Cascades subsidiary begins tender offer for its 7¼% notes, 6¾% notes

By Susanna Moon

Chicago, March 23 - Cascades Inc. said its subsidiary Cascades Tenderco Inc. began a cash tender offer to purchase its $10,125,000 outstanding 7¼% senior notes due 2013 and $11,661,000 outstanding 6¾% senior notes due 2013.

The tender offer will end at 9 a.m. ET on April 20. Holders may withdraw tendered notes at any time before 5 p.m. ET on April 5.

For each $1,000 principal amount, the company will pay $1,010.00 for the 7¼% notes and $1,022.50 for the 6¾% notes tendered by 5 p.m. ET on April 5, the early tender date.

The total payout includes an early tender premium of $10.00 for the 7¼% notes and a premium of $22.50 for the 6¾% notes.

The company will pay par for notes tendered after the early tender date but before the offer expiration.

Holders will also receive accrued interest up to but excluding the payment date.

Banc of America Securities LLC (800 828-3182 or collect 212 357-4692) is the dealer manager for the tender offer. Global Bondholder Services Corp. (866 470-3800 or banks and brokers 212 430-3774) is the depositary and information agent.

The tender offer is not subject to any minimum amount of notes being tendered.

Cascades is a Kingsey Falls, Quebec-based producer, converter and marketer of packaging and tissue products.

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