ABH (TSX, NYSE)
MONTREAL, April 7 /CNW Telbec/ - AbitibiBowater Inc. announced today that
the previously announced exchange offers by Abitibi-Consolidated Company of
Canada ("ACCC"), an indirect subsidiary of AbitibiBowater, expired at
12:00 midnight, New York City time, on April 4, 2008. The exchange offers were
for the 6.95% Senior Notes due 2008, 5.25% Senior Notes due 2008 and 7.875%
Senior Notes due 2009. Approximately 89.4% of the outstanding 6.95% Senior
Notes, 92.1% of the outstanding 5.25% Senior Notes and 94.8% of the
outstanding 7.875% Senior Notes were validly tendered in the exchange offers.
As a result, ACCC issued an aggregate of approximately US$292.9 million
principal amount of 15.5% Senior Notes due 2010 and approximately
US$217.7 million in cash including payment of accrued interest to tendering
note holders in connection with the exchange offers.
AbitibiBowater produces a wide range of newsprint, commercial printing
papers, market pulp and wood products. It is the eighth largest publicly
traded pulp and paper manufacturer in the world. Following the required
divestiture agreed to with the U.S. Department of Justice, AbitibiBowater will
own or operate 27 pulp and paper facilities and 35 wood products facilities
located in the United States, Canada, the United Kingdom and South Korea.
Marketing its products in more than 90 countries, AbitibiBowater is also among
the world's largest recyclers of newspapers and magazines, and has more
third-party certified sustainable forest land than any other company in the
world. AbitibiBowater's shares trade under the stock symbol ABH on both the
New York Stock Exchange and the Toronto Stock Exchange.