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Maxim/Anthony Crane extends exchange offer for 10 3/8% '08 notes and 13 /8% '09 discount debentures
New York, June 2 - 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 June 5, subject to possible further extension, from the prior deadline of 12:01 a.m. ET on May 31.
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% 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.
St. John Knits redeems 15.25% notes
New York, June 2 - St. John Knits International Inc. said it redeem its 15.25% senior subordinated notes for cash at par plus accrued interest.
The total amount paid came to $41.8 million.
The Irvine, Calif. designer, manufacturer and marketer of women's clothing and accessories said that before the redemption it amended its credit facility to allow for the transaction and a further $30 million of borrowing on the term B tranche. It used the additional borrowing plus cash on hand to redeem the notes.
Borrowings under the facility are at Libor plus 275 basis points for the term loan A and Libor plus 375 basis points for the term loan B.
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