Azteca exchange expires, passes threshold

New York, May 9 - Azteca Holdings, SA de CV said its exchange offer for its 10½% senior secured notes due July 15, 2003 has received the support of a majority of holders.

At the expiration time of the exchange offer and consent solicitation of 5.00 p.m. ET on May 9, $80.082 million principal amount of the 10½% notes had been tendered. The figure is subject to final verification.

Holders will receive new 10¾% senior secured amortizing notes due 2008 in exchange.

The offer will leave $69.918 million of the old notes outstanding. Reaching the majority threshold also allows Azteca to amend the indenture.

Successful completion follows amendments that lowered the minimum participation level needed to complete the offer to a majority from 70%.

As previously announced, the Mexico City-based controlling shareholder of TV Azteca, will retire one-third of the principal amount of the new notes in July and pay the balance of the new notes in five equal annual installments.

Maxim/Anthony Crane extends exchange, increases consent fee for one series

New York, May 9 - Maxim Crane Works 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. and amended the consent fee, increasing the payment for one series.

The offer has now been extended to 12:01 a.m. ET on May 23, subject to possible further extension, from the prior deadline of 12:01 a.m. ET on May 14.

The company said that 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 30 deadline.

Maxim also said that it is increasing the consent fee for senior holders to a total of $2.21 million from $1.8 million previously. The fee for the senior discount debentures remains at $190,000.

As previously announced the Pittsburgh-based crane rental company is offering new notes that 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.

It also said that its 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 depositary for the exchange offer is U.S. Bank NA.

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