More on Resolute Forest Products’ $600 million senior notes offering
Resolute Forest Products Inc. has priced its offer of senior notes due in 2023 that was announced on April 24 .
The offering of $600 million aggregate principal amount of its senior notes due 2023 are priced at 5.875% and 99.062% of par value.
The notes will be unsecured and guaranteed by substantially all of Resolute’s U.S. subsidiaries.
The offering of the 2023 notes is expected to close on May 8, subject to customary closing conditions.
The net proceeds will be used by Resolute Forest Products to repurchase, repay or otherwise discharge all, or substantially all, of its $501.2 million outstanding aggregate principal amount 10.25% senior secured notes due 2018. The company is currently conducting a tender offer for the 2018 notes, which offer is scheduled to expire at 12:00 midnight, New York City time, on May 21, 2013, unless extended by the company.
The 2023 notes are being sold in a private offering to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and to non-U.S. persons in reliance on Regulation S under the Securities Act. The notes have not been registered under the Securities Act or any state securities laws. Therefore, the notes may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements.
Source: Resolute Forest Products
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