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Domtar launches exchange offers, proxy solicitations for subsidiary's notes
By Jennifer Chiou
New York, Oct. 17 - Domtar Corp. announced the start of exchange offers and proxy solicitations for any and all of subsidiary Domtar Inc.'s 7 7/8% notes due 2011, 5 3/8% notes due 2013, 7 1/8% notes due 2015 and 9½% debentures due 2016.
The Montreal-based paper company said that it will issue an equal principal amount of its newly issued notes of the corresponding series.
The company is also soliciting consents to amend the note indentures.
The early consent deadline is 5 p.m. ET on Oct. 30. The offer ends at midnight ET on Nov. 14.
Those who tender by the early deadline will receive a consent payment of $2.50 per $1,000 principal amount of notes.
Global Bondholder Services Corp. is the information agent (866 470-3700 or call collect 212 430-3774). J.P. Morgan Securities Inc. (866 834-4666 or call collect 212 834-4077) is the lead dealer manager and solicitation agent while the co-dealer manager and co-solicitation agent is Deutsche Bank Securities Inc. (866 627-0391 or call collect 212 250-2955).
At the same time, Domtar Inc. is soliciting proxies from holders of its outstanding Canadian dollar-denominated 10% debentures due 2011 and 10.85% debentures due 2017. The company will seek approval of amendments at a meeting on Nov. 14, including one to provide Domtar Corp. with the right to acquire, at anytime, all outstanding debentures in exchange for new securities with identical terms.
Those who submit proxies prior to 5 p.m. ET on Oct. 30 will receive an early consent payment of C$2.50 per C$1,000 principal amount.
Georgeson Inc. is the information agent for the proxy solicitation (888 605-8384). The dealer manager for the proxy solicitations is Scotia Capital Inc. (call collect 416 863-7257).
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