The New Notes are part of the same issuance of, and rank equally and form a single series with, the $300m aggregate principal amount of the Issuers' 5.375% Senior Notes due 2028
Cascades, a eco-friendly recycling, packaging and hygiene solutions, announced that it has completed its previously announced offering of US$300 million aggregate principal amount of 5.375% Senior Notes due 2028 (the “New Notes”). Cascades USA Inc., a U.S. indirect wholly-owned subsidiary of the Company, is a co-issuer in respect of the New Notes with the Company. The New Notes are part of the same issuance of, and rank equally and form a single series with, the US$300 million aggregate principal amount of the Issuers’ 5.375% Senior Notes due 2028 which were issued in November 2019.
The Company also announced today the results of its previously announced cash tender offer (the “Tender Offer”) for any and all of its outstanding US$200 million aggregate principal amount of 5.750% Senior Notes due 2023 (the “2023 Notes”), which expired as of 5:00 p.m. (New York City time) on August 14, 2020 (the “Expiration Time”). As of the Expiration Time, a total of US$150,362,000 principal amount of the 2023 Notes had been validly tendered in the Tender Offer, which excludes US$4,127,000 aggregate principal amount of 2023 Notes that remain subject to guaranteed delivery procedures. The Company has accepted for purchase all of the 2023 Notes that were tendered and paid the Tender Offer Consideration (as defined below) (plus accrued interest) and settled the Tender Offer (other than with respect to the guaranteed delivery procedures) on August 17, 2020 (the “Settlement Date”)
In accordance with the terms of the Tender Offer, the Company offered to make a cash payment to all holders who validly tendered their 2023 Notes in the Tender Offer of US$1,018 per US$1,000 principal amount of 2023 Notes tendered (the “Tender Offer Consideration”), plus accrued interest thereon to, but not including, the Settlement Date. With respect to 2023 Notes accepted for purchase that were tendered and are subsequently delivered in accordance with the guaranteed delivery procedures such tendering holders will receive payment of the Tender Offer Consideration for such accepted 2023 Notes on August 19, 2020, plus accrued interest thereon to, but not including, the Settlement Date. The Company is funding the payment for tendered and accepted 2023 Notes with a portion of the net proceeds from its previously announced issuance and sale of the New Notes.
The Company expects to issue a notice of redemption with respect to any remaining 2023 Notes not validly tendered on or before the Expiration Time.
Source: Company Press Release