MISSION ENERGY HOLDING CO. said Monday (Nov. 12) that it had extended its pending offer to exchange up to $800 million newly issued 13½% senior secured notes due 2008 (which have been registered under the 1933 Securities Act for public trading) for a like amount of the outstanding 13 ½% notes, which were previously issued in a private placement. It had been scheduled to expire on Nov. 9 but will now expire at 5 p.m. ET on Nov. 13, subject to possible further extension. So far, approximately $799 million of the existing notes have been tendered for exchange. AS PREVIOUSLY ANNOUNCED, Mission Energy, a Rosemead, Calif.-based global energy producer - a wholly owned subsidiary of EDISON INTERNATIONAL INC. (EIX) - began the exchange offer on Oct. 2.

RUSSELL-STANLEY HOLDINGS, INC. Said Friday (Nov. 9) that it had received tenders from holders of 100% of its $150 million 10 7/8% senior subordinated notes due 2009 under its previously announced exchange offer, which expired at 5 p.m. ET on Nov. 9. The company anticipates a closing on the exchange offer within five days. It said interest on the new notes would be paid-in-kind (i.e., paid in additional notes rather than cash) until Aug. 31, 2003 and payable in cash thereafter if certain financial conditions were met. It also said Nov. 12 that its bankers have amended its existing revolving credit and term loan facility to provide for a $95 million commitment, $10 million over the previous level. AS PREVIOUSLY ANNOUNCED, Russell-Stanley, a Bridgewater, N.J.-based manufacturer and marketer of plastic and steel containers, announced Oct. 4 that it had begun an exchange offer to the holders of the 10 7/8% notes as part of its restructuring plan, under which the note holders would exchange $150 million of the existing 10 7/8% notes into substantially all of the equity of the reorganized company and $20 million of new 9% senior subordinated notes due 2008. The company initially set Oct. 31 as the expiration date for the offer, although this was subsequently extended several times. Russell-Stanley simultaneously began soliciting releases and votes to accept a pre-packaged plan of reorganization, with the voting deadline identical to the tender expiration.

KING PHARMACEUTICALS, INC. (KG) said Friday (Nov. 9) that it had begun a cash tender offer for all of its $96.382 million outstanding 10¾% senior subordinated notes due 2009. The Bristol, Tenn.-based pharmaceuticals maker said the tender offer will expire at 9:00 a.m. ET on Dec. 12, 2001, subject to possible extension. King will set the price at which it will purchase the notes three business days prior to the expiration date of the tender offer, based on a 75-basis point spread over the yield of the reference security, the 4.75% U.S. Treasury Notes due Feb. 15, 2004, plus accrued and unpaid interest up to, but not including, the payment date. The purchase price will include a $20 per $1,000 principal amount consent payment for holders who validly consent to proposed indenture amendments eliminating certain restrictive provisions by tendering their notes by Nov. 27 at 5:00 p.m., ET, subject to possible extension. Noteholders who consent to the proposed amendments by tendering their notes may not withdraw them and consents may not be revoked after the consent deadline except in certain limited circumstances. Payment for validly tendered notes is expected to be made promptly following the expiration of the tender offer. Credit Suisse First Boston Corp. (212-538-8474 or 800-820-1653) is acting as dealer manager in connection with the tender offer consent solicitation. The information agent is Georgeson Shareholder Communications (800-223-2064) is the information agent, while the depositary is The Bank of New York.

KMC TELECOM HOLDINGS INC. said Friday (Nov. 9) that it intends to buy back more of its outstanding senior discount notes and senior notes in order to take advantage of the "substantial discounts" at which they are trading. The Bedminster, N.J. telecommunications operator said in a Securities and Exchange Commission filing that it had already bought back 39% of its senior discount notes, with a face value of $135.1 million, for a cost of $19.2 million. The repurchased notes are held by one of the company's subsidiaries, and have been pledged as additional collateral to its credit facility lenders. KMC said the buybacks would reduce its future cash interest payments and the amounts due at maturity, but added that it requires the advance written consent of its lenders to make further repurchases. The purchases could be in the open market or in privately negotiated transactions and it may pay either cash or exchange them for stock or for acquire the notes for a combination of cash and stock. KMC said buybacks would also be subject to market conditions, the company's liquidity and its prospects for future access to capital.

AAF McQUAY INC. said Friday (Nov. 9) that it had repurchased $2 million of its senior notes during the first quarter of fiscal 2002. The Louisville, Ky.-based company said in a Securities and Exchange Commission filing that the bonds had been bought back at a discount. As of Sept. 30, there were $107 million of the notes outstanding.

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