Vantico launches exchange offer for 12% notes

By Carlise Newman

Chicago, May 29 - Vantico Group SA has begun an exchange offer for its 12% senior notes due 2010. The company also said it has obtained an extension on waivers from its bank lenders enabling it to complete its restructuring.

Holders may elect to receive €300 in cash or 5.1 common equity interests in the company for each €1,000 in principal amount of notes tendered.

The noteholders who elect for the equity exchange offer can subscribe for additional equity in the company.

The exchange is conditional upon the successful completion of a refinancing of the existing senior bank debt and the achievement of a 99% threshold of acceptance by noteholders.

The exchange is being carried out as a private offering only to noteholders who are not U.S. citizens, or who are U.S. citizens that are accredited investors.

The exchange offer began on May 16 and will expire at 5 p.m. London time on June 16. Bank of New York is the exchange agent.

The company holds 73% of the notes, having received them from MatlinPatterson Global Opportunities Partners, LP and SISU Capital Ltd., members of the ad hoc committee of holders.

The ad hoc committee provided a bridge facility of up to €50 million to Vantico as part of the restructuring and borrowings will be repaid to the extent possible with available liquidity when the restructuring closes. The remainder of the bridge equity will be terminated, on the basis that each €1 million of outstanding principal and accrued interest under the facility will be converted into 0.4% of the units to be outstanding after completion of the exchange offer, equity private placement and the bridge equity.

At completion of the restructuring, MatlinPatterson will hold 60% of the equity. It is expected to transfer that stake to HMP Equity Holdings Corp., which is jointly owned by MatlinPatterson and the Huntsman family.

Vantico is headquartered in Luxembourg and manufactures polymer and adhesives.

Details at:

http://www.sec.gov/Archives/edgar/data/1134944/000104746903020035/a2112164z6-k.htm

Newmont begins offer to acquire Australian unit's 8 7/8% '08 notes

New York, May 29 - Newmont Mining Corp. (Baa3) said that it had officially launched its previously announced offer to acquire the outstanding 8 7/8% senior notes due 2008 issued by its Australian subsidiary, Newmont Yandal Operations Ltd. (Ca), and a related solicitation of noteholder consents to proposed indenture changes.

The company set 5 p.m. ET on June 12 as the consent deadline by which holders must tender their bonds and consent to proposed indenture amendments in order to receive a $20 per $1,000 principal amount consent payment as part of their total consideration. With the consent payment, total consideration will be $500 per $1,000 principal amount. Newmont said the offer would expire at 5 p.m. ET on June 26, with both deadlines subject to possible extension.

As previously announced, Newmont, a Denver-based international gold mining company, said on May 27 that it planned to acquire the bonds of Yandal - the former Great Central Mines Ltd., which Newmont acquired in February 2002 -and would also offer to acquire all of the gold hedge obligations owed by Yandal to counterparty banks. It said it would formally announce offers for the bonds and the hedge obligations within the week.

Newmont said that it would acquire the bonds and the hedge obligations through another of its subsidiaries, Yandal Bond Co. Ltd., which already owns $62.8 million in aggregate principal amount of the notes.

Newmont said that Yandal Bond Co. would offer to acquire all of the $237.2 million principal amount of notes which it does not now own, plus accrued interest, for a cash payment of 50 cents per $1 of outstanding principal amount (including an early acceptance and consent fee). The aggregate offer price for those notes which it does not own will be approximately $118.6 million.

Newmont said that the offer would be subject to various conditions, including acceptance of the offer by a majority in outstanding principal amount of the $237.2 million of notes not currently owned by Yandal Bond Co., and there not being any acceleration of Yandal indebtedness or insolvency or similar proceeding instituted against Yandal.

The company said it also planned to seek the consent of its noteholders to certain indenture amendments.

Citigroup Global Markets Inc. is the dealer manager for the offer (call 800 558-3745). Mellon Investor Services LLC is the depositary and information agent for the tender offer and consent solicitation (banks and brokers call 917 320-6286, others call toll-free 800 392-5792).

infoUSA to redeem 9½% notes with new credit facility

New York, May 29 - infoUSA said it plans to use a restructured credit facility to redeem its 9½% senior subordinated notes due 2008.

The Omaha, Neb. provider of business and consumer information products, database marketing services, data processing services and sales and marketing solutions said it increased its credit facility to $145 million from $115 million.

The increased availability will be used primarily to redeem the 9½% notes, of which there is $92 million outstanding, infoUSA said.

The notes are callable from June 2003 onwards.

iBasis to exchange $12.2 million 5.75% convertibles

New York, May 29 - iBasis, Inc. said it received commitments from a group of noteholders to exchange $12.2 million of its 5.75% convertible subordinated notes due 2005.

Of the total, $11.8 million were retired Thursday, the Burlington, Mass. telecommunications company said.

In exchange for the convertibles, the noteholders will receive $6.1 million principal amount of new 11.5% senior secured notes and five-year warrants to buy 1,116,605 shares of iBasis common stock at an initial exercise price of $0.65 per share. The new notes mature Jan. 15, 2005.

Following the exchange, iBasis said it will have $38.2 million of the convertibles outstanding, down from the original $150 million.

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