Appleton Papers amends, ups payment in consent solicitation for 8 1/8%, 9¾% notes

By Jennifer Chiou

New York, June 6 - Appleton Papers Inc. announced the amendment of its consent solicitation for its 8 1/8% senior notes due 2011 and 9¾% senior subordinated notes due 2014 to add a $45 million cap for the amount parent Paperweight Development Corp. may pay during any four consecutive fiscal quarters to satisfy stock repurchase obligations.

In addition, noteholders who consent will now receive $17.50, up from $10.00, per $1,000 principal amount of notes.

As previously announced, other proposed amendments will allow Appleton to make distributions to parent company Paperweight Development, will allow Paperweight to make certain payments that are required by Appleton's employee stock ownership plan and will make other related changes to the restricted payments covenant and the definitions in the each of the indentures.

The consent solicitation will expire at 11:59 p.m. ET on June 9, unless extended. It began on May 26.

The proposed amendments to each indenture require the consent from holders of at least a majority of each series of notes.

Global Bondholders Services Corp. is the information agent (call collect 212 430-3774 or 866 952-2200). UBS Securities LLC (call collect 203 719-4210 or 888 722-9555, ext. 4210).

Appleton is an Appleton, Wis., paper company.

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