Packaged Ice obtains consents for 9¾% notes

New York, July 16 - Packaged Ice, Inc. said it obtained the necessary consents to amend the indentures of its 9¾% series A senior notes due 2005 and 9¾% series B senior notes due 2005.

The Dallas ice distributor said that holders who provided consents by the deadline of 5.00 p.m. ET on Wednesday will receive $1,025.63 per $1,000 principal amount of the notes including a consent payment of $1.25 per $1,000 principal amount if the company accepts for payment notes tendered in the tender offer.

Holders who tender after the consent deadline will not receive the consent payment.

By the close of business $230.4 million of the $255.0 million notes outstanding had been tendered.

The tender expires at 5.00 p.m. ET on July 31 unless extended.

The tender offer and consent solicitation are conditional on the completion of the merger with CAC Holdings Corp. and Cube Acquisition Corp., companies formed by Trimaran Fund Management, LLC and Bear Stearns Merchant Banking for the purpose, and the receipt of the necessary financing.

Georgeson Shareholder (call toll-free at 800- 293-7319) will be the information agent. Credit Suisse First Boston LLC (call Liability Management Group toll-free at 800- 820-1653), Bear, Stearns & Co. Inc. (call the Global Liability Management Group, toll-free at 877-696-BEAR (696-2327); and CIBC World Markets Corp (contact Brian Perman toll-free at 800- 274-2746) will be the dealer managers for the offer and the solicitation.

Champion Enterprises retires $50 million of notes in first half

New York, July 16 - Champion Enterprises Inc. said that it had retired $50.5 million of its senior notes in the first half of 2003, resulting in pretax gains of $13.8 million in the half from early retirement of debt.

Champion, an Auburn Hills, Mich.-based producer of manufactured housing, said in its announcement concerning its second-quarter financial results that at the quarter's end it had long-term debt of $291 million, down from $342 million at the beginning of the year.

It said that it had spent $35.8 million to purchase and retire the $50.5 million principal amount of the notes.

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