Maxim Crane Works completes debt restructuring

New York, Aug. 7 - Maxim Crane Works said it completed its restructuring of its debt through an exchange offer and consent solicitation.

The transaction covered the 10 3/8% senior notes due 2008 of Anthony Crane Rental, LP and Anthony Crane Capital Corp. 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.

Holders of all of both series of notes tendered their securities for exchange and delivered waivers and consents to the proposed amendments to the indentures governing the notes.

Maxim said it accepted all the notes tendered and paid a total consent fee of $2.4 million.

As previously announced, Maxim, a Pittsburgh-based crane rental company, was 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 also amended its credit agreement.

"This transaction will provide Maxim Crane Works with the financial stability and additional free cash flow to fuel our continued efforts to provide customers with superior service and equipment," said Albert C. Bove, chief executive officer of Maxim Crane Works, in a news release. Arthur J. Innamorato, the Company's president, added, "We appreciate the support we received from our senior lenders and note holders and the confidence in the company they showed throughout our discussions."

The exchange was begun in late March and repeatedly extended. The company also increased the consent fee on offer.

Telefónica de Argentina issues new notes in exchange

New York, Aug. 7 - Telefónica de Argentina SA said it issued new notes to complete its exchange offer for two series of its existing notes and two series of notes issued by its holding company, Compania Internacional de Telecomunicaciones SA (Cointel).

The Buenos Aires, Argentina company said it issued $189.8 million principal amount of 11.875% notes due 2007, $220.1 million principal amount of 9.125% notes due 2010, $148.2 million principal amount of 8.85% notes due 2011 and Ps. 223,750 principal amount of conversion notes due 2011.

The 2007 and 2010 notes will be listed on the New York Stock Exchange. The 2011 notes will be listed on the New York Stock Exchange and the Bolsa de Comercio de Buenos Aires. The conversion notes will be listed on the Bolsa de Comercio de Buenos Aires.

As previously announced, by the expiry of the exchange offer on Aug. 4, the company received tenders from the holders of $219 million of its 11 7/8% notes due 2004, or 73% of the $300 million outstanding aggregate principal amount; $243 million of its 9 1/8% notes due 2008, or 65.9% of the $368.5 million outstanding amount; $164 million of Cointel's 8.85% series A notes due 2004, or 73% of the $225 million outstanding amount; and 31 million Argentine pesos of Cointel's 10 3/8% series B notes due 2004, or 17.7% of the Ps.175 million outstanding amount.

As part of the exchange, the company also made cash payments which had the effect of reducing its debt by $77.5 million plus accrued interest.

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