oct-16
15-Oct-16
15-Apr-19
15-Feb-21
15-May-18
15-Dec-16
15-Apr-19
15-Feb-21
15-Jun-17
15-Dec-25
15-Jun-17
Ba3/BBBa3/BBBa3/BBBa3/BBBa3/BBBa3/BBCaa1/BCaa1/BCaa1/BCaa1/BCaa1/BCaa1/BCaa1/B-
$2,000.0
$2,325.0
$1,125.0
450.0
$1,500.0
$1,000.0
$1,000.0
480.0
$1,500.0
$1,000.0
$299.7
$276.4
$420.0
101
101
105 1/4
103 3/4
102 1/4
100 1/4
98 1/8
90 1/2
96 1/4
91 1/2
92
80
87
NR
NR
27-May-16
15-Mar-13
NR/NR
Ba1/BB+
$1,475.0
$80.5
Buy
Buy
Buy
Buy
Buy
Buy
3-Oct-18
15-Jun-17
15-Sep-21
15-Jul-33
15-Jul-13
15-Sep-19
Ba1/BB+
B1/BB
B1/BB
B1/BB
B1/BB
B1/BB
$790.0
$400.0
$750.0
$450.0
$400.0
$750.0
Recommendation
PAPER AND OTHER PACKAGING

Graphic Packaging (GPK)
L+225
Term Loan A
9.500%
Sr Nts
7.875%
Sr Nts
Greif Inc. (GEF)
6.750%
Sr Nts
7.750%
Sr Nts
MeadWestvaco (MWV)
7.350%
Sr Nts
7.375%
Sr Nts
7.500%
Sr Nts
8.200%
Sr Nts
7.950%
Debs
6.800%
Sr Nts
Reynolds Group (REYNOL)
L+525
Term Loan C
L+525
Term Loan B
8.500%
Sr Nts
8.000%
Sr Nts
9.000%
Sr Nts
8.250%
Sr Nts
8.125%
Sr Nts
7.950%
Sr Nts
9.500%
Sr Sub Nts
Rock-Tenn Co. (RKT)
L+200
Term Loan A
5.625%
Sr Sec Nts
Sealed Air Corp. (SEE)
L+375
Term Loan B
7.875%
Sr Nts
8.375%
Sr Nts
6.875%
Sr Nts
5.625%
Sr Nts
8.125%
Sr Nts
55
LTM
Ratings
Moodys
S&P
Recent Quotes
Bid
YTW
Spread
YTW
Date
Next Call
Date
Price
Current
Yield
Adj. EBITDA
Adj. EBITDA
Margin
Adj. EBITDA/
Int. Exp.
Net Debt/Adj.
EBITDA
na
104 3/4
104
2.73%
8.60%
7.16%
$591.3
$591.3
$591.3
14.1%
14.1%
14.1%
4.1x
4.1x
4.1x
2.4x
3.5x
3.5x
nc
nc
nc
nc
6.28%
6.92%
$526.5
$526.5
12.4%
12.4%
6.6x
6.6x
2.6x
2.6x
1-Mar-17
1-Sep-19
15-Jun-27
15-Jan-30
15-Feb-31
15-Nov-32
nc
nc
nc
nc
nc
nc
nc
nc
nc
nc
nc
nc
6.60%
6.26%
6.67%
7.27%
7.25%
7.04%
$1,031.0
$1,031.0
$1,031.0
$1,031.0
$1,031.0
$1,031.0
17.0%
17.0%
17.0%
17.0%
17.0%
17.0%
5.7x
5.7x
5.7x
5.7x
5.7x
5.7x
1.4x
1.4x
1.4x
1.4x
1.4x
1.4x
6.70%
532bp
6.52%
524bp
4.74%
460bp
6.53%
618bp
6.54%
577bp
6.83%
553bp
8.90%
778bp
10.63% 1,001bp
9.75%
842bp
9.70%
795bp
10.15% 924bp
10.78% 854bp
13.03% 1,230bp
na
na
15-Oct-12
15-Oct-15
15-Oct-16
15-Feb-19
15-May-18
15-Dec-16
15-Apr-19
15-Feb-21
15-Jun-17
15-Dec-25
15-Jun-17
na
na
15-Oct-12
15-Oct-12
15-Oct-14
15-Feb-16
15-May-14
15-Jun-12
15-Oct-14
15-Feb-16
nc
nc
nc
na
na
103 7/8
103 7/8
103 4/7
103 4/9
104 1/4
102
104 1/2
104 1/8
nc
nc
nc
6.43%
6.19%
7.36%
7.47%
6.97%
6.86%
8.66%
8.84%
9.35%
9.02%
8.83%
9.94%
10.92%
$2,109.5
$2,109.5
$2,109.5
$2,109.5
$2,109.5
$2,109.5
$2,109.5
$2,109.5
$2,109.5
$2,109.5
$2,109.5
$2,109.5
$2,109.5
16.4%
16.4%
16.4%
16.4%
16.4%
16.4%
16.4%
16.4%
16.4%
16.4%
16.4%
16.4%
16.4%
1.9x
1.9x
1.9x
1.9x
1.9x
1.9x
1.9x
1.9x
1.9x
1.9x
1.9x
1.9x
1.9x
4.5x
4.5x
4.5x
4.5x
4.5x
4.5x
7.3x
7.3x
7.3x
7.3x
8.2x
8.2x
8.2x
99 3/5
101 7/8
3.03%
3.52%
214bp
335bp
na
15-Mar-13
na
nc
na
nc
2.51%
5.52%
$1,160.7
$1,160.7
12.2%
12.2%
11.6x
11.6x
2.6x
3.0x
101
108 1/3
111
95 1/8
103 1/6
109 1/4
5.19%
3.84%
6.32%
7.33%
3.02%
6.09%
376bp
364bp
556bp
466bp
282bp
512bp
na
15-Jun-13
15-Sep-16
15-Jul-33
15-Jul-13
15-Sep-17
na
15-Jun-13
15-Sep-16
nc
nc
15-Sep-15
na
104
104 1/5
nc
nc
104
4.71%
7.27%
7.55%
7.23%
5.45%
7.44%
$1,119.3
$1,119.3
$1,119.3
$1,119.3
$1,119.3
$1,119.3
13.8%
13.8%
13.8%
13.8%
13.8%
13.8%
3.7x
3.7x
3.7x
3.7x
3.7x
3.7x
1.4x
3.9x
3.9x
3.9x
3.9x
3.9x
April 12, 2012


Issuer
Description
Maturity
Size
Hold
15-Oct-18
B1/BB-
$586.2
114 1/2
5.86%
NR
NR
15-Jun-15
15-Dec-15
B1/B+
B3/CCC+
$305.0
$161.8
103
92 3/4
NR
15-Oct-14
Caa1/B+
$219.6
Hold
Hold
1-Nov-17
1-Apr-20
Ba3/BB
Ba3/BB
Sell
Sell
Sell
15-Feb-13
15-Dec-17
15-Jan-20
NR
NR
Recommendation
PULP AND PAPER

AbitibiBowater (ABH)
Appleton Papers (APPPAP)
Boise Cascade LLC (BOISE)
7.125%
Sr Sub Nts
Boise Inc. (BZ)
9.000%
Sr Nts
8.000%
Sr Nts
Cascades Inc. (CASCN)
7.250%
Sr Nts
7.750%
Sr Nts
7.875%
Sr Nts
Catalyst Paper (CTLCN)
11.000%
Sr Sec Nts
7.375%
Sr Nts
Clearwater Paper (CLW)
10.625%
Sr Nts
Domtar (UFS)
5.375%
Sr Nts
7.125%
Sr Nts
9.500%
Debs
10.750%
Sr Nts
Georgia-Pacific (GP)
8.250%
Guar Nts
5.400%
Guar Nts
7.700%
Debs
8.000%
Sr Nts
7.375%
Debs
7.250%
Debs
7.750%
Sr Nts
8.875%
Sr Nts
Louisiana-Pacific (LPX)
Recent Quotes
Bid
YTW
Spread
547bp
YTW
Date
Next Call
Date
Price
Current
Yield
Adj. EBITDA
Adj. EBITDA
Margin
Adj. EBITDA/
Int. Exp.
Net Debt/Adj.
EBITDA
15-Oct-14
15-Oct-14
105 1/8
8.95%
$481.0
10.1%
5.1x
0.5x
8.67%
840bp
13.82% 1,321bp
8-Feb-14
15-Dec-15
8-Feb-13
nc
105 1/4
nc
10.19%
12.13%
$94.5
$94.5
11.0%
11.0%
1.5x
1.5x
3.1x
5.0x
99 7/8
7.18%
679bp
15-Oct-14
15-Oct-12
100
7.13%
$9.5
0.4%
0.5x
nm
$300.0
$300.0
110 1/8
109 3/4
4.94%
5.64%
470bp
516bp
1-Nov-13
1-Apr-15
1-Nov-13
1-Apr-15
104 1/2
104
8.17%
7.29%
$340.2
$340.2
14.2%
14.2%
5.4x
5.4x
2.1x
2.1x
Ba3/B+
Ba3/B+
Ba3/B+
$674.0
$500.0
$250.0
98 3/4
98 1/2
97 1/4
8.82%
8.08%
8.36%
866bp
706bp
686bp
15-Feb-13
15-Dec-17
15-Jan-20
nc
15-Dec-13
15-Jan-15
nc
103 7/8
104
7.34%
7.87%
8.10%
$229.0
$229.0
$229.0
6.3%
6.3%
6.3%
2.2x
2.2x
2.2x
6.5x
6.5x
6.5x
15-Dec-16
1-Mar-14
Caa3/D
C/C
$280.4
$250.0
52 1/2 30.82%
0bp
1 1/2 250.00% 9,999bp
15-Dec-16
1-Mar-14
15-Dec-12
103
20.95%
491.67%
$67.5
$67.5
5.3%
5.3%
0.9x
0.9x
6.6x
10.5x
NR
15-Jun-16
Ba3/BB
$150.0
111 7/8
4.52%
432bp
15-Jun-13
15-Jun-13
105 1/3
9.50%
$192.3
10.6%
4.3x
2.6x
Buy
Buy
Buy
Buy
1-Dec-13
15-Aug-15
1-Aug-16
1-Jun-17
Baa3/BBBBaa3/BBBBaa3/BBBBaa3/BBB-
$72.2
$166.3
$93.0
$277.8
105
110 3/4
120 3/4
128 5/8
2.22%
3.66%
4.17%
4.44%
197bp
312bp
343bp
354bp
1-Dec-13
15-Aug-15
1-Aug-16
1-Jun-17
nc
nc
nc
nc
nc
nc
nc
nc
5.12%
6.43%
7.87%
8.36%
$1,088.0
$1,088.0
$1,088.0
$1,088.0
19.4%
19.4%
19.4%
19.4%
12.5x
12.5x
12.5x
12.5x
0.4x
0.4x
0.4x
0.4x
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
1-May-16
1-Nov-20
15-Jun-15
15-Jan-24
1-Dec-25
1-Jun-28
15-Nov-29
15-May-31
Baa3/ABaa3/ABaa3/ABaa3/ABaa3/ABaa3/ABaa3/ABaa3/A-
$750.0
$1,250.0
$250.0
$500.0
$250.0
$300.0
$500.0
$400.0
110 1/7
112 1/2
117
129 1/3
123 3/4
118 2/5
126 2/7
136 3/4
2.27%
3.68%
2.12%
4.72%
4.96%
5.51%
5.41%
5.69%
209bp
199bp
160bp
260bp
273bp
314bp
295bp
314bp
1-May-13
1-Nov-20
15-Jun-15
15-Jan-24
1-Dec-25
1-Jun-28
15-Nov-29
15-May-31
1-May-13
nc
nc
nc
nc
nc
nc
nc
104 1/8
nc
nc
nc
nc
nc
nc
nc
7.49%
4.80%
6.58%
6.19%
5.96%
6.12%
6.14%
6.49%
$3,477.0
$3,477.0
$3,477.0
$3,477.0
$3,477.0
$3,477.0
$3,477.0
$3,477.0
18.4%
18.4%
18.4%
18.4%
18.4%
18.4%
18.4%
18.4%
4.9x
4.9x
4.9x
4.9x
4.9x
4.9x
4.9x
4.9x
2.0x
2.0x
2.0x
2.0x
2.0x
2.0x
2.0x
2.0x
Sell
15-Mar-17
Ba3/BBB-
$243.8
96 1/2
4.50%
433bp
15-Mar-13
15-Mar-13
88 1/2
13.47%
($17.0)
(1.3%)
nm
nm
56
LTM
Ratings
Moodys
S&P
April 12, 2012


Issuer
Description
Maturity
Size
Buy
Buy
Hold
Hold
Hold
8-Mar-13
31-Dec-14
1-May-12
1-May-12
1-May-13
NR/NR
D/D
D/D
D/D
D/D
$250.0
$1,770.0
$225.0
$806.0
$200.0
100 6/7
66 1/2
4
4
1/8
8.00%
-
700bp
-
na
31-Dec-14
12-Apr-12
1-May-12
1-May-13
na
31-Mar-12
1-May-11
1-May-11
1-May-11
Buy
Buy
1-Jul-12
15-Feb-17
Ba3/BBBa3/BB-
$240.0
$200.0
101
101 1/2
2.38%
7.32%
230bp
648bp
1-Jul-12
15-Feb-17
Buy
Buy
Buy
Buy
1-Aug-14
1-Aug-14
15-Apr-21
15-Jun-32
Ba2/BB
Ba2/BB
Ba2/BB
B2/B
350.0
$300.0
$350.0
$221.0
107
108 1/2
93
80 1/2
6.02%
3.09%
7.72%
9.72%
580bp
300bp
593bp
711bp
NR
15-Dec-18
B3/B-
$255.0
106 1/2
9.49%
Buy
Buy
Hold
Buy
15-Jan-19
1-Aug-14
1-Feb-19
1-Aug-16
Ba2/BBB2/B
B2/B
Caa1/CCC+
$345.0
$250.0
$396.0
$300.0
102 3/4
84
55 1/2
64
Hold
Hold
Hold
Hold
Hold
Hold
Hold
Hold
Hold
Hold
Hold
1-Mar-13
1-Jul-13
1-Aug-17
1-Oct-19
15-Jul-23
15-Jan-25
15-Mar-25
15-Feb-26
1-Oct-27
15-Mar-32
15-Dec-33
104 2/7
107
110 7/9
115 1/9
106
115 2/3
112
106 1/3
106 4/7
106 3/7
102 7/8
Recommendation
NewPage Corporation (NEWPAG)

L+750
DIP Term Loan
6.524% Sr FRN (L+600, 2nd Lien)
12.000%
Sr Sub Nts
Norbord (NBDCN)
Sappi (SAPSJ)
11.750%
Sr Sec Nts
12.000%
Sr Sec Nts
7.500%
Sr Nts
Tembec Industries (TMBCN)
Verso Paper (VRS)
4.024% Sr FRN (L+375, 2nd Lien)
11.375%
Sr Sub Nts
Weyerhaeuser (WY)
7.500%
Sr Nts
7.250%
Sr Nts
6.950%
Sr Nts
7.375%
Sr Nts
7.125%
Sr Nts
8.500%
Sr Nts
7.950%
Sr Nts
7.700%
Sr Nts
6.950%
Sr Nts
7.375%
Sr Nts
6.875%
Sr Nts
57
LTM
Ratings
Moodys
S&P
Ba1/BBB- $155.6
Ba1/BBB- $128.5
Ba1/BBB- $280.8
Ba1/BBB- $500.0
Ba1/BBB- $191.1
Ba1/BBB- $300.0
Ba1/BBB- $136.0
Ba1/BBB- $150.0
Ba1/BBB- $300.0
Ba1/BBB- $1,250.0
Ba1/BBB- $275.0
Recent Quotes
Bid
YTW
Spread
YTW
Date
Next Call
Date
Price
Current
Yield
Adj. EBITDA
Adj. EBITDA
Margin
Adj. EBITDA/
Int. Exp.
Net Debt/Adj.
EBITDA
na
105
100
100
100
8.92%
17.11%
163.09%
250.00%
9600.00%
$324.0
$324.0
$324.0
$324.0
$324.0
9.3%
9.3%
9.3%
9.3%
9.3%
0.8x
0.8x
0.8x
0.8x
0.8x
0.3x
6.3x
9.5x
9.5x
10.1x
nc
nc
nc
nc
7.18%
6.35%
$45.0
$45.0
4.7%
4.7%
1.4x
1.4x
9.4x
9.4x
1-Aug-13
1-Aug-12
15-Apr-21
15-Jun-32
1-Aug-12
1-Aug-12
15-Apr-16
nc
105 7/8
106
103 1/3
nc
10.98%
11.06%
7.12%
9.32%
$769.0
$769.0
$769.0
$769.0
11.0%
11.0%
11.0%
11.0%
2.7x
2.7x
2.7x
2.7x
2.2x
2.2x
2.2x
2.2x
868bp
15-Dec-16
15-Dec-14
105 5/8
10.56%
$95.0
5.5%
3.2x
2.1x
11.09%
12.24%
21.48%
25.66%
1,005bp
1,177bp
2,020bp
2,493bp
15-Jan-18
12-Apr-12
1-Feb-19
1-Aug-16
15-Jan-15
13-Sep-10
1-Feb-15
1-Aug-12
108 4/5
100
104 3/8
103 4/5
11.44%
4.79%
15.77%
17.77%
$202.5
$202.5
$202.5
$202.5
11.8%
11.8%
11.8%
11.8%
1.7x
1.7x
1.7x
1.7x
1.2x
4.1x
4.1x
5.5x
2.52%
1.39%
4.63%
4.93%
6.36%
6.66%
6.56%
6.98%
6.28%
6.78%
6.62%
236bp
119bp
369bp
349bp
427bp
448bp
437bp
474bp
394bp
419bp
392bp
1-Mar-13
1-Jul-13
1-Aug-17
1-Oct-19
15-Jul-23
15-Jan-25
15-Mar-25
15-Feb-26
1-Oct-27
15-Mar-32
15-Dec-33
nc
nc
nc
nc
nc
nc
nc
nc
nc
nc
nc
nc
nc
nc
nc
nc
nc
nc
nc
nc
nc
nc
7.19%
6.78%
6.27%
6.41%
6.72%
7.35%
7.10%
7.24%
6.52%
6.93%
6.68%
$1,005.0
$1,005.0
$1,005.0
$1,005.0
$1,005.0
$1,005.0
$1,005.0
$1,005.0
$1,005.0
$1,005.0
$1,005.0
16.2%
16.2%
16.2%
16.2%
16.2%
16.2%
16.2%
16.2%
16.2%
16.2%
16.2%
3.0x
3.0x
3.0x
3.0x
3.0x
3.0x
3.0x
3.0x
3.0x
3.0x
3.0x
3.5x
3.5x
3.5x
3.5x
3.5x
3.5x
3.5x
3.5x
3.5x
3.5x
3.5x
April 12, 2012


Retail Carla Casella, CFA (1-212) 270-6798
Coupon
Description
Bon-Ton Stores, Inc.

10.250%
Sr Nts
Brown Shoe Company Inc.
7.125%
Sr Nts
Burlington Coat Factory
10.000%
Sr Nts
Claires Stores, Inc.
9.000%
8.875%
9.250%
Sr Nts
9.625%
Sr Toggle Nts
10.500%
Sr Sub Nts
Dillards, Inc.
6.625%
Sr Nts
7.130%
Sr Nts
7.000%
Sr Nts
Dollar General Corp.
11.875%
Sr Sub Toggle Nts
Gymboree Corporation
9.125%
Sr Nts
HSN, Inc.
11.250%
Sr Nts
1
JCPenney
9.000%
Sr Nts
6.875%
Sr Nts
7.650%
Debs
7.950%
Debs
5.750%
Sr Nts
5.650%
Sr Nts
7.125%
Debs
6.375%
Sr Nts
7.400%
Debs
7.625%
Debs
LTM EBITDAR/
(Net Int + 1/3 Rent)
(LTM EBITDA/
Capex)/
(Net Int)
Adj. Net Debt/

LTM
EBITDAR
TEV/
EBITDA
Recom.
Maturity
Hold
15-Mar-14
Caa2/CCC+
480.0
84
20.78%
2,050bp
14-May-12
100.00
$170.1
2.2x
1.1x
6.1x
6.0x
Hold
15-May-19
B3/B
200.0
97
7.68%
633bp
15-May-14
105.34
$113.7
3.5x
2.9x
5.9x
6.3x
Buy
15-Feb-19
Caa1/CCC
450.0
103 1/2
9.08%
824bp
15-Feb-15
105.00
$343.0
2.9x
1.7x
5.8x
na
Hold
Hold
Hold
Hold
Hold
15-Mar-19
15-Mar-19
1-Jun-15
1-Jun-15
1-Jun-17
B3/B
Caa3/CCC
Caa3/CCC
Caa3/CCC
Ca/CCC
500.0
450.0
220.3
310.9
259.6
103
87 5/8
84
84 1/2
77
8.34%
11.52%
15.93%
16.12%
17.46%
726bp
1,020bp
1,542bp
1,561bp
1,656bp
15-Mar-15
15-Mar-15
1-Jun-12
1-Jun-12
1-Jun-12
106.75
104.44
102.31
102.41
105.25
$266.1
$266.1
$266.1
$266.1
$266.1
1.9x
1.9x
1.9x
1.9x
1.9x
1.1x
1.1x
1.1x
1.1x
1.1x
4.4x
7.8x
7.7x
7.7x
8.2x
na
na
na
na
na
Hold
Hold
Hold
15-Jan-18
1-Aug-18
1-Dec-28
B2/BB
B2/BB
B2/BB
87.2
162.1
145.8
101 1/2
104
92 1/2
6.31%
6.35%
7.81%
526bp
518bp
541bp
nc
nc
nc
nc
nc
nc
$679.2
$679.2
$679.2
8.3x
8.3x
8.3x
7.8x
7.8x
7.8x
1.5x
1.5x
1.5x
5.6x
5.6x
5.6x
Sell
15-Jul-17
B1/BB-
450.7
108 1/4
2.26%
218bp
15-Jul-12
105.94
$1,808.9
6.1x
6.3x
2.9x
10.0x
Hold
1-Dec-18
Caa1/CCC+
400.0
90 1/2
11.19%
994bp
1-Dec-14
104.56
$268.2
3.6x
3.6x
5.0x
na
NR
1-Aug-16
Ba2/BB
240.0
108 1/4
2.03%
194bp
1-Aug-12
105.63
$300.0
8.2x
8.2x
0.2x
na
Hold
Hold
Hold
Hold
Hold
Hold
Hold
Hold
Hold
Hold
1-Aug-12
15-Oct-15
15-Aug-16
1-Apr-17
15-Feb-18
1-Jun-20
15-Nov-23
15-Oct-36
1-Apr-37
1-Mar-97
Ba1/BB
Ba1/BB
Ba1/BB
Ba1/BB
Ba1/BB
Ba1/BB
Ba1/BB
Ba1/BB
Ba1/BB
Ba1/BB
230.0
200.0
200.0
285.0
300.0
400.0
255.0
400.0
326.0
500.0
102 1/8
107 3/4
109 1/2
111
101 3/4
96 3/4
104 1/4
87 1/2
96 1/2
89 3/4
1.65%
4.46%
5.17%
5.39%
5.39%
6.16%
6.59%
7.50%
7.72%
8.50%
155bp
388bp
443bp
453bp
433bp
457bp
448bp
463bp
483bp
212bp
nc
nc
nc
nc
nc
nc
nc
nc
Putable
Make Whole
nc
nc
nc
nc
nc
nc
nc
nc
na
T+20
$938.0
$938.0
$938.0
$938.0
$938.0
$938.0
$938.0
$938.0
$938.0
$938.0
3.8x
3.8x
3.8x
3.8x
3.8x
3.8x
3.8x
3.8x
3.8x
3.8x
1.3x
1.3x
1.3x
1.3x
1.3x
1.3x
1.3x
1.3x
1.3x
1.3x
3.2x
3.2x
3.2x
3.2x
3.2x
3.2x
3.2x
3.2x
3.2x
3.2x
9.5x
9.5x
9.5x
9.5x
9.5x
9.5x
9.5x
9.5x
9.5x
9.5x
Amount
Outst. ($ mn)
Bid
Recent Quotes
YTW
Spread
1. JCPenney covered by Virginia Chambless.

Note: Ratios are calculated using EBITDAR, and Adjusted Debt (Net Debt + Rent x 8). TEV calculations are based off Thursday stock prices.
For secured bonds, we calculate Net Debt/EBITDA instead of rent-adjusted leverage.
58
LTM
EBITDA
Ratings
Moodys
S&P
Next Call Data

Date
Price
April 12, 2012


Coupon
Description
J.Crew Group, Inc.

8.125%
Sr Nts
2
Jo-Ann Stores
8.125%
Sr Nts
Limited Brands
8.500%
Sr Nts
7.000%
Sr Nts
6.625%
Sr Nts
5.625%
Sr Nts
6.125%
Sr Nts
5.250%
Sr Nts
6.900%
Sr Nts
6.950%
Sr Nts
7.600%
Sr Nts
Michaels Stores, Inc.
7.750%
Sr Nts
11.375%
Sr Sub Nts
0.000%/13.000% Sr Disc Nts
NBTY, Inc.
9.000%
Sr Nts
Neiman Marcus Group, Inc.
7.125%
10.375%
Sr Sub Nts
Office Depot
9.750%
Sr Sec Nts
3
Petco Animal Supplies
9.250%
Guar Nts
1
QVC Inc.
7.125%
7.375%
7.500%
Sr Sec Nts
LTM
EBITDA
LTM EBITDAR/
(LTM EBITDA/
Capex)/
(Net Int)
Adj. Net Debt/

LTM
EBITDAR
TEV/
EBITDA
Recom.
Maturity
Hold
1-Mar-19
Caa1/CCC+
400.0
101 3/8
7.70%
705bp
1-Mar-14
104.06
$275.0
3.0x
4.1x
5.9x
na
NR
15-Mar-19
Caa1/CCC+
450.0
99 1/4
8.27%
696bp
15-Mar-14
104.06
na
na
na
na
na
Hold
Hold
Hold
Hold
Hold
Hold
Hold
Buy
Buy
15-Jun-19
1-May-20
1-Apr-21
15-Feb-22
1-Dec-12
1-Nov-14
15-Jul-17
1-Mar-33
15-Jul-37
Ba1/BB+
Ba1/BB+
Ba1/BB+
Ba1/BB+
Ba2/BBBa2/BBBa2/BBBa2/BBBa2/BB-
500.0
400.0
1000.0
1000.0
57.8
213.6
700.0
350.0
300.0
117 1/4
111
107 1/4
99 3/4
102 1/4
106
111
97
101
5.55%
5.30%
5.58%
5.66%
2.47%
2.79%
4.52%
7.23%
7.51%
418bp
373bp
380bp
367bp
232bp
239bp
359bp
458bp
460bp
Make Whole
Make Whole
Make Whole
Make Whole
Make Whole
Make Whole
Make Whole
Make Whole
Make Whole
nc
T+50
T+50
T+50
T+30
T+20
T+30
T+35
T+35
$1,902.7
$1,902.7
$1,902.7
$1,902.7
$1,902.7
$1,902.7
$1,902.7
$1,902.7
$1,902.7
5.7x
5.7x
5.7x
5.7x
5.7x
5.7x
5.7x
5.7x
5.7x
6.0x
6.0x
6.0x
6.0x
6.0x
6.0x
6.0x
6.0x
6.0x
2.7x
2.7x
2.7x
2.7x
2.7x
2.7x
2.7x
2.7x
2.7x
8.7x
8.7x
8.7x
8.7x
8.7x
8.7x
8.7x
8.7x
8.7x
NR
NR
NR
1-Nov-18
1-Nov-16
1-Nov-16
Caa1/CCC
Caa1/CCC
Caa1/CCC
800.0
392.9
306.6
105 1/2
106 1/4
105 1/2
6.34%
6.43%
4.42%
555bp
628bp
435bp
1-Nov-14
1-Nov-12
1-Nov-12
103.88
103.79
104.33
$688.0
$688.0
$688.0
2.8x
2.8x
2.8x
2.3x
2.3x
2.3x
4.2x
4.6x
5.7x
na
na
na
Hold
1-Oct-18
B3/B
650.0
109 3/8
6.52%
594bp
1-Oct-14
104.50
$500.5
2.9x
2.6x
4.7x
na
Hold
Buy
1-Jun-28
15-Oct-15
B2/BBCaa1/B-
125.0
500.0
94
105
7.78%
3.61%
541bp
347bp
nc
15-Oct-12
nc
101.73
$558.2
$558.2
2.3x
2.3x
1.7x
1.7x
4.2x
4.8x
na
na
NR
15-Mar-19
B2/B-
250.0
101 1/4
9.47%
838bp
15-Mar-16
104.88
$313.7
4.2x
5.7x
1.6x
4.0x
NR
1-Dec-18
Caa1/CCC+
500.0
109
6.94%
614bp
1-Dec-13
106.94
na
na
na
na
na
NR
NR
NR
15-Apr-17
15-Oct-20
1-Oct-19
Ba2/BBBBa2/BBBBa2/BBB-
500.0
500.0
1000.0
106
109 1/4
109 1/4
4.44%
5.16%
4.91%
426bp
467bp
453bp
15-Apr-13
15-Apr-15
1-Oct-14
103.56
103.69
103.75
$1,733.0
$1,733.0
$1,733.0
7.6x
7.6x
7.6x
6.4x
6.4x
6.4x
1.1x
1.1x
1.1x
7.3x
7.3x
7.3x
Amount
Outst. ($ mn)
Bid
Recent Quotes
YTW
Spread
1. QVC ratios are not rent-adjusted.

59
Next Call Data

Date
Price
Ratings
Moodys
S&P
April 12, 2012


Coupon
Description
RadioShack Corp.
6.750%
Sr Nts
Rent-A-Center, Inc.
6.625%
Sr Nts
Rite Aid Corp.
9.750%
8.000%
10.375%
7.500%
10.250%
9.250%
Sr Nts
9.375%
Sr Nts
9.500%
Sr Nts
6.875%
Debs
7.700%
Debs
6.875%
Sr Nts
Sally Holdings LLC
6.875%
Sr Nts
Yankee Candle Co., Inc.
8.500%
Sr Nts
9.750%
Sr Sub Nts
10.250%
Sr Nts
Recom.
Maturity
Ratings
Moodys
S&P
Hold
15-May-19
Ba3/B+
325.0
77 1/2
11.47%
1,012bp
Make Whole
T + 50
$241.3
3.8x
3.6x
4.5x
2.8x
NR
15-Nov-20
Ba3/BB-
300.0
103
6.06%
483bp
15-Nov-15
103.31
$387.1
5.4x
6.9x
4.0x
7.2x
Buy
Buy
Buy
Buy
Buy
Hold
Hold
Hold
Hold
Hold
Hold
12-Jun-16
15-Aug-20
15-Jul-16
1-Mar-17
15-Oct-19
15-Mar-20
15-Dec-15
15-Jun-17
15-Aug-13
15-Feb-27
15-Dec-28
B3/B+
B3/B+
Caa2/BCaa2/BCaa2/BCaa3/CCC
Caa3/CCC
Caa3/CCC
Ca/CCC
Ca/CCC
Ca/CCC
410.0
650.0
470.0
500.0
270.0
481.0
405.0
810.0
180.3
295.0
128.0
111 1/4
115
106
101 1/2
115
100 3/4
101 3/4
100 1/4
101 3/4
90 1/2
86 1/4
3.87%
4.25%
6.53%
6.91%
3.93%
9.08%
7.76%
9.40%
5.49%
8.86%
8.42%
367bp
370bp
644bp
645bp
354bp
800bp
756bp
888bp
527bp
656bp
602bp
12-Jun-13
15-Aug-15
15-Jul-12
1-Mar-13
15-Oct-14
15-Mar-16
15-Jun-12
15-Jun-12
nc
nc
nc
104.88
104.00
105.19
102.50
100.13
104.63
102.34
104.75
nc
nc
nc
$934.2
$934.2
$934.2
$934.2
$934.2
$934.2
$934.2
$934.2
$934.2
$934.2
$934.2
2.2x
2.2x
2.2x
2.2x
2.2x
2.2x
2.2x
2.2x
2.2x
2.2x
2.2x
1.4x
1.4x
1.4x
1.4x
1.4x
1.4x
1.4x
1.4x
1.4x
1.4x
1.4x
2.8x
2.8x
4.1x
4.1x
4.1x
7.0x
7.0x
7.0x
7.3x
7.3x
7.3x
8.2x
8.2x
8.2x
8.2x
8.2x
8.2x
8.2x
8.2x
8.2x
8.2x
8.2x
Hold
15-Nov-19
B1/BB+
750.0
106
5.61%
460bp
15-Nov-15
103.44
$525.1
3.4x
3.2x
4.0x
11.5x
Hold
Hold
Hold
15-Feb-15
15-Feb-17
15-Feb-16
B2/CCC+
B3/CCC+
Caa1/CCC+
325.0
188.0
315.0
102 1/2
103 1/4
101
5.37%
8.43%
10.44%
520bp
797bp
980bp
15-Feb-13
15-Feb-13
15-Feb-13
100.00
103.25
102.50
$190.9
$190.9
$190.9
2.8x
2.8x
2.8x
2.4x
2.4x
2.4x
4.3x
5.1x
6.4x
na
na
na
Amount
Outst. ($ mn)
Bid
Recent Quotes
YTW
Spread
60
Next Call Data

Date
Price
LTM
EBITDA
LTM EBITDAR/
(LTM EBITDA/
Capex)/
(Net Int)
Adj. Net Debt/

LTM
EBITDAR
TEV/
EBITDA
April 12, 2012


Services Yilma Abebe (1-212) 270-3265
Coupon
Description
Maturity
Ratings
Moodys
S&P
Amount
Out
($ mn)
Bid
1-May-16
B3/B
$300.0
104.38
7.12%
663bp
1-May-13
31-Aug-16
31-Aug-16
1-Dec-17
1-Oct-16
1-Apr-18
NR/NR
NR/NR
Ba3/B+
B3/BCaa1/B-
$225.8
$109.4
$775.0
$210.0
$701.8
92.75
92.69
100.00
106.00
98.75
7.40%
7.42%
8.37%
9.54%
11.79%
641bp
643bp
736bp
897bp
1070bp
1-Jan-16
15-Jul-18
1-Oct-19
15-Jun-20
15-Aug-21
B1/B+
B1/B+
B1/B+
B1/B+
B1/B+
$317.5
$200.0
$400.0
$300.0
$548.2
100.13
103.88
108.38
105.50
108.38
6.58%
4.60%
5.93%
6.37%
6.15%
24-Jul-14
15-Jul-15
15-Feb-20
B1/B+
B3/BB3/B-
$2,410.0
$396.0
$600.0
98.73
104.75
105.75
1-May-18
B3/B
$300.0
NR
15-Aug-16
B2/B+
NR
NR
NR
NR
NR
NR
22-Sep-18
15-May-14
15-May-16
15-Mar-18
15-Jan-19
15-Mar-20
NR
15-Jul-16
Recom.
BUSINESS & CONSUMER SERVICES

Dematic (DEMAT)
8.750%
CEVA Group (TNTLOG)
L + 500
Term Loan B
NR
L + 500
Term Loan B
NR
8.375%
11.625%
Sr Sec Nts
NR
Iron Mountain (IRM)
6.625%
Sr Sub Nts
Buy
8.750%
Sr Sub Nts
Buy
7.750%
Sr Sub Nts
NR
8.000%
Sr Sub Nts
Buy
8.375%
Sr Sub Nts
Buy
ServiceMaster (SVMSTR)
L + 300
Term Loan B
NR
10.750%
Sr Toggle Nts
Buy
8.000%
Sr Nts
NR
Syncreon (SYNCIM)
9.500%
Sr Nts
NR
RENTALS
Ashtead Group (AHTLN)
9.000%
1
Avis (CAR)
L + 500
Term Loan B
7.625%
Sr Nts
7.750%
Sr Nts
9.625%
Sr Nts
8.250%
Sr Nts
9.750%
Sr Nts
H&E Equipment Services (HEES)
8.375%
Sr Nts
1. Pro forma for acquisition.

61
EBITDA
LTM
EBITDA/
Int. Exp.
LTM
Net Debt/
EBITDA
LTM
Total
Debt/
TEV
TEV/
EBITDA
LTM
Equity
Market
Cap
104.38
na
na
na
na
na
na
na
na
na
na
1-Dec-13
1-Oct-12
1-Apr-14
na
na
106.28
108.72
105.75
350
350
350
350
350
1.4x
1.4x
1.4x
1.4x
1.4x
5.5x
5.5x
5.5x
5.5x
5.5x
6.9x
6.9x
6.9x
6.9x
6.9x
6.3x
6.3x
6.3x
6.3x
6.3x
na
na
na
na
na
na
na
na
na
na
na
na
na
na
na
596bp
451bp
495bp
618bp
580bp
15-Jul-12
1-Oct-15
15-Jun-13
15-Aug-14
102.92
103.88
104.00
104.19
$932
$932
$932
$932
$932
4.7x
4.7x
4.7x
4.7x
4.7x
0.8x
0.8x
0.8x
0.8x
0.8x
3.6x
3.6x
3.6x
3.6x
3.6x
3.4x
3.4x
3.4x
3.4x
3.4x
43%
43%
43%
43%
43%
8.3x
8.3x
8.3x
8.3x
8.3x
$5,041.9
$5,041.9
$5,041.9
$5,041.9
$5,041.9
3.55%
2.24%
6.79%
292bp
215bp
572bp
na
15-Jul-12
15-Feb-15
na
102.69
106.00
$588
$588
$588
2.1x
2.1x
2.1x
4.3x
4.3x
4.3x
6.7x
6.7x
6.7x
6.4x
6.4x
6.4x
na
na
na
na
na
na
na
na
na
98.00
9.95%
884bp
1-May-14
104.75
na
na
na
na
na
na
na
na
$550.0
104.25
4.93%
483bp
15-Aug-12
103.00
$464
4.7x
1.2x
2.9x
2.8x
41%
7.0x
$1,953.6
Ba1/BB
B2/B
B2/B
B2/B
B2/B
B2/B
$420.0
$200.0
$375.0
$450.0
$600.0
$250.0
100.79
100.50
102.63
107.50
103.00
108.00
6.10%
1.37%
6.36%
7.38%
7.57%
7.90%
469bp
132bp
618bp
672bp
659bp
694bp
na
15-May-12
15-May-12
15-Mar-14
15-Oct-15
15-Sep-15
na
100.00
102.58
104.81
104.13
104.88
$781
$781
$781
$781
$781
$781
2.5x
2.5x
2.5x
2.5x
2.5x
2.5x
1.1x
1.1x
1.1x
1.1x
1.1x
1.1x
4.1x
4.1x
4.1x
4.1x
4.1x
4.1x
3.4x
3.4x
3.4x
3.4x
3.4x
3.4x
79%
79%
79%
79%
79%
79%
5.5x
5.5x
5.5x
5.5x
5.5x
5.5x
$1,370.5
$1,370.5
$1,370.5
$1,370.5
$1,370.5
$1,370.5
B3/BB-
$250.0
102.50
7.14%
680bp
15-Jul-12
102.79
$91
3.1x
0.0x
2.8x
2.7x
29%
9.7x
$639.2
Recent Quotes
YTW
Spread
Next Call Data

Date
Price
Sr. Sec. Debt/ Total Debt/

EBITDA
EBITDA
LTM
LTM
April 12, 2012


Services Yilma Abebe (1-212) 270-3265
Coupon
Description
Hertz (HTZ)
L + 300
Term Loan B
7.500%
Sr Nts
6.750%
Sr Nts
7.375%
Sr Nts
7.625%
Sr Nts
Maxim Crane (MXMC)
NES Rentals Holdings (NESRH)
Neff Rentals (NEFF)
9.625%
Sec Nts
RSC Rental Equipment (RRR)
10.000%
Sr Sec Nts
9.500%
Sr Nts
10.250%
Sr Nts
8.250%
Sr Nts
2
United Rentals (URI)
9.250%
Sr Nts
10.875%
Sr Nts
8.375%
Sr Sub Nts
5.750%
Sr Sec Nts
7.375%
Sr Nts
7.625%
Sr Nts
WASTE
Casella Waste Systems (CWST)
7.750%
Sr Sub Nts
Covanta Holding (CVA)
7.250%
Sr Nts
6.375%
Sr Nts
1
EnergySolutions (ES)
L + 500
Term Loan B
10.750%
Guar Nts
Recom.
Maturity
Ratings
Moodys
S&P
NR
NR
NR
NR
NR
11-Mar-18
15-Oct-18
15-Apr-19
15-Jan-21
1-Jun-12
Ba1/BB
B2/B
B2/B
B2/B
B3/B
$1,400.0
$700.0
$1,000.0
$500.0
$176.1
99.51
105.88
102.75
105.50
100.63
3.84%
5.99%
6.08%
6.36%
2.53%
252bp
522bp
525bp
508bp
247bp
na
15-Oct-14
15-Apr-15
15-Jan-16
nc
na
103.75
103.63
103.69
nc
$1,319
$1,319
$1,319
$1,319
$1,319
3.4x
3.4x
3.4x
3.4x
3.4x
1.2x
1.2x
1.2x
1.2x
1.2x
3.7x
3.7x
3.7x
3.7x
3.7x
3.5x
3.5x
3.5x
3.5x
3.5x
46%
46%
46%
46%
46%
8.1x
8.1x
8.1x
8.1x
8.1x
$6,138.4
$6,138.4
$6,138.4
$6,138.4
$6,138.4
NR
15-Apr-15
Caa2/B
$250.0
95.25
14.25%
1377bp
15-Apr-13
105.00
na
na
na
na
na
na
na
na
NR
15-Apr-15
Caa2/CCC+
$150.0
94.00
14.80%
1432bp
15-Apr-13
106.13
na
na
na
na
na
na
na
na
NR
15-May-16
Caa1/B-
$200.0
99.00
9.92%
923bp
15-May-13
107.22
na
na
na
na
na
na
na
na
Hold
Hold
Hold
Hold
15-Jul-17
1-Dec-14
15-Nov-19
1-Feb-21
B1/BBCaa1/BCaa1/BCaa1/B-
$400.0
$503.0
$200.0
$650.0
115.75
102.63
111.00
105.50
1.22%
5.16%
7.33%
7.21%
102bp
501bp
692bp
592bp
15-Jul-13
1-Dec-12
15-Nov-14
1-Feb-16
105.00
100.00
105.13
104.13
$560
$560
$560
$560
3.0x
3.0x
3.0x
3.0x
1.7x
1.7x
1.7x
1.7x
4.1x
4.1x
4.1x
4.1x
4.1x
4.1x
4.1x
4.1x
50%
50%
50%
50%
8.2x
8.2x
8.2x
8.2x
$2,296.0
$2,296.0
$2,296.0
$2,296.0
Hold
Hold
Hold
NR
NR
NR
15-Dec-19
B3/B
$500.0
15-Jun-16
B3/B
$500.0
15-Sep-20 Caa1/CCC+ $750.0
15-Jul-18
Ba3/BB$750.0
15-May-20
B3/B
$750.0
15-Apr-22
B3/B
$1,325.0
109.00
112.63
101.50
101.50
100.75
101.00
7.08%
4.24%
8.07%
5.42%
7.22%
7.46%
666bp
404bp
687bp
449bp
610bp
590bp
15-Dec-14
15-Jun-13
15-Sep-15
15-Jul-15
15-May-16
15-Apr-17
104.63
105.44
104.19
102.88
103.69
103.81
$1,494
$1,494
$1,494
$1,494
$1,494
$1,494
3.0x
3.0x
3.0x
3.0x
3.0x
3.0x
1.3x
1.3x
1.3x
1.3x
1.3x
1.3x
4.5x
4.5x
4.5x
4.5x
4.5x
4.5x
4.5x
4.5x
4.5x
4.5x
4.5x
4.5x
73%
73%
73%
73%
73%
73%
6.3x
6.3x
6.3x
6.3x
6.3x
6.3x
$2,550.4
$2,550.4
$2,550.4
$2,550.4
$2,550.4
$2,550.4
NR
NR
15-Jul-14
15-Feb-19
B3/BBCaa2/CCC+
$180.0
$200.0
107.50
99.00
2.64%
7.94%
256bp
665bp
15-Jul-12
15-Feb-15
105.50
103.88
$100
$100
2.0x
2.0x
2.5x
2.5x
4.7x
4.7x
4.7x
4.7x
72%
72%
6.5x
6.5x
$180.6
$180.6
Buy
NR
1-Dec-20
1-Oct-22
Ba3/B+
Ba3/B+
$400.0
$400.0
108.21
101.21
5.63%
6.18%
502bp
463bp
1-Dec-15
1-Apr-17
103.63
103.19
$492
$492
5.0x
5.0x
2.6x
2.6x
4.4x
4.4x
4.2x
4.2x
51%
51%
8.5x
8.5x
$2,154.3
$2,154.3
NR
NR
15-Aug-16
15-Aug-18
Ba3/BB+
Caa1/BB-
$560.0
$300.0
100.00
103.25
6.25%
9.80%
527bp
906bp
na
15-Aug-14
na
105.38
$154
$154
2.1x
2.1x
1.2x
1.2x
3.2x
3.2x
2.9x
2.9x
59%
59%
5.4x
5.4x
$383.9
$383.9
1. Leverage metrics net of restricted cash.

2. Pro forma for acquisition.
62
Amount
Out
($ mn)
Bid
Recent Quotes
YTW
Spread
Next Call Data

Date
Price
EBITDA
LTM
EBITDA/
Int. Exp.
LTM
Sr. Sec. Debt/ Total Debt/

EBITDA
EBITDA
LTM
LTM
Net Debt/
EBITDA
LTM
Total
Debt/
TEV
TEV/
EBITDA
LTM
Equity
Market
Cap
April 12, 2012


Shipping Jenna Giannelli (1-212) 270-9455
Issue Data
Issuer
Desc.
Recom.
ACL I Corp.
10.63%
Notes
American Petroleum
10.25%
Notes
BLT Finance BV
7.50%
Notes
BW Group Ltd
6.63%
Notes
CMA CGM
8.50%
Notes
DP World
6.85%
Notes
6.25%
Notes
General Maritime
12.00%
Notes
Hapag-Lloyd
9.75%
Notes
Horizon Lines
11.00%
Notes
Marquette Transportation Company
10.88%
Notes
Navios Maritime Acquisition
Overweight
8.63%
Notes
Buy
Navios Maritime Holdings
Neutral
8.88%
Notes
Hold
8.13%
Notes
Buy
Navios South American Logistics
9.25%
Notes
Overseas Shipholding Group
Overweight
8.75%
Notes
Hold
8.13%
Notes
Buy
7.50%
Notes
Hold
Ship Finance
8.50%
Notes
Stena
7.00%
Notes
Teekay Corporation
8.50%
Notes
Shipping Average (ex-Distressed)
Split BBB Index
BB Index
B Index
CCC Index
3 - Month LIBOR
63
Market Data
Amout
($mn)
YTW
STW
Total Return
Next Call
Date
Price
Maturity
Rating
2/15/2016
Caa1/B-
264
98
10.8%
11.1%
824 2/15/2013
5/1/2015
B1/B+
258
105.1
9.8%
7.4%
5/15/2014
NA/D
400
26.3
nm
nm
6/28/2017
Ba1/BB
500
97.8
6.8%
6.9%
396
59.8
14.2%
21.8%
4/15/2017 Caa2/CCC
Price($)
Current
Yield
EBITDA
($ mn)
EBITDA
Margin

Interest EBITDA-Capex Total
Net
Coverage
Interest
Leverage Leverage
TEV/
EBITDA
MTD
YTD
105.0
-0.2%
30.3%
$92
11.1%
2.9x
1.0x
4.8x
4.7x
Private
717 5/14/2012
105.1
0.0%
4.9%
$62
60.3%
0.8x
-0.3x
10.4x
9.9x
Private
5/15/2012
103.8
-2.5%
-27.2%
NA
NC
NC
-0.8%
13.0% Private Financials
Private
104.3
-3.9%
Private
NC
NC
NC
NC
-0.3%
0.1%
8.2%
5.6%
$1,132
11/15/2013
106.0
14.9%
54.3%
NA
33.4%
579
2,051 4/15/2014
457
405
Private
7/2/2037
7/2/2017
Baa3/BB
Baa3/BB
1,750
1,500
95.6
105.1
7.2%
5.9%
7.2%
5.0%
11/15/2017
WR/NR
300
2.7
nm
nm
10/15/2017
B3/B
250
96.6
10.1%
10.3%
911 10/15/2014
104.9
-0.7%
10/15/2016
B2/NR
225
101.3
10.9%
9.5%
900 10/15/2012
101.5
-0.6%
1/15/2017
B3/B-
250
108.1
10.1%
8.3%
765 1/15/2013
108.2
-0.2%
11/1/2017
B2/B
505
92.5
9.3%
10.4%
949 11/1/2013
104.3
1.1%
27.9%
$69
64.0%
1.7x
-3.9x
12.3x
11.7x
13.6x
11/1/2017
2/15/2019
Ba3/BBB3/B+
400
350
101.8
86.5
8.7%
9.4%
8.0%
10.8%
697 11/1/2013
927 2/15/2015
104.4
104.1
0.3%
1.8%
10.1%
19.0%
$265
66.6%
2.2x
2.4x
5.6x
4.8x
6.3x
4/15/2019
B3/B+
191
88.5
10.5%
11.5%
999 4/15/2014
106.9
2.5%
14.7%
Consolidated
12/1/2013
3/30/2018
2/15/2024
Caa1/BCaa1/BCaa1/B-
64
300
146
94.0
73.0
63.5
9.3%
11.1%
11.8%
12.2%
14.9%
13.6%
NC
NC
NC
1.3%
-1.3%
-0.6%
3.6%
23.9%
27.1%
$23
2.3%
0.3x
-3.9x
92.0x
85.3x
99.2x
12/15/2013
B3/B+
296
100.0
8.5%
8.3%
812 5/14/2012
100.0
0.3%
8.9%
$196
1.9x
-1.2x
10.3x
9.9x
15.5x
12/1/2016
Ba3/BB+
129
101.5
6.9%
2.5%
243 5/14/2012
101.2
4.9%
9.4%
6,210
68.4%
SEK
23.6%
2.9x
-2.0x
8.3x
8.0x
Private
1/15/2020
B2/BB-
450
435
104.0
$95.2
8.2%
9.2%
7.8%
9.2%
7.5%
5.2%
5.6%
7.6%
12.4%
0.5%
NC
104.1
-0.4%
0.4%
-0.4%
0.2%
-0.4%
-0.4%
-0.9%
9.1%
15.0%
4.8%
4.5%
2.9%
4.8%
10.2%
$638
$827
33.2%
33.9%
4.7x
2.2x
-0.3x
-0.5x
8.4x
17.7x
7.2x
16.2x
11.2x
29.4x
1,127
1,350
1,153
638
803
659
402
456
679
1,161
NC
NC
NC
NC
35.8%
3.0x
1.4x
6.9x
3.3x
Private
$395
6.5%
3.7x
0.8x
4.4x
2.9x
Private
$20
1.6%
0.4x
0.0x
31.0x
30.3x
30.8x
Private
April 12, 2012


Technology: Software and Services Thomas J. Egan (1-212) 270-2149
Coupon
Description
Recom.
Aspect Software
10.625%
NR
Brightstar Corp.
9.500%
Guar Nts
NR
Brocade Communication Systems
6.625%
NR
6.875%
NR
Cardtronics Inc.
8.250%
Sr Sub Nts
NR
Ceridian
11.250%
Sr Nts
NR
12.250%
Sr Toggle Nts
NR
CoreLogic Inc.
7.250%
Sr Nts
NR
Fidelity National Information Services
7.875%
Guar Nts
NR
7.625%
Guar Nts
NR
First Data Corporation
10.550%
Sr Toggle Nts
NR
11.250%
Sr Sub Nts
NR
9.875%
Sr Nts
NR
9.875%
Sr Nts
NR
8.875%
NR
12.625%
Sr Nts
NR
8.250%
Sr Sec Nts
NR
8.750% Sr Sec Toggle Nts (2nd Lien) NR
7.375%
NR
GXS Worldwide
9.750%
Sr Sec Nts
NR
Intcomex Inc.
13.250%
NR
iPayment Inc.
10.250%
Sr Nts
NR
Kemet
10.500%
NR
64
Maturity
Ratings
Moodys
S&P
Amount
Outst.
Bid
Recent Quotes
YTW
STW
15-May-17
Caa1/B-
300.0
108 1/4
8.21%
737bp
15-May-14
105.31
1-Dec-16
B1/BB-
350.0
103 7/8
8.24%
751bp
1-Dec-14
15-Jan-18
15-Jan-20
Ba2/BBB
Ba2/BBB
300.0
300.0
104 3/4
110
4.53%
4.19%
437bp
366bp
1-Sep-18
B3/BB
200.0
110 1/2
5.17%
15-Nov-15
15-Nov-15
Caa2/CCC
Caa2/CCC
825.0
505.9
91 1/2
91 1/2
1-Jun-21
Ba3/B+
400.0
15-Jul-20
15-Jul-17
Ba2/BB+
Ba2/BB+
24-Sep-15
31-Mar-16
24-Sep-15
24-Sep-15
15-Aug-20
15-Jan-21
15-Jan-21
15-Jan-22
15-Jun-19
Next Call Data

Date
Price
LTM
EBITDA
EBITDA
Margin
Total Debt/
EBITDA
Net Debt/
EBITDA
EBITDA
Interest
104.75
$178.0
3.5%
2.5x
2.0x
4.8x
15-Jan-13
15-Jan-15
103.31
103.44
$492.0
$492.0
22.7%
22.7%
1.5x
1.5x
0.5x
0.5x
5.5x
5.5x
473bp
1-Sep-14
104.13
$141.7
24.2%
2.6x
2.6x
6.8x
14.34%
15.40%
1,362bp
1,468bp
15-Nov-12
15-Nov-12
102.81
103.06
103 1/4
6.67%
511bp
1-Jun-16
103.63
$310.0
23.2%
2.9x
2.5x
5.4x
500.0
600.0
111
109 1/2
5.15%
4.27%
474bp
404bp
15-Jul-14
15-Jul-13
105.91
105.72
$1,691.0
$1,691.0
29.4%
29.4%
2.8x
2.8x
2.6x
2.6x
6.5x
6.5x
Caa1/BCaa2/CCC+
Caa1/BCaa1/BB1/B+
Caa1/BCaa1/BCaa1/BB1/B+
747.5
2500.0
197.8
560.6
510.0
3000.0
2000.0
1000.0
1595.0
101 1/4
90 3/4
99 3/4
100 1/4
108 1/2
99
98
96 3/4
102
9.62%
14.38%
9.90%
9.68%
7.15%
12.81%
8.58%
9.26%
6.91%
935bp
1,357bp
921bp
942bp
626bp
1,086bp
663bp
707bp
581bp
30-Sep-12
30-Sep-12
30-Sep-12
30-Sep-12
15-Aug-15
15-Jan-16
15-Jan-16
15-Jan-16
15-Jun-15
102.64
102.81
102.47
102.47
104.44
112.63
104.13
104.38
103.69
$2,276.0
$2,276.0
$2,276.0
$2,276.0
$2,276.0
$2,276.0
$2,276.0
$2,276.0
$2,276.0
21.2%
21.2%
21.2%
21.2%
21.2%
21.2%
21.2%
21.2%
21.2%
8.9x
10.0x
8.9x
8.9x
5.6x
8.9x
6.9x
6.9x
5.6x
8.7x
9.8x
8.7x
8.7x
5.4x
8.7x
6.7x
6.7x
5.4x
1.6x
1.6x
1.6x
1.6x
1.6x
1.6x
1.6x
1.6x
1.6x
15-Jun-15
B2/B
785.0
97 1/8
10.83%
1,021bp
15-Jun-12
104.88
$123.6
25.9%
6.2x
6.0x
1.5x
15-Dec-14
B3/B-
115.0
99 1/4
13.57%
1,306bp
15-Dec-12
106.63
$27.6
2.4%
4.1x
3.0x
1.3x
15-May-18
B3/CCC+
400.0
92 1/4
12.08%
1,076bp
15-May-15
105.13
$127.0
17.9%
6.1x
6.1x
2.3x
1-May-18
B2/B+
230.0
107
8.43%
759bp
1-May-14
105.25
$184.3
17.0%
1.2x
0.6x
6.1x
April 12, 2012


Technology: Software and Services Thomas J. Egan (1-212) 270-2149
Coupon
Description
Recom.
Maturity
Ratings
Moodys
S&P
NR
1-Jul-16
Ba2/BB+
362.0
104 1/2
5.82%
575bp
1-Jul-12
NR
NR
NR
NR
NR
15-May-15
15-Jan-14
15-Aug-15
15-Nov-18
15-Nov-20
Caa1/B
B3/BB
Caa1/BCaa1/B
Caa1/B
500.0
250.0
1000.0
900.0
700.0
105 1/3
102 3/4
103 3/4
106 1/2
106 3/4
7.55%
3.26%
6.07%
5.74%
6.36%
736bp
295bp
593bp
479bp
492bp
NR
15-Jan-19
Caa1/B-
475.0
110 1/8
6.58%
NR
15-Jun-18
B3/B-
645.0
117 1/4
NR
NR
15-Jan-16
15-Oct-14
B2/BBBa1/BB+
110.6
186.2
106 1/4
111 1/4
NR
27-Oct-17
Ba3 / B
600.0
99 2/3
Lender Processing Services

8.125%
Sr Nts
Sungard Data Systems
10.625%
Sr Nts
4.875%
10.250%
Sr Sub Nts
7.375%
Sr Nts
7.625%
Sr Nts
Syniverse Technologies
9.125%
Sr Nts
Trans Union
11.375%
Guar Nts
Unisys
12.500%
Sr Nts
12.750%
Web.com
Loan
L+550
Term Loan
65
Amount
Outst.
Bid
Recent Quotes
YTW
STW
Next Call Data

Date
Price
LTM
EBITDA
EBITDA
Margin
Total Debt/
EBITDA
Net Debt/
EBITDA
EBITDA
Interest
104.06
$516.0
24.7%
2.2x
2.1x
7.7x
1-Apr-13
102.66
15-Oct-12
15-Nov-13
15-Nov-15
101.71
105.53
103.81
$1,373.0
$1,373.0
$1,373.0
$1,373.0
$1,373.0
30.5%
30.5%
30.5%
30.5%
30.5%
4.9x
3.3x
5.7x
4.9x
4.9x
4.2x
2.7x
5.1x
4.2x
4.2x
2.6x
2.6x
2.6x
2.6x
2.6x
582bp
15-Jan-15
104.56
5.38%
499bp
15-Jun-14
105.69
$353.0
34.5%
6.3x
6.1x
2.8x
7.93%
2.98%
776bp
284bp
15-Jan-13
15-Oct-12
103.13
106.38
$539.0
$539.0
14.0%
14.0%
0.7x
0.4x
nm
nm
6.5x
6.5x
4.1x
4.0x
3.0x
$147.0
April 12, 2012


Technology: Semiconductors Thomas J. Egan (1-212) 270-2149
Coupon
Description
Advanced Micro Devices

8.125%
Sr Nts
7.750%
Sr Nts
Amkor Technologies
7.375%
Sr Nts
6.625%
Sr Nts
Freescale Semiconductor
8.875%
Sr Nts
10.125%
Sr Sub Nts
10.125%
9.250%
8.050%
Sr Nts
10.750%
Sr Nts
Magnachip Semiconductor
10.500%
Sr Nts
NXP BV
8.625%
Sr Bds
10.000%
Sr Sec Nts
9.750%
Seagate
6.875%
Sr Nts
7.750%
Sr Nts
7.000%
Sr Nts
6.800%
Sr Nts
10.000%
Sensata Technologies
6.500%
Sr Sec Nts
Spansion LLC
7.875%
Sr Nts
66
Recom.
Maturity
Ratings
Moodys
S&P
NR
NR
15-Dec-17
1-Aug-20
Ba3/B+
Ba3/B+
500.0
500.0
110
109 3/4
4.25%
5.56%
396bp
491bp
15-Dec-13
1-Aug-15
NR
NR
1-May-18
1-Jun-21
Ba3/BB
Ba3/BB
345.0
400.0
106 7/8
102 3/4
5.46%
6.22%
463bp
419bp
NR
NR
NR
NR
NR
NR
15-Dec-14
15-Dec-16
15-Mar-18
15-Apr-18
1-Feb-20
1-Aug-20
Caa1/CCC+
Caa2/CCC+
B1/B
B1/B
Caa1/CCC+
Caa1/CCC+
294.1
264.3
663.1
1380.0
738.4
472.4
102 5/8
105 3/4
111 1/2
109 3/4
101
112 3/4
4.90%
5.12%
6.22%
6.22%
7.84%
7.76%
NR
15-Apr-18
B2/B+
203.7
111 1/4
NR
NR
NR
15-Oct-15
15-Jul-13
1-Aug-18
Caa1/B
NR/BB
B3/B+
235.0
89.9
1000.0
NR
NR
NR
NR
NR
1-May-20
15-Dec-18
1-Nov-21
1-Oct-16
1-May-14
Ba1/BB+
Ba1/BB+
Ba1/BB+
Ba1/BB+
Baa3/BBB
NR
15-May-19
NR
15-Nov-17
Amount
Outst.
Bid
Recent Quotes
YTW
STW
Next Call Data

Date
Price
LTM
EBITDA
EBITDA
Margin
Total Debt/
EBITDA
Net Debt/
EBITDA
104.06
103.88
$902.0
$902.0
13.7%
13.7%
2.2x
2.2x
1.3x
1.3x
1-May-14
1-Jun-15
103.69
104.97
$531.0
$531.0
19.1%
19.1%
2.1x
2.1x
1.2x
1.2x
475bp
496bp
588bp
587bp
652bp
710bp
15-Dec-12
15-Dec-12
15-Mar-14
15-Apr-14
1-Jun-15
1-Aug-15
100.00
102.53
105.06
104.63
104.03
105.38
$1,093.0
$1,093.0
$1,093.0
$1,093.0
$1,093.0
$1,093.0
23.9%
23.9%
23.9%
23.9%
23.9%
23.9%
5.8x
6.0x
4.4x
4.4x
5.8x
5.8x
5.1x
5.3x
3.7x
3.7x
5.1x
5.1x
6.90%
655bp
15-Apr-14
105.25
$155.0
19.9%
1.7x
0.5x
103 1/2
108 1/4
113 1/4
7.06%
3.29%
5.56%
684bp
306bp
514bp
15-Oct-12
102.88
104.88
25.5%
25.5%
25.5%
3.6x
2.8x
0.2x
2.9x
2.1x
1-Aug-14
$1,069.0
$1,069.0
$1,069.0
600.0
750.0
600.0
600.0
385.6
106 1/4
109 1/4
107 3/8
110 1/2
113
5.64%
5.36%
5.70%
4.20%
2.22%
457bp
485bp
464bp
327bp
202bp
1-May-15
15-Dec-14
1-May-16
103.44
103.88
103.50
105.00
17.5%
17.5%
17.5%
17.5%
17.5%
1.4x
1.4x
1.4x
1.4x
0.2x
0.5x
0.5x
0.5x
0.5x
1-May-13
$2,019.0
$2,019.0
$2,019.0
$2,019.0
$2,019.0
B3/B
700.0
104 1/2
5.48%
440bp
15-May-15
103.25
$489.0
27.8%
3.8x
3.7x
B3/BB-
200.0
96 1/2
8.67%
748bp
15-Nov-13
103.94
$256.0
21.7%
1.8x
0.8x
April 12, 2012


Technology: Telecom Equipment Thomas J. Egan (1-212) 270-2149
Coupon
Description
Recom.
Maturity
Ratings
Moodys
S&P
NR
NR
NR
NR
7-Apr-14
15-Jan-16
15-Mar-29
15-Jan-28
B2/B
B2/B
B2/B
B2/B
462.0
500.0
1360.0
300.0
102 1/2
104
79
78 1/4
5.03%
7.26%
8.87%
9.13%
483bp
677bp
624bp
656bp
NR
NR
NR
1-Nov-15
1-Nov-15
1-Apr-19
Caa2/CCC+
Caa2/CCC+
B1/B
700.0
833.8
1009.0
98 1/2
98 1/2
100 7/8
10.26%
10.64%
6.79%
954bp
992bp
574bp
1-Nov-12
1-Nov-12
1-Apr-15
NR
NR
NR
NR
NR
12-Oct-15
15-Dec-18
12-Oct-17
12-Oct-15
1-Apr-19
Caa1/CCC+
B1/B
Caa1/CCC+
Caa1/CCC+
B3/CCC+
49.3
500.0
721.5
79.7
1175.0
105 1/2
109 1/2
109
105 3/4
106 3/4
5.38%
5.54%
6.65%
5.61%
6.88%
524bp
503bp
651bp
547bp
583bp
15-Oct-12
15-Dec-14
15-Oct-12
15-Oct-12
1-Apr-15
Alcatel-Lucent
6.375%
Sr Nts
8.500%
Sr Nts
6.450%
Debs
6.500%
Debs
Avaya
9.750%
Sr Nts
10.125%
Sr Toggle Nts
7.000%
CDW LLC
11.000%
Sr Nts
8.000%
12.535%
Sr Sub Nts
11.500%
Sr Toggle Nts
8.500%
Sr Nts
Amount
Outst.
Bid
Recent Quotes
YTW
STW
Next Call Data

Date
Price
LTM
EBITDA
EBITDA
Margin
Total Debt/
EBITDA
Net Debt/
EBITDA
EBITDA
Interest
1,205
1,205
1,205
1,205
7.7%
7.7%
7.7%
7.7%
3.8x
3.8x
3.8x
3.8x
0.9x
0.9x
0.9x
0.9x
4.0x
4.0x
4.0x
4.0x
102.44
102.53
103.50
$1,028
$1,028
$1,028
18.5%
18.5%
18.5%
6.0x
6.0x
4.5x
5.6x
5.6x
4.2x
2.2x
2.2x
2.2x
102.75
104.00
106.27
102.88
104.25
$717
$717
$717
$717
$717
7.5%
7.5%
7.5%
7.5%
7.5%
4.7x
2.8x
5.7x
4.7x
4.7x
4.5x
2.7x
5.5x
4.5x
4.5x
2.2x
2.2x
2.2x
2.2x
2.2x
Technology: Electronic Manufacturing Services (EMS) Thomas J. Egan (1-212) 270-2149
Coupon
Description
Recom.
Maturity
Ratings
Moodys
S&P
NR
NR
NR
NR
1-Oct-14
1-Oct-14
1-Oct-14
1-Oct-14
Ba1/BB+
Ba1/BB+
Ba1/BB+
Ba1/BB+
609.0
125.0
150.0
200.0
99
99
99
99
NR
NR
NR
15-Mar-18
15-Dec-20
15-Jul-16
Ba1/BB+
Ba1/BB+
Ba1/BB+
400.0
400.0
312.0
116
104 1/2
113 1/2
5.09%
4.98%
4.25%
382bp
305bp
338bp
NR
NR
15-May-19
1-Mar-16
B1/B
B3/B-
500.0
250.0
102 1/4
102 5/8
6.47%
6.54%
540bp
636bp
15-May-14
1-Mar-13
NR
15-Jan-15
B2/BB-
220.0
107 1/2
5.78%
570bp
15-Jul-12
Flextronics International
Loans
L+225
TL
L+225
TL
L+225
TL
L+225
TL
Jabil Circuit
8.250%
Sr Nts
5.625%
Sr Nts
7.750%
Sr Nts
Sanmina
7.000%
Sr Nts
8.125%
Sr Sub Nts
Viasystems
12.000%
Sr Sec Nts
67
Amount
Outst.
Bid
Recent Quotes
YTW
STW
Next Call Data

Date
Price
LTM
EBITDA
EBITDA
Margin
Total Debt/
EBITDA
Net Debt/
EBITDA
EBITDA
Interest
$1,129.0
$1,129.0
$1,129.0
$1,129.0
3.7%
3.7%
3.7%
3.7%
1.9x
1.9x
1.9x
1.9x
0.6x
0.6x
0.6x
0.6x
28.9x
28.9x
28.9x
28.9x
$1,055.9
$1,055.9
$1,055.9
6.2%
6.2%
6.2%
1.3x
1.3x
1.3x
0.7x
0.7x
0.7x
10.0x
10.0x
10.0x
105.25
101.35
$349.0
$349.0
5.4%
5.4%
2.2x
3.1x
0.9x
1.8x
3.2x
3.2x
106.00
$136.0
13.2%
1.7x
1.2x
6.2x
April 12, 2012


Transportation: Airlines Unsecured Mark Streeter (212) 834-5086
Coupon
Description
Delta Airlines
9.500%
Senior Secured (1st)
12.250%
Senior Secured (2nd)
9.750%
Sr Secured (EETC: 09-1B)
United Airlines
12.000% Sr Secured (EETC: 09-1B)
6.750%
9.875%
12.000%
Air Canada
9.250%
12.000%
Amount
Outstg.
Issue
Spread
Recent Quotes
Price
Yield
Spread
Buy
Buy
Buy
15-Sep-14
15-Mar-15
17-Dec-16
Ba2/BBB2/B+
Ba2/BBB-
28-Sep-09
28-Sep-09
24-Nov-09
$750.0
$600.0
$119.9
$601.1
$397.1
$66.4
744
1056
775
$106.00
$108.00
$104.13
5.0%
7.7%
8.7%
482
739
784
13.2%
13.2%
13.2%
15.1%
15.1%
15.1%
3.9x
3.9x
3.9x
Buy
Buy
Buy
Buy
15-Jan-16
15-Sep-15
1-Aug-13
1-Nov-13
Ba2/BB+
Ba2/BBBa3/BBB3/B-
24-Nov-09
20-Aug-10
15-Jan-10
15-Jan-10
$112.6
$800.0
$500.0
$200.0
$87.0
$800.0
$450.0
$200.0
955
539
831
1181
$109.00
$100.13
$105.00
$106.00
9.1%
6.7%
3.4%
4.2%
847
632
324
403
10.5%
10.5%
10.5%
10.5%
21.1%
21.1%
21.1%
21.1%
4.1x
4.1x
4.1x
4.1x
Hold
Hold
1-Aug-15
1-Feb-16
B2/B+
Caa2/B-
27-Jul-10
27-Jul-10
$600.0
$200.0
$600.0
$200.0
772
1122
$95.25
$86.50
11.0%
16.9%
1,046
1,631
6.0%
6.0%
19.2%
19.2%
5.4x
5.4x
Transportation: Rail Mark Streeter (212) 834-5086

Description
Recommendation
Maturity
Ratings
Issue
Date
Amount
Outstg.
Price
Recent Quotes
Yield
T-Spread
Buy
1-Feb-18
Ba2/BB+
20-Sep-10
$296
$111.0
3.8%
350
Kansas City Southern

8.000%
Senior Unsecured
68
Total Adj. Debt to

LTM EBITDAR
Ratings
Coupon
Most Recent Quarter

Unrestricted Cash
% of LTM Revenues
Maturity
Recommendation
Amount
Issued
EBITDAR
Margin
Issue
Date
April 12, 2012


Utilities Dave Katz (1-212) 270-4593
Coupon
AES Corporation
7.750%
7.750%
9.750%
8.000%
8.000%
7.375%
Calpine Corp.
7.250%
8.000%
7.875%
7.500%
7.875%
2
Edison Mission
7.500%
8.560%
7.750%
7.000%
7.200%
7.625%
Genon Energy
7.625%
7.875%
9.500%
9.875%
8.500%
9.125%
NRG Energy, Inc.
7.375%
7.625%
8.500%
7.625%
8.250%
7.875%
Description
Recom.
Maturity
Ratings
Moodys
S&P
Sr Nts
Sr Nts
Sr Nts
Sr Nts
Sr Nts
Sr Nts
NR
NR
NR
NR
NR
NR
1-Mar-14
15-Oct-15
15-Apr-16
15-Oct-17
1-Jun-20
1-Jul-21
Ba3/BBBa3/BBBa3/BBBa3/BBBa3/BBBa3/BB-
$500
$500
$535
$1500
$625
$1000
$108.00
$111.50
$117.00
$112.25
$113.50
$110.00
3.31%
4.18%
5.00%
5.40%
5.88%
5.95%
303bp
360bp
433bp
441bp
429bp
411bp
1-Mar-14
15-Oct-15
15-Apr-16
15-Oct-17
1-Jun-20
1-Jul-21
nc
nc
nc
nc
nc
nc
nc
nc
nc
nc
nc
nc
$3,645
$3,645
$3,645
$3,645
$3,645
$3,645
2.3x
2.3x
2.3x
2.3x
2.3x
2.3x
1.7x
1.7x
1.7x
1.7x
1.7x
1.7x
20%
20%
20%
20%
20%
20%

Sr Sec Nts
NR
NR
NR
NR
NR
15-Oct-17
15-Aug-19
31-Jul-20
15-Feb-21
15-Jan-23
B1/BBB1/NR
B1/BBB1/BBB1/BB-
$1200
$400
$1100
$2000
$1200
$105.38
$108.00
$107.25
$104.75
$106.00
5.54%
6.39%
6.44%
6.59%
6.86%
496bp
584bp
551bp
537bp
536bp
15-Oct-15
15-Aug-15
31-Jul-17
1-Nov-18
15-Jan-20
15-Oct-13
15-Aug-15
31-Jul-15
1-Nov-15
15-Jan-17
$103.63
$104.00
$103.94
$103.75
$103.94
$1,726
$1,726
$1,726
$1,726
$1,726
2.3x
2.3x
2.3x
2.3x
2.3x
4.5x
4.5x
4.5x
4.5x
4.5x
45%
45%
45%
45%
45%
Sr Nts
P-T Certs
Sr Nts
Sr Nts
Sr Nts
Sr Nts
Hold
NR
Hold
Hold
Hold
Hold
15-Jun-13
2-Jan-16
15-Jun-16
15-May-17
15-May-19
15-May-27
Caa3/CCC+
Ba3/B+
Caa3/CCC+
Caa3/CCC+
Caa3/CCC+
Caa3/CCC+
$500
$404
$500
$1200
$800
$700
$75.00
$96.25
$64.00
$61.00
$59.50
$57.00
35.47%
9.78%
21.16%
19.40%
17.35%
14.83%
3527bp
916bp
2046bp
1852bp
1600bp
1252bp
15-Jun-13
2-Jan-16
15-Jun-16
15-May-17
15-May-19
15-May-27
nc
nc
nc
nc
nc
nc
nc
nc
nc
nc
nc
nc
$510
$510
$510
$510
$510
$510
1.6x
1.6x
1.6x
1.6x
1.6x
1.6x
8.2x
8.2x
8.2x
8.2x
8.2x
8.2x
117%
117%
117%
117%
117%
117%
Sr Nts
Sr Nts
Sr Nts
Sr Nts
Sr Nts
Sr Nts
NR
NR
NR
NR
NR
NR
15-Jun-14
15-Jun-17
15-Oct-18
15-Oct-20
1-Oct-21
1-May-31
B3/B
B3/B
B3/B
B3/B
B3/BBB3/BB-
$575
$725
$675
$550
$450
$400
$101.00
$86.50
$90.75
$89.25
$87.00
$85.00
7.11%
11.40%
11.56%
11.92%
10.72%
11.02%
679bp
1049bp
1035bp
1024bp
882bp
848bp
15-Jun-14
15-Jun-17
15-Oct-18
15-Oct-20
1-Oct-21
1-May-31
nc
nc
nc
15-Oct-15
nc
nc
nc
nc
nc
$104.94
nc
nc
$622
$622
$622
$622
$622
$622
1.6x
1.6x
1.6x
1.6x
1.6x
1.6x
6.6x
6.6x
6.6x
6.6x
6.6x
6.6x
104%
104%
104%
104%
104%
104%
Sr Nts
Sr Nts
Sr Nts
Sr Nts
Guar Nts
Sr Nts
Hold
Buy
Buy
Buy
Buy
Buy
15-Jan-17
15-Jan-18
15-Jun-19
15-May-19
1-Sep-20
15-May-21
$1090
$1200
$700
$800
$1100
$1200
$103.63
$98.50
$100.00
$95.75
$96.00
$93.00
5.60%
7.95%
8.50%
8.43%
8.94%
9.02%
544bp
691bp
759bp
708bp
729bp
721bp
15-Jan-13
15-Jan-18
15-Jun-17
15-May-19
1-Sep-20
15-May-21
15-Jan-13
nc
15-Jun-14
15-May-14
1-Sep-15
15-May-16
$102.46
nc
$104.25
$103.81
$104.13
$103.94
$1,820
$1,820
$1,820
$1,820
$1,820
$1,820
2.7x
2.7x
2.7x
2.7x
2.7x
2.7x
4.4x
4.4x
4.4x
4.4x
4.4x
4.4x
67%
67%
67%
67%
67%
67%
Current
Offer
Recent Quotes
YTW
Spread

1. Enterprise value calculated on total debt value, not just through recourse debt.
2. For Edision Mission, an assumed 7.0x EV/EBITDA multiple was used. Midwest Generation pass-through certificates are recourse to Edison Mission.
69
YTD
Date
Next Call Data

Date
Price
EBITDA
LTM
EBITDA
Interest
LTM
Resource
Debt/
EBITDA LTM
Debt
1
EV
April 12, 2012


Utilities Dave Katz (1-212) 270-4593
Coupon
Description
Recom.
Texas Competitive Electric Holdings Company LLC 1

10.250%
Sr Nts
NR
10.250%
Sr Nts
NR
11.250%
Sr Toggle Nts
NR
11.500%
NR
15.000%
NR
Energy Future Holdings Corp.2
5.550%
Sr Nts
NR
7.460%
Sec Nts (1st Lien)
NR
12.000%
Sr Toggle Nts
NR
10.875%
Sr Nts
NR
7.480%
Sec Nts (1st Lien)
NR
9.750%
Sr Sec Nts
NR
10.000%
Sr Sec Nts
NR
6.500%
Sr Nts
NR
6.550%
Sr Nts
NR
Maturity
Ratings
Moodys
S&P
Current
Offer
1-Nov-15
1-Nov-15
1-Nov-16
1-Oct-20
1-Apr-21
Caa3/D
Caa3/D
Caa3/D
B2/CCC
Caa3/CC
$1833
$1292
$1567
$1750
$1235
$22.50
$22.00
$19.00
$63.00
$39.50
75.38%
76.67%
55.03%
20.92%
40.03%
7479bp
7608bp
5425bp
1925bp
3824bp
1-Nov-15
1-Nov-15
1-Nov-16
1-Oct-20
1-Apr-21
nc
1-Nov-12
1-Nov-12
1-Apr-16
1-Oct-15
15-Nov-14
1-Jan-15
1-Nov-17
1-Nov-17
1-Jan-17
15-Oct-19
15-Jan-20
15-Nov-24
15-Nov-34
Ca/D
Caa3/CC
Ca/D
Ca/D
Caa3/NR
Caa3/BCaa3/BCa/CC
Ca/CC
$326
$14
$438
$181
$55
$115
$1061
$740
$744
$72.50
$100.32
$84.75
$85.00
$90.01
$102.00
$108.00
$51.75
$49.50
19.63%
7.32%
16.23%
14.95%
10.20%
9.28%
8.22%
15.22%
13.94%
1922bp
689bp
1523bp
1395bp
938bp
829bp
740bp
1305bp
1119bp
15-Nov-14
1-Jan-15
1-Nov-17
1-Nov-17
1-Jan-17
15-Oct-17
15-Jan-17
15-Nov-24
15-Nov-34
nc
nc
1-Nov-12
1-Nov-12
nc
15-Oct-14
15-Jan-15
nc
nc
Recent Quotes
YTW
Spread
YTD
Date
EBITDA
LTM
EBITDA
Interest
LTM
Resource
Debt/
EBITDA LTM
Debt
1
EV
nc
$102.56
$105.25
$105.75
$107.50
$3,584
$3,584
$3,584
$3,584
$3,584
0.9x
0.9x
0.9x
0.9x
0.9x
8.3x
8.3x
8.3x
8.3x
8.3x
119%
119%
119%
119%
119%
nc
nc
$105.63
$105.44
nc
$104.88
$105.00
nc
nc
$5,036
$5,036
$5,036
$5,036
$5,036
$5,036
$5,036
$5,036
$5,036
1.2x
1.2x
1.2x
1.2x
1.2x
1.2x
1.2x
1.2x
1.2x
7.4x
7.4x
7.4x
7.4x
7.4x
7.4x
7.4x
7.4x
7.4x
105%
105%
105%
105%
105%
105%
105%
105%
105%
Next Call Data

Date
Price
1. Enterprise value calculated on total debt value, not just through recourse debt.
2. For Texas Competitive Electric Holdings Company LLC enterprise value estimated using a 7.0x EBITDA multiple. Capitalization and liquidity data is pro forma for the $650mn repayment of borrowings under TCEH revolver.
3. For Energy Future Holdings enterprise value estimated using a 7.0x EBITDA multiple. Capitalization and liquidity data is pro forma for the $650mn repayment of the borrowings under TCEH revolver and the issuance of EFIH's 11.750% notes due 2022.
70
April 12, 2012


Wireless Telecommunications: Rural, Regional, and National Wireless Thomas J. Egan (1-212) 270-2149
Coupon
Description
Recom.
Maturity
Ratings
Moodys
S&P
NR
NR
NR
NR
1-Dec-15
1-Dec-15
1-Dec-16
1-Dec-17
B3/CCC
B3/CCC
B3/CCC
Caa3/CC
2,027.5
920.0
300.0
500.0
93 1/4
93 1/4
106
84
14.44%
14.44%
12.98%
16.46%
1,384bp
1,384bp
1,218bp
1,544bp
1-Dec-12
1-Dec-12
NR
NR
NR
15-Jan-15
15-Jan-15
15-Apr-18
Caa1/NR
Caa1/NR
Caa1/NR
1,000.0
415.1
775.0
102
102
109 1/2
6.07%
6.32%
7.75%
592bp
616bp
746bp
NR
NR
NR
15-May-16
15-Jul-15
15-Oct-20
Ba2/B+
B3/CCC+
B3/CCC+
1,100.0
300.0
1,600.0
105 1/2
104 3/4
97
5.77%
7.65%
8.25%
NR
NR
1-Sep-18
15-Nov-20
B2/B
B2/B
1,000.0
1,000.0
104 3/4
98
NR
NR
NR
15-Aug-16
15-Dec-19
1-Apr-21
B2/B+
B2/B+
B2/B+
800.0
500.0
1,450.0
NR
NR
NR
NR
NR
NR
NR
NR
NR
NR
NR
NR
NR
31-Oct-13
15-Mar-14
1-Aug-15
1-Dec-16
1-Mar-17
15-Aug-17
15-Nov-18
1-May-19
1-Mar-20
15-Nov-21
15-Apr-22
15-Nov-28
15-Mar-32
B1/B+
B1/B+
B1/B+
B3/B+
B3/B+
B3/B+
Ba3/BBB3/B+
Ba3/BBB3/B+
B3/B+
B3/B+
B3/B+
NR
15-Aug-16
NR
NR
NR
NR
NR
NR
NR
NR
NR
NR
Clearwire Corporation
Digicel Group
8.875%
Sr Nts
9.125%
Sr Toggle Nts
10.500%
Sr Nts
Leap Wireless International, Inc.
7.750%
Sr Sec Nts
10.000%
Sr Nts
7.750%
Sr Nts
MetroPCS
7.875%
Sr Nts
6.625%
Sr Nts
NII Capital
10.000%
Sr Nts
8.875%
Sr Nts
7.625%
Sr Nts
Sprint Nextel Corporation
6.875%
Sr Nts
5.950%
Sr Nts
7.375%
Sr Nts
6.000%
Sr Nts
9.125%
Sr Nts
8.375%
Sr Nts
9.000%
Sr Nts
6.900%
Sr Guar Nts
7.000%
Nts
11.500%
Sr Nts
9.250%
Sr Nts
6.875%
Sr Nts
8.750%
Sr Nts
Trilogy International Partners
Vimpelcom
6.493%
Nts
7.748%
Nts
7.504%
Bds
Wind Acquisition
11.750%
Sr Sub Sec Nts
11.750%
Sr Sub Sec Nts
Sr Toggle Nts
12.250%
12.250%
Sr Toggle Nts
71
Amount
Outst.
Bid
Recent Quotes
YTW
Spread
Next Call Data

Date
Price
LTM Interest
Coverage
LTM
Leverage
Total
Subscribers
106.00
106.00
nm
nm
nm
nm
nm
nm
nm
nm
10,414,000
10,414,000
10,414,001
10,414,000
15-Jan-13
15-Jan-13
15-Apr-14
100.00
100.00
105.25
2.7x
2.7x
2.7x
4.4x
4.4x
4.4x
12,700,000
12,700,000
12,700,000
527bp
731bp
657bp
15-May-12
15-Jul-12
15-Oct-15
105.81
105.00
103.88
2.2x
2.2x
2.2x
2.0x
5.3x
5.3x
5,934,000
5,934,000
5,934,000
6.60%
6.94%
585bp
524bp
1-Sep-14
15-Nov-15
103.94
103.31
5.2x
5.2x
3.6x
3.6x
9,346,659
9,346,659
113
104 3/4
96 1/2
3.60%
7.82%
8.18%
338bp
679bp
640bp
15-Aug-13
15-Dec-14
1-Apr-16
105.00
104.44
103.81
4.9x
4.9x
4.9x
3.1x
3.1x
3.1x
10,712,000
10,712,000
10,712,000
1,472.9
1,169.9
2,137.1
2,000.0
1,000.0
1,300.0
3,000.0
1,729.4
1000.0
1,000.0
200.0
2,475.0
2,000.0
99 7/8
99 7/8
95 1/2
88 3/4
99 1/4
95 1/4
108 1/2
85 1/2
100 1/2
106 1/2
97
74 3/4
84 1/2
6.96%
6.02%
8.98%
9.03%
9.31%
9.53%
7.35%
9.80%
6.91%
10.41%
9.73%
10.03%
10.64%
672bp
573bp
844bp
823bp
847bp
858bp
611bp
846bp
538bp
848bp
771bp
763bp
804bp
5.0x
5.0x
5.0x
5.0x
5.0x
5.0x
5.0x
5.0x
5.0x
5.0x
5.0x
5.0x
5.0x
4.4x
4.4x
4.4x
4.4x
4.4x
4.4x
1.1x
4.4x
1.1x
4.4x
4.4x
4.4x
4.4x
55,021,000
55,021,000
55,021,000
55,021,000
55,021,000
55,021,000
55,021,000
55,021,000
55,021,000
55,021,000
55,021,000
55,021,000
55,021,000
Caa1/CCC+
370.0
87
14.37%
1,363bp
2-Feb-16
2-Feb-21
1-Mar-22
Ba3/BB
Ba3/BB
Ba3/BB
500.0
1,000.0
1,500.0
102 1/4
97 5/9
95 3/8
5.82%
8.14%
8.19%
518bp
639bp
620bp
4.8x
4.8x
4.8x
2.6x
2.6x
2.6x
205,000,000
205,000,000
205,000,000
15-Jul-17
15-Jul-17
15-Jul-17
15-Jul-17
15-Feb-18
15-Feb-18
15-Feb-18
B3/BBB3/BBCaa1/B
Caa1/B
Ba3/BB
Ba3/BB
Ba3/BB
2,000.0
1,250.0
754.2
392.2
1,300.0
400.0
1,750.0
94
89
85
85
92 3/8
91 1/4
88 1/2
13.36%
14.82%
16.63%
16.63%
8.96%
9.22%
10.03%
1,244bp
1,408bp
1,570bp
1,588bp
789bp
816bp
915bp
2.9x
2.9x
2.9x
2.9x
2.9x
2.9x
2.9x
4.4x
4.4x
4.9x
4.9x
3.0x
3.0x
3.0x
21,014,000
21,014,000
21,014,000
21,014,000
21,014,000
21,014,000
21,014,000
15-Aug-13
15-Jul-13
15-Jul-13
15-Jul-13
15-Jul-13
15-Nov-13
15-Nov-13
15-Nov-13
105.13
105.88
105.88
106.13
106.13
105.44
105.44
105.53
April 12, 2012


Wireless Telecommunications: Tower Thomas J. Egan (1-212) 270-2149
Coupon
Description
Crown Castle
7.750%
Sr Sec Nts
9.000%
Sr Nts
7.125%
Sr Nts
SBA Telecommunications
8.000%
Sr Nts
8.250%
Sr Nts
72
Recom.
Maturity
Ratings
Moodys
S&P
NR
NR
NR
1-May-17
15-Jan-15
1-Nov-19
Baa3/BB
B1/BB1/B-
1000.4
866.9
500.0
108 5/8
110 1/4
108 3/8
2.99%
2.56%
4.91%
280bp
240bp
451bp
1-May-13
15-Jan-13
1-Nov-14
NR
NR
15-Aug-16
15-Aug-19
B1/B+
B1/B+
375.0
375.0
107 3/8
110 1/8
3.53%
5.26%
343bp
490bp
15-Aug-12
15-Aug-14
Amount
Outst.
Bid
Recent Quotes
YTW
Spread
Next Call Data

Date
Price
LTM Interest
Coverage
LTM
Leverage
Total
Towers
103.88
105.63
103.56
3.2x
3.2x
3.2x
3.6x
5.3x
5.3x
23,783
23,783
23,783
106.00
104.13
2.8x
2.8x
5.6x
5.6x
10,524
10,524
April 12, 2012


Wireline Telecommunications Thomas J. Egan (1-212) 270-2149
Coupon
Description
Cincinnati Bell Telephone

6.300%
Sr Guar Nts
7.250%
Sr Sec Nts
7.000%
Sr Nts
8.375%
Sr Nts
8.750%
Sr Sub Nts
8.250%
Sr Nts
Frontier Communications
6.250%
Sr Nts
8.250%
Sr Nts
6.625%
Sr Nts
7.875%
Sr Nts
8.250%
Sr Nts
8.125%
Sr Nts
7.125%
Sr Nts
8.500%
Sr Nts
8.750%
Sr Nts
7.000%
Debs
7.875%
Sr Nts
9.000%
Sr Nts
7.450%
Debs
7.050%
Debs
Equinix
8.125%
Sr Nts
7.000%
Sr Nts
Fairpoint Communications
13.125%
Sr Nts
Level 3 Communications
8.625%
Sr Nts
8.750%
Sr Nts
11.875%
Sr Nts
10.000%
Sr Nts
9.375%
Sr Nts
8.125%
Sr Nts
Time Warner Telecom Holdings
Sr Nts
8.000%
73
Maturity
Ratings
Moodys
S&P
Amount
Outst.
NR
NR
NR
NR
NR
NR
1-Dec-28
15-Jun-23
15-Feb-15
15-Oct-20
15-Mar-18
15-Oct-17
Ba1/BBBa1/BBB1/B
B1/B
B3/CCC+
B1/B
134.5
40.0
250.0
775.0
625.0
500.0
79 7/8
90
100 1/2
98 1/2
91 3/4
102 1/4
8.60%
8.66%
6.36%
8.63%
10.66%
7.51%
619bp
658bp
619bp
695bp
958bp
693bp
NR
NR
NR
NR
NR
NR
NR
NR
NR
NR
NR
NR
NR
NR
15-Jan-13
1-May-14
15-Mar-15
15-Apr-15
15-Apr-17
1-Oct-18
15-Mar-19
15-Apr-20
15-Apr-22
1-Nov-25
15-Jan-27
15-Aug-31
1-Jul-35
1-Oct-46
Ba2/BB
Ba2/BB
Ba2/BB
Ba2/BB
Ba2/BB
Ba2/BB
Ba2/BB
Ba2/BB
Ba2/BB
Ba2/BB
Ba2/BB
Ba2/BB
Ba2/BB
Ba2/BB
580.7
600.0
300.0
500.0
1100.0
600.0
434.0
1100.0
500.0
138.0
345.9
945.3
125.0
193.5
102
108 1/8
104 1/8
107 1/2
107 1/4
104 5/8
99 1/4
104
104 1/2
88
89 1/2
95 3/4
81
78 1/4
3.53%
4.06%
5.08%
5.14%
6.53%
7.22%
7.26%
7.82%
8.09%
8.51%
9.19%
9.48%
9.49%
9.13%
337bp
376bp
461bp
466bp
566bp
601bp
595bp
626bp
607bp
628bp
689bp
692bp
670bp
569bp
NR
NR
1-Mar-18
15-Jul-21
Ba2/BBBa2/BB-
750.0
750.0
110
109
4.59%
5.35%
432bp
462bp
1-Mar-14
15-Jul-16
104.06
103.50
NR
1-Apr-18
NR/NR
550.0
250.00%
bp
1-Apr-13
106.56
NR
NR
NR
NR
NR
NR
15-Jul-20
15-Feb-17
1-Feb-19
1-Feb-18
1-Apr-19
1-Jul-19
B3/CCC
B3/CCC
Caa2/CCC
B3/CCC
B3/CCC
B3/CCC
900.0
700.0
605.2
640.0
500.0
1200.0
104
103 3/4
113
109
108
102
7.74%
7.25%
8.48%
7.20%
7.42%
7.65%
670bp
680bp
784bp
675bp
655bp
673bp
15-Jan-16
15-Feb-13
1-Feb-15
1-Feb-14
1-Apr-15
1-Jul-15
NR
1-Mar-18
B1/B
430.0
109 1/2
4.71%
443bp
1-Mar-14
Recom.
Bid
Recent Quotes
YTW
Next Call
Spread
Date
15-Feb-13
15-Oct-15
15-Mar-14
15-Oct-13
Price
LTM
Revenue
LTM
EBITDA
LTM
Leverage
100.00
104.19
104.38
104.13
$1,462
$1,462
$1,462
$1,462
$1,462
$1,462
$545.0
$545.0
$545.0
$545.0
$545.0
$545.0
0.7x
0.7x
3.5x
3.5x
4.6x
3.5x
$5,243
$5,243
$5,243
$5,243
$5,243
$5,243
$5,243
$5,243
$5,243
$5,243
$5,243
$5,243
$5,243
$5,243
$2,485.0
$2,485.0
$2,485.0
$2,485.0
$2,485.0
$2,485.0
$2,485.0
$2,485.0
$2,485.0
$2,485.0
$2,485.0
$2,485.0
$2,485.0
$2,485.0
3.3x
3.3x
3.3x
3.3x
3.3x
3.3x
3.3x
3.3x
3.3x
3.3x
3.3x
3.3x
3.3x
3.3x
$1,607
$1,607
$738.4
$738.4
2.9x
2.9x
104.31
102.92
105.94
105.00
104.69
104.06
$6,318
$6,318
$6,318
$6,318
$6,318
$6,318
$1,216.0
$1,216.0
$1,216.0
$1,216.0
$1,216.0
$1,216.0
5.7x
5.7x
7.1x
5.7x
5.7x
5.7x
104.00
$1,367
$497.7
2.0x
April 12, 2012


Wireline Telecommunications Thomas J. Egan (1-212) 270-2149
Coupon
Description
West Corp.
11.000%
Sr Sub Nts
8.625%
Sr Nts
7.875%
Sr Nts
Windstream
7.500%
Sr Nts
8.125%
Sr Nts
7.000%
Sr Nts
7.875%
Sr Nts
8.125%
Sr Nts
6.750%
Sr Nts
7.750%
Sr Nts
7.500%
Sr Nts
7.750%
Sr Nts
PAETEC Holding Corp.
8.875%
9.875%
Sr Nts
74
Maturity
Ratings
Moodys
S&P
Amount
Outst.
NR
NR
NR
15-Oct-16
1-Oct-18
15-Jan-19
Caa1/BB3/B
B3/B
450.0
500.0
650.0
106
109 1/2
105 1/2
5.95%
6.06%
6.47%
NR
NR
NR
NR
NR
NR
NR
NR
NR
1-Jun-22
1-Aug-13
15-Mar-19
1-Nov-17
1-Sep-18
1-Apr-28
15-Oct-20
1-Apr-23
1-Oct-21
Ba3/B+
Ba3/B+
Ba3/B+
Ba3/B+
Ba3/B+
Baa3/BB+
Ba3/B+
Ba3/B+
Ba3/B+
500.0
800.0
500.0
1100.0
400.0
100.0
700.0
600.0
450.0
103 1/2
106 3/8
101 3/4
109 3/4
106 3/4
103 6/7
105 3/4
102 1/2
105 3/4
NR
NR
30-Jun-17
1-Dec-18
Ba1/BBNR/NR
650.0
450.0
108 1/4
113
Recom.
Bid
Recent Quotes
YTW
Date
Next Call
Price
LTM
Revenue
LTM
EBITDA
LTM
Leverage
581bp
568bp
568bp
15-Oct-12
1-Oct-14
15-Nov-14
103.67
104.31
103.94
$2,491
$2,491
$2,491
$681.4
$681.4
$681.4
5.2x
4.5x
4.5x
6.93%
3.05%
6.33%
5.79%
6.33%
6.36%
6.65%
7.04%
6.76%
534bp
284bp
586bp
480bp
558bp
400bp
543bp
572bp
532bp
1-Jun-17
103.75
15-Mar-13
102.33
1-Sep-14
104.06
15-Oct-15
1-Apr-16
1-Oct-16
103.88
103.75
103.88
$6,244
$6,244
$6,244
$6,244
$6,244
$6,244
$6,244
$6,244
$6,244
$2,434.0
$2,434.0
$2,434.0
$2,434.0
$2,434.0
$2,434.0
$2,434.0
$2,434.0
$2,434.0
3.6x
3.6x
3.6x
3.6x
3.6x
1.3x
3.6x
3.6x
3.6x
5.32%
6.19%
512bp
578bp
30-Jun-13
1-Dec-14
104.44
104.94
$6,244
$6,244
$2,434.0
$2,434.0
1.3x
3.6x
Spread
J.P. Morgan North American Credit Research

383 Madison Avenue, 3rd Floor, New York, NY 10179
JOYCE CHANG
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AND
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DAVID COMMON
Head of High Grade Research
Head of High Yield Research
NORTH AMERICAN HIGH GRADE RESEARCH
NORTH AMERICAN HIGH YIELD RESEARCH
AUTOMOTIVE
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Chemicals and Metals & Mining
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BASIC INDUSTRIES
Chemicals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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Homebuilding, Gaming & Lodging

Paper/Forest Products, Packaging

Metals & Mining . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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Paper/Forest Products, Packaging
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ENERGY, PIPELINES, MLPS

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MANUFACTURING, SERVICES
Aerospace/Defense
Manufacturing and Industrials
REITS
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MANUFACTURING, SERVICES
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GAMING, LODGING, LEISURE
Gaming, Lodging
Leisure
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RETAIL
RETAIL
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Technology
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North American Credit Research
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North America High Yield Research

April 12, 2012

High-Yield Relative Value Weekly

The table below is an at-a-glance summary of the changes in this weeks

Food and Restaurants

Carla Casella, CFA

David Common, CFA

Metals and Mining

Paper and Packaging

Carla Casella, CFA

Texas Petrochemical Group 8.250% Sr. Sec. Notes due 2017

J.P. Morgan Securities LLC

See page 76 for analyst certification and important disclosures.

J.P. Morgan High-Yield Relative Value Weekly is

April 12, 2012

North America High Yield Research

Relative value analysis

Alliant Techsystems (ATK)

Next Call Data

April 12, 2012

North America High Yield Research

Relative value analysis

L-3 Communications (LLL)

30-Sep-13 Ba1/BBB30-Sep-16 Ba1/BBB1-Oct-17 Ba3/BB15-Dec-20 Ba3/BB-

Next Call Data

1. Pro forma for recently completed acquisitions.

April 12, 2012

North America High Yield Research

Relative value analysis

Bond and CDS Data

Source: J.P. Morgan and company reports.

Next Call Data

Credit Fundamentals (LTM 12/31/11)

April 12, 2012

North America High Yield Research

Relative value analysis

Bond and CDS Data

Next Call Data

Credit Fundamentals (LTM 12/31/11)

April 12, 2012

North America High Yield Research

Relative value analysis

Bond and CDS Data

United Components (UCII)

Source: J.P. Morgan and company reports.

Next Call Data

Credit Fundamentals (LTM 12/31/11)

April 12, 2012

North America High Yield Research

Relative value analysis

Bond and CDS Data

Automotive Dealer Average

Next Call Data

Credit Fundamentals (LTM 12/31/11)

April 12, 2012

North America High Yield Research

Relative value analysis

Source: J.P. Morgan and company reports.

Next Call Data

15-Nov-14 104 4/7

April 12, 2012

North America High Yield Research