Monday, 28 July 2014 07:22

Clearwater Paper Announces Pricing of $300 Million of Senior Notes

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clearwater border logoClearwater Paper Corporation (NYSE:CLW) has announced that it priced $300 million aggregate principal amount of senior notes due 2025 (the "Notes"). The Notes will have an interest rate of 5.375% per annum and are being issued at a price equal to 100% of their face value.

The company estimates that the net proceeds from the offering will be approximately $296 million after deducting discounts and estimated offering expenses. Clearwater Paper intends to use the net proceeds along with Company funds and funds drawn from its revolving credit facility to redeem all of its outstanding 7.125% Senior Notes due 2018.

As the offering was a private placement, the notes were offered and sold only to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933 (the "Securities Act") and to certain non-U.S. persons in transactions outside the United States in reliance on Regulation S under the Securities Act. The notes that were offered have not been registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the notes nor shall there be any sale of the notes in any jurisdiction in which such offer, solicitation or sale would be unlawful. This news release is being issued pursuant to and in accordance with Rule 135c under the Securities Act.

This press release contains information about pending transactions, and there can be no assurance that these transactions will be completed.

Source: Clearwater Paper Corporation

Additional Info

ABOUT CLEARWATER PAPER

Clearwater Paper manufactures quality consumer tissue, away-from-home tissue, hard roll tissue, machine glazed tissue, bleached paperboard and pulp at 13 manufacturing locations in the U.S. and Canada. The company is a premier supplier of private label tissue to major retailers and wholesale distributors. This includes grocery, drug, mass-merchants and discount stores. The company also produces bleached paperboard used by quality-conscious printers and packaging converters. Clearwater Paper's employees build shareholder value by developing strong customer partnerships through quality and service.

Investors:
Robin Yim, 509-344-5906
robin.yim@clearwaterpaper.com
Vice President, Investor Relations

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