Smurfit-Stone Initiates Offer on Senior Notes
- Published: May 24, 2006, By pffc-online.com
PRESS RELEASE
CHICAGO, IL—Smurfit-Stone Container Enterprises, a wholly owned subsidiary of Smurfit-Stone Container Corp., intends to commence a cash tender offer for up to $400 million of its outstanding senior notes. Smurfit-Stone plans to purchase the notes with a portion of the proceeds from the previously announced sale of the consumer packaging business. The tender offer will be conditioned upon the consummation of the sale of Smurfit-Stone’s consumer packaging business, the receipt by Smurfit-Stone of the requisite consents of the lenders under its credit agreement, and other general conditions in the Offer to Purchase.
The tender offer will apply to any and all of Smurfit-Stone’s $300 million aggregate principal amount of outstanding 91/4% senior notes due 2008 and a portion of its outstanding 93/4% senior notes due 2011. The aggregate principal amount of the 93/4% notes outstanding is $750 million. The Company plans to repurchase the 2011 notes up to an amount not to exceed the lesser of (i) the maximum tender offer of $400 million minus the principal amount of 91/4% notes repurchased and (ii) $150 million.
To learn more, visit smurfit-stone.com.
