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Management Side
Technical Side
Cascades Prices Offering
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Kingsey Falls, Quebec, Canada, 19 November 2009— Cascades Inc. (CAS on the Toronto Stock Exchange) announced today that it has priced its private placement of USD 500 million aggregate principal amount of 7 ¾% senior notes due 2017 and CAD 200 million aggregate principal amount of 7 ¾% senior notes due 2016 (collectively, the “notes”). The company had previously announced its intent to issue an aggregate principal amount of USD 300 million of U.S. dollar note and CAD 150 of Canadian dollar notes. The U.S. dollar notes will be issued at 98.534% of their principal amount and the Canadian dollar notes will be issue at 98.670% of their principal amount.

The company intends to use the gross proceeds from the offering of the notes to fund the purchase by Cascades Tenderco Inc., a newly formed wholly owned subsidiary of the company pursuant to its previously announced tender offer, of up to USD 650 million of the company's outstanding senior notes maturing in 2013, which represents an increase of USD 250 million being sought in the tender offer. The company will use any remaining proceeds of the offering to pay fees and expenses in connection with the offering and the tender offer and otherwise for general corporate purposes, which may include the repayment of existing indebtedness, including outstanding senior notes due 2013 and indebtedness outstanding under the revolving portion of our credit facility

The notes, including the guarantees of the Notes that will be issued by certain of the company's subsidiaries, are being offered only to qualified institutional buyers in reliance on the exemption from registration set forth in Rule 144A under the Securities Act, and outside the United States to non-U.S. persons in reliance on the exemption from registration set forth in Regulation S under the Securities Act and in reliance on the accredited investor exemption in Canada. The notes and the related guarantees have not been registered under the Securities Act, or the securities laws of any state or other jurisdiction, and may not be offered or sold in the United States or Canada without registration or an applicable exemption from the Securities Act or applicable Canadian securities legislation.



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