Bear Island Paper unit to repay 10% senior notes with $400 million note offering proceeds

By Caroline Salls

Pittsburgh, March 14 - Bear Island Paper Co. LLC said parent Brant-Allen Industries Inc.'s intermediate parent White Birch Paper Co. will repay the outstanding debt of Brant-Allen, including the company's outstanding 10% senior secured notes due 2007, using proceeds from White Birch's $400 million offering of fixed-rate senior notes due 2015 and floating-rate senior notes due 2012, along with cash on hand and borrowings under its new revolving credit facility.

The note offering is in connection with Bear Island's restructuring of Brant-Allen.

The proceeds will also be used for general corporate purposes.

Bear Island is an Ashland, Va., manufacturer of newsprint. White Birch is a Greenwich, Conn., paper company.

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