Pryor, Oklahoma, USA -- /PRNewswire/ -- Orchids Paper Products Company (NYSE: TIS) (AMEX: TIS) today announced that the company has completed its previously announced underwritten public offering of 750,000 shares of common stock at a price to the public of USD 18.50 per share. The company received net proceeds of approximately USD 12.8 million from the offering, after deducting the underwriting discount and estimated offering expenses. The company intends to use the net proceeds of the offering for the construction of a warehouse, the purchase and installation of a new converting line, and for general corporate purposes.
Stephens Inc. acted as the sole underwriter for the offering. The company has granted the underwriter an option to purchase up to 112,500 additional shares of common stock at any time and from time to time on or before 20 September 2009, to cover over-allotments, if any. The final prospectus supplement related to the offering was filed with the Securities and Exchange Commission on 21 August 2009. A copy of the final prospectus supplement may be obtained by contacting Stephens Inc., 111 Center Street, Little Rock, Arkansas 72201 Attention: Syndicate Department (501-377-2130).
Orchids Paper Products Company is an integrated manufacturer of tissue paper products serving the private label consumer market. The company produces a full line of tissue products, including paper towels, bathroom tissue, and paper napkins. From its operations in Pryor, Oklahoma, Orchids Paper Products Company uses recycled waste paper to produce finished tissue products that it provides to retail chains throughout the central United States. For more information on the company and its products, visit http://www.orchidspaper.com.