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Cascades Inc. Upsizes and Prices Offering of US$350 Million Senior Notes Due 2026, US$300 Million Senior Notes Due 2028 and Cdn$175 Million Senior Notes Due 2025
Cascades Inc. Upsizes and Prices Offering of US$350 Million Senior Notes Due 2026, US$300 ...
About this update from Cascades Inc.
[{"type":"text","content":"\n\n\n\nCascades Inc. Upsizes and Prices Offering of US$350 Million Senior Notes Due 2026, US$300 Million Senior Notes Due 2028 and Cdn$175 Million Senior Notes Due 2025\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, Nov. 13, 2019\n\n\n\nKINGSEY FALLS, QC, Nov. 13, 2019 /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$350 million aggregate principal amount of 5.125% senior notes due 2026 (the \"US$ 2026 Notes\"), US$300 million aggregate principal amount of 5.375% senior notes due 2028 (the \"US$ 2028 Notes\") and Cdn$175 million aggregate principal amount of 5.125% senior notes due 2025 (the \"Cdn$ Notes,\" and together with the US$ 2026 Notes and the US$ 2028 Notes, the \"Notes\"). Cascades USA Inc., a U.S. indirect wholly-owned subsidiary of the Company, will be a co-issuer in respect of each series of the Notes with the Company. The US$ 2026 Notes will be issued at a price of 100% of their principal amount, the US$ 2028 Notes will be issued at a price of 100% of their principal amount, and the Cdn$ Notes will be issued at a price of 100% of their principal amount. The closing of the offering of the Notes is expected to occur on November 26, 2019, subject to customary closing conditions.\nThe Company intends to use the net proceeds from the offering of the Notes to (i) redeem all of its outstanding US$400 million aggregate principal amount of 5.50% senior notes due 2022 and Cdn$250 million aggregate principal amount of 5.50% senior notes due 2021 and (ii) repay certain amounts outstanding under its revolving credit facility. \nThe Notes of each series, including the related guarantees that will be issued by certain of the Company's subsidiaries, 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 of 1933, as amended (the \"Securities Act...