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Norske Skog Canada starts tender for 10% notes
New York, March 9 - Norske Skog Canada Ltd. said it has begun a cash tender offer to purchase all its outstanding $200 million principal amount of 10% senior notes due 2009.
The Vancouver, B.C., paper and forest products company is also carrying out a consent solicitation to amend the indenture governing the notes. The proposed changes would, among other things, eliminate most of the principal restrictive covenants.
Noteholders who tender and deliver consents by 5 p.m. ET on March 22 will receive $1,053.75 per $1,000 principal amount, including a $30 consent payment.
For notes tendered after the consent date but before the expiration of the tender at 12:01 a.m. ET on April 6, Norske Skog Canada will pay $1,023.75 per $1,000 principal amount.
In both cases holders will receive accrued interest up to but not including the date of purchase.
Holders may not tender without delivering consents or deliver consents without tendering. The proposed amendment requires approval of holders of a majority by principal amount of the notes.
Norske Skog Canada said it plans to redeem any notes not tendered shortly after the expiration of the tender offer at a price of $1,050 per $1,000 principal amount plus accrued interest.
The tender is subject to various conditions including receipt of the necessary consents and completion of the company's announced offering of $225 million 10-year senior notes.
Global Bondholder Services Corp. is the information agent (866 873-7700 or call collect 212 430-3774). Merrill Lynch & Co. and Banc of America Securities LLC are the dealer managers and solicitation agents (contact Merrill Lynch at 888 ML4-TNDR or collect at 212 449-4914, Banc of America at 888 292-0070 or collect at 704 388-9217).
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