Business
Mercer International Inc. Announces Proposed Add-On Offering of $200 Million of Senior Notes Due 2025 and Redemption of 7.750% Senior Notes Due 2022
NEW YORK, Sept. 19, 2019 (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, Sept. 19, 2019 (GLOBE NEWSWIRE) -- Mercer International Inc. (Nasdaq: MERC) (the \"Company\") today announced that it intends to offer for sale (the \"Offering\") $200.0 million in aggregate principal amount of its senior notes due January 15, 2025 (the \"Additional Notes\"). The Additional Notes will be issued as additional notes under an existing indenture dated December 7, 2018, pursuant to which the Company previously issued $350.0 million aggregate principal of 7.375% senior notes due 2025 (the \"Existing Notes\"). \n The net proceeds of the Offering will be used to redeem all $100.0 million in aggregate principal amount of the Company's 7.750% Senior Notes due 2022 (the \"2022 Notes\") currently outstanding and for general corporate purposes, including discretionary capital projects at the Company's mills. Other than with respect to the date of issuance, the offering price and initial CUSIP, the Additional Notes will have the same terms as the Existing Notes. Following the completion of a registered exchange offer for the Additional Notes, they will be fungible with any registered Existing Notes and will then trade under the same CUSIP number as such registered Existing Notes. In connection with the proposed redemption of the 2022 Notes, the Company has issued a conditional notice to redeem all of the 2022 Notes, at $1,038.75 per $1,000.00 of principal amount redeemed, plus accrued and unpaid interest to, but not including, the redemption date. The redemption date is October 21, 2019 and redemption is conditioned upon completion of the Offering and the Company's deposit with the paying agent of sufficient funds to pay the redemption price. The Additional 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 Additional 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 exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. This press release shall not constitute an offer to sell or the so...