Boise Cascade buys back $160 million 7 1/8% notes in oversubscribed tender offer

By Angela McDaniels

Tacoma ,Wash., April 21 - Boise Cascade, LLC said it received tenders for $397.36 million of its $400 million of 7 1/8% senior subordinated notes due 2014 and accepted $160 million of those notes for purchase.

The tender offer for the notes began on March 13 and ended on April 10, according to an 8-K report filed with the Securities and Exchange Commission on Monday.

Boise Cascade paid par for the notes. Settlement occurred on April 15.

The company said it used cash proceeds from the sale of its paper and packaging operations to Aldabra 2 Acquisition Corp., which closed on Feb. 22, to fund the tender offer.

Following the asset disposition tender offer, which was required under the note indenture, $240 million of the notes remains outstanding.

Boise Cascade manufactures and sells corrugated containers, paper, pulp and newsprint. The company is based in Boise, Idaho.

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