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

New York, May 28 - Newmont Mining Corp. (Baa3) said that it plans to acquire the outstanding 8 7/8% senior notes due 2008 issued by its Australian subsidiary, Newmont Yandal Operations Ltd. (Ca), and will also offer to acquire all of the gold hedge obligations owed by Yandal to counter party banks.

Denver-based international gold mining company Newmont - which acquired Yandal (formerly known as Great Central Mines Ltd.) In February 2002 - announced late Wednesday that another of its subsidiaries, Yandal Bond Co. Ltd., intends to offer to acquire all of the 8 7/8% notes.

Yandal Bond Co. currently owns $62.8 million in aggregate principal amount of the notes; it will 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 (including an early acceptance and consent fee) of 50 cents per dollar of outstanding principal amount. The aggregate offer price for those notes which it does not own will be approximately $118.6 million.

The offer is subject to various conditions, including (among others) 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 also plans to seek the consent of its noteholders to certain indenture amendments.

Formal offers to its noteholders and gold hedge counter parties are expected within a week.

Maxim/Anthony Crane extends exchange offer for 10 3/8% '08 notes and 13 /8% '09 discount debentures

New York, May 28 - Maxim Crane Works (C) again extended its previously announced exchange offer and consent solicitation for the 10 3/8% senior notes due 2008 of its Anthony Crane Rental, LP and Anthony Crane Capital Corp. subsidiaries and the 13 3/8% senior discount debentures due 2009 of Anthony Crane Rental Holdings, LP and Anthony Crane Holdings Capital Corp, the name under which Maxim formerly did business.

The offer has now been extended to 12:01 a.m. ET on May 31, subject to possible further extension, from the prior deadline of 12:01 a.m. ET on May 28.

The company said that holders of 94.2% of the senior notes and all of the senior discount debentures had delivered their waivers and consents, unchanged from previously announced holder participation levels.

As previously announced, the Pittsburgh-based crane rental company is offering new notes in exchange for its senior discount debentures; the new notes would initially pay 12 5/8% annual interest on a PIK (payment-in-kind) basis through Feb. 1, 2004. After that, interest would accrue at the annual rate of 9 3/8% and would be paid in cash.

It also said that its Anthony Crane Rental LP subsidiary had begun a similar offer to exchange new 9 3/8% senior notes due 2008 for its outstanding 10 3/8% senior notes due 2008.

Maxim originally said that it would pay holders of its senior notes a total $1.8 million as a consent fee, although it subsequently raised that to $2.21 million; it will pay a total consent fee to holders of its senior discount debentures of $190,000.

The depositary for the exchange offer is U.S. Bank NA.

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