Business
Mercer International Inc. Announces Plans to Issue $500 Million of Senior Notes in Private Offering to Refinance Its Senior Notes Due 2024 and 2025
NEW YORK, Jan. 14, 2021 (GLOBE NEWSWIRE) -- Mercer International Inc. (Nasdaq: MERC) (the "Company") today announced that it intends to offer for sale (the
About this update from Mercer International Inc.
[{"type":"text","content":"NEW YORK, Jan. 14, 2021 (GLOBE NEWSWIRE) -- Mercer International Inc. (Nasdaq: MERC) (the \"Company\") today announced that it intends to offer for sale (the \"Offering\") $500.0 million in aggregate principal amount of senior notes due 2029 (the \"2029 Notes\"). The Company intends to use the net proceeds of the Offering to finance the previously announced offer to purchase (the \"Tender Offer\") or any subsequent redemption of all $250 million in aggregate principal amount of its 6.500% Senior Notes due 2024 (the \"2024 Notes\") and the partial redemption of its 7.375% Senior Notes due 2025 (the \"2025 Notes\"). The Tender Offer is scheduled to expire at 5:00 p.m. Eastern Time on January 21, 2021 (the \"Expiration Time\"), unless extended or earlier terminated. The consideration to be paid for each $1,000 principal amount of the 2024 Notes that are validly tendered and not validly withdrawn on or prior to the Expiration Time is $1,018.35, plus accrued and unpaid interest on the 2024 Notes from the last interest payment date up to, but not including, the Settlement Date (as defined below). Assuming the Tender Offer is not extended, we expect that the Tender Offer will settle and payment will be made on January 26, 2021 (the \"Settlement Date\"), including with respect to 2024 Notes tendered pursuant to the guaranteed delivery procedures described in the Offer to Purchase. If less than all of the 2024 Notes are tendered in the Tender Offer, we intend to redeem any 2024 Notes that remain outstanding at a call price of $1,016.25 per $1,000 in principal amount of 2024 Notes redeemed, plus accrued and unpaid interest. Notice of such redemption was given in accordance with the terms and conditions of the indenture governing the 2024 Notes. We currently expect the redemption date for the 2024 Notes to be February 13, 2021. This press release is not a notice of redemption. The 2029 Notes will be offered and sold to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the \"Securities Act\"), and outside the United States to non-U.S. persons in reliance on Regulation S under the Securities Act. The 2029 Notes have not been registered under the Securities Act, or any state securities laws, and unless so registered, may not be offered or sold in the United States except pursuant to an exemp...