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Cellu Tissue acquisition to trigger change-of-control put
New York, June 15 - Cellu Paper Holdings, Inc.'s acquisition by Kohlberg & Co. will trigger the change-of-control put on the $162 million of 9¾% senior secured notes issued by its Cellu Tissue Holdings, Inc. subsidiary.
Owners of the notes will be able to sell them back at a price of 101% of par.
However, other than the put, Kohlberg intends to leave the notes outstanding, according to an 8-K filing with the Securities and Exchange Commission.
Kohlberg and other investors will contribute $120 million for the transaction and then merge Cellu Paper with Thilmany, LLC, which Kohlberg recently acquired from International Paper Co.
Cellu Paper is an East Hartford, Conn., maker of high-quality paper and tissue.
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