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Cascades Inc. announces successful completion of Senior Notes offering and results for its cash tender offer for all of its outstanding 5.750% Senior Notes due 2023
Cascades Inc. announces successful completion of Senior Notes offering and results for its...
About this update from Cascades Inc.
[{"type":"text","content":"\n\n\n\nCascades Inc. announces successful completion of Senior Notes offering and results for its cash tender offer for all of its outstanding 5.750% Senior Notes due 2023\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nKINGSEY FALLS, QC, Aug. 17, 2020\n\n\n\nKINGSEY FALLS, QC, Aug. 17, 2020 /CNW Telbec/ - Cascades Inc. (TSX: CAS) (the \"Company\"), a leader in eco-friendly recycling, packaging and hygiene solutions, announced today 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 (collectively, the \"Issuers\"). 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.\nThe 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\")\nIn 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 a...