Pryor, Oklahoma, USA, 02 September 2009 -- /PRNewswire/ -- Orchids Paper Products Company (NYSE: TIS) (AMEX: TIS) today announced that the company closed the sale of an additional 112,500 shares of its common stock at the public offering price of USD 18.50 per share.
These shares were issued pursuant to the over-allotment option granted to Stephens Inc. as underwriter in conjunction with the company's previously announced offering of 750,000 shares of common stock completed on 26 August 2009. The company received proceeds of approximately USD 2.0 million from the sale of the additional 112,500 shares after deducting the underwriting discount, in addition to the USD 12.8 million from the previously announced sale of 750,000 shares, after deducting the underwriting discount and estimated 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 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, visit http://www.orchidspaper.com.