Ms. Heather Colpitts reports
NORBORD ANNOUNCES PROPOSED SENIOR SECURED NOTES OFFERING
Norbord Inc. intends, subject to market and other conditions, to launch an offering of approximately $315-million (U.S.) in aggregate principal amount of senior secured notes.
The notes will rank pari passu with the company's existing senior secured notes due 2017 and senior secured notes due 2020, and committed revolving bank lines. The notes will be offered by a syndicate of initial purchasers by way of a private placement under applicable securities laws.
Norbord intends to use the net proceeds from this offering, along with cash on hand, to repurchase for cash all of the outstanding 7.5 per cent senior secured notes due 2017 issued by Ainsworth Lumber Co. Ltd. pursuant to a tender offer and consent solicitation and to redeem any remaining outstanding Ainsworth 2017 notes following the tender offer.
We seek Safe Harbor.
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