NOT FOR DISTRIBUTION TO THE UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
EDMONTON, Alberta, June 20, 2018 (GLOBE NEWSWIRE) -- Millar Western Forest Products Ltd. ("Millar Western") is pleased to announce that it closed today its previously announced offering of C$150 million principal amount of 9.50% Senior Secured First Lien Notes due 2023 by way of a private placement (the "Offering").
RBC Capital Markets acted as sole book-runner and co-lead manager and Guggenheim Securities acted as co-lead manager of the Offering.
The net proceeds of the Offering are being used by Millar Western to redeem all of its existing 9.0% Senior Secured Notes due 2022 and to fully repay indebtedness under an existing unsecured loan.
About the Corporation
Headquartered in Edmonton, Millar Western is a low-cost vertically integrated forest products company producing bleached chemi-thermo-mechanical pulp (BCTMP), spruce-pine-fir (SPF) dimension lumber, and specialty wood products at technologically advanced facilities in Whitecourt, Fox Creek, and Acheson, Alberta.
For further information about Millar Western, please visit our website at: www.millarwestern.com, or contact: David Anderson, Chief Operating Officer, Phone: 780-486-8238, or email: davidanderson@millarwestern.com.
Forward Looking Information
Certain statements included herein constitute "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities laws. Such statements are typically identified by words such as "anticipate", "believe", "could", "estimate", "expect", "plan", "intend", "forecast", "future", "guidance", "may", "predict", "project", "should", "strategy", "target", "will" or similar expressions suggesting future outcomes. Forward-looking information in this new release includes statements relating to the use of net proceeds of the Offering.
Millar Western believes the material factors, expectations and assumptions reflected in such forward-looking information and statements are reasonable but no assurance can be given that these factors, expectations and assumptions will prove to be correct and such information should not be unduly relied upon.
Forward-looking information is not a guarantee of future performance. By its very nature, forward-looking information involves inherent assumptions, risks and uncertainties, both general and specific, and risks that predictions, forecasts, projections and other forward-looking information will not be achieved. These risks include, but are not limited to, risks associated with the ability to satisfy closing conditions of the Offering. Should one or more of these risks and uncertainties materialize, or should assumptions described above prove incorrect, Millar Western's actual performance and results in future periods may differ materially from any projections of future performance or results expressed or implied by such forward-looking information. Readers are cautioned not to place undue reliance on this information as a number of important factors could cause the actual results to differ materially from the beliefs, plans, objectives, expectations and anticipations, estimates and intentions expressed in such forward-looking information.
Any forward-looking information is made as of the date hereof and, except as required by law, Millar Western does not undertake any obligation to publicly update or revise such information to reflect new information, subsequent or otherwise.