RICHMOND, BC, March 28, 2014 /CNW/ - Catalyst Paper (TSX:CYT) announced
today that it has repurchased for cancellation an aggregate principal
amount of US$14.5 million of its outstanding PIK Toggle Senior Secured
Notes on the open market. As a result of the repurchase, Catalyst will
reduce its annual interest costs by approximately US$1.6 million.
As previously disclosed, Catalyst may purchase its debt securities on
the open market from time to time.
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 in this news release, including statements with respect
to anticipated cost savings and reductions in outstanding secured debt
are forward looking. These forward-looking statements reflect
management's current views and are based on certain assumptions
including assumptions as to future economic conditions, as well as
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, 2013 available on the company's website at www.catalystpaper.com/investors and at www.sedar.com.
SOURCE: Catalyst Paper Corporation
For further information:
Vice-President, Finance & CFO