Mr. Michel Dumas reports
TEMBEC ANNOUNCES CLOSING OF SENIOR SECURED NOTES OFFERING AND EXTENDS MATURITIES TO 2019
Tembec Inc.'s wholly owned subsidiary, Tembec Industries Inc., has completed its previously announced private
offering of $375-million (U.S.) in aggregate principal amount of 9-per-cent senior
secured notes due 2019.
The proceeds from the offering will be used to (i) purchase and redeem
all of the company's existing 11.25-per-cent senior secured notes due 2018, (ii) repay a portion of the borrowings outstanding
under the company's asset-based revolving credit facility, and (iii)
pay fees and expenses incurred in connection with these refinancing
transactions.
The notes were sold in a private offering in the United States only to
qualified institutional buyers in reliance on Rule 144A under the
Securities Act of 1933, as amended, and to
certain non-U.S. persons in transactions outside the United States in
reliance on Regulation S under the Securities Act, including in certain
provinces of Canada on a private-placement basis to accredited
investors.
We seek Safe Harbor.
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