RICHMOND, BC, March 25, 2013 /CNW/ - Catalyst Paper (TSX:CYT) announced
today that it will make an offer on March 26, 2013 to purchase
approximately US $20 million of its Floating Rate Senior Secured Notes
due 2017. The offer is to purchase Notes at par, together with accrued
and unpaid interest to, but not including, the purchase date. The
offer will expire on April 24, 2013.
Globic Advisors has been retained to act as depositary in connection
with the offer. Any questions or requests for assistance with respect
to the procedures for the offer or requests for copies of the offer may
be directed to Globic Advisors, Attention: Robert Stevens, One Liberty
Plaza - 23rd Floor, New York, NY 10006; Telephone: 212-227-9699 or Toll-free:
1-800-974-5771 or email: email@example.com.
As previously announced, the offer to purchase Notes is being made with
the balance of the net proceeds arising from the sale of Catalyst's
interest in Powell River Energy Inc. and Powell River Energy Limited
Partnership that closed on March 20, 2013. Payment of approximately
$12.7 million of the net proceeds has been directed to certain
unsecured creditors of Catalyst pursuant to its plan of arrangement
under the Companies' Creditors Arrangement Act.
Catalyst Paper manufactures diverse specialty mechanical printing
papers, newsprint and pulp. Its customers include retailers, publishers
and commercial printers in North America, Latin America, the Pacific
Rim and Europe. With three mills, located in British Columbia, Catalyst
has a combined annual production capacity of 1.5 million tonnes. The
company is headquartered in Richmond, British Columbia, Canada and is
ranked by Corporate Knights magazine as one of the 50 Best Corporate
Citizens in Canada.
Certain matters set forth in this news release are forward-looking.
These forward-looking statements reflect management's current views and
are based on certain assumptions including assumptions as to future
operating conditions and courses of action, economic conditions and
other factors management believes are appropriate. Such forward looking
statements are subject to risks and uncertainties that may cause actual
results to differ materially from those contained in these statements,
including those risks and uncertainties identified under the heading
"Risks and Uncertainties" in Catalyst's management's discussion and
analysis contained in Catalyst's annual report for the year ended
December 31, 2012, which is available at www.sedar.com.
SOURCE: Catalyst Paper Corporation
For further information:
Vice President, Finance & CFO
Vice President, Treasurer & Corporate Controller
Vice President, Marketing & Corporate Responsibility