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Cascades upsizes Dutch auction offer to accept all early tenders
Chicago, Nov. 9 – Cascades Inc. announced the early tender results of its modified Dutch auction tender and raised the cap to accept all of the notes from two series tendered to the early deadline, according to a press release.
For the first series, the company was offering to purchase up to $125 million of the $600 million outstanding 5 3/8% senior notes due 2028 (Cusips: 14739LAB8, C21754AB9, C21754AC7). The acceptable bid range was $1,045 to $1,057.50 per $1,000 note.
Noteholders tendered $154,658,000 of the notes, all of which will be accepted. The total consideration is at the top of the range: $1,057.50 which reflects a base price of $1,045 plus a clearing premium of $12.50 and the $30 early tender premium.
For the second series, Cascades was offering to buy up to $75 million of the $350 million outstanding 5 1/8% senior notes due 2026 (Cusips: 14739LAA0, C21754AA1). Noteholders could bid between $1,055 to $1,062.50 for each $1,000 note.
Cascades is accepting all of the $144,434,000 tendered. The total consideration is at the top of the range, again. The $1,062.50 total consideration is inclusive of a $1,055 base price and a clearing premium of $7.50 and a $30 early tender premium.
The early tender date was 5 p.m. ET on Nov. 9.
Interest will be paid to the settlement date.
The early settlement date is expected to be Nov. 10.
The tender offers will technically expire at 11:59 p.m. ET on Nov. 24.
However, the offer was oversubscribed and no more notes will be accepted for purchase after the early deadline.
Scotia Capital (USA) Inc. is the dealer manager (212 225-5501).
D.F. King & Co., Inc is the information and tender agent for the offer (866 356-7814, 212 269-5550, cascades@dfking.com).
Cascades makes packaging and tissue products that are composed mainly of recycled fibers. The company is based in Kingsey Falls, Quebec.
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