Maxim/Anthony Crane extends exchange

New York, April 17 - Maxim Crane Works said it extended its exchange offer and consent solicitation for the 10 3/8% senior notes due 2008 of Anthony Crane Rental, LP and Anthony Crane Capital Corp. and 13 3/8% senior discount debentures due 2009 of Anthony Crane Rental Holdings, LP and Anthony Crane Holdings Capital Corp.

The expiration date is now 5.00 p.m. ET on April 22, pushed back from 5.00 p.m. ET on April 18.

The Pittsburgh crane rental company said that by the original deadline holders of 90.9% of the senior notes and 79.2% of the senior discount debentures had delivered their waivers and consents.

AS PREVIOUSLY ANNOUNCED: Anthony Crane Rental Holdings, LP and Anthony Crane Holdings Capital Corp. - which now do business under the name Maxim Crane Works - said in amended T-3 filing with the Securities and Exchange Commission on March 28 that they had begun an offer to exchange new debt for all of their outstanding 13 3/8% senior discount debentures due 2009 on terms outlined in a previous filing, and provided other information omitted in the original filing.

They also said that their 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.

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.

Maxim said the concurrent exchange offers would expire at 5 p.m. ET on April 11, subject to possible extension. It said that the offers would be conditioned upon the tender of 100% of the outstanding existing debentures and notes.

Maxim is seeking noteholder consents to proposed changes in the indentures of the existing notes and debentures. It said that upon completion of the consent solicitation, it would pay a total consent fee of $1.4 million, payable pro rata (based on the principal amount of existing notes held to holders who validly deliver their consents. The consent fee would be paid to the tendering noteholders in three equal installments, upon the issuance of the new notes, on Sept. 1, 2003 and on Feb. 1, 2004. However, the company will not pay any consent fee to holders of the debentures.

Maxim said that an "unofficial committee" composed of representatives of the holders of approximately 59.1% of the outstanding principal amount of the existing notes 61.7% of the outstanding principal amount of the existing debentures, had retained independent legal advisors, had participated in negotiations with the company on the terms of the exchange offers over a six-week period, and had agreed to tender their securities and deliver their consents to the proposed amendments.

The depositary for the exchange offer is U.S. Bank NA.

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