Lecta begins Dutch auction tender offers for floating-rate notes

By Angela McDaniels

Tacoma, Wash., Nov. 29 - Lecta SA began modified Dutch auction tender offers for its €598 million of senior secured floating-rate notes due 2014 and its €132,086,000 of senior unsecured floating-rate notes due 2014, according to a company announcement.

The company has not yet decided how much of each series it will accept. Its plan is to spend up to €35 million on the offer, though it may spend more or less than that amount.

Holders who tender should specify a purchase price of 91 to 93 for the secured notes and 88.5 to 91.5 for the unsecured notes.

The purchase price selected for a series of notes will be the lowest price that will allow the company to accept the desired amount of notes.

The company will also pay accrued interest.

Holders must tender at least €50,000 of notes in order to participate.

The offers will end at 8 a.m. ET on Dec. 9. The settlement date is expected to be Dec. 14.

Tender instructions will be irrevocable except under limited circumstances.

The offers are not conditioned on any minimum amount of notes being tendered.

The dealer managers are Deutsche Bank AG, London Branch (+44 207 545 8011 or liability.management@db.com) and Credit Suisse Securities (Europe) Ltd. (+44 207 883 8763 or liability.management@credit-suisse.com). Deutsche Bank is also the tender agent (+44 207 547 5000 or xchange.offer@db.com).

Lecta is based in Luxembourg. It is the parent company of Lecta Group, which produces and sells coated wood-free paper.

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