Cascades further increases size of tender for 7¼%, 6¾% notes

New York, Dec. 2 - Cascades Inc. announced a further increase in the size of the tender offer by its newly formed, wholly owned subsidiary, Cascades Tenderco Inc., for Cascades' 7¼% senior notes due 2013 and its 6¾% senior notes due 2013.

Cascades will now buy up to C$700 million of notes, increased from C$650 million previously.

Tendered notes may no longer be withdrawn.

At its previous announcement on Nov. 19, Cascades increased the cap to C$650 million from C$400 million and raised the payment in offer.

The offer will end at 9 a.m. ET on Dec. 17. It began on Nov. 18.

For each C$1,000 principal amount, Cascades is now offering C$1,020, increased on Nov. 19 from C$1,017.50, for the 7¼% notes and C$1,011.25 for the 6¾% notes, both including a C$30.00 early tender payment for those who tender prior to 5 p.m. ET on Dec. 2.

The company will also pay accrued interest.

Banc of America Securities LLC (800 828-3182 or call collect 212 357-4692) and Wells Fargo Securities, LLC (866 309-6316 or call collect 704 715-8341) are the joint lead dealer managers. Global Bondholder Services Corp. is the depositary and information agent (866 470-3800 or call collect 212 430-3774).

Cascades is a Kingsey Falls, Quebec-based producer, converter and marketer of packaging and tissue products.

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