Cascades Prices Offering of US$400 Million Senior Notes due 2030

KINGSEY FALLS, QC, May 28, 2025 /PRNewswire/ - Cascades Inc. (TSX: CAS) (the "Company") announced today that it has priced its private placement of US$400 million aggregate principal amount of 6.750% Senior Notes due July 15, 2030 (the "Notes"). Cascades USA Inc., a U.S. indirect wholly-owned subsidiary of the Company (the "Co-Issuer"), will be a co-issuer with the Company in respect of the Notes. The Notes will be issued at a price of 100.000% of their principal amount. The closing of the offering of the Notes is expected to occur on June 11, 2025, subject to customary closing conditions.

The Company intends to use the proceeds from the offering to redeem all of its outstanding US$206 million aggregate principal amount of 5.125% Senior Notes due January 15, 2026, to repay a portion of the borrowings outstanding under its revolving credit facility and to pay related transaction fees and expenses.

The Notes and related guarantees are being offered only to persons reasonably believed to be qualified institutional buyers in reliance on the exemption from registration set forth in Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and to non-U.S. persons outside the United States in reliance on the exemption from registration set forth in Regulation S under the Securities Act and upon reliance on the accredited investor exemption in Canada. The Notes and the related guarantees have not been registered under the Securities Act, or the securities laws of any state or other jurisdiction, and may not be offered or sold in the United States or Canada without registration or an applicable exemption from the Securities Act or applicable Canadian securities legislation.

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities, nor shall there be any sales of securities mentioned in this press release in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

Forward-Looking Statements

Certain statements in this press release are forward-looking statements within the meaning of securities legislation that involve risks and uncertainties, as well as assumptions that, if they never materialize or prove incorrect, could cause the Company's results to differ materially from those expressed or implied by such forward-looking statements. These statements include, but are not limited to, statements concerning the proposed terms of the Notes, the completion, timing and size of the proposed offering of the Notes and the anticipated use of proceeds from the offering. You should not place undue reliance on these statements. Forward-looking statements include all statements that are not historical in fact, such as information concerning possible or assumed future results of operations, capital expenditures, the outcome of pending legal proceedings and claims, goals and objectives for future operations, including descriptions of the Company's business strategies and purchase commitments from customers, among other things. These statements are often, but not always, identified by words such as "outlook," "believe," "potential," "seek," "predict," "may," "likely," "anticipate," "expect," "plan," "intend," "estimate" or similar or comparable words or expressions. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances may be considered forward-looking statements. Management bases these statements on reasonable assumptions, estimates, analysis and opinions, in light of its industry experience, as well as its perception of historical trends, current conditions, expected developments and other factors that management believes to be relevant and reasonable in the circumstances. Factors that could cause future results to differ from results contemplated by forward-looking statements include, but are not limited to, the following: the effect of general economic conditions; political, social and exchange rate risks due to our international operations and the impact of tariffs and other trade barriers on our operations; our ability to successfully manage the demand, supply and operational challenges associated with the effects of widespread public health concerns; the cyclical nature of the markets for some of our products and fluctuations in product pricing and raw material and energy costs; our exposure to significant competition, including competition with firms that may enjoy cost advantages or economies of scale; compliance costs associated with environmental laws and regulations, including unforeseen expenditures as a result of environmental liabilities; impacts of climate change; losses that are not fully covered by insurance; labor disputes or shortages; difficulty recouping our investments in joint ventures or other companies that we do not control; difficulties associated with acquiring companies, or integrating acquired companies, as part of our growth strategy; the impairment of our goodwill or other intangible assets; changes in the control of our equity capital; changes in strategy or management brought about by our existing shareholders or similar changes relating to our control and management; our inability to retain key personnel or attract and retain other talented employees; our inability to protect our information systems against, or effectively respond to, cyber-attacks or other cyber incidents; our significant amount of outstanding indebtedness, our ability to incur additional debt in the future, restrictions on our operations due to the terms of our indebtedness, and potential events of default as a result of our inability to comply with covenants related to our indebtedness; the inability of our subsidiaries to generate sufficient cash flow to meet our debt service obligations; fluctuations in currency exchange rates and market interest rates; fluctuations in the market price of our common stock; and other risk factors discussed under the heading "Risk Factors" in the Company's 2024 Annual Information Form and under the heading "Risk Factors" in the Management's Discussion and Analysis section of the Company's 2024 Annual Report.

Although we believe that our forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect our actual financial condition or results of operations and could cause actual results to differ materially from those expressed in the forward-looking statements. In light of these risks and uncertainties, there can be no assurance that the results and events contemplated by the forward-looking statements contained in this press release will in fact transpire. All forward-looking statements in this press release apply as of the date of this press release or as of the date they were made and, except as required by applicable law, we disclaim any obligation to update or revise any forward-looking statement to reflect changes in underlying assumptions or factors of new information, data or methods, future events or other changes. You should understand that it is not possible to predict or identify all such factors. Consequently, you should not consider any such list to be a complete set of all potential risks or uncertainties.

Founded in 1964, Cascades offers sustainable, innovative and value-added packaging, hygiene and recovery solutions. The company employs approximately 9,600 women and men across a network of 66 operating facilities, including 17 Recovery and Recycling facilities which are part of Corporate Activities and joint ventures managed by the Corporation, 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.

SOURCE Cascades Inc.