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Fraser Papers tenders for up to $66 million 8¾% notes due 2015
By Jennifer Chiou
New York, May 19 - Fraser Papers Inc. announced the start of a tender offer for up to $66 million of its 8¾% senior notes due March 15, 2015.
The company said it will pay par plus accrued interest up to the purchase date.
The offer ends at 5 p.m. ET on June 29.
Under the terms of the note indenture, Fraser Papers is required to make an offer to purchase up to $66 million of the 8¾% notes, which represents the excess proceeds from sale of Fraser Papers' Maine timberlands in May 2005 for net proceeds of $78 million.
Fraser Papers added that it intends to tender $30 million of its own notes in the offer.
The Toronto-based company is a manufacturer of writing, printing and publishing paper, with forest products operations, a tree nursery, a saw mill and pulping facilities.
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