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To: Knighty Tin who wrote (45039)	1/23/2006 3:30:23 PM
From: shades	Respond to of 116555

DJ UPDATE: Mexico Iusacell In Deal To Restructure $766M Debt . (Updates with share price, comments from company official and analyst.) By Anthony Harrup Of DOW JONES NEWSWIRES MEXICO CITY (Dow Jones)--Mexican wireless phone company Grupo Iusacell SA (CEL.MX) said Monday it has reached an agreement in principle with a majority of its creditors to restructure $766 million in debt. Iusacell, controlled by businessman Ricardo Salinas Pliego, said it reached a deal with holders representing more than 51% of its $350 million in 14.25% notes due 2006, while its main unit Grupo Iusacell Celular has reached a preliminary agreement to restructure $266 million in bank debt and $150 million in 10% notes due 2004. "It's very good news for creditors who can start getting paid again," said James Harper, director of corporate research at Connecticut-based BCP Securities. Including interest forgiveness, the restructuring writes down more than half of the debt that Salinas Pliego took on in 2003 when he acquired 74% of Iusacell for $7.4 million from Verizon Communications Inc. (VZ) and Vodafone Group Plc (VOD) of the U.K. Grupo Salinas spokesman Luis Nino de Rivera said in a telephone interview that the "important writedowns" show creditor confidence that the company can meet its commitments at the new debt level, as well as confidence in the management. "The company's cash flow will be enough to service the debt, and the rest will be for investment," he said. Iusacell said it plans to swap the $350 million in 2006 notes for $175 million in 10% notes due December 2013, with interest payments every six months and amortization at maturity. Iusacell would have the option to capitalize up to 40% of the interest payments, and the notes would be guaranteed by shares for the equivalent of 28%-34% of the company's equity. When the swap is completed, the 2006 notes will be canceled and about $150 million in unpaid accrued interest will be written off. The company aims to launch the approvals request and bond swap by March 15. Grupo Iusacell Celular will swap $190 million in bank debt for $190 million in new notes due 2010 paying four percentage points above Libor, with quarterly interest payments. The notes would be guaranteed by the totality of the unit's assets. The unit also plans to exchange $76 million in bank debt and the $150 million 2004 notes for $203 million in new 10% notes due 2011, with monthly interest payments every six months of which the company may capitalize up to 30%. Unpaid interest on the 2004 notes, which stood at $44 million at the end of 2005, would also be written off. BCP's Harper said creditors were expecting a haircut and got one, adding that the deal on the 2006 notes was a little better than anticipated, while the deal for the 2004 notes was about in line. He also said the deal shows confidence in the current management. "The company had a few bad quarters, but it seems to have turned a corner," he added. Iusacell shares trading on the Mexican Stock Exchange were up 24% to 34 pesos ($3.23) around 1930 GMT. Nino de Rivera said Iusacell has no plans to merge with Unefon SA (UNEFON.MX), a smaller wireless company also controlled by Salinas Pliego, although the two operators will continue to share their 3G network. Iusacell had 1.7 million subscribers at the end of the third quarter of 2005. It reported earnings before interest, taxes, depreciation and amortization, or EBITDA, of 189 million pesos ($18 million) on sales of MXN1.55 billion, although lower foreign-exchange gains in the quarter led to a net loss of MXN435 million. Nino de Rivera said the company has maintained a core base of about half a million high-end, post-paid subscribers. But he said the company has also been switching pre-paid customers among low-income earners to post-paid contracts via credit at Banco Azteca, the financial services unit of Grupo Elektra (ELEKTRA.MX), also part of the Salinas Group. From a 80%-to-20% ratio of pre-paid to post-paid, Iusacell has since moved to 70% to 30%, the official added. -By Anthony Harrup, Dow Jones Newswires; (5255) 5080-3450, anthony.harrup@dowjones.com (END) Dow Jones Newswires

To: Knighty Tin who wrote (45039)	1/23/2006 3:30:59 PM
From: shades	Read Replies (1) \| Respond to of 116555

*DJ Lennar Increases Unsecured Revolving Credit Facility To $2.2 B>LEN . (MORE TO FOLLOW) Dow Jones Newswires January 23, 2006 15:17 ET (20:17 GMT) Press Release Source: Lennar Corporation Lennar Increases Unsecured Revolving Credit Facility to $2.2 Billion Monday January 23, 3:17 pm ET MIAMI, Jan. 23 /PRNewswire-FirstCall/ -- Lennar Corporation (NYSE: LEN - News and LEN.B - News), one of the nation's largest homebuilders, announced that the Company has increased its senior unsecured revolving credit facility to $2.2 billion through the exercise of the remaining $460 million under the accordion feature of the existing facility. The revolving credit facility, including the $1 billion letter of credit sub-facility, will mature in June 2010. ADVERTISEMENT JP Morgan Chase, N.A. is the Joint Lead Arranger and Administrative Agent, Deutsche Bank Trust Company Americas is the Joint Lead Arranger and Syndication Agent and Bank of America, N.A., Barclays Bank PLC, Calyon New York Branch, Citicorp North America, Inc., The Royal Bank of Scotland, SunTrust Bank and Wachovia Bank are Documentation Agents. A total of 40 lenders participate in the facility. Bruce Gross, Lennar's Vice President and Chief Financial Officer, said, "We appreciate the continued commitment from our long-term banking partners. The facility's increased size further enhances our strong balance sheet and supports continued growth." Lennar Corporation, founded in 1954, is one of the nation's leading builders of quality homes for all generations. The Company builds affordable, move-up and retirement homes primarily under the Lennar and U.S. Home brand names. Lennar's Financial Services Division provides primarily mortgage financing, title insurance and closing services for both buyers of the Company's homes and others. Previous press releases and further information about the Company may be obtained at the "Investor Relations" section of the Company's website, lennar.com. Some of the statements in this press release are "forward-looking statements," as that term is defined in the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by the fact that these statements do not relate strictly to historical or current matters. Rather, forward-looking statements relate to anticipated or expected events, activities, trends or results. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties. Many factors could cause our actual activities or results to differ materially from the activities and results anticipated in forward-looking statements. These factors include those described under the caption "Risk Factors Relating to Our Business" included in our Annual Report on Form 10-K, as amended on Form 10-K/A, for our fiscal year ended November 30, 2004, and in our other filings with the Securities and Exchange Commission. We do not undertake any obligation to update forward-looking statements.