JASMINE SUBMARINE TELECOMMUNICATIONS CO., LTD. (Ba3) said Monday (May 20) that it would extend the consent deadline on its previously announced cash tender offer for its 8.483% senior secured notes due 2011 and the related consent solicitation. The consent deadline was extended to 11:59 p.m. ET on May 22 from May 17 previously. AS PREVIOUSLY ANNOUNCED, Jasmine Submarine Telecommunications, a Bangkok, Thailand-based telecommunications company, said on May 2 that it was beginning a cash tender offer for the 8.483% notes, as well as a related solicitation of consents to proposed indenture amendments, and to the release of the security securing the notes. The company initially set a consent deadline of 11:59 p.m. ET on May 15, which was subsequently extended, and a tender offer expiration deadline of 11:59 p.m. ET on May 30, subject to possible extension. Holders tendering their notes would be required to consent to the proposed amendments and to the release of the security, while holders granting consent would be required to tender their notes. Jasmine initially said those notes which are validly tendered and accepted for purchase would be purchased at a price of $650 per $1,000 principal amount of notes (this amount was subsequently modified in the clarification released May 6), plus accrued and unpaid interest from May 30 (the date of the next scheduled interest and principal payments on the notes) up to - but not including - the settlement date of the offer, less a consent payment of $30 per $1,000 principal amount of notes (which would only be paid for those notes which are tended by the already outlined consent deadline). The interest and principal payments scheduled for May 30 would not be affected by the offer. Jasmine said that the closing of the tender offer and consent solicitation is conditioned on a number of factors, including - among other things - Jasmine Submarine receiving valid tenders, with consents, of all of the outstanding notes, and Jasmine Submarine obtaining net proceeds under the terms of a secured bank loan agreement with Krungthai Bank Public Co. Ltd. The agreement calls for the loan of up to 4.35 billion Thai baht (approximately US$101 million, based on the spot exchange rate on May 1). On May 6, the company said that it had issued a supplementary announcement regarding its previously announced cash tender offer for its remaining outstanding $142.956 million of 8.483% notes (out of the original principal amount of $180 million), in order to clarify the purchase price. The supplement clarified that notes validly tendered and accepted for purchase would be purchased at a price of 65% of the principal amount that will remain to be paid on the notes after the May 30 principal payment, or $496.405 per $1,000 original principal amount of notes (corrected from the originally announced $650 per $1,000 principal amount). Of this amount, Jasmine Submarine designated 3% of the principal amount that will remain to be paid on the notes after the May 30 principal payment, or $22.911 per $1,000 original principal amount of notes, as a consent payment for those holders tendering their notes by the consent deadline (originally set for 15 but subsequently extended). Jasmine Submarine said it would also pay accrued and unpaid interest on the tendered notes from May 30, (the date of the next scheduled interest and principal payments on the notes and also, the expiration date for the tender offer), up to - but not including - the settlement date of the offer. The interest and principal payments scheduled for May 30 will not be affected by the offer. Salomon Smith Barney (call 800 558-3745) is the dealer manager; the information agent is Mellon Investor Services (banks and brokers call collect at 917 320-6286, others call 888 566-9471).

TRICO MARINE SERVICES, INC. (TMAR) (B1/B) said Friday (May 17) that it had begun a tender offer for its outstanding 8½% senior notes due 2005, and was also seeking noteholder consents aimed at eliminating certain provisions in the notes' indenture. Trico Marine, a Houston-based provider of marine support services to the oil and gas industry, said it would purchase tendered notes at a cash purchase price of $1,034 per $1,000 principal amount of tendered notes, plus accrued and unpaid interest up to - but not including - the payment date. The purchase price includes a $25 per $1,000 principal amount consent payment that will be paid only for those notes tendered by the consent deadline of 5 p.m. ET on May 29, subject to possible extension. Holders who tender their notes after the consent deadline will not be paid the consent payment as part of their consideration ($1,009 per $1,000 principal amount, plus accrued interest). The tender offer will expire at 5 p.m. ET on June 14, subject to possible extension. Payment for notes tendered and accepted on or before May 29 will be made promptly following the closing of Trico Marine's debt offering of new senior notes due 2012 (concurrently with the tender offer announcement, Trico Marine announced that it expects to make a private Rule 144A offer of $250 million of senior notes due 2012, and would use the proceeds of the new placement to pay for redemption of the 8½% notes. Trico said that payment for notes tendered after the consent deadline but before the offer expires will be made promptly following the expiration of the tender offer. Completion of the tender offer and payment for tendered notes is subject to the satisfaction or waiver of various conditions, including the completion by Trico Marine of the sale of the $250 million of new 10-year notes on acceptable terms and conditions. Lehman Brothers Inc. (call Emily Shanks at 800 438-3242, or call collect at 212 528-7581) and Bear, Stearns & Co. Inc. (call 877 696-2327) are acting as joint dealer managers and solicitation agents for the tender offer and the consent solicitation. The information agent is D.F. King & Co., Inc. (call 800 549-6746), and the depositary is JPMorgan Chase Bank.

SABINE RIVER HOLDING CORP., a 90 %-owned subsidiary of PREMCOR INC. (PCO) (Ba3/BB-) said on Thursday (May 16) that its subsidiaries, PORT ARTHUR FINANCE CORP. and PORT ARTHUR COKER CO., were soliciting the consent of the holders of Port Arthur Finance's 12½% senior notes due 2009 to proposed amendments to the financing and security documents under which the notes were issued. The company said that the amendments would facilitate a proposed restructuring that would, among other things, permit the prepayment of $221.4 million of Port Arthur Finance's existing bank debt and result in Sabine River Holding Corp. and its subsidiary companies becoming wholly owned direct or indirect subsidiaries of THE PREMCOR REFINING GROUP INC., a wholly owned indirect subsidiary of Premcor Inc. If the amendments become effective, Premcor Refining Group will fully and unconditionally guarantee the payment obligations under the Port Arthur Finance 12½% notes. The consent solicitation will expire at 5 p.m. ET on May 29, subject to possible extension. The consent solicitation is conditioned upon the receipt of valid consents from at the holders of at least a majority of the aggregate principal amount of the outstanding notes and the satisfaction or waiver of certain other conditions, including the rating agencies reaffirming their credit ratings of the 12½% notes after giving effect to the proposed amendments and restructuring. In order to be eligible for the consent fee of $20 per $1,000 principal amount of the notes, holders must deliver their consents on or before the aforementioned consent solicitation expiration deadline. Consents may be revoked any time prior to the expiration of the solicitation, but not thereafter. The company said that the Premcor Refining Group Inc. guarantee has not been, and will not be, registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. AS PREVIOUSLY REPORTED: Premcor, an Old Greenwich, Conn.-based refiner and marketer of petroleum products (which formerly sold high yield debt under the names of its CLARK REFINING GROUP INC. and CLARK USA INC. subsidiaries, now known as The Premcor Refining Group and PREMCOR USA INC., respectively), said on Nov.15 that it had repurchased $57.8 million (face value) of its securities in the open market during the third quarter, and said it might buy back more in the future. Premcor said in an SEC filing that it had paid a total of $48.5 million total for a certain amount of Premcor Refining Group 9½% notes and Premcor USA 10 7/8% notes and 11% exchangeable preferred stock due 2009. The company gave no breakdown as to the precise amount of each series of security redeemed, or how much of each remained outstanding following the transactions. Premcor said it may purchase more of its debt securities in the future, depending on market conditions and what it is permitted to do under its covenant restrictions. On April 30, Premcor - which had been rumored for several months to be preparing an initial public offering - announced that it had completed the IPO, increasing the size of the offering from 15 million shares to 18 million shares of common stock and had priced the offering at $24 per share. Premcor further said its new common stock would begin trading that day on the New York Stock Exchange under the symbol "PCO". The IPO was lead-managed by Morgan Stanley as sole bookrunner. Credit Suisse First Boston was the co-lead manager, and Goldman, Sachs & Co., Salomon Smith Barney, Deutsche Bank Securities and Bear, Stearns & Co. Inc. were co-managers of the offering. On May 9, Premcor said that Premcor Refining Group called on May 3 for the redemption of its 9½% senior notes, due 2004. The notes will be redeemed at par on June 3. Premcor USA meantime had given notice on May 8 that it was calling for redemption its 10 7/8% senior notes due 2005. The notes will be redeemed on June 7, and will include a call premium of 3.625% (i.e., the notes will be redeemed at a price of $1,036.25 per $1,000 principal amount of notes). The company will use approximately $300 million of the proceeds from its IPO, which closed on May 3. On May 13, Premcor Inc. said that Premcor USA had bought back $50.1 million principal amount of its 11½% subordinated debentures due 2009 on May 9. The company said in a Securities and Exchange Commission filing that the purchase, at 105.75% of the notes' principal amount (i.e., at $1,057.50 per $1,000 principal amount), was expected to settle on May 14. That repurchase follows shortly after Premcor USA exchanged its 11½% preferred stock into those debentures. The company carried out that earlier transaction on April 1. It said that the upcoming October interest payment on the debentures could be paid either in cash or paid in kind (i.e., through the issuance of new notes) ; from April 1, 2003 onwards, the payment will be in cash.

TRUMP HOTELS & CASINO RESORTS INC. (DJT) (Ca/CC) said on Friday (May 17) that it had decided not to pursue the previously announced sale of $470 million of new bonds (the proceeds of which were to have been used to repay a portion of its bond debt), citing its feeling that the interest rates on such an issue would have been unacceptable to the company. Trump further said that it believed it would will be better served by returning to the capital markets later this year. AS PREVIOUSLY ANNOUNCED, Trump Hotels & Casino Resorts, an Atlantic City, N.J.-based hotel and gaming operator, said in an April 5 filing with the Securities and Exchange Commission that it had held talks with a committee representing the holders of its TRUMP ATLANTIC CITY ASSOCIATES 11¼% first mortgage notes due 2006; the company proposed lowering the interest rate and extending the maturity date on the notes, as well as modifying certain covenant restrictions on the notes. Trump said it hoped the negotiations would help it to reduce interest expense and allow it to finance a capital improvement program to improve its Atlantic City hotel/casino properties. Trump said it had not yet reached any agreement with the committee. On April 24, THCR said that it planned to sell $470 million of new Rule 144A first mortgage notes due 2010, and planned to use the expected proceeds from the sale to take out its own existing public debt and that of TRUMP'S CASTLE ASSOCIATES, as well as the bank debt of its Trump Indiana Inc. subsidiary (it was estimated by market sources that the parent holding company has outstanding approximately $116 million of 15½% notes due 2005, while Trump Castle has approximately $242 million of 11¾% notes due 2003 outstanding; none of the proceeds are expected to be used to redeem any of the company's most liquid and most widely traded issue, the approximately $1.3 billion of outstanding Trump A.C. 11¼% notes). The proposed note offering - which was to have been guaranteed on a first priority basis, subject to certain exclusions and exceptions, by the subsidiaries of the issuers - required the approval of the New Jersey Casino Control Commission and the Indiana Gaming Commission. In May, market sources heard that the company had been forced by investor reluctance to buy its original deal to have spilt the deal into two separate tranches, including a small second-mortgage note tranche which was to have carried a higher coupon than the larger first mortgage-note tranche. After several days in which the issue had been expected to price but did not, it was reported by market sources that the company had been having trouble selling the second tranche.

COLT TELECOM GROUP PLC (COLT) (B1/B+) said Friday (May 16) that that its COLT TELECOM FINANCE LIMITED financing vehicle had purchased a further £10 million of its bonds for a cash outlay of £4 million. The purchases - the latest in a series of such transactions in recent months - consisted of $2 million accreted principal amount of Colt's $314 million of 12% senior discount notes due December 2006; €0.5 million face amount of Colt's 8.875% senior notes due November, 2007; €4.3 mllion face amount of Colt's 7.625% senior notes due July 2008; €2 million face amount of Colt's 7.625% senior notes due December 2009; €1.1 million accreted principal amount of Colt's 2% senior convertible notes due December 2006; and €6.5 million accreted principal amount of Colt's 2% senior convertible notes due April 2007. The company said it has no intention to sell the notes it has purchased, adding that arrangements may be made "in due course" to cancel such notes. Colt further said that it has so far bought back a total of $40.7 million accreted principal amount of its $314 million of 12% senior discount notes due December 2006; £3 million face amount of its £50 million of 10.125% senior notes due November 2007; €4.5 million face amount of its €76.7 million of 8.875% senior notes due November 2007; €38.4 million face amount of its €306.8 million of 7.625% senior notes due July 2008; €32.8 million face amount of its €320 million of 7.625% senior notes due December 2009; €16.8 million accreted principal amount of its €306.8 million of 2% senior convertible notes due August 2005; €84.8 million accreted principal amount of its €295 million 2% senior convertible notes due March 2006; €65.4 million accreted principal amount of its €368 million of 2% senior convertible notes due December 2006; and €77.3 million accreted principal amount of its €402.5 million of 2% senior convertible notes due April 2007. AS PREVIOUSLY ANNOUNCED, Colt, a London-based provider of business and telecommunications services in Europe, said on Feb. 28 that it had purchased dollar-, sterling- and euro-denominated bonds with a total face value or accreted amount of £34 million, for a cash outlay of £13 million. Colt said the purchases were made through its Colt Telecom Finance Ltd. subsidiary, which said it has no intention to sell the notes it has purchased and added that arrangements may be made in due course to cancel such notes. The company gave a detailed breakdown of the purchases, indicating that it had purchased $2.5 million accreted principal amount of its dollar-denominated 12% notes, bringing to $22 million its total repurchases of such bonds up to that point. It purchased £500,000 face amount of its sterling-denominated 10 1/8% notes, the only such bonds purchased up to that point. Among euro-denominated securities, it bought €8.7 million face amount of its 7 5/8% senior notes due July 2008, bringing the amount repurchased to €22.2 million; it bought €6 million face amount of its 7 5/8% senior notes due December 2009, bringing to €17 million the face amount of the bonds repurchased; it bought €5.3 million accreted principal amount of its 2% senior convertible notes due March 2006, bringing the accreted principal amount repurchased to €79.5 million; it bought €21.3 million accreted principal amount of its 2% senior convertible notes due December 2006, bringing the amount bought back to €62.2 million; and it bought €10.7 million accreted principal amount of its 2% senior convertible notes due April 2007, bringing the amount purchased to €63.2 million. On March 4, Colt said it had made further purchases of £5.9 million (total face value or accreted amount) of outstanding dollar- and euro-denominated bonds, for a cash outlay of £2.2 million. In the March 4 transaction, Colt purchased $1 million accreted principal amount of its dollar-denominated 12% notes, bringing to $23 million its total repurchases of such bonds up to that point. Among euro-denominated securities, it bought €2.2 million face amount of its 7 5/8% senior notes due July 2008, bringing the amount repurchased to €24.4 million; it bought €0.9 million face amount of its 8 7/8% senior notes due November, 2007 (original issue amount €76.7 million), bringing the amount repurchased to €4 million; and it bought €5.4 million accreted principal amount of its 2% senior convertible notes due April 2007, bringing the amount purchased to €68.6 million. Colt further said that although it had not repurchased any such notes in the March 4 transaction, it had so far bought back from the following series of bonds: £500,000 face amount of its sterling-denominated 10 1/8% notes; €17 million face amount of its 7 5/8% senior notes due December 2009; €14 million accreted principal amount of its 2% senior convertible notes due August 2005; €79.5 million accreted principal amount of its 2% senior convertible notes due March 2006; and €62.2 million accreted principal amount of its 2% senior convertible notes due December 2006. Colt said on March 8 that it had purchased more dollar-, sterling- and euro-denominated bonds with a total face value or accreted amount of £14 million, for a cash outlay of £8 million. Colt said it had purchased $7.5 million accreted principal amount of its 12% senior discount notes due December 2006, bringing to $30.5 million its total repurchases of such bonds to date. It purchased £2.5 million face amount of its 10 1/8% senior notes due November 2007, bringing repurchases of the issue to £3 million so far. It bought €6.7 million face amount of its 7 5/8% senior notes due July 2008, bringing the amount repurchased so far to €31.1 million; it bought €1.8 million face amount of its 7 5/8% senior notes due December 2009, bringing to €18.8 million the face amount of the bonds repurchased so far; and it bought €2.1 million accreted principal amount of its 2% senior convertible notes due March 2006, bringing the accreted principal amount repurchased so far to €81.6 million. Colt also said that although it made no further repurchases in the latest transactions, at this time, it had so far as of that date also bought back €4 million face amount of its 8 7/8% senior notes due November 2007; €68.6 million accreted principal amount of its 2% senior convertible notes due December 2006; €14 million accreted principal amount of its 2% senior convertible notes due August 2005; and €62.2 million accreted principal amount of its 2% senior convertible notes due December 2006. Colt said at that time it might repurchase additional bonds in the future. On March 18, Colt said that it had bought back a further £9 million of its bonds for £5 million of cash, continuing the company's recent purchases of its debt. In the latest series of transactions, Colt said that it had bought back $2 million accreted principal amount of its originally issued $314 million of 12% senior discount notes due December 2006, bringing the total amount repurchased so far to $32.5 million. It bought back €8.5 million face amount of its originally issued €320 million of 7 5/8% senior notes due December 2009, bringing the total amount repurchased so far to €27.3 million, and bought back €3.2 million accreted principal amount of its originally issued €295 million 2% senior convertible notes due March 2006, bringing the total amount repurchased so far to €84.8 million. Colt also said that although no further bonds were bought in the latest transactions, it has so far bought back £3 million face amount of its originally issued £50 million of 10 1/8% senior notes due November 2007, €4 million face amount of its originally issued €76.7 million 8 7/8% senior notes due November 2007, €31.1 million face amount of its originally issued €306.8 million 7 5/8% senior notes due July 2008, €68.6 million accreted principal amount of its originally issued €402.5 million 2% senior convertible notes due April 2007, €14 million accreted principal amount of its originally issued €306.8 million 2% senior convertible notes due August 2005, and €62.2 million accreted principal amount of its originally issued €368 million 2% senior convertible notes due December 2006. Colt also said that it may buy additional bonds in the future.

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