Cascades Inc. announced that it is planning to undertake a series of transactions to refinance substantially all of its and its subsidiaries outstanding credit facilities and credit lines, other than credit facilities and credit lines of its joint ventures.
These transactions include the issuance of $325 million of newly issued debt securities of the company in a private placement, an offer to exchange up to an additional $125 million of the same series of newly issued debt securities for the 8-3/8% Senior Notes due 2007 issued by the company's subsidiary, Cascades Boxboard Group Inc., and the entering into of a new C$500 million four-year revolving credit facility.
The private placement is expected to close concurrently with the new revolving credit facility, and the exchange offer is expected to close shortly thereafter. The company expects to complete the refinancing during the first quarter of 2003.Latest from Recycling Today
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