The $8.2 billion of junk debt being prepared for market may look like a feast, but it is barely an hors d'oeuvre for cash-waving investors.

"Even though this sounds like a lot of deb coming to market, the great majority of it is to refinance existing debt," Kingman Penniman, a senior vice president of Duff & Phelps/MCM Investment Research Co., said yesterday.

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