Blue Ridge Paper plans change-of-control offer for 9½% notes

By Angela McDaniels

Seattle, July 31 - Blue Ridge Paper Products Inc. plans to begin a tender offer for its $125 million 9½% senior secured notes due 2008, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.

The change-of-control offer is required under the note indenture following the merger on Tuesday 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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