Poindexter extends exchange offer

By Carlise Newman

Chicago, May 30 - J.B. Poindexter & Co. Inc. said Friday it is extending the offering period in connection with its exchange offer and consent solicitation to 12.00 a.m. ET on June 5.

The Houston-based automotive parts manufacturer is offering to exchange up to $87.55 million of new 12.50% senior secured notes due May 15, 2007 for all its outstanding 12.50% senior notes due May 2004, at the rate $1,030 of new notes for each $1,000 of old notes tendered.

Old notes that were properly tendered and not withdrawn will remain tendered unless withdrawn prior to the expiration date. Holders of old notes that have properly tendered the notes may still tender them prior to the expiration date.

"What has occurred so far in the exchange offer has been successful and we expect that to continue," Robert Whatley, Poindexter's chief financial officer, told Prospect News.

At this time, $84.86 million or 99.84% of the outstanding old notes have been tendered.

Arch Wireless to redeem more 10% '07 notes

New York, May 30 - Arch Wireless, Inc. said that its wholly owned subsidiary Arch Wireless Holdings, Inc. has notified The Bank of New York as trustee of its intention to redeem $30 million principal amount of its 10% senior subordinated secured notes due 2007 on June 30.

Holders of record as of June 13 will receive par value for their notes.

There are $60 million of the notes currently outstanding, an amount which will be reduced to $30 million following this transaction.

As previously announced, Arch, a Westborough, Mass.-based wireless messaging and paging company, restructured in 2002 and issued $200 million of the 10% notes on May 29, 2002. Since then, it has redeemed a total of $140 million principal amount of the notes at par value plus accrued interest in a series of optional and mandatory redemption transactions.

Most recently, Arch said on May 15 that its subsidiary had completed the optional redemption at par of $8.26 million principal amount of the 10% notes and had also completed its May 15 mandatory redemption of $15 million of the notes, plus accrued interest, bringing the remaining outstanding principal amount at that time down to $60 million.

Acindar completes tender offer for 11¼% '04 notes and dollar-debt

New York, May 30 - Acindar Industria Argentina de Aceros SA said that its previously announced cash tender offer for its 11¼% notes due 2004 and certain of its U.S. dollar-denominated indebtedness expired as scheduled at 12 p.m. ET on May 29 without further extension.

The company said that it had been advised by the depositary for the offer that as of that deadline, $40,041,663 in aggregate principal amount of notes and dollar debt had been validly tendered.

Acindar said it has accepted for purchase at a price of $650 per $1,000 principal amount all of the notes and dollar debt validly tendered and not withdrawn.

The cash payment required to complete the tender offer is $26,027,080, with payment for the notes and dollar debt accepted for purchase expected to occur on or about June 3.

Acindar will also pay an aggregate of $2,002,083 as an early tender payment in connection with the offer.

As previously announced, the Buenos Aires, Argentina-based steel company on April 10 announced a tender offer to purchase its 11¼% notes and the dollar-denominated debt, including debt held by the International Finance Corp. and commercial banks, and said that it would spend up to $20 million in the offer (this amount was subsequently raised to $30 million).

It initially set an expiration deadline for the offer for 5 p.m. ET on May 9 and an early tender deadline of April 25, with both deadlines subsequently extended several times. The company ultimately re-set the early tender deadline so that it would coincide with the offer expiration deadline.

The company said that the tender offer would be structured as a modified dutch auction, under which holders of notes or debt may make offers within a price range from $450 to $650 per $1,000 principal amount, and said that tender prices within the price range would have to be in multiples of $10.

Acindar said that it would accept notes and dollar debt validly tendered in the offer in the order of the lowest to the highest tender prices, specified by holders within the price range, and would select the lowest price that would enable the company to purchase notes and dollar debt for its planned total expenditure.

In addition, Acindar offered an early tender payment for holders validly tendering notes or dollar debt prior to the early tender deadline and not withdrawing them, saying that should the offer be completed and the notes and dollar debt purchased, such holders would receive an extra $50 per $1,000 principal amount.

Acindar said it would not pay any accrued and unpaid interest on any notes or dollar debt that are tendered for purchase.

Acindar said it would pay soliciting dealers named in a letter of transmittal a retail solicitation fee of $5 per $1,000 of notes or dollar debt tendered by the holder and accepted in the offer. It said that as of April 7, the principal amount of notes and dollar debt outstanding was $277 million, which includes $100 million of notes and $177 million of dollar debt.

Acindar said it was involved in discussions with an ad hoc committee of its creditors about a restructuring of its debt. The tender offer would take place prior to the proposed restructuring.

On May 2, it said that it had increased the total amount it planned to spend on the offer to $30 million from the originally announced $20 million. The company said that the offer amount was increased to permit a greater number of the Acindar's creditors to participate in the tender offer and to provide the company with increased flexibility in conducting such offer.

Credit Suisse First Boston LLC (call 212 538-8474 or 800 820-1653) was the dealer manager for the offer. The depositary was JPMorgan Chase. Georgeson Shareholder (banks and brokers call 212 440-9800, others in North America call 800 368-2245, others in Europe and Latin America call +39 06 42 171 777) was information agent.

Triton PCS extends early tender deadline, raises early tender premium

New York, May 30 - Triton PCS, Inc. amended its tender offer for up to $315 million principal amount of its 11% senior subordinated discount notes due 2008, extending the early tender deadline, raising the early tender premium and adding an early tender settlement date.

The Berwyn, Pa. wireless operator pushed the early tender date back to 5.00 p.m. ET on June 12 from 5.00 p.m. ET on June 5. Tenders made before this date may not be validly withdrawn unless the company reduces the amount of the tender offer consideration, the early tender premium or the principal amount of 11% Notes subject to the offer.

Triton PCS also increased the early tender premium to 2.13% of the principal amount from 2% for a total of 105.98%. After the early tender date, holders will receive 103.85% of principal.

Added to the offer is an early tender settlement date. Payment for notes tendered by the early tender date will be made promptly after the financing condition of the offer is satisfied - although note before the early tender date.

Triton said that any notes not tendered will be called for redemption.

Lehman Brothers is dealer manager for the tender offer (call Emily E. Shanks at 212 528-7581, or toll-free at 800 438-3242), while D.F. King & Co., Inc. is information agent (call 212 269-5550 or toll-free at 800 431-9643).

Alestra extends exchange, tender consent deadline

New York, May 30 - Alestra S de RL de CV again extended the deadline for its outstanding exchange offers, cash tender offers and consent solicitations. Negotiations are continuing with an ad hoc committee of noteholders about the offer, the company added.

The offer now runs until June 11.

The offer is for Alestra's outstanding 12 1/8% senior notes due 2006 and 12 5/8% senior notes due 2009.

Alestra, a San Pedro Garza Garcia, Mexico-based telecommunications company, said that so far, approximately $144 million principal amount of its 12 1/8% notes had been tendered and approximately $95 million principal amount of its 12 5/8% notes, both unchanged from the last report on May 22.

The information agent for the offer is D.F. King & Co., Inc. (banks and brokers call collect 212 269-5550, others call toll free 800 549-6697).

Aames calls 9.125% notes

New York, May 30 - Aames Financial Corp. said it will redeem its 9.125% senior notes due 2003 at par on June 30.

The Los Angeles sub-prime home equity lender announced the redemption after executing a loan and security agreement with Greenwich Financial Capital Products, Inc.

Greenwich will provide Aames with a financing facility of up to $79.6 million, secured by certain of Aames's residual assets and servicing advances. The facility runs for 18 months and is at Libor plus 275 basis points.

Portions of the monthly cash flows generated from Aames's residual assets and servicing advances securing the financing facility will be paid to Greenwich to reduce the outstanding balance.

Multicanal extends solicitation, tender offer

New York, May 30 - Multicanal SA said it extended its consent solicitation and cash tender offer to 5.00 p.m. ET on June 13.

Multicanal said it believes the solicitation and tender offer are the best opportunity to restructure the debt on a consensual basis.

It added that creditors holding more than 33% of the debt have demanded further modifications but the company said that in its opinion the changes would make the success of a consensual restructuring "highly unlikely."

Covered by the solicitation and the tender are Multicanal's 9¼% notes due 2002, 10½% notes due 2007, 13.125% series E notes due 2009, series C 10½% notes due 2018 and series J floating-rate notes due 2003. The tender offer also applies to the Buenos Aires, Argentina company's bank debt.

Multicanal said that as of 5.00 p.m. ET on May 29 holders of $251.5 million or 47.7% of the existing debt (notes plus bank debt) had either tendered or agreed to participate in the consent solicitation. Of this $109.6 million was for the tender offer and $141.9 million for the solicitation.

Under the tender offer, Multicanal is offering to buy its existing debt - notes or bank debt - at $300 per $1,000 principal amount in cash.

The solicitation is for consent for powers of attorney in favor of an attorney-in-fact to execute an acuerdo preventive extrajudicial (APE).

On approval of the APE by the bankruptcy court, holders who accept the solicitation will receive for each $1,000 principal amount of existing debt, at the holder's option either $1,000 principal amount of 10-year step-up notes or $315 principal amount of either 7% seven-year notes or seven-year floating rate. Holders will also receive 598 shares of class C common stock.

Multicanal is seeking to exchange up to $120 million principal amount of its existing debt for $120 million of 10-year notes, at least $147.7 million principal amount of its existing debt for $96 million of its seven-year notes (either fixed or floating) and capitalize approximately $157.1 million principal amount of existing debt.

Multicanal will not pay any accrued and unpaid interest (including default interest and additional amounts, if any) on existing debt that is exchanged or capitalized under the APE.

The information agent for the cash tender offer and the APE solicitation is D.F. King & Co., Inc. (212 493-6920); the depositary is JPMorgan Chase Bank (212 623-5162).

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.