By Lisa Kerner
Charlotte, N.C., Aug. 25 - Wausau Paper Corp. and Prudential Investment Management, Inc., along with certain affiliates, agreed to a second amendment of their existing March 31, 2010 note purchase and private shelf agreement, according to a form 8-K filing with the Securities and Exchange Commission.
Under the amended agreement, Wausau will issue $50 million of its series C senior notes on April 9, 2012.
The series C notes will bear interest at the rate of 4% and mature on June 30, 2016. Interest will be paid quarterly in arrears.
Proceeds will be used to fund Wausau's tissue expansion project and for other general corporate purposes.
Also, amendment expands the Prudential private shelf facility by $25 million so that the total amount made available to Wausau is $150 million, excluding the company's series A notes, which were purchased by Prudential under the terms of the agreement.
Wausau, a Mosinee, Wis.-based paper company, has already issued or agreed to issue notes totaling $100 million under the terms of the Prudential private shelf facility, according to the filing.
| Issuer: | Wausau Paper Corp.
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| Issue: | Series C senior notes
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| Amount: | $50 million
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| Maturity: | June 30, 2016
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| Coupon: | 4%
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| Settlement date: | April 9, 2012
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| Purchasers: | Prudential Investment Management, Inc. and affiliates
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