Cascades Inc. Announces Early Tender Results, Pricing and Upsizing of Modified Dutch Auction Tender Offers for Its 5.375% Senior Notes Due 2028 and 5.125% Senior Notes Due 2026

KINGSEY FALLS, QC, Nov. 9, 2021 /PRNewswire/ - Cascades Inc. ("Cascades") (TSX: CAS) today announced that as of 5:00 p.m., New York City time, on November 9, 2021 (the "Early Tender Date"), $154,658,000  aggregate principal amount of its 5.375% Senior Notes due 2028 (the "2028 Notes") and $144,434,000  aggregate principal amount of its 5.125% Senior Notes due 2026 (the "2026 Notes" and, together with the 2028 Notes, the "Notes") had been validly tendered and not validly withdrawn prior to the Early Tender Date, in accordance with the previously announced cash tender offers (the "Tender Offers").  Cascades has determined to increase the aggregate principal amount of Notes sought to $299,092,000.   Capitalized terms used herein but not otherwise defined have the meanings ascribed to them in the Offer to Purchase, dated October 27, 2021. 

The Company intends to accept for purchase (i) $154,658,000 aggregate principal amount of 2028 Notes validly tendered and not validly withdrawn (and has increased the 2028 Notes Sublimit accordingly) for Total Consideration of $1,057.50 per $1,000 principal amount of Notes (reflecting a Base Price of $1,045.00 plus a Clearing Premium of $12.50, and which includes an Early Tender Premium of $30.00), plus accrued interest to the date of repurchase and (ii) $144,434,000 aggregate principal amount of 2026 Notes validly tendered and not validly withdrawn (and has increased the 2026 Notes Sublimit accordingly) for Total Consideration of $1,062.50 per $1,000 principal amount of 2026 Notes (reflecting a Base Price of $1,055.00 plus a Clearing Premium of $7.50, and which includes an Early Tender Premium of $30.00), plus accrued interest to the date of repurchase. The Company expects to make payment for such accepted notes on November 10, 2021.

Although the Tender Offers are scheduled to expire at 11:59 p.m., New York City time, on November 24, 2021, because the amount of 2028 Notes and the amount of 2026 Notes validly tendered and not validly withdraw prior to the Early Tender Date reached the 2028 Notes Sublimit and the 2026 Notes Sublimit, as increased as described above, respectively, no additional Notes will be accepted for purchase after the Early Tender Date.

Cascades has engaged Scotia Capital (USA) Inc. as Dealer Manager for the Tender Offers. Copies of the Offer to Purchase may be obtained from D.F. King & Co., Inc., the Tender Agent and Information Agent, by e-mail to [email protected] or by phone at (212) 269-5550 (collect) or (866) 356-7814 (toll-free). Please direct questions regarding the Tender Offers to Scotia Capital (USA) Inc. by phone at (212) 225-5501.

This announcement is for informational purposes only and does not constitute an offer to buy or a solicitation of an offer to sell the Notes. The Tender Offers are being made solely by means of the Offer to Purchase. In those jurisdictions where the securities, blue sky or other laws require any tender offer to be made by a licensed broker or dealer, the Tender Offers will be deemed to be made on behalf of Cascades by the dealer manager or one or more registered brokers or dealers licensed under the laws of such jurisdiction. All amounts are in U.S. dollars, unless otherwise indicated. 

Founded in 1964, Cascades offers sustainable, innovative and value-added packaging, hygiene and recovery solutions. The company employs 10,000 women and men across a network of almost 80 facilities in North America. Driven by its participative management, half a century of experience in recycling, and continuous research and development efforts, Cascades continues to provide innovative products that customers have come to rely on, while contributing to the well-being of people, communities and the entire planet. Cascades' shares trade on the Toronto Stock Exchange under the ticker symbol CAS.

Forward-Looking Statements
This release contains forward-looking statements with respect to the timing and principal amount of debt securities to be purchased in the Tender Offers, including certain terms and conditions of the Tender Offers. By their nature, forward-looking statements are subject to numerous assumptions, risks, and uncertainties. A number of factors could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. These factors include, but are not limited to, those that may be set forth in the Offer to Purchase. Actual results, performance or achievement could differ materially from those contained in these forward-looking statements for a variety of reasons. Other unknown or unpredictable factors also could have a material adverse effect on Cascades' business, financial condition and results of operations.

SOURCE Cascades Inc.

Related Links

www.cascades.com