Blue Ridge calls remaining 9½% notes

By Susanna Moon

Chicago, Sept. 17 - Blue Ridge Paper Products Inc. will redeem any of its 9½% senior secured notes due 2008 that remain outstanding after completion of the company's recently announced change-of-control offer, according to an 8-K filing with the Securities and Exchange Commission.

The company said it would pay par plus accrued interest for the notes "promptly" after the change-of-control offer ends.

The change-of-control offer is scheduled to expire on Sept. 25. The tender offer for the $125 million 9½% notes began on July 31.

As previously announced, the change-of-control offer is required under the notes' indenture following the merger of parent company Blue Ridge Holding Corp. with and into a subsidiary of Evergreen Packaging Inc., with Blue Ridge Holding as the surviving company.

Also in connection with the merger, the Rank Group - of which Evergreen Packaging is an affiliate - arranged for Blue Ridge Holding's outstanding pay-in-kind senior subordinated notes held by International Paper Corp. to be transferred to Carter Holt Harvey Ltd., which also is an affiliate of Rank Group.

Blue Ridge is based in Canton, N.C., and makes specialty paperboard packaging products and specialty and commodity grades of paperboard and paper products.

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