Note: Financial references in US dollars unless otherwise indicated.
TORONTO, Nov. 19, 2013 /CNW/ - Norbord Inc. (TSX: NBD, NBD.WT) today
announced its intention, subject to market and other conditions, to
launch an offering of approximately US$240 million in aggregate
principal amount of senior secured notes (the Notes).
The Notes will rank pari passu with the Company's existing senior secured notes due 2017 and committed
revolving bank lines. The Notes will be offered by a syndicate of
initial purchasers by way of a private placement under applicable
Norbord intends to use the net proceeds from this offering to redeem its
existing US$240 million of 6.25% senior notes due 2015 and 6.25% senior
secured notes due 2015.
The Notes will not be qualified for distribution to the public under the
securities laws of any province or territory of Canada and may not be
offered or sold in Canada, directly or indirectly, other than pursuant
to applicable private placement exemptions. The Notes have not and
will not be registered under the U.S. Securities Act of 1933, as
amended, and may not be offered or sold in the United States absent
registration or an applicable exemption from the registration
requirements of such Act. This press release shall not constitute an
offer to sell or the solicitation of an offer to buy the Notes in any
Norbord Inc. is an international producer of wood-based panels with
assets of $1 billion, employing approximately 1,900 people at 13 plant
locations in the United States, Europe and Canada. Norbord is one of
the world's largest producers of oriented strand board (OSB). In
addition to OSB, Norbord manufactures particleboard, medium density
fibreboard (MDF) and related value-added products. Norbord is a
publicly traded company listed on the Toronto Stock Exchange under the
symbols NBD and NBD.WT.
This news release contains forward-looking statements, as defined in
applicable legislation, including statements related to the proposed
offering and redemption and other statements that express management's
expectations or estimates of future performance. Often, but not always,
words such as "intention," "proposed," "expected," "will," "intends,"
and "will not" and other expressions which are predictions of or
indicate future events, trends or prospects and which do not relate to
historical matters identify forward-looking statements.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Norbord to be materially different from
any future results, performance or achievements expressed or implied by
the forward-looking statements.
Although Norbord believes it has a reasonable basis for making these
forward-looking statements, readers are cautioned not to place undue
reliance on such forward-looking information. By its nature,
forward-looking information involves numerous assumptions, inherent
risks and uncertainties, both general and specific, which contribute to
the possibility that the predictions, forecasts and other
forward-looking statements will not occur. Factors that could cause
actual results to differ materially from those contemplated or implied
by forward-looking statements include: general economic conditions;
risks inherent with product concentration; effects of competition and
product pricing pressures; risks inherent with customer dependence;
effects of variations in the price and availability of manufacturing
inputs; risks inherent with a capital intensive industry; and other
risks and factors described from time to time in filings with Canadian
securities regulatory authorities.
Except as required by applicable laws, Norbord does not undertake to
update any forward-looking statements, whether as a result of new
information, future events or otherwise, or to publicly update or
revise the above list of factors affecting this information. See the
"Caution Regarding Forward-Looking Information" statement in the March
1, 2013 Annual Information Form and the cautionary statement contained
in the "Forward-Looking Statements" section of the 2012 Management's
Discussion and Analysis dated January 30, 2013 and Q3 2013 Management's
Discussion and Analysis dated October 31, 2013.
SOURCE: Norbord Inc.
For further information:
Manager, Corporate Affairs
Tel. (416) 365-0705