Boise retired $74.8 million notes payable at 70 with notes proceeds

By Susanna Moon

Chicago, Nov. 3 - Boise Inc. said it exercised the option it entered into on Aug. 4 to repurchase and retire $74.8 million of its notes payable at 70% of face value.

Funding for the repurchase came from an offering of $300 million of 9% senior unsecured notes due November 2017.

The Boise, Idaho-based manufacturer of packaging and paper products said it issued the notes as part of a debt restructuring to increase financial flexibility, extend debt maturities, simplify its capital structure and reduce overall debt.

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