By Devika Patel
Knoxville, Tenn., April 19 - Fortress Paper Ltd. announced it plans a C$15 million private placement of five-year 7% unsecured convertible debentures with Solidarity Fund QFL.
The debentures are convertible into common shares at an initial conversion price of C$20.00. They may be called after two years.
The financing is part of the financing package being arranged in connection with the company's plans to acquire and convert the Thurso Mill in Quebec into a high-quality specialty cellulose mill and to construct a new cogeneration facility.
Fortress Paper is a producer of security and other specialty papers based in North Vancouver, B.C.
Issuer: | Fortress Paper Ltd.
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Issue: | Unsecured convertible debentures
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Amount: | C$15 million
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Maturity: | Five years
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Coupon: | 7%
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Price: | Par
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Yield: | 7%
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Conversion price: | C$20.00
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Call: | After two years
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Warrants: | No
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Investor: | Solidarity Fund QFL
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Pricing date: | April 16
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Stock symbol: | Toronto: FTP
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Stock price: | C$23.00 at close April 16
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Market capitalization: | C$235 million
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