Pioneer-Standard tenders for 9.5% notes

New York, March 18 - Pioneer-Standard Electronics, Inc. said it is offering to buy for cash its outstanding 9.5% senior notes due 2006.

The Cleveland computer distributor and reseller will pay $1,047.60 per $1,000 principal amount of the notes plus accrued interest up to but excluding the date of payment.

The offer expires at 5.00 p.m. ET on March 25 unless terminated earlier or extended. Pioneer-Standard said it expects to make payment the following day.

Tenders may be withdrawn at any time up to expiration.

J.P. Morgan Securities (contact the liability management group at 866 834-4666) and McDonald Investments are dealer managers for the offer. Mellon Investor Services LLC (888 634-6468) is information agent.

Dole amends 7.25%, 7.875% notes to raise coupon

New York, March 18 - Dole Food Co., Inc. said it has agreed to revise terms of its the $400 million 7.25% senior notes due 2009 and $155 million 7.875% debentures due 2013 to increase the interest rate.

The change will occur on completion of the proposed going-private merger transaction in which David H. Murdock, Dole's chairman and chief executive officer, will acquire the 76% of Dole's common stock that he and his affiliates do not already own for $33.50 per share in cash.

Following completion of the LBO, Dole's 2009 notes will pay interest at 8.625% per annum and the 2013 debentures will pay interest at 8.75% per annum.

In addition, the covenants and senior subordinated guarantees will be modified to make them "substantially similar" to those in Dole's new 2011 notes.

Of the other two outstanding series of debt securities, the $209.8 million of 7% notes due 2003 will be defeased and the $200 million 6.375% notes due 2005 will be redeemed, the Westlake Village, Calif. fresh fruit and vegetable company said.

Denbury calls 9% notes

New York, March 18 - Denbury Resources Inc. announced it is calling its $200 million of 9% senior subordinated notes due 2008.

The securities, which are in two series, will be redeemed on April 16 subject to closing of the company's recent bond sale.

The Dallas oil and gas company will fund the redemption with proceeds from its recent sale of $225 million 7.5% senior subordinated notes due 2013, priced on March 17 at 99.135 to yield 7 5/8%.

Anixter buys back $2 million notes

New York, March 18 - Anixter International Inc. said it bought back $2 million of its 8% senior notes due September 2003 on Feb. 5 at book value.

The Skokie, Ill. company added that it will continue to look for opportunities to repurchase outstanding debt, with amounts and timing to depend on market conditions.

During 2002, Anixter repurchased $10.7 million of the 8% senior notes at a cost of $11.1 million.

At Jan. 3, it had $8.0 million of the notes still outstanding, according to a filing with the Securities and Exchange Commission. It originally issued $100 million in 1996.

Gala Group says 100% of 12% notes tendered

New York, March 18 - Gala Group Ltd. said Monday that 100% of the £155 million 12% senior notes due 2010 issued by Gala Group Holdings Ltd. (formerly Gala Group Holdings plc) were tendered in its recent offer and added that it accepted the notes for payment.

The tender offer and consent solicitation expired at 10.00 a.m. GMT (5.00 a.m. ET) on March 14.

The Nottingham, England company said all conditions of the offer were either satisfied or waived and that it expected to make payment on March 17.

The payment to for each validly tendered note is based on the present value on the payment date of all future cash flows on the Notes to June 1, 2005 based on the assumption that the notes will be redeemed in full at £1,060 per £1,000 per principal amount and a fixed spread of 50 basis points over the yield to maturity on the 9.5% U.K. Treasury due April 18, 2005. The reference yield on that note as of 2:00 p.m. GMT on March 12 was 3.230%. Accordingly the tender offer consideration is £1,198.71 per £1,000 principal amount of notes.

Holders will also receive a consent payment or £30 per £1,000 principal amount of notes and accrued interest of £35.33 per £1,000 principal amount.

Gala Group said it also receive consents to amend the note indenture, eliminating substantially all the restrictive covenants and certain events of default.

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