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Orchids Paper Products Company Prices Public Offering of Common Stock


News provided by

Orchids Paper Products Company

Apr 23, 2015, 07:56 ET

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PRYOR, Okla., April 23, 2015 /PRNewswire/ -- Orchids Paper Products Company (the "Company") (NYSE MKT: TIS), today announced the pricing of its underwritten public offering of 1,500,000 shares of its common stock at a price of $23.00 per share.  The offering is expected to close on or about April 29, 2015, subject to customary closing conditions.  In addition, the Company has granted the underwriters a 30-day option to purchase up to an additional 225,000 shares of common stock at the offering price, less underwriting discounts and commissions.  

Jefferies LLC is acting as the sole book-running manager, and Oppenheimer & Co. Inc. and Craig-Hallum Capital Group are acting as co-managers for the offering.

The Company intends to use the net proceeds from the offering, together with bank financing and cash on hand, to construct and operate a fully integrated paper mill in Barnwell, South Carolina, consisting of a new facility to house a new paper machine and converting equipment to convert the parent rolls into finished product and to provide warehouse space for finished product and raw materials. The Company intends to use the remainder of the proceeds, if any, for general corporate purposes.

The shares will be issued pursuant to the Company's existing shelf registration statement on Form S-3, previously filed with and declared effective by the Securities and Exchange Commission, or SEC.  The offering is being made only by means of a prospectus supplement and accompanying prospectus, copies of which may be obtained from Jefferies LLC, 520 Madison Ave., 2nd Floor, New York, NY 10022, 877-547-6340, email: [email protected].

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

About Orchids Paper Products Company

Orchids Paper Products Company is customer-focused, national supplier of high quality consumer tissue products primarily serving the at home private label consumer market.  The Company produces a full line of tissue products, including paper towels, bathroom tissue and paper napkins, to serve the value through ultra-premium quality market segments from its operations in northeast Oklahoma and Mexicali, Mexico.  The Company provides these products primarily to retail chains throughout the United States.

Note: Certain statements and assumptions in this press release contain or are based upon "forward-looking" information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties. When we use the words "will," "expect," "estimate," "intend," "may," "believe," "should," or similar expressions, we intend to identify forward-looking statements.  Such forward-looking statements include, but are not limited to, the timing of the offering and contemplated use of proceeds.  Such statements are subject to numerous assumptions and uncertainties, many of which are outside the Company's control.  Factors that could materially affect the Company's actual results, levels of activity, performance or achievements include, without limitation, those detailed under the caption "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2014.  The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect any future events or circumstances, except as required by law.  

SOURCE Orchids Paper Products Company

Related Links

http://www.orchidspaper.com

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