Cascades draws on revolver to buy back $250 million 7 7/8% notes

By Angela McDaniels

Tacoma, Wash., May 19 – Cascades Inc. is using borrowings under its revolving credit facility to help fund the repurchase or redemption of all of its $250 million 7 7/8% senior notes due 2020, according to a company news release.

The company received tenders for $228.47 million of the notes in a tender offer that ended on May 18 and will redeem the remaining notes on June 18.

The tender offer price and redemption price are 104.402% of par and 103.938% of par, respectively, plus accrued interest.

Other funds will come from a $250 million offering of 5¾% senior notes 2023.

Cascades makes packaging and tissue products that are composed mainly of recycled fibers. The company is based in Kingsey Falls, Quebec.

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