Unicco seeks to amend 9 7/8% notes

New York, July 21 - Unicco Service Corp. said it is seeking waivers and consents to amend its 9 7/8% senior subordinated notes due 2007 issued by itself and Unicco Finance Corp.

Unicco said the waivers and amendments are necessary for it to comply with certain provisions of the note indenture and to engage in a series of transactions involving Ashmont Insurance Co. Ltd., an insurance company under common control with Unicco that from 1995 through March 31, 2002 served as re-insurer for some of Unicco's insurance policies.

Unicco said it has held discussions with holders owning $20 million of the $47.2 million notes outstanding and they have agreed to support the proposed waivers and amendments.

The waivers relate to events and transactions involving Ashmont since 1998 which, depending in part upon the interpretation of Unicco's insurance program policies and agreements, may have resulted in Unicco's failure to comply with the provisions of the note indenture, according to documents filed with the Securities and Exchange Commission.

The amendments are intended to help Unicco refinance its credit facility and to avoid future violations like those that resulted from the Ashmont transactions, Unicco said.

Under the amendment, the interest rate on the notes would be increased to 13%, increasing 100 basis points if the company fails to meet requirements to repurchase notes of $1 million plus 50% of excess cash flow or to use asset sale proceeds to repurchase notes.

Unicco will also pay a consent fee of $1 million plus a further $3 million when the notes mature on Oct. 15, 2007 - unless the notes are redeemed in full by March 31, 2006.

The solicitation expires at 5.00 p.m. ET on July 24 unless extended. It will expire earlier if holders of a majority back the changes.

The information agent is Morrow & Co. (800 662-5200).

Details at:

http://www.sec.gov/Archives/edgar/data/1050011/000095013503003904/b47250ucexv99w1.txt

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

New York, July 21 - 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 July 23, subject to possible further extension, from the prior deadline of 12:01 a.m. ET on July 19.

The company said that holders of 98.4% of the senior notes had delivered their waivers and consents, up from the 94.2% which had tendered as of July 16, when the exchange offer was last previously extended. Holders of all of the senior discount debentures had delivered their waivers and consents, unchanged from the previously announced holder participation level.

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.

Western Wireless to redeem two series of 10½% notes

New York, July 21 - Western Wireless Corp. said it will redeem its 10½% senior subordinated notes due 2006 and 10½% senior subordinated notes due 2007 on August 16.

The Bellevue, Wash. wireless telephone company will pay 101.75% of the principal amount for the 2006 notes and 103.5% of the principal amount for the 2007 notes.

Holders will receive accrued interest from Aug. 1 up to but excluding Aug. 16.

Since Aug. 16 is not a business day, the actual redemption will be on Aug. 18 but no extra interest will be paid.

Western Wireless said it has $187.05 million of the 2006 notes and $196 million of the 2007 notes outstanding.

© 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.