Clearwater Paper to redeem $375 million 7 1/8% notes on Aug. 28

By Toni Weeks

San Luis Obispo, Calif., July 29 – Clearwater Paper Corp. said it has issued a redemption notice to the holders of its $375 million of outstanding 7 1/8% senior notes due 2018, according to an 8-K filing with the Securities and Exchange Commission.

The notes will be redeemed on Aug. 28 with the proceeds from an offering of $300 million of 5 3/8% senior notes due 2025, which was completed on Tuesday, cash on hand and a draw under Clearwater’s revolving credit facility. The company has deposited sufficient funds for the redemption with the trustee, the filing noted.

Clearwater is a Spokane, Wash.-based paper and cardboard manufacturer.

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