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Management Side
Clearwater Paper Corporation
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Spokane, Washington, USA, 08 June 2009 -- (BUSINESS WIRE) -- Clearwater Paper Corporation (NYSE:CLW) today announced the pricing of its previously announced offering of USD 150 million aggregate principal amount of senior notes due 2016. The notes will have an interest rate of 10.625% per annum and are being issued at a price equal to 98.792% of their face value.
The company estimates that the net proceeds from the offering will be approximately USD 144 million after deducting discounts and estimated offering expenses. The company expects to use approximately USD 107 million of the net proceeds in satisfaction of the company's obligations with respect to USD 100 million principal amount of credit-sensitive debentures plus accrued interest due 01 December 2009. The credit-sensitive debentures were originally issued by an affiliate of Potlatch Corporation and, before the company's spin-off from Potlatch, the company assumed the obligation to pay all amounts due to holders of the credit sensitive debentures. Clearwater Paper will retain the remaining net proceeds of the notes for general corporate purposes, including potential acquisitions and capital expenditures.

Clearwater Paper manufactures premium consumer tissue, high-quality bleached paperboard, and wood products at six facilities across the country. The company is a premier supplier of private label tissue to major retail grocery chains, and produces bleached paperboard used by quality-conscious printers and packaging converters. Clearwater Paper's 2400 employees build shareholder value by developing strong customer partnerships through quality and service. 

 


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