Taiga extends tender offer for 14% notes to May 12

By Angela McDaniels

Seattle, May 1 - Taiga Building Products Ltd. extended the asset sale tender offer to buy up to C$42.5 million of its 14% subordinated notes due 2020 to May 12 from May 8, according to a company news release.

The Burnaby, B.C., distributor of building products said it will pay 105% of par per note plus accrued interest up to the date of acceptance. The notes have a C$5.32 principal amount, so the offer price is $5.586 per note.

In order to participate in the offer, holders must separate their stapled units into notes and common shares. If approved by the Toronto Stock Exchange, the notes and shares will begin trading under the symbols "TBL.NT" and "TBL," respectively, on May 4.

Taiga is also soliciting consents to amend some provisions in the note indenture in order to separate all the stapled units into their constituent notes and shares.

The company will pay a consent fee of C$3.00 per C$1,000 principal amount to holders who consent if sufficient consents are received.

Financing for the tender will come from Taiga's sale and leaseback offer, according to the release.

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