Mercer International Inc. Announces Early Tender Results And Receipt Of Consents From A Majority Of Holders Of Its 9.25% Senior Notes Due 2013
NEW YORK, Nov. 17, 2010 (GLOBE NEWSWIRE) -- Mercer International Inc. (Nasdaq:MERC) (TSX:MRI.U) (the "Company") today announced that, as part of its previously announced cash tender offer and consent solicitation (the 'Tender Offer and Consent Solicitation") for any and all of its outstanding 9.25% Senior Notes due 2013 (the 'Notes"), it has received tenders and consents for approximately $289 million aggregate principal amount of the Notes, representing approximately 93.2% in principal amount of the outstanding Notes, which were validly tendered by 5:00 p.m., New York City time, on November 16, 2010 (the "Consent Date"). The Company has reserved the right (and expects, subject to the satisfaction of the conditions set forth in the Offer to Purchase) to accept for purchase and settle all Notes validly tendered prior to the Consent Date on or about November 17, 2010.
The consents are sufficient to give effect to all of the proposed amendments (the "Proposed Amendments") to the indenture governing the Notes (the "Indenture") as set forth in the Company's Offer to Purchase and Consent Solicitation Statement dated November 2, 2010 (the "Offer to Purchase") and the related Letter of Transmittal, pursuant to which the Tender Offer and Consent Solicitation are being made. The Proposed Amendments eliminate substantially all of the restrictive covenants, certain events of default and related provisions in the Indenture. The Company has executed a supplemental indenture (the "Supplemental Indenture") containing the Proposed Amendments to the Indenture. The Supplemental Indenture is binding on all holders of Notes, even those whose Notes are not purchased in the Tender Offer and Consent Solicitation. Following the execution of the Supplemental Indenture, tendered Notes and related consents may no longer be withdrawn.
Holders who have not yet tendered their Notes may tender until 11:59 p.m., New York City time, on December 1, 2010, unless the Tender Offer and Consent Solicitation is extended or terminated by the Company. The completion of the Tender Offer and Consent Solicitation is subject to the satisfaction or waiver by the Company of a number of conditions, as described in the Offer to Purchase, including the consummation of the Company's pending financing transaction.
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