Norbord begins change-of-control offer on notes due 2027, 2023

By Taylor Fox

New York, March 2 – Norbord Inc. has begun a change-of-control offer to repurchase its $315 million 6.25% senior notes due 2027 and $350 million 5.75% senior notes due 2023, according to a news release.

Norbord was acquired by West Fraser on Feb. 1, which constitutes a change of control under the terms of the notes, triggering the buyback offer.

Norbord will accept for purchase all notes tendered prior to 5 p.m. ET April 1.

The purchase price will be 101 plus interest to but excluding the payment date, which is expected to be April 2.

Computershare Trust Co., NA is the tender agent.

The notes remain obligations of Norbord, which is now a wholly owned subsidiary of West Fraser, and have not been assumed nor guaranteed by West Fraser.

Norbord is a Toronto-based manufacturer of wood-based panels and oriented strand board.

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