KINGSEY FALLS, QC, April 6 /CNW Telbec/ - Cascades Inc. (CAS on the Toronto Stock Exchange), a leader in recovery and in green packaging and tissue paper products, announced today that, in accordance with the terms of its wholly owned subsidiary Cascades Tenderco Inc.'s previously announced tender offer for Cascades' outstanding 7 1/4% Senior Notes due 2013 (the "7 1/4% Notes") and 6 3/4% Senior Notes due 2013 (the "6 3/4% Notes" and, together with the 7 1/4% Notes, the "Notes"), Cascades Tenderco has today purchased approximately $1.0 million aggregate principal amount of 7 1/4% Notes and approximately $3.0 million aggregate principal amount of 6 3/4% Notes tendered as of 5:00 p.m. on April 5, 2010 (the "Early Tender Date"). Excluding Notes held by Cascades and its affiliates (including Cascades Tenderco), approximately $9.1 million aggregate principal amount of 7 1/4% Notes and $8.7 million aggregate principal amount of 6 3/4% Notes remain outstanding. Such Notes may be validly tendered until the Expiration Date of the tender offer, which is currently 9:00 a.m., Eastern Time, on April 20, 2010. At that time, Cascades Tenderco expects to accept for purchase any remaining Notes validly tendered after the Early Tender Date.
This announcement does not constitute an offer to buy or the solicitation of an offer to sell any of the Notes in any jurisdiction or in any circumstances in which such offer or solicitation is unlawful. In those jurisdictions where the securities, blue sky or other laws require the tender offer to be made by a licensed broker or dealer, the tender offer will be deemed to be made by the Dealer Manager or one or more registered brokers or dealers licensed under the laws of such jurisdiction.
Certain statements in this release are forward-looking statements (as such term is defined under the Private Securities Litigation Reform Act of 1995) based on current expectations. The accuracy of such statements is subject to a number of risks, uncertainties and assumptions that may cause actual results to differ materially from those projected, including, but not limited to, the effect of general economic conditions, decreases in demand for Cascades' products, increases in raw material costs, fluctuations in selling prices and adverse changes in general market and industry conditions and other factors listed in the Cascades' Securities and Exchange Commission filings.
Founded in 1964, Cascades produces, converts and markets packaging and tissue products composed mainly of recycled fibres. Cascades employs close to 12,500 employees who work in more than 100 production units located in North America and Europe. Cascades' management philosophy, its 45 years of experience in recycling, its continued efforts in research and development are strengths which enable the company to create new products for its customers. Cascades' shares trade on the Toronto stock exchange under the ticker symbol CAS.
SOURCE Cascades Inc.
For further information: For further information: Didier Filion, Director, Investor Relations, Cascades, (514) 282-2697; Source: Christian Dubé, Vice-President and Chief Financial Officer