Richmond, British Columbia, Canada, 23 December 2009 – Catalyst Paper Corporation (TSX:CTL) today announced an extension of the private exchange offer and consent solicitation for its outstanding 8 5/8% senior notes due 15 June 2011 (the old notes), made pursuant to its offering memorandum and consent solicitation, dated 24 November 2009, and the accompanying letter of transmittal (and together with the offering memorandum, the “offer documents”).
The exchange offer and consent solicitation is being amended to extend the expiration date from 9:00 a.m., Eastern Time, on 24 December 2009, to 5:00 p.m., Eastern Time, on 15 January 2010, unless further extended by Catalyst. All other terms of the exchange offer remain unchanged.
Catalyst has been advised by the exchange agent for the exchange offer that, as of the close of business on 22 December 2009, the aggregate principal amount of old notes that had been validly tendered (and not validly withdrawn) and for which related consents had been validly delivered (and not validly revoked) was approximately USD 29.35 million.
The exchange offer will be made, and the new notes will be offered and issued, in transactions exempt from the registration requirements of the U.S. Securities Act of 1933, as amended. Accordingly, the exchange offer will only be made to holders of old notes (i) that are both “qualified institutional buyers,” as that term is defined in Rule 144A under the Securities Act, and “accredited investors,” as that term is defined in Rule 501(a) under the Securities Act, or (ii) outside the United States, that are persons other than “U.S. persons,” as that term is defined in Rule 902 under the Securities Act, in offshore transactions in reliance upon Regulation S under the Securities Act (collectively, the “Eligible Holders”). In Canada, the exchange offer will be made pursuant to the exemption from the prospectus and registration requirement found in S.2.14 of National Instrument 45-106 Prospectus and Registration Exemptions (“NI 45-106”)