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Cascades subsidiary extends, adjusts payout in 7¼%, 6¾% notes tender
By Jennifer Chiou
New York, Dec. 9 - Cascades Inc. subsidiary Cascades Tenderco Inc. announced the extension and modified terms of the now any-and-all tender offer for Cascades' 7¼% senior notes due 2013 and 6¾% senior notes due 2013.
The offer expiration is now 9 a.m. ET on Dec. 23, extended from Dec. 17.
The company previously made early purchases of the C$494.6 million of Cascades' 7¼% notes that had been tendered as of 5 p.m. ET on Dec. 2, the early tender date.
For each C$1,000 principal amount, holders will now receive C$1,020.00 for the 7¼% notes and C$1,011.25 for the 6¾% notes for tenders at any time in the offer. Previously, both payouts included a C$30.00 early tender payment only for those who tendered prior to the early deadline.
The company will also pay accrued interest.
The company was previously offering to buy up to C$700 million of notes. When the offer expires, Cascades Tenderco will first purchase any additional 7¼% notes that are tendered. It will then purchase 6¾% notes and will no longer need to accept those tenders on a pro rata basis.
As of the early tender date, holders had tendered about C$187.8 million principal amount of 6¾% notes.
On Nov. 19, the company increased the payment for the 7¼% notes from C$1,017.50 and raised the offer cap to C$650 million from C$400 million.
The company will fund the tender offer with the proceeds of its issue of 7¾% senior notes, which settled on Dec. 3.
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. (866 470-3800 or call collect 212 430-3774) is the depositary and information agent.
Cascades is a Kingsey Falls, Quebec-based producer, converter and marketer of packaging and tissue products.
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