Metrocall makes prepayment on 12% PIK notes

New York, June 2 - Metrocall Holdings, Inc. said that that it has made a $10 million prepayment on its approximately $21.5 million aggregate principal amount of outstanding 12% senior subordinated payment-in-kind (PIK) notes.

The company said that this prepayment and other recent accelerated prepayments leaves Metrocall with a remaining debt balance of approximately $11.5 million outstanding, including accrued interest. In addition, the company has outstanding preferred stock with a liquidation preference of approximately $64.4 million and one million shares of common stock.

Metrocall, an Alexandria, Va.-based provider of wireless paging services, said that since its reorganization, which was completed last October, the company has repaid $70 million aggregate principal amount of the original total of $80 million in debt securities issued in connection with its reorganization.

On May 14, Metrocall announced that it had made the final repayment and retirement of the $60 million aggregate principal amount senior secured promissory note of its operating subsidiary, Metrocall, Inc. It further elaborated that it had made two principal repayments of the senior note during the first quarter of 2003 - $35 million on Jan. 7 and $15 million on March 31 - followed by two additional payments of $2.1 million and $7.9 million on April 7, and May 12, respectively.

AAR buys back $10 million 7¼% notes, exchanges $16.9 million

New York, June 2 - AAR Corp. said it bought back $10 million of its 7¼% notes due Oct. 15, 2003 and exchanged $16.9 million for new notes.

The transaction was privately negotiated with a single holder.

The Wood Dale, Ill. provider of products and services for the aviation and aerospace industry said it issued $16.9 million of new 8% notes in the exchange. They are repayable over three years beginning Oct. 15, 2004.

AAR added that it now has $22.6 million of the 7¼% notes outstanding..

The company also said it obtained a $30 million secured revolving credit facility from Merrill Lynch Capital at Libor plus 300 basis points.

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