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Dec. 11, 2012 /PRNewswire/ -- PE Paper Escrow GmbH ("PE Paper", "we, "us", or the "Company"), a wholly-owned subsidiary of Sappi Limited, announces the final results of its offer to purchase for cash (the "Tender Offer") any and all of its outstanding euro-denominated 11.75% Senior Secured Notes due 2014 (the "Notes") and solicitation of consents to proposed amendments to the indenture governing the Notes pursuant to an Offer to Purchase and Consent Solicitation Statement dated
November 9, 2012 (the "Offer to Purchase"). The Tender Offer expired at 12:00 midnight,
New York City time on
December 10, 2012 (the "Expiration Time").
As previously announced, as of
New York City time, on
November 21, 2012 (the "Consent Payment Deadline"), holders of €23,476,018.80 aggregate principal amount of the Notes had validly tendered and not validly withdrawn their Notes in the Tender Offer and consented to the proposed amendments to the indenture governing the Notes as set forth in the Offer to Purchase. As of the Expiration Time, additional Notes in an aggregate principal amount of €54,393.00 were validly tendered in the Tender Offer. On
November 23, 2012, PE Paper accepted for purchase all Notes that had been validly tendered and not validly withdrawn prior to the Consent Payment Deadline for a purchase price of €1,058.75 per €1,000 principal amount of Notes plus the consent payment of €7.50 per €1,000 principal amount of Notes. Payment for such Notes accepted for purchase was made on
November 26, 2012 and the proposed amendments to the indenture governing the Notes became operative on such date.
PE Paper has accepted for purchase €54,393.00 in aggregate principal amount of Notes validly tendered between the Consent Payment Deadline and the Expiration Time. Such holders whose Notes are accepted for purchase by us are eligible to receive a tender offer consideration of €1,058.75 per €1,000 principal amount of Notes, plus accrued and unpaid interest up to, but not including the Settlement Time (as defined below). We expect to make payment for the Notes accepted for purchase on
December 12, 2012 (the "Settlement Time"). Under no circumstances will any interest be payable because of any delay in the transmission of funds to holders of Notes by any of the clearing systems.
November 23, 2012, PE Paper exercised its option to redeem the remaining outstanding Notes not purchased in the Tender Offer. The remaining outstanding Notes will be redeemed on
December 24, 2012 (the "Redemption Date") at a redemption price of 105.875% of the principal amount of each Note redeemed, plus accrued and unpaid interest up to, but not including, the Redemption Date.
J.P. Morgan Securities plc acted as Dealer Manager. DF King Worldwide acted as the Tender and Information Agent. This news release is neither an offer to purchase nor a solicitation of an offer to sell any securities. The offer was made only by the Offer to Purchase and the information in this news release is qualified by reference to the Offer to Purchase.