Actuant retired some of its 13% notes in third, fourth quarters

Actuant Corp. said in its quarterly 10-Q filing with the Securities and Exchange Commission on Monday (Nov. 18) that during the fourth quarter of its 2002 fiscal year ended Aug. 31, it retired an additional $10.4 million of its 13% notes by acquiring them through open market purchases. As a result, Actuant recorded a pre-tax extraordinary charge of $2.1 million, or $1.3 million after-tax, for the $1.7 million bond redemption premium payment and the $400,000 write-off of the associated debt discount and debt issuance costs.

The fourth-quarter debt extinguishment follows the early extinguishment of $70 million of the 13% notes and senior term debt in the third quarter, for which the company took an extraordinary charge of $9.3 million, or $0.76 per diluted share. In total, the company's fiscal 2002 extraordinary charge from early extinguishment of debt was $10.6 million, or $1 per diluted share.

Actuant, a Milwaukee-based manufacturer of highly engineered position and motion control systems and branded tools, also said that since the end of its fiscal year on Aug. 31, it retired an additional $6.5 million of its 13% notes in September by acquiring them through open market purchases.

Actuant also incurred borrowings of $10.6 million and assumed $5.4 million of debt related to the Sept. 3 acquisition of Kopp AG.

Crown Castle bought back bonds in third quarter and afterward

Crown Castle International Inc. said on Thursday (Nov. 14) that it bought back $402 million in face amount of debt and preferred securities in the third quarter and the weeks immediately following it, at a cost of $200.1 million of cash. The Houston-based communications antenna company said the repurchase of these securities will reduce total annual interest expense by approximately $23.1 million and reduce annual dividend expense by approximately $15 million. As a result of these repurchases, cash interest and dividend expense in 2003 and 2004 will be reduced by approximately $13.7 million and $27.6 million, respectively.

Crown Castle said that it bought back $8.3 million of its 9% senior notes during the third quarter and an additional $6.3 million in the period from Oct. 1 through Nov. 14, eliminating a total of $25.9 million of principal and future interest costs over the remaining life of the notes for a total cash expenditure of $8.9 million. As of Nov. 14, $165.7 million of the notes remained outstanding.

It bought back $12.1 million of its 9 3/8% senior notes during the third quarter and an additional $30.7 million from Oct. 1 through Nov. 14, eliminating a total of $78.9 million of principal and future interest costs at a cost of $27.3 million. As of Nov. 14, $407.2 million of the notes remained outstanding.

It bought back $3.9 million of its 9½% senior notes during the third quarter and an additional $6.9 million from Oct. 1 through Nov. 14, eliminating a total of $19.9 million of principal and future interest costs at a cost of $7 million. As of Nov. 14, $114.2 million of the notes remained outstanding.

It bought back $14 million of its 10¾% senior notes during the third quarter and an additional $43.2 million from Oct. 1 through Nov. 14, eliminating a total of $112.4 million of principal and future interest costs at a cost of $39.4 million. As of Nov. 14, $442.8 million of the notes remained outstanding.

It bought back $18.5 million (face amount) of its 10 3/8% senior discount notes during the third quarter and an additional $28.9 million (face amount ) from Oct. 1 through Nov. 14, eliminating a total of $81.9 million of principal and future interest costs at a cost of $22.6 million. As of Nov. 14, $379.7 million (face amount) of the notes remained outstanding.

It bought back $3.4 million (face amount) of its 10 5/8% senior discount notes during the third quarter and an additional $8.4 million (face amount ) from Oct. 1 through Nov. 14, eliminating a total of $18.1 million of principal and future interest costs at a cost of $8.5 million. As of Nov. 14, $236 million (face amount) of the notes remained outstanding.

It bought back $33 million (face amount) of its 11¼% senior discount notes during the third quarter and an additional $24 million (face amount) from Oct. 1 through Nov. 14, eliminating a total of $101.8 million of principal and future interest costs at a cost of $26.9 million. As of Nov. 14, $161.8 million (face amount) of the notes remained outstanding.

It bought back $64.5 million of its 6¼% preferred stock during the third quarter and an additional $20 million from Oct. 1 through Nov. 14, eliminating a total of $132.9 million of principal and future dividend payments at a cost of $24.2 million. As of Nov. 14, $308.4 million of the preferred securities remained outstanding.

And it bought back $8.8 million of its 12 ¾% PIK preferred stock during the third quarter and an additional $67.6 million from Oct. 1 through Nov. 14, eliminating a total of $169.2 million of principal and future dividend payments at a cost of $35.3 million. As of Nov. 14, $245.5 million of the preferred securities remained outstanding.

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