Cellu Tissue announces plans to tender for or defease 11½% notes

By Angela McDaniels

Tacoma, Wash., Sept. 16 - Cellu Tissue Holdings, Inc. plans to tender for or defease its outstanding 11½% senior notes due 2014 in connection with its acquisition by Clearwater Paper Corp., according to a Cellu Tissue news release.

Clearwater plans to acquire Cellu Tissue's outstanding common stock in an all-cash transaction that values Cellu Tissue at approximately $502 million, including approximately $255 million of debt.

The merger is expected to be completed in the fourth quarter.

Cellu Tissue is an Alpharetta, Ga.-based producer of tissue products.

Clearwater Paper makes consumer tissue, bleached paperboard and wood products and is based in Spokane, Wash.

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