IPC Acquisition prepays bank debt; amends loan gaining consent for stock purchase

By Sara Rosenberg

New York, March 6 - IPC Acquisition Corp. voluntarily prepaid $14 million of outstanding bank debt under its $120 million senior secured credit facility. Furthermore, the company amended its credit facility, modifying certain covenants and obtaining consent to purchase the outstanding shares of Gains International Inc. and Gains International Ltd. in December 2003.

Following the $14 million prepayment, the company had $55.4 million in debt outstanding under the credit facility.

IPC, based in New York, provides trading floor solutions through its wholly owned subsidiary IPC Information Systems Inc.

Plains All American to repay revolver debt with proceeds from stock offering

New York, March 6 - Plains All American Pipeline L.P. intends to use net proceeds from the sale of 2.3 million common units at $24.80 per unit to repay outstanding debt under its revolver.

About $43 million of the outstanding revolver debt is attributable to two recent acquisitions.

Plains All American Pipeline is a Houston company engaged in interstate and intrastate crude oil transportation, terminalling and storage, as well as crude oil gathering and marketing activities.

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