Memphis, Tennessee, USA, 07 October 2010 -- (BUSINESS WIRE) -- Buckeye Technologies Inc. (NYSE: BKI) today announced that on 01 October 2010, it completed the redemption of its remaining 8.5% senior notes due 2013. Buckeye redeemed these notes using a combination of drawings on Buckeye's USD 200 million revolving credit facility and cash on hand.

The company also announced that it was currently engaged in discussions to replace its current bank facility, which matures in July 2012, with a five year, USD 300 million facility. Borrowings under the new facility are expected to bear modestly higher interest rates than under the company's current credit facility. The company anticipates closing on the new facility before the end of October 2010.

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.