Clearwater Paper Announces Proposed Offering of Senior Notes
SPOKANE, Wash.--(BUSINESS WIRE)--
Clearwater Paper Corporation (NYSE:CLW) today announced a
proposed offering of $250 million aggregate principal amount of senior
notes due 2023.
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.
The remaining net proceeds are expected to be used to purchase shares of
the Company's common stock pursuant to the Company's $100 million stock
repurchase program separately announced today.
As the offering is a private placement, the notes will be 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 to be 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 proposed
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.
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
News Provided by Acquire Media
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