MeadWestvaco gets $312.07 million 6.85% notes as of early tender date; boosts cap to $325 million

By Susanna Moon

Chicago, Aug. 31 - MeadWestvaco Corp. said holders had tendered $312.07 million principal amount of its 6.85% notes due 2012 as of 5 p.m. ET on Aug. 28, the early tender date.

MeadWestvaco also said it increased the maximum tender amount to $325 million from $250 million.

The company also increased the late tender offer consideration to equal the full tender amount of $1,070 per $1,000 principal amount of notes.

The cash tender offer will end at 5 p.m. ET on Sept. 15. The settlement date is expected to be Sept. 16.

The offer will be funded with cash on hand and proceeds from the company's offering of $250 million principal amount of its 7 3/8% notes due 2019, which was completed on Aug. 24. The condition to the tender offer related to the closing and receipt of proceeds from the offering has been satisfied.

Citi (800 558-3745 or collect 212 723-6106) and UBS Securities LLC (888 719-4210 or collect 203 719-4210) are the lead dealer managers. Global Bondholder Services Corp. (866 540-1500 or collect 212 430-3774) is the depositary and information agent.

MeadWestvaco is a Richmond, Va.-based packaging provider.

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