Advanced Accessory to redeem 9¾% notes

New York, April 16 - Advanced Accessory Systems, LLC said it will redeem its $125 million principal amount of 9¾% senior subordinated notes due 2007 series A and series B on May 16.

The Sterling Heights, Mich. manufacturer of automotive roof racks and towing systems will pay 104.875% of par plus accrued interest to the redemption date.

Advanced Accessory said it has already completed a covenant defeasance of the notes. For the defeasance and redemption it has deposited with the trustee Wachovia Bank, NA enough funds to redeem the notes.

The transactions are part of the sale of Advanced Accessory to a private equity investment fund organized and managed by Castle Harlan, Inc. The purchase was valued at $260 million. Previously Advanced Accessory was owned by JPMorgan Partners.

Six Flags buys $387.4 million notes in early tender, announces call

New York, April 16 - Six Flags, Inc. said it bought $387.4 million principal amount of its 10% senior discount notes due 2008 under the early tender provisions of its tender offer.

The offer covers any and all of the $401 million outstanding principal amount of the notes.

The New York theme park operator said it will call any notes that are outstanding after the expiration of the tender offer. The redemption will be on May 16 and will be at 105% of the principal amount plus accrued interest.

The tender expires at 5.00 p.m. ET on May 7 unless extended or terminated.

Holders who tendered by the early tender date of midnight ET on April 15 received 105.5% of the principal amount plus accrued interest up to but not including April 16.

Holders who tender after the early tender deadline will receive 105% of par plus accrued interest up to but not including the payment date.

Six Flags added that on Wednesday it closed its offering of $430 million principal amount of new 9¾% senior notes. It will use net proceeds together with other available funds to finance the tender offer and redemption.

Lehman Brothers (contact Emily Shanks at 800 438-3242 or 212 528-7581) is the dealer manager for the tender offer and the information agent is D.F. King & Co., Inc. (800 431-9643 or 212 269-5550).

Equistar to redeem 8½% bonds

New York, April 16 - Equistar Chemicals, LP said it will redeem $300 million of 8½% bonds due 2004 using part of the proceeds of its $450 million of new 10 5/8% senior notes.

The Houston company said it expects to close the new notes offering on April 22.

Millicom says 67% of holders commit to exchange

New York, April 16 - Millicom International Cellular SA said 67% of holders of its 13½% senior subordinated discount notes due 2006 have given unconditional commitments to participate in its exchange offer and consent solicitation.

Millicom said it adjusted the threshold required to 65% from 68% and as a result has now finalized the change to the exchange.

Millicom said on April 11 it was proposing to adjust the exchange and had commitments from approximately 50% of the holders of the existing notes.

Under the amended terms, for each $1,000 principal amount of the existing notes holders will receive $720 of new 11% senior notes due 2006 and $81.7 of new 2% senior convertible PIK notes due 2006. Both will mature June 1, 2006. The notes would result in a maximum dilution to existing Millicom stockholders of approximately 30%, assuming no issuance of PIK notes in lieu of cash interest.

The 11% notes will have semi-annual amortization payments due June 1, 2004, Dec. 1, 2004, June 1, 2005 and Dec. 1, 2005.

The 2% convertibles will be convertible into Millicom's common stock at a price of $10.75 per share, allowing for Millicom's recent reverse stock split. At maturity or on redemption, Millicom would have the right at its option to pay the outstanding principal amount of the 2% notes plus accrued interest in cash or stock.

Both series of notes would be guaranteed by Millicom's subsidiary Millicom International Operations BV.

In addition, under the revised offer Millicom would continue to solicit consents to certain amendments to the indenture of the existing notes. Millicom will make a consent payment of $50 per $1,000 principal amount of existing notes for which a valid consent is delivered, providing at least a majority consent.

Millicom extended the exchange offer to May 2 from 5.00 p.m. ET on April 16.

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