
Company Website:
http://www.clearwaterpaper.com
SPOKANE, Wash. -- (Business Wire)
Clearwater Paper Corporation (NYSE:CLW) today announced that it
upsized and priced 275 million aggregate principal amount of senior
notes due 2023 (the “Notes”). The Notes will have an interest rate of
4.5% per annum and are being issued at a price equal to 100% of their
face value.
The company estimates that the net proceeds from the offering will be
approximately $270.7 million after deducting discounts and estimated
offering expenses. Clearwater Paper intends to use approximately $163.9
million of the net proceeds to redeem all of its outstanding 10.625%
Senior Notes due 2016, and to use $100 million of the net proceeds to
purchase shares of the company’s common stock pursuant to the company’s
previously announced $100 million stock repurchase program. The company
intends to use the remaining net proceeds for general corporate purposes.
As the offering was a private placement, the notes were offered and sold
only to qualified institutional buyers in reliance on Rule 144A under
the Securities Act of 1933 (the “Securities Act”) and to certain
non-U.S. persons in transactions outside the United States in reliance
on Regulation S under the Securities Act. The notes that were offered
have not been registered under the Securities Act or any state
securities laws and may not be offered or sold in the United States
absent registration or an applicable exemption from registration
requirements.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any of the notes nor shall there be any
sale of the notes in any jurisdiction in which such offer, solicitation
or sale would be unlawful. This news release is being issued pursuant to
and in accordance with Rule 135c under the Securities Act.
This press release contains information about pending transactions, and
there can be no assurance that these transactions will be completed.
ABOUT CLEARWATER PAPER
Clearwater Paper manufactures quality consumer tissue, away-from-home
tissue, parent roll tissue, machine glazed tissue, bleached paperboard
and pulp at 15 manufacturing locations in the U.S. and Canada. The
company is a premier supplier of private label tissue to major retailers
and wholesale distributors. This includes grocery, drug, mass merchants
and discount stores. The company also produces bleached paperboard used
by quality-conscious printers and packaging converters. Clearwater
Paper’s employees build shareholder value by developing strong customer
relationships through quality and service.
FORWARD-LOOKING STATEMENTS
This press release contains certain forward-looking statements within
the meaning of the Private Litigation Reform Act of 1995 as amended,
including, but not limited to, statements regarding the offering of the
notes and the anticipated use of proceeds therefrom. These
forward-looking statements are based on current expectations, estimates
and assumptions that are subject to change, and actual results may
differ materially from the forward-looking statements. Factors that
could cause actual results to differ materially include, but are not
limited to, the impact of conditions in the credit markets generally
and, in particular, for companies in the markets in which the company
operates; changes and uncertainty in the United States and international
economies in which the company operates; and other risks and
uncertainties described from time to time in the company's public
filings with the Securities and Exchange Commission. The forward-looking
statements are made as of the date of this press release and the company
does not undertake to update any forward-looking statements.

Contacts:
Clearwater Paper
News media:
Matt Van Vleet, 509-344-5912
or
John
Hertz, CFO, 509-344-5905
or
Investors:
Sean Butson,
509-344-5906 (IR Sense)
Source: Clearwater Paper Corporation
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