JOY GLOBAL, INC. (JOYG) (B2/B+) said on Tuesday (April 16) that it has elected to redeem the entire principal amount of its 10¾% senior notes due 2006, as already noted in its recent 10-Q filing with the Securities and Exchange Commission. The redemption will take place on April 22, subject to possible extension, at a redemption price of 104.03215% of their face amount (i.e., $1,040.3215 per $1,000 principal amount, plus interest accrued up to April 22. Joy Global said further that all outstanding notes will become due and payable on April 22 and that as of that date and beyond, interest on the notes shall cease to accrue. Notice of the redemption was sent to registered holders of the notes by BNY Midwest Trust Company, the notes' trustee, on March 18. AS PREVIOUSLY ANNOUNCED, Joy Global, a Milwaukee-based mining equipment company, said on Feb. 27 that it planned to sell approximately $200 million principal amount of 10-year senior subordinated notes under Rule 144A, with a portion of the deal proceeds slated to repay the company's $108.8 million of remaining outstanding 10¾% bonds. Joy Global was heard by market sources on March 4 to have begun a roadshow for the proposed offering of new bonds; price talk on the prospective new bonds emerged on March 11, and they came to market on March 13 via joint bookrunners Credit Suisse First Boston and Deutsche Banc Alex. Brown. Joy Global said on March 18 that it had completed the offering of the new 8¾% notes, saying it had used $100 million of the net proceeds of the offering to prepay its senior term loan, and would use the balance of the net proceeds, together with other company funds, to redeem the 10¾% notes on or about April 22, in accordance with the terms of the notes' indenture. Joy said that payment for the 10¾% notes would be made upon presentation and surrender of the notes at The Bank of New York (call the Bondholder Relations Department at 800 254-2826).

GENERAL ELECTRIC CO. (GE) said Tuesday (April 16) that it had successfully completed its previously announced tender offer for the 11½% Series D senior discount notes due 2008 issued by TELEMUNDO HOLDINGS, INC.(B3/CCC+), as part of the latter company's acquisition by GE. The offer expired as scheduled at 5 p.m. ET on April 15 with no further extension. As of that deadline, GE had accepted tenders of from the holders of all of the outstanding 11½% notes. Payment for the notes and consent payments was made on Tuesday (April 16). The total consideration for each $100 principal amount of Notes validly tendered was $100.821, which included a consent payment, as already outlined. AS PREVIOUSLY ANNOUNCED General Electric, a Fairfield, Conn.-based conglomerate with interests in broadcasting, finance, electrical products and other industrial products, said on March 11 that it had begun a tender offer for all of the 11½% notes of Telemundo, a Hialeah, Fla.- based Spanish-language broadcasting company, as part of its pending $1.98 billion purchase of the company, which was announced last year. The tender offer was initially slated to expire at 5 p.m. ET on April 8, although that date was subsequently extended. GE said it would pay a purchase price of $100.75 per $100 principal amount at maturity; if the settlement date were to fall after April 9, it would pay an additional amount per $100 principal amount at maturity (rounded if necessary to the nearest $0.001) equal to $0.01013 per day for each calendar day from and including April 9, up to, but excluding, the settlement date for the offer. GE said the purchase price would include a consent payment equal to 2% of the principal amount at maturity, which would be paid only for Telemundo notes tendered at or prior to a (now expired) consent payment deadline of 5 p.m. ET on March 25 and not subsequently withdrawn. GE said it was seeking noteholder consents to various indenture amendments which would provide Telemundo with greater operational and financial flexibility following its planned acquisition by GE's wholly owned broadcasting division, NBC. It said the offer would be conditioned on - among other things - completion of that acquisition, as well as receipt of the requisite consents to adopt these amendments. Holders tendering after the consent deadline would not receive the consent payment portion of the total consideration. GE said it expected to extend the offer from time to time as necessary until NBC completed its acquisition of Telemundo. GE said it would pay for the tendered notes in same-day funds on the first business day following expiration of the offer, or as soon thereafter as practicable (earlier, Telemundo had said on Dec. 12 that its exchange offer - under which it had offered to exchange up to $293.991 million principal amount at maturity of newly issued, registered Series D 11½% notes for all of a like amount of outstanding unregistered series A, B and C notes - had expired as scheduled at 5 p.m. ET on Dec. 11 with no extension. $293.891 million of the old notes had been tendered by the expiration, and new notes were issued in their place on Dec. 14). On March 26, General Electric said that the Telemundo noteholders had tendered all the $293.891 million of the outstanding securities and gave accompanying consents. On April 9, it said that it had extended the tender offer until 5 p.m. ET on April 15, subject to possible further extension, from the originally announced April 8 deadline. GE noted that while all of the $293.891 million of the Telemundo notes had been tendered as of April 8, the condition to the completion of the tender offer that the acquisition of Telemundo by GE had had not yet been completed, and GE said it reserved the right to continue extending the tender offer until the acquisition was completed. GE also said on April 9 that with Telemundo noteholders having previously consented to the proposed indenture changes, Telemundo had already executed a supplemental indenture incorporating those amendments, although those amendments would not become operative until the offer was closed. On April 10, the NBC said that the deal could close in a matter of days; separately, the Federal Communications Commission approved the transfer of Telemundo's television stations to the NBC network - a key regulatory step toward completion of the sale - and gave NBC a year in which to comply with station ownership limits in the Los Angeles market, where the combined operations will have three TV stations. GE said on April 12 that it had completed its acquisition of Telemundo Communications Group, Inc., the direct parent of Telemundo Holdings. Goldman, Sachs & Co. (call 800 828-3182) was the dealer manager for the tender offer. The information agent was Morrow & Co., Inc. (call 800 607-0088; banks and brokerage firms call 800 654-2468); the depositary was The Bank of New York.

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