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Tembec cuts debt by $50 million, completes $225 million sale of notes
By Lisa Kerner
Charlotte, N.C., Aug. 17 - Tembec Inc. president and chief executive office Jim Lopez said the company achieved its goal of refinancing its outstanding term debt in 2010 with the sale of $255 million of 11¼% senior secured notes due 2018.
The notes were issued by Tembec Industries Inc.
Bank of America Merrill Lynch and Credit Suisse Securities (USA) LLC were the joint book-running managers for the offering, according to a company news release.
Lopez said in the release that Tembec reduced its long-term debt by $50 million, demonstrating the company's commitment to deleveraging the balance sheet.
Based in Montreal, Tembec is an integrated forest products company with operations primarily in North America and France.
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