NOT FOR DISTRIBUTION TO THE UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
EDMONTON, Alberta, June 13, 2018 (GLOBE NEWSWIRE) -- Millar Western Forest Products Ltd. ("Millar Western") is pleased to announce that it has entered into an underwriting agreement to issue and sell C$150 million principal amount of 9.50% Senior Secured First Lien Notes (the "Notes") due 2023 by way of a private placement offering (the "Offering"). Subject to satisfaction of customary closing conditions, the Offering is expected to close on June 20, 2018.
RBC Capital Markets is acting as sole book-runner and co-lead manager and Guggenheim Securities is acting as co-lead manager of the Offering.
Millar Western intends to use the net proceeds of the Offering to redeem all of its existing 9.0% Senior Secured Notes due 2022 and to fully repay indebtedness under an existing unsecured loan.
The offer and sale of the Notes have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), or applicable state securities laws, and the Notes may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act and applicable state securities laws. The Notes have not been and will not be qualified for sale to the public under applicable Canadian securities laws and, accordingly, any offer and sale of the Notes in Canada will be made on a basis exempt from the prospectus requirements of such securities laws.
This press release does not constitute an offer to sell or purchase, or a solicitation of an offer to sell or purchase, the Notes in the United States or in any jurisdiction. No offer, solicitation, purchase or sale will be made in the United States or in any jurisdiction in which such offer, solicitation, purchase or sale would be unlawful.
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 expected closing date of the Offering and the use of the 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.