Nextel to redeem 13% Series D preferred stock

New York, June 16, 2003--Nextel Communications Inc. (B3) said it plans to redeem all outstanding shares of its 13% Series D exchangeable preferred stock - the highest-yield security in the company's capital structure.

As of March 31, the stock had a total liquidation preference of $463 million.

The shares will be redeemed on July 15 at a price equal to $1,032.50 per share plus an amount equal to accrued but unpaid dividends on the shares.

The company said that the elimination of the Series D preferred stock from the capital structure will reduce Nextel's annual preferred dividend obligations by about $60 million.

Nextel will fund the redemption from its existing cash resources.

The redemption of the preferred shares is the latest step to de-lever its balance sheet by Nextel - a Reston, Va.-based provider of wireless telecommunications services.

On April 23, Nextel said that it had bought back $568 million of long-term debt and preferred stock during the first quarter ended March 31, bringing its total retirements of debt and preferred stock over the previous year to $3.8 billion.

Carnival solicits consent of 7.30% '07 noteholders, 7 7/8% '27 debenture holders

New York, June 16 - Carnival Corp. & plc said that it has begun soliciting the consents of holders record (as of 5 p.m. ET on June 11) of its $284.75 million 7.30% notes due 2007 and its $192 million of 7 7/8% debentures due 2027 to proposed amendments to the terms of the notes and debentures.

The consent solicitation will run through 5 p.m. ET on Tuesday, July 15, subject to possible extension.

The proposed amendments modify some of the covenants and events of default in the indenture governing the securities to reflect the implementation of a dual listed company, or "DLC," structure between Carnival Corp. and Carnival plc (formerly known as P&O Princess Cruises plc) on April 17. Miami-based Carnival is the world's largest cruise vacation operator.

In return for the consents to the proposed amendments, Carnival Corp. is offering a guarantee of Carnival plc's obligations under the indenture and the securities on an unsubordinated, unsecured basis. The guarantee will be issued if the required consents - at least a majority of the principal amount of each series of securities - are received and if certain other conditions, not publicly announced, are met.

Merrill Lynch & Co. and UBS Securities LLC are the solicitation agents. D.F. King & Co., (banks and brokerage firms call 212 269-5550, others call toll-free at 800 487-4870.

A copy of the prospectus will be available shortly in the U.K. for inspection at the Document Viewing Facility of the Financial Services Authority at 25 The North Colonnade, London E14 5HS, telephone: 44 (0) 20 7676 1000.

Universal Compression buys $170.15 million 9 7/8% notes in tender

New York, June 16 - Universal Compression, Inc. said it completed its tender offer for its 9 7/8% senior discount notes due 2008, accepting tenders for $170.15 million or 74.06% of the $229.75 million of the securities outstanding.

The tender expired at midnight ET on June 11.

Holders who tendered by the early tender date of 5.00 p.m. ET on May 20 will receive 105.35% of the principal amount of the notes plus accrued interest up to but not including the payment date.

Holders who tendered after that deadline but before the expiration will receive 104.938% of the principal amount of the notes plus accrued interest up to but not including the payment date.

As previously announced Universal Compression, will redeem the remaining notes on June 26 at 104.938% of principal under their call provisions.

Universal Compression, Inc. is a subsidiary of Houston natural gas compression services company Universal Compression Holdings, Inc.

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