Clearwater Paper to redeem 10 5/8% notes due 2016 via notes proceeds

By Tali David

Minneapolis, Jan. 17 - Clearwater Paper Corp. plans to use about $163.9 million of the proceeds from its planned $250 million offering of senior notes due 2023 to fully redeem the company's outstanding 10 5/8 % senior notes due 2016, according to a press release.

The remaining net proceeds are expected to be used to purchase shares of the company's common stock under its $100 million stock repurchase program separately announced on Thursday.

Clearwater is a Spokane, Wash.-based manufacturer of consumer tissue, bleached paperboard and wood products.

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