J.B. Poindexter completes exchange offer

By Carlise Newman

Chicago, June 12 - J.B. Poindexter & Co. Inc. completed the exchange of "substantially all" its outstanding 12.50% senior notes due 2004 for 12.50% senior secured notes due 2007, effective June 10.

Bond holders representing $84.985 million of old notes tendered and exchanged them for $84.985 million of new notes.

Old notes with a value of $15 million already held by Poindexter will be cancelled, in accordance with the terms of the exchange offer.

After earlier modifications and extensions, holders of the old notes will receive $1,000 of new notes plus $30 in cash for each $1,000 of old notes tendered.

Originally, Poindexter was offering to exchange up to $87.55 million of new 12.5% senior secured notes due May 15, 2007 for all its outstanding 12.5% senior notes due May 2004 at the rate of $1,030 of new notes for each $1,000 of old notes tendered.

The company had said previously that if at least 95% of the outstanding principal amount of the old notes is tendered and accepted it will go ahead with an out-of-court restructuring, in which it will refinance the old notes and sell assets to repay them, according to a filing with the Securities and Exchange Commission.

The Houston-based automotive parts manufacturer had said if the threshold was not met, it would make a prepackaged Chapter 11 bankruptcy filing.

Cysda to hold conference call with noteholders to discuss possible acceleration

Chicago, June 12 - Cydsa SA de CV and its advisors said they will hold a conference call with holders of its 9.375% notes due 2009 on Monday, June 16 at 11.00 a.m. ET to discuss the status of Cydsa's operational and financial restructurings, review progress made to date on both the operational and financial restructurings, and discuss the potential impact of action pursuant to an acceleration of the notes

Non-confidential discussion materials for the teleconference are available in advance of the call on Cydsa's website at www.cydsa.com/Ingles/content/fininf/releases/noteholders.pdf.

The number for the teleconference is: (888) 273-9889 for U.S. callers and (651) 224-7472 for others.

Cysda is a textile and chemical company based in Nueva Leone, Mexico.

Alestra extends exchange, tender consent deadline

New York, June 12 - Alestra S de RL de CV again extended the deadline for its previously announced outstanding exchange offers, cash tender offers and consent solicitations to the holders of its 12 1/8% senior notes due 2006 and 12 5/8% senior notes due 2009.

Negotiations are continuing with an ad hoc committee of noteholders about the offer, the company added.

The offer, which had been previously extended to June 11, will now run through June 20.

Alestra, a San Pedro Garza Garcia, Mexico-based telecommunications company, said that so far, approximately $144 million principal amount of its 12 1/8% notes had been tendered and approximately $95 million principal amount of its 12 5/8% notes, both unchanged from the last report on May 30.

The information agent for the offer is D.F. King & Co., Inc. (banks and brokers call collect 212 269-5550, others call toll free 800 549-6697).

Tricom details terms of 11 3/8% '04 notes exchange offer

New York, June 12 - Tricom SA revealed the terms of its previously announced offer to exchange new notes, cash and warrants to purchase the company's American Depositary Shares for its outstanding 11 3/8% senior notes due 2004, and the related consent solicitation.

Tricom filed an amendment to its F-4 registration statement with the Securities and Exchange Commission detailing the terms and conditions of the proposed exchange offer and consent solicitation, although this has not yet become effective. The company expects to commence the exchange offer and consent solicitation promptly after the SEC declares the registration statement effective.

Upon that declaration of effectiveness, Tricom will offer holders of the 11 3/8% notes (i) $950 principal amount of new 12% senior notes due 2009; (ii) a cash payment of $50; and (iii) warrants to purchase shares of the company's class A common stock, in the form of ADSs, per $1,000 principal amount of existing notes that are tendered in the exchange.

The new 12% notes will pay initial annual cash interest of 12%. Under the indenture governing the new notes, Tricom will be required to redeem 5% of the principal amount of the new notes in 2007 and 2008. The new notes will have restrictive covenants substantially the same as those of the existing 11 3/8% notes.

The cash payment portion of the exchange offer will be financed by an equity contribution from the company's majority shareholder, GFN Corp., Ltd.

The exchange offer and consent solicitation is subject to the satisfaction of several conditions, including the receipt of tenders of at least 85% of the company's outstanding 11 3/8% notes.

As previously announced, Tricom, a Santo Domingo, D.R.-based regional integrated telecommunications provider serving the U.S., the Caribbean and Central America, said on Dec. 18 that it had filed a registration statement with the SEC in connection with the proposed exchange offer for its $200 million outstanding aggregate principal amount of 11 3/8% notes and the related consent solicitation.

Tricom said it planned to offer the 11 3/8% noteholders new notes and cash or warrants to purchase the company's ADSs representing shares of its Class A common stock in return for their notes, and to also solicit consents to amending certain of the covenants in the notes' indenture.

Tricom said that the planned tender offer was "consistent with its previously announced plan to extend the company's debt profile and strengthen the company's capital structure."

Bear, Stearns & Co. (call 877- 696-BEAR (x2327) toll free in the U.S.; international investors call 212 272-5112) will act as dealer manager for the exchange offer and consent solicitation.

Azteca Holdings starts new exchange

New York, June 12 - Azteca Holdings, SA de CV announced a new exchange offer for its 10½% senior secured notes due 2003. The offer also covers the 10¾% senior secured amortizing notes due 2008 issued in the previous exchange for its 10½% senior secured notes due 2003, completed on May 16.

The Mexico City company, the controlling shareholder of Spanish language television programmer TV Azteca, said it is offering new 11½% senior amortizing notes due 2009.

The exchange expires on July 11.

Azteca Holdings in May issued $80.082 million of new 10¾% senior secured amortizing notes due 2008 in exchange for an equal amount of the 10½% senior secured notes due 2003.

The transaction left $69.918 million of the 10½% notes outstanding.

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