Catalyst Paper announces plans to retire remaining floating-rate notes

By Angela McDaniels

Tacoma, Wash., March 10 - Catalyst Paper Corp. plans to retire its remaining $19.4 million of outstanding senior secured floating-rate notes due 2016, according to a company news release.

The company plans to fund the retirement with a C$20 million term loan due 2017.

The transaction has the requisite approval of holders of Catalyst's PIK toggle senior secured notes due 2017.

"The new term loan replaces the high interest rate under the floating-rate notes with a commercial interest rate and provides the company with greater flexibility," Joe Nemeth, president and chief executive officer, said in the news release.

Catalyst Paper makes specialty mechanical printing papers, newsprint and pulp and is based in Richmond, B.C.

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