Longview Fibre gets needed consents for 10% notes

By Jennifer Chiou

New York, May 31 - Longview Fibre Co. announced it obtained the required consents for its 10% senior subordinated notes due 2009.

As of the consent deadline at 5 p.m. ET on May 30, the company said it received tenders from holders of more than 99% of the notes. Longview said it will execute a supplemental indenture.

Holders who tendered by the consent deadline will receive $1,052.50 for each $1,000 principal amount of notes, including a consent payment of $20.00 per $1,000.

Those tendering after the consent deadline will receive $1,032.50 for each $1,000 principal amount.

Longview will also pay accrued interest up to but excluding the date of payment.

The consent solicitation is to amend the note indenture to eliminate substantially all of the restrictive covenants and certain events of default.

The tender offer ends at 9 a.m. ET on June 13.

The Longview, Wash., timberlands owner and paper maker said completion of the tender was subject to conditions including the receipt of tenders for a majority of the notes and it obtaining a new $300 million term loan. The company launched the offer on May 15.

Goldman, Sachs & Co. (800 828-3182) and Banc of America Securities LLC (888 292-0070) are the dealer managers. Global Bondholder Services Corp. is the information agent (866 470-4300 or 212 430-3774).

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