Maxim extends exchange offer

New York, April 23 - 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 24, pushed back from 5.00 p.m. ET on April 22. The deadline had previously been extended to April 22 from April 18.

The Pittsburgh crane rental company said that by the April 22 deadline holders of 90.9% of the senior notes and 79.2% of the senior discount debentures had delivered their waivers and consents, the same as at April 18.

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.

Multicanal extends solicitation, tender offer

Multicanal SA said it extended its consent solicitation and cash tender offer to 5.00 p.m. ET on May 1 from April 22.

Covered by the solicitation and the tender are Multicanal's 9¼% notes due 2002, 10½% notes due 2007, 13.125% series E notes due 2009, series C 10½% notes due 2018 and series J floating-rate notes due 2003. The tender offer also applies to the Buenos Aires, Argentina company's bank debt.

Multicanal said that as of 5.00 p.m. ET on April 22 holders of $280.4 million or 53.2% of the existing debt (notes plus bank debt) had either tendered or agreed to participate in the consent solicitation, up from $280.1 million or 53.1% on April 11. Of this $138.1 million was for the tender offer and $142.4 million for the solicitation, up from $138 million and $142.1 million respectively on April 11.

Under the tender offer, Multicanal is offering to buy its existing debt - notes or bank debt - at $300 per $1,000 principal amount in cash.

The solicitation is for consent for powers of attorney in favor of an attorney-in-fact to execute an acuerdo preventive extrajudicial (APE).

On approval of the APE by the bankruptcy court, holders who accept the solicitation will receive for each $1,000 principal amount of existing debt, at the holder's option either $1,000 principal amount of 10-year step-up notes or $315 principal amount of either 7% seven-year notes or seven-year floating rate. Holders will also receive 598 shares of class C common stock.

Multicanal is seeking to exchange approximately $100 million principal amount of its existing debt for $100 million of 10-year notes, $157.4 million principal amount of its existing debt for $102.3 million of its seven-year notes (either fixed or floating) and capitalize approximately $167.4 million principal amount of existing debt.

Multicanal will not pay any accrued and unpaid interest (including default interest and additional amounts, if any) on existing debt that is exchanged or capitalized under the APE.

The information agent for the cash tender offer and the APE solicitation is D.F. King & Co., Inc. (212 493-6920); the depositary is JPMorgan Chase Bank (212 623-5162).

© 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.