Grupo TMM slates conference call on exchange

Grupo TMM, SA (Caa1) said on Thursday (May 1) that it will host a conference call next week to discuss details concerning its previously announced exchange offers for its outstanding 9½% notes scheduled to come due on May 15 and its 10¼% notes due 2006.

The conference call will be held on Tuesday (May 6) at 10 a.m. ET. Investors will have the opportunity to listen to the call live by dialing 888 603-9856 (domestic) or +1 773 756-4799 (international) at least five minutes prior to the start of the call.

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.

AS PREVIOUSLY ANNOUNCED: Grupo TMM, a Mexico City-based transportation company, said on April 29 that it had begun an amended exchange offer for all its outstanding 9½% notes and 10¼% notes, after a previously announced registration statement with the Securities and Exchange Commission became effective. The amended offer modified a previously announced offer to exchange new, longer-maturity debt for the 9½% and 10¼% notes, which had begun back on Dec. 26, 2002 and which had been extended numerous times subsequently.

Under the terms of the amended offer - which is intended to extend the maturity of the 9½% notes, which mature on May 15, 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 new 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.

The tender offer and consent solicitation is currently scheduled to expire at midnight ET on May 12, subject to possible further extension.

As of the previous deadline at 5 p.m. ET on April 28, $44.814 million principal amount of the 9½% notes, or 25.33% of the outstanding amount, had been tendered and not subsequently withdrawn, down slightly from the $44.95 million (25.41%) which had been tendered at the time of the previous extension announcement, on April 25.

And as of April 28, $156.921 million principal amount of the 10¼% notes, or 78.46% of the outstanding amount, had been tendered and not withdrawn, down slightly from the $156.921 million principal amount, or 78.46% of the outstanding float, which had been tendered by April 25.

Maxim/Anthony Crane again extends exchange

Maxim Crane Works said Thursday (May 1) that it had again extended its previously announced 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 the 13 3/8% senior discount debentures due 2009 of Anthony Crane Rental Holdings, LP and Anthony Crane Holdings Capital Corp.

The offer has now been extended to 12:01 a.m. ET on May 14, subject to possible further extension, from the prior deadline of 5 p.m. ET on April 30.

The company said that by the old April 30 deadline, holders of 94.2% of the senior notes and 79.2% of the senior discount debentures had delivered their waivers and consents, unchanged from the amount which had been tendered as of the previous April 24 deadline.

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

AS PREVIOUSLY ANNOUNCED: Anthony Crane Rental Holdings, LP and Anthony Crane Holdings Capital Corp. -a Pittsburgh-based crane rental company now doing 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.

The new notes would initially pay 12 5/8% annual interest on a PIK (payment-inkind) basis through Feb. 1, 2004. After that, interest would accrue at the annual rate of 9 3/8% and would be paid in cash.

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.

Maxim initially said the concurrent exchange offers would expire at 5 p.m. ET on April 11, although these were subsequently extended several times. 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.

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