Buckeye Announces USD 60 Million Redemption of Notes
Memphis, Tennessee, USA, 17 August 2007 --(BUSINESS WIRE)-- Buckeye Technologies Inc. (NYSE: BKI) today announced that it has called for redemption prior to their maturity USD 60 million in aggregate principal amount of its outstanding 9 1/4% Senior Subordinated Notes due 2008 and will redeem on 17 September 2007, in accordance with their terms.
Upon completion of this redemption, none of the 2008 Notes will remain outstanding. A formal notice of redemption has been sent separately to the affected holders of the 2008 Notes, in accordance with the terms of the indenture for the 2008 Notes. Buckeye plans to finance this redemption using its new revolving credit facility.
Buckeye, a leading manufacturer and marketer of specialty fibers and nonwoven materials, is headquartered in Memphis, Tennessee, USA. The company currently operates facilities in the United States, Germany, Canada, and Brazil. Its products are sold worldwide to makers of consumer and industrial goods.