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Resolute Announces Early Tender And Consent Solicitation Results

Stocks in this article: RFP

US $

MONTREAL, May 7, 2013 /PRNewswire/ - Resolute Forest Products Inc. (NYSE: RFP) (TSX: RFP) today announced that holders of $496.5 million principal amount of its 10.25% senior secured notes due 2018 (CUSIP # 003687AB6) (the "2018 notes"), or 99.1% of the outstanding principal amount, tendered their 2018 notes and delivered consents before 5:00 p.m., New York City time today, the "early tender deadline" under the Company's previously-announced cash tender offer and consent solicitation. Resolute intends to accept for payment on May 8, 2013, all 2018 notes validly tendered and not validly withdrawn before the early tender deadline. The holders of those notes will receive $1,166.94 per $1,000 principal amount, plus accrued and unpaid interest up to, but not including, the date of payment.

The tender offer will expire at 12:00 midnight, New York City time, on May 21, 2013, unless extended or earlier terminated (the "expiration time").  Holders who validly tender their 2018 notes after the early tender deadline and before the expiration time will be eligible to receive $1,136.94 per $1,000 principal amount of 2018 notes, plus accrued and unpaid interest up to, but not including, the final settlement date, which is expected to be the next business day after the expiration time.

Any 2018 notes tendered as of the early tender deadline or thereafter can no longer be withdrawn, nor can the related consents be revoked. Any extension, delay, termination or amendment of the tender offer will be publicly announced promptly.

Based on the consents received, Resolute and the trustee under the indenture governing the 2018 notes have entered into a supplemental indenture to eliminate most of the restrictive covenants, to eliminate certain events of default and to release all the collateral securing the obligations under the 2018 notes.  The supplemental indenture, which will become effective upon Resolute's payment for the 2018 notes tendered before the early tender deadline, will be binding on the holders of the 2018 notes not purchased in the tender offer.

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