EchoStar completes redemption of 9¼% '06 notes

EchoStar Communications Corp. said on Monday (Feb. 3) that effective this past Saturday (Feb. 1), its EchoStar DBS Corp. subsidiary completed the previously announced repurchase of all of its 9¼% senior notes due 2006.

The company said that the redemption occurred three years early, in accordance with EchoStar's early redemption right.

The trustee for the notes was the U.S. Bank Trust NA.

AS PREVIOUSLY ANNOUNCED: Echostar Communications, a Littleton, Colo.-based satellite television broadcaster, said on Dec. 31 that EchoStar DBS had elected to retire all of its $375 million of outstanding 9¼% notes, three years early, exercising its optional early redemption right.

The company said that under the terms of the notes' indenture, the notes would be repurchased effective Feb. 1 at 104.625% of face value (i.e. $1,046.25 per $1,000 principal amount), for a total expenditure of approximately $392 million. It said that interest would be paid through the Feb. 1 redemption date.

Vintage Petroleum calls 9% '05 notes

Vintage Petroleum Inc. said on Monday (Feb. 3) that it had called the $50 million of its remaining outstanding 9% senior subordinated notes due 2005. The notes will be redeemed on March 5 at a redemption price of 101.5% of the principal amount of the notes (i.e. $1,015 per $1,000 principal amount) plus accrued interest up to March 5.

AS PREVIOUSLY ANNOUNCED, Vintage, a Tulsa, Okla.-based independent oil and gas exploration and production company, said on May 6, 2002 that it planned to redeem up to $100 million of the 9% notes on June 3, at a redemption price of 103% of par, which would leave $50 million of 9% notes outstanding. The company said that it would redeem those notes using a portion of the proceeds from its April 25 sale of $350 million 8¼% senior notes due 2012.

Vintage indicated on June 3 that the $100 million of 9% notes had been redeemed as previously announced.

New Millennium Homes plans exchange offer for zero-coupon ' 04 notes

New Millennium Homes LLC said Friday (Jan. 31) that it was planning an offer to exchange up to $114.051 million principal amount of newly issued zero-coupon notes due 2007 for a like amount of outstanding zero-coupon notes due 2004.

New Millennium, a Calabasas, Calif.-based homebuilder said in a Form T-3 filed with the Securities and Exchange Commission that in addition to the exchange offer, it intends to solicit the consent of the holders of the existing notes to certain amendments to the notes' indenture, as well as to the termination of the related pledge agreement between the company and U.S. Bank Trust NA, as the secured party, and the release of the capital stock of New Millennium's two subsidiaries currently pledged as collateral under the pledge agreement.

New Millennium did not outline a timetable for the planned exchange offer.

U.S. Bank Corporate Trust will be the exchange agent.

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