Buckeye increases payment in consent solicitation for 8½% notes

New York, Feb. 14 - Buckeye Technologies Inc. said it has increased the fee on offer in its solicitation of consents to amend its $200 million principal amount of 8½% senior notes due Oct. 1, 2013.

The company will now pay $10.00 per $1,000 principal amount, up from $5.00 previously.

Buckeye also extended the deadline to 5 p.m. ET on Feb. 16 from 5 p.m. ET on Feb. 14.

As announced on Jan. 27, the Memphis-based maker of specialty fibers and non-woven materials wants to amend the note indenture to allow it to redeem $100 million of its 9¼% senior subordinated notes due Sept. 15, 2008.

As part of the redemption, Buckeye intends to amend its credit facilities to add on an extra $85 million term loan, among other changes.

Buckeye needs consents from holders of a majority of the principal amount of the notes.

Citigroup Global Markets Inc. is solicitation agent (contact Liability Management Group at 800 558-3745 or call collect 212 723-6106). Global Bondholders Services Corp. is information agent (866 924-2200 or call collect 212 430-3774).

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