Timco receives tenders of 46.9% of senior convertibles, 75.2% of junior convertibles

New York, March 9 - Timco Aviation Services Inc. said it received tenders of $58.6 million, or 46.9%, of its 8% senior subordinated convertible PIK notes due 2006 and $3.6 million, or 75.2%, of its 8% junior subordinated convertible PIK notes due 2007.

The offer for early conversion expired at 5 p.m. ET on March 8.

Timco received sufficient consents to amend the indenture for the junior convertibles but not for the senior convertibles.

On settlement of the tender, expected to be March 15, Timco will issue 145.81 million shares to holders who tendered senior notes and 8.06 million shares to holders who tendered junior notes. It will issue 70.90 million shares to LJH Ltd. on exercise of a warrants. After closing, LJH will own 55.6% of the company's 256.41 million outstanding shares.

The Greensboro, N.C., provider of aviation maintenance, repair and overhaul services was offering a 15% premium to encourage early conversion.

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