Mercer starts exchange for up to $23.625 million 8.5% convertibles

By Jennifer Chiou

New York, Dec. 18 - Mercer International Inc. announced the start of an exchange offer for up to $23,625,000 of its $24 million of 8.5% convertible senior subordinated notes due October 2010.

On Dec. 11, the company said it issued $43,811,653 of new 8.5% convertible senior subordinated notes due Jan. 15, 2012 in exchange for $43.25 million of the existing 8.5% convertibles.

In the exchange that started Friday, the company is offering an equal amount of the new convertibles plus accrued interest to Dec. 9. The new notes will accrue interest from Dec. 10 onwards.

The exchange is set to end at 5 p.m. ET on Jan. 21.

The new convertibles have substantially the same terms as the old convertibles other than their maturity date and conversion price, which is $3.30 per share.

Georgeson Inc. is the information agent (800 267-4403).

Mercer is a pulp manufacturing company based in Vancouver, B.C., with U.S. headquarters in Seattle.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.