JOY GLOBAL, INC. (JOYG) (B2/B+) said on March 18 that it had completed its previously announced offering of $200 million of new 8 ¾% senior subordinated notes due 2012. The company said it had used $100 million of the net proceeds of the offering to prepay its senior term loan, and will use the balance of the net proceeds, together with other company funds, to redeem its 10 ¾% senior notes due 2006. The redemption of the 10 ¾% notes is scheduled to occur on or about April 22, in accordance with the terms of the notes' indenture. AS PREVIOUSLY ANNOUNCED, Joy Global, a Milwaukee-based mining equipment company, said on Feb. 27 that it planned to sell approximately $200 million principal amount of the 10-year senior subordinated notes under Rule 144A, with a portion of the deal proceeds slated to repay the company's $108.8 million of remaining outstanding 10 ¾% bonds. Joy Global was heard by market sources on March 4 to have begun a roadshow for the proposed offering of new bonds; price talk on the prospective new bonds emerged on March 11, and they came to market on March 13 via joint bookrunners Credit Suisse First Boston and Deutsche Banc Alex. Brown.

KEYSTONE CONSOLIDATED INDUSTRIES INC. (KESN) (Caa3/D) said March 15 that $93.85 million of its 9 5/8% senior secured notes were tendered in its previously announced exchange offer, resulting in all conditions having been satisfied or waived by the company. The exchange offer expired as scheduled at 5 p.m. ET on March 14, without further extension. Keystone also said documents have been executed for its $10 million subordinated loan from the County of Peoria, Illinois, one of the conditions of the exchange transaction. AS PREVIOUSLY ANNOUNCED, Keystone Consolidated, a Dallas-based maker of fencing and wire products, said on Feb. 11 that it had distributed an exchange offer to all holders of its $100 million of 9 5/8% notes. The company said the holders could exchange their notes for either A) a discounted amount of cash and common stock (subject to an aggregate limit for holders electing such option); OR for B) new Keystone preferred equity and subordinated debt securities; OR for C) Keystone subordinated unsecured debt securities. The company said that holders representing 92% of the principal amount of the 9 5/8% notes had previously committed to support a plan to achieve an out-of-court restructuring of Keystone's obligations. The company initially said holders would have until Mar. 12 to tender their notes for exchange, which was subsequently extended. It said the exchange offer would be subject to, among other things, the success of Keystone's continuing efforts to renew or replace existing revolving credit facilities, secure new term financing, reach agreement on a proposed subordinated loan from the State of Illinois and upon the satisfactory restructuring of other obligations of Keystone, as well as attaining a specified level of participation in the exchange offer. The company cautioned that "no assurance can be given that all of these efforts will be successful." On March 12, Keystone Consolidated said it had extended the restructuring exchange to 5 p.m. ET on March 14 at the request of a noteholder who wanted more time to complete the note tender. Keystone said $90.58 million of the $100 million 9 5/8% senior secured notes had been tendered so far for exchange, and further announced that the State of Illinois had funded a $10 million grant to the County of Peoria to provide for a $10 million subordinated loan to the company, one of the conditions of the exchange transaction.

RAILWORKS CORP. (RWKSQ) said on March 15 that it had filed a plan of reorganization covering itself and its 22 U.S. debtor subsidiaries with the U.S. Bankruptcy Court for the District of Maryland in Baltimore. Under the terms of the plan, the holders of RailWorks' $170 million of 11 ½% senior subordinated notes due 2009 and its unsecured creditors will receive 3% of the stock of the reorganized company. The Baltimore-based provider of integrated rail system services and products said that its secured lenders will have their claims satisfied either through the issuance of a new secured note or through conversion of their claims into "substantially all" of the equity of the reorganized company, less the portion given to the bondholders and unsecured creditors. ebtor-in-possession claims will be paid in full. Existing equity will be canceled and holders will receive nothing. The plan, which is backed by RailWorks' secured lenders and primary surety, anticipates that the reorganized RailWorks will receive $250 million of debt financing and $350 million of surety bonding capacity. Confirmation of the plan is subject to bankruptcy court approval and other conditions.

ANCHOR GLASS CONTAINER CORP. said on March 15 that it had reached an agreement on a financial restructuring under which its unsecured notes will be repaid in cash at 100% of their principal amount. However the company said it would not make the interest payment that came due on March 15. The Tampa, Fla.-based packaging company's first mortgage notes will remain outstanding, and investors will receive a payment to compensate them for their waiver of the notes' change-of-control provisions. The interest payment coming due on April 1 will not be made, although holders will receive all accrued interest upon confirmation of the reorganization. Anchor further said that the "significant" restructuring of its debt and equity securities will take place through a prepackaged Chapter 11 filing. Also under the plan, which includes an investment of $100 million of new capital from Cerberus Capital Management LP, including $80 million of equity, Anchor's existing senior bank facility will be replaced by a new $100 million credit facility. Holders of Anchor's Series A preferred stock, which has a current accrued liquidation value of $82 million, will receive $22.5 million in cash, while holders of the series B preferreds with an accrued liquidation value of $106 million will receive $3 million in cash. Other creditors will be unimpaired. Anchor's existing common stock will be canceled and holders will receive nothing. Anchor said it expects to make a prepackaged Chapter 11 filing within the next two weeks.

MILLICOM INTERNATIONAL CELLULAR SA (MICC) said on March 12 that it had bought $34.04 million of the 13½% senior secured discount notes due 2004 issued by its Colombian subsidiary, Celcaribe SA. Millicom, a Luxembourg-based telecommunications concern which has 19 cellular operations in 18 countries, said the purchase would be completed on March 14 and would effectively reduce its consolidated debt.

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