Pegasus Satellite Communications reports on note exchanges

New York, July 23 - Pegasus Communications Corp. said that during the second quarter, its Pegasus Satellite Communications Inc. subsidiary had issued $94 million principal amount of its 11¼% senior notes due 2010 in exchange for an aggregate equivalent principal amount of its outstanding notes, consisting of $21.9 million principal amount of 9 5/8% senior notes due 2005, $28.6 million principal amount of 12 3/8% senior notes due 2006, $11.5 million principal amount of 9¾% senior notes due 2006, and $32 million principal amount of 12½% senior notes due 2007.

Pegasus, a Bala Cynwyd, Pa.-based provider of satellite TV programming, also said in its second-quarter results announcement that after the end of the quarter on June 30, Pegasus Satellite had issued an additional $47.8 million principal amount of its 11¼% notes in exchange for an additional $49.9 million principal amount of its existing debt, consisting of $11.5 million principal amount of the 9 5/8% notes, $8.2 million principal amount of the 12 3/8% notes, $17.4 million principal amount of the 9 ¾% notes and $12.8 million principal amount of the 13 ½% notes.

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

New York, July 23 - 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 26, subject to possible further extension, from the prior deadline of 12:01 a.m. ET on July 21.

The company said that holders of 98.4% of the senior notes and 100% of the senior discount debentures had delivered their waivers and consents by the old deadline, 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.

Telefonica de Argentina extends exchange

New York, July 23 - Telefonica de Argentina SA said it extended its exchange offer for two series of notes and two series of notes issued by holding company Compania Internacional de Telecomunicaciones SA (Cointel).

The offer now expires at 11.59 p.m. ET on July 30, pushed back from 11.59 p.m. ET on July 22.

The Buenos Aires, Argentina company said that as of 5.00 p.m. ET on July 22 it had received tenders of $207 million or 69% of its $300 million 2004 notes, $240 million or 65% of its $368.5 million 2008 notes, $167 million or 74% of Cointel's$225 million series A notes and Ps.31 million or 18% of Cointel's Ps.175 million series B notes.

Telefonica de Argentina added that on July 22 a noteholders' meeting of its 2004 notes and a noteholders' meeting of its 2008 notes approved the proposed amendments to the terms and conditions of those notes in order to delete substantially all the restrictive covenants and events of default, subject to consummation of such exchange offers.

On July 4 a noteholders' meeting of Cointel's series A notes approved the proposed amendments to the terms and conditions of those notes in order to delete substantially all of the restrictive covenants and events of default, subject to consummation of such exchange offer. On July 22 a noteholders' meeting of Cointel's series B notes decided to adjourn and reconvene the second call meeting at 12:30 p.m. Buenos Aires time on July 29.

Autopistas del Sol extends APE solicitation, tender offer

New York, July 23 - Autopistas del Sol SA said it had extended its previously announced solicitation from holders of its 9.35% series A senior notes due 2004 and series B senior notes due 2009 and other unsecured debt of powers of attorney in favor of an attorney-in-fact to execute a consent to an acuerdo preventivo extrajudicial.

The solicitation will now end at 5 p.m. ET on July 24, from the previous July 23 deadline.

The company said that it was extending the deadline to allow remaining debt holders to participate.

Autopistas said that as of 5 p.m. ET on July 23, $425 million principal amount of debt (or 89% of the outstanding amount) had been tendered in the APE solicitation, up from the $334 million that had been tendered as of July 8, when the deadlines had last been extended and the offer was amended. The company said that to date, it has executed support agreements with certain financial institutions that hold approximately $85 million aggregate principal amount of existing debt.

The information agent is D.F. King & Co., Inc. (212 493-6920).

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