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Domtar give results from change-of-control offers for 2042, 2044 notes
Chicago, Jan. 5 – Domtar Corp. announced the results of its change-of-control offers to buy any and all of its $250 million outstanding 6¼% notes due 2042 (Cusip: 257559AJ3) and its $250 million outstanding 6¾% senior notes due 2044 (Cusip: 257559AK0), according to a press release.
The offers started on Dec. 2 and ended at midnight ET on Jan. 3.
As of the expiration time, noteholders delivered $134.3 million of the 2042 notes, or 53.72%, of the outstanding principal amount and $100,282,000 of the 2044 notes, or 40.11% of the outstanding issue.
Domtar will pay for all of the notes delivered on Jan. 7.
The company also announced a special mandatory redemption of $132,709,000 principal amount of its outstanding 6¾% senior secured notes due 2028 (Cusips: 70478JAA2, U7051JAA6), an amount that is half of the combined principal amount of each series of the unsecured notes that were part of the change-of-control offer that was not tendered before the expiration date.
The mandatory redemption is being conducted in accordance with the indenture governing the secured notes.
The notes will be redeemed on Jan. 7 at par plus interest to the redemption date.
The selection of secured notes for redemption will be made by the trustee.
After the redemption there will be $642,291,000 of the secured notes outstanding.
Barclays (212 528-7581, 800 438-3242), BMO Capital Markets Corp., Credit Suisse Securities (USA) LLC and Wells Fargo Securities, LLC were the solicitation agents.
Global Bondholder Services Corp. may be contacted (212 430-3774, 866 807-2200, contact@gbsc-usa.com).
Domtar makes paper and other fiber-based products and is based in Fort Mill, S.C. The company announced a merger with Paper Excellence BV, a subsidiary of Karta Halten BV. It is now a private company.
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