North American Van Lines receives consents for 13 3/8% notes

New York, Oct. 31 - North American Van Lines, Inc. said it received the necessary consents from holders of its $150 million 13 3/8% senior subordinated notes due 2009 for the proposed amendments to the indentures.

The Fort Wayne, Ind. company said it received consents from $138.175 million principal amount of the notes or 92% of the principal amount, far above the majority needed.

The amendment is to eliminate or modify substantially all of the restrictive covenants and certain other provisions contained in the indenture.

Holders who validly tendered by the consent date will receive a payment for each $1,000 principal amount tendered determined by taking a price calculated based on a fixed spread of 75 basis points over the yield to maturity on the pricing date of Nov. 13 of the 2% Treasury note due Nov. 30, 2004, plus accrued and unpaid interest up to, but not including, the payment date. If the offer is extended, the pricing date will be pushed back to prior to the open of business on a date such that two whole business days would have elapsed between that date and the expiration of the offer.

The expiration date is 5.00 p.m. ET on Nov. 18, unless extended or earlier terminated.

Holders who tender after the now-passed consent date will receive $30.00 less per $1,000 principal amount, plus accrued interest.

Tendered notes may not be withdrawn and consents may not be revoked after the date on which the trustee under the indenture receives an officer's certificate from the company certifying that the requisite consents have been received except in limited circumstances.

The tender offer and consent solicitation are subject to various conditions, including the consummation of the planned initial public offering by Sirva, Inc., North American Van Lines' parent company, the consummation of certain financing transactions and the execution of the proposed amendments to the indenture.

Banc of America Securities LLC will act as the exclusive dealer manager and solicitation agent (contact High Yield Special Products at 888 292-0070 or collect at 704388-4807). Requests for documentation should go to the information agent, Global Bondholder Services Corp. (866 470-3600 or collect at 212 430-3774).

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