Smurfit-Stone gets tenders for 84.3% of 9¾% notes at early deadline

By Jennifer Chiou

New York, March 27 - Smurfit-Stone Container Corp. announced the receipt of tenders from holders of $546.167 million or 84.3% of Smurfit-Stone Container Enterprises, Inc.'s $648 million of 9¾% senior notes due 2011 at the consent deadline.

The company is soliciting consents to amend the note indenture to eliminate substantially all of the restrictive covenants and certain of the event-of-default provisions. Smurfit-Stone said it has executed a supplemental indenture.

For each $1,000 principal amount of notes, Smurfit-Stone said it will pay $1,035.00, which includes a consent payment of $30.00 for those who tendered by 5 p.m. ET on March 23.

The company will also pay accrued interest.

The offer ends at midnight ET on April 6. It began on March 23.

Deutsche Bank is the dealer manager and consent solicitation agent (call collect 212 250-7772). D.F. King & Co., Inc. is the information agent (call collect 212 269-5550 or 800 669-5550).

The Chicago-based manufacturer of paperboard and paper-based packaging said that the notes were originally issued by its predecessor, Stone Container Corp.

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