Comdisco Holding redeems some more 11% '05 notes

Comdisco Holding Co. Inc. said on Thursday (Jan. 9) that it had completed the previously announced partial redemption of $100 million of its 11% subordinated secured notes due 2005 out of a total previously outstanding amount of $385 million, bringing the amount outstanding following the transaction down to $285 million. The notes were redeemed at par plus accrued and unpaid interest up to the redemption date.

Wells Fargo Bank served as the paying agent for this redemption.

Comdisco - which had announced several note redemptions over the past few months - made no further announcement of upcoming note redemptions.

AS PREVIOUSLY ANNOUNCED, Rosemont, Ill.-based Comdisco, which formerly provided equipment leasing and technology services to business customers, emerged following its Chapter 11 bankruptcy reorganization as a holding company whose purpose is to sell, collect or otherwise reduce to money the remaining assets of the corporation.

It said on Oct. 9 that it would redeem the entire $400 million outstanding principal amount of its variable-rate senior secured notes due 2004 on or about Oct. 21, at par plus accrued and unpaid interest from Aug. 12 to the redemption date. Comdisco said that Wells Fargo Bank would serve as the paying agent for the planned note redemption.

On Oct. 23, Comdisco said that the redemption of all $400 million of the variable rate senior notes had taken place as scheduled on Oct. 21.

Comdisco also said that following the redemption of those notes, it would make cash interest payments on the 11% notes. It explained that terms of the 11% subordinated notes provided for the interest to be paid-in-kind through the issuance of additional 11% subordinated notes while the senior notes were outstanding. It said the initial interest payment date for the subordinated notes would be Dec. 31 and the cash interest payment would be made on that date to registered holders of record (as of the close of business on Dec. 15) of the 11% notes.

On Oct. 29, Comdisco said that it would make a partial redemption of $65 million of the outstanding principal amount of the 11% notes out of the $650 million which were outstanding at that time under its mandatory redemption obligations. Comdisco said the notes would be redeemed at par plus accrued and unpaid interest from Aug. 12 to the redemption date. It anticipated that the partial redemption of the notes would occur on Nov. 14, and that Wells Fargo Bank would serve as the paying agent for that redemption.

On Nov. 15, Comdisco said that it had redeemed the $65 million of 11% notes on Nov. 14, as previously announced.

Comdisco said on Dec. 9 that it would make a redemption of another $200 million of the 11% notes out of the then-current total outstanding amount of $585 million. It said that the notes would be redeemed at par plus accrued and unpaid interest from Aug. 12 to the redemption date. The company anticipated that the partial redemption of the notes would occur on Dec. 23, with Wells Fargo Bank serving as the paying agent for that redemption.

On Dec. 23, Comdisco said that it had completed the previously announced partial redemption of $200 million 11% notes, out of the total previously outstanding amount of $585 million, bringing the remaining total outstanding amount down to $385 million. The notes were redeemed at par plus accrued and unpaid interest from Aug. 12 to the Dec. 23 redemption date.

Comdisco also announced that it would make optional further partial redemption of $100 million of the 11% notes, out of the then-currently outstanding $385 million. It said it would redeem the notes at par plus accrued and unpaid interest, up to the redemption date of Jan. 9.

Plains All American extends exchange offer for 7¾% '12 notes

Plains All American Pipeline, LP said Thursday (Jan. 9) that it has extended its pending offer to exchange newly issued 7¾% senior notes due 2012 which have been registered for public trading for a like amount of the existing unregistered 7¾% 2012 notes.

The exchange offer - which commenced on Nov. 26, but which was not publicly announced at that time - was extended to 5.00 p.m. ET on Jan. 15, subject to possible further extension, from the previous deadline of 5.00 p.m. ET on Tuesday Jan. 8.

Plains All American Pipeline, a Houston-based interstate and intrastate crude oil transportation, terminalling and storage company, said that as of the prior deadline, approximately $198 million of the existing unregistered notes had been tendered by their holders, out of the $200 million outstanding.

The company cautioned that noteholders who do not tender by the offer expiration deadline will continue to hold unregistered securities, and will have no right to compel Plains All American Pipeline to register their notes for unrestricted public trading under the Securities Act of 1933.

Wachovia Bank, NA in Charlotte, N.C. (call the Customer Information Center, Corporate Trust Operations at 704 590-7409 or contact them by fax at 704 590-7628) is the exchange agent for the transaction.

Banco Santander-Chile extends exchange offer for 7% '07 notes

Banco Santander Chile said on Tuesday Jan. 7 that it had extended its previously announced offer to exchange new debt plus cash for its outstanding 7% subordinated notes due 2007.

The offer was extended from 12 noon ET on Jan. 14 to noon ET on Jan. 16, subject to possible further extension. All other terms of the exchange offer as originally announced remain in effect.

Santander said that the extension of the expiration deadline changes the date on which the interest rate and cash price for the notes will be set to, tentatively, Monday (Jan. 13, the third business day prior to the expiration time), and changes the day the exchange offer will settle to Jan. 23 (the third business day following the expiration time).

J.P, Morgan Securities is the lead dealer manager for the exchange offer, with Santander Central Hispano as co-dealer manager. D.F. King & Co. (bankers and brokers call collect at 212 269-5550, all others call toll-free at 800 949-2583) is the information agent.

AS PREVIOUSLY ANNOUNCED: Banco Santander, a Santiago, Chile-based financial institution, said in a preliminary prospectus filed with the Securities and Exchange Commission on Nov. 4 that it would offer to exchange a combination of $300 million new subordinated notes due 2012, plus cash for all of the existing $300 million of 7% subordinated notes due 2007, which had been issued by its corporate predecessor, Banco Santiago.

Banco Santander did not announce a coupon for the planned new notes; instead, it said the price and interest-rate determination for the new notes, based on the relevant benchmark treasury yields, would take place at 4 p.m. ET two business days before the scheduled expiration of the exchange offer. The bank also did not initially announce an expiration date for its offer. It said that it expected to deliver the new notes to the holders of the existing notes who participate in the exchange offer on the third business day following the expiration date.

Banco Santander said it would offer $1,000 principal amount of the new notes plus an as-yet unspecified sum of cash per $1,000 principal amount of the old notes. It said it was undertaking the exchange offer extend the maturity of the old notes from 2007 to 2012, thus allowing it to extend the time that the subordinated debt represented by the old notes will qualify under Chilean banking regulations as part of the company's required regulatory capital.

The company said that the exchange offer would not be conditioned upon a minimum number of old notes being tendered.

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