Maxim/Anthony Crane extends exchange

New York, April 29 - 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 30, pushed back from 5.00 p.m. ET on April 24. The deadline had previously been extended to April 24 from April 22 and April 18.

The Pittsburgh crane rental company said that by the April 24 deadline holders of 94.2% of the senior notes and 79.2% of the senior discount debentures had delivered their waivers and consents, up from 90.9% and 79.2% respectively at April 22.

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.

Grupo TMM starts exchange

New York, April 29 - Grupo TMM, SA said it has begun its amended exchange offer for all its outstanding 9½% senior notes due later this year and its 10¼% senior notes due 2006.

The announcement follows the registration statement with the Securities and Exchange Commission becoming effective.

The Mexico City-based transportation company also said it is extending the offer to midnight ET on May 12 from 5 p.m. ET on May 2.

As of 5:00 p.m. ET on April 28, 25.33% of the outstanding 2003 notes or $44.814 million principal amount and 78.46% of the outstanding 2006 notes, or $156.921 million of the 2006 notes had been tendered and not withdrawn, down slightly from 25.41% of the outstanding 2003 notes or $44.95 million principal amount and 78.46% of the outstanding 2006 notes, or $156.921 million of the 2006 notes on April 25.

The exchange offer is intended to extend the maturity of the company's 2003 notes, which mature on May 15, 2003, and to provide the company with sufficient time to complete the previously announced sales of its interests in its ports and terminals division and Grupo TFM.

Grupo TMM is offering to exchange the existing debt for a like principal amount of 12% senior notes due 2004. The new notes will be guaranteed on a senior unsecured basis by TMM Holdings, SA de CV, a wholly owned subsidiary that indirectly owns all of Grupo TMM's interest in Grupo Transportacion Ferroviaria Mexicana, SA de CV, which operates the company's rail operations.

Concurrently Grupo TMM is soliciting consents from holders of the existing notes to eliminate substantially all of the restrictive covenants of the indentures governing the existing notes and to permit the sale of the company's interests in Grupo TFM.

Holders who tender their existing notes in the exchange offers will be deemed, as a condition to a valid tender, to have given their consent to the proposed amendments applicable to the series of existing notes that they are tendering.

Both exchange offers are conditional on at least 80% of the 2003 notes and at least a majority of the 2006 notes being tendered.

Citigroup Global Markets Inc. is acting as the dealer manager for the exchange offers and consent solicitations and Mellon Investor Services LLC (call 888 689-1607 or, for banks and brokers, 917 320-6286) is the information agent.

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