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Cascades Inc. Upsizes And Prices Offering of US$300 Million Additional 5.375% Senior Notes Due 2028
Cascades Inc. Upsizes And Prices Offering of US$300 Million Additional 5.375% Senior Notes...
About this update from Cascades Inc.
[{"type":"text","content":"\n\n\n\nCascades Inc. Upsizes And Prices Offering of US$300 Million Additional 5.375% Senior Notes Due 2028\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. 10, 2020\n\n\n\nKINGSEY FALLS, QC, Aug. 10, 2020 /CNW Telbec/ - Cascades Inc. (TSX: CAS) (the \"Company\"), a leader in eco-friendly recycling, packaging and hygiene solutions, announced today that it has upsized and priced its private placement of US$300 million aggregate principal amount of additional 5.375% Senior Notes due 2028 (the \"New Notes\").  Cascades USA Inc., a U.S. indirect wholly-owned subsidiary of the Company, will be a co-issuer in respect of the New Notes with the Company.  The New Notes will be issued at a price of 104.250% of their principal amount, plus accrued interest from July 15, 2020. The closing of the offering of the New Notes is expected to occur on August 17, 2020, subject to customary closing conditions. The New Notes are part of the same issuance of, and will rank equally and form a single series with, the $300 million aggregate principal amount of the Company's 5.375% Senior Notes due 2028 which were issued in November 2019 (the \"Existing Notes\"). The New Notes will have the same terms as the Existing Notes (other than issue date and issue price).\nThe Company intends to use the net proceeds from the offering of the New Notes to (i) fund the purchase, pursuant to its previously announced tender offer, of any and all of the Company's outstanding US$200 million aggregate principal amount of 5.75% Senior Notes due 2023 (the \"2023 Notes\") (plus accrued interest) (the \"Tender Offer\"), (ii) redeem any of the 2023 Notes not purchased pursuant to the Tender Offer, and (iii) repay certain amounts outstanding under its revolving credit facility.\nThe New Notes and related guarantees are being offered only to persons reasonably believed to be qualified institutional buyers in reliance on the exemption from registration set forth in Rule 144A under the Securities Act, and to non-U.S. persons outside the United States in reliance on t...