AbitibiBowater announces extension of withdrawal deadline for private debt exchange offer
ABH (TSX, NYSE)
MONTREAL, March 27 /CNW Telbec/ - AbitibiBowater Inc. announced today
that Abitibi-Consolidated Company of Canada, an indirect subsidiary of
AbitibiBowater, has extended the withdrawal deadline for its exchange offers
for the 6.95% Senior Notes due 2008, the 5.25% Senior Notes due 2008 and the
7.875% Senior Notes due 2009. The withdrawal deadline for the exchange offers
has been extended until 5:00 p.m., New York City time, on March 27, 2008. The
withdrawal deadline had been schedule to expire on March 26, 2008. Neither the
consent payment deadline nor the expiration date for the exchange offers has
been modified and the exchange offers will expire at 12:00 midnight, New York
City time, on April 4, 2008.
The exchange offers are being made only to qualified institutional buyers
and institutional accredited investors inside the United States and to certain
non-U.S. investors located outside the United States.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any security and shall not constitute an
offer, solicitation or sale in any jurisdiction in which such offering,
solicitation or sale would be unlawful.
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.
Statements in this report that are not reported financial results or
other historical information are "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995. They include,
for example, statements about the Company's timetable for the exchange offer.
Forward-looking statements may be identified by the use of forward-looking
terminology such as the words "will" and "expect" and other terms with similar
meaning indicating possible future events or potential impact on the business
or other stakeholders of the Company and its subsidiaries. The reader is
cautioned not to place undue reliance on these forward-looking statements,
which are not guarantees of future performance. These statements are based on
management's current assumptions, beliefs and expectations, all of which
involve a number of business risks and uncertainties that could cause actual
results to differ materially. These risks and uncertainties include, but are
not limited to, the ability to satisfy the conditions of the exchange offers,
the ability to obtain additional new financing on terms satisfactory to the
Company and Abitibi-Consolidated or at all, the condition of the U.S. credit
and capital markets generally, worsening industry conditions and the ability
to meet the required closing conditions.
Additional factors are detailed from time to time in the Company's
filings with the Securities and Exchange Commission (SEC) and the Canadian
securities regulatory authorities, including those factors contained in the
Company's Annual Report on Form 10-K, as amended, for year ended December 31,
2007, each under the caption "Risk Factors." All forward-looking statements in
this report are expressly qualified by information contained in the Company's
filings with the SEC and the Canadian securities regulatory authorities. The
Company disclaims any obligation to update or revise any forward-looking