Business
West Fraser Announces Redemption of Norbord Notes due 2027
West Fraser Announces Redemption of Norbord Notes due 2027 Canada NewsWire ...
About this update from West Fraser Timber Co. Ltd.
[{"type":"text","content":"\n \n \n \n West Fraser Announces Redemption of Norbord Notes due 2027\n \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 Canada NewsWire\n \n \n \n \n \n VANCOUVER, BC\n \n ,\n \n April 6, 2021\n \n /CNW/ - West Fraser Timber Co. Ltd. (\"\n \n West Fraser\n \n \" or the \"\n \n Company\n \n \") (TSX and NYSE: WFG) announced today that its wholly-owned subsidiary, Norbord Inc. (\"Norbord\"), will redeem on\n \n May 6, 2021\n \n all of Norbord's outstanding 5.75% Notes due\n \n July 15, 2027\n \n (the \"2027 Notes\"). A total of approximately\n \n US$349.4 million\n \n of 2027 Notes are presently outstanding following the repurchase of approximately\n \n US$0.6 million\n \n of 2027 Notes under the change of control offer required under the relevant note indentures in connection with the acquisition of Norbord and announced on\n \n March 2, 2021\n \n .\n \n \n The redemption will be completed under the optional redemption provisions of the indenture governing the 2027 Notes at a redemption price equal to 100% of the principal amount of the 2027 Notes plus a make-whole premium based on the\n \n July 15, 2022\n \n early call date together with accrued and unpaid interest to, but excluding, the redemption date. The impact of this transaction is not expected to be material to West Fraser's earnings.\n \n \n \"Redemption of these notes, which we will fund with cash on hand, will reduce our indebtedness and is one step in the process of optimizing our capital structure following the acquisition of Norbord,\" said\n \n Ray Ferris\n \n , West Fraser's President and CEO.\n \n \n This news release does not constitute a notice of redemption of the 2027 Notes, nor a solicitation to buy or an offer to purchase or sell any securities. The notice of redemption was sent to the registered holders of the 2027 Notes on\n \n April 6, 2021\n \n . The 2027 Notes are to be surrendered to the paying agent in exchange for payment of the redemption price. On and after the date of redemption, the 2027 Notes will no longer be outstanding, interest thereon will cease to accrue and all ri...