Crestbrook cancels note offer

Article Abstract:

Crestbrook Forest Industries Ltd., the Cranbrook, British Columbia-based pulp and lumber producer, has cancelled its offering of around US$165 million of senior notes because of weak markets. The note offer was intended to raise cash to refinance Crestbrook's outstanding debt. The offering was launched by the company in July 1998, in the U.S. Rule 144a market, which allows foreign securities issuers to sell to US institutional investors without registering them with the Securities and Exchange Commission or having to meet US generally accepted accounting principles.

Comment:

Pulp and lumber producer cancels its offering of around US$165 mil of senior notes because of weak markets

United States, Securities issued, listed, Wood & Wood Products, Wood Product Manufacturing, Crestbrook Forest Industries Ltd.

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Tembec selling non-core operations to reduce debt

Article Abstract:

Tembec Inc., a forest products firm based in Montreal, Canada, is selling its oriented strand board (OSB) mill in Timmins, Ontario, to Grant Forest Products Corp, which already owns the world's biggest OSB mill at Englehart, Ontario. The move by Tembec is part of the company's strategy to generate approximately C$200 million by the end of September 1998 in a move to repay its debts. Tembec, after an acquisition binge, has increased its net debt to around 44% of total capitalization against the firm's target 35%.

Comment:

Is buying Tembec Inc's oriented strand board mill in Timmins, Ontario

Asset sales & divestitures, Acquisitions & mergers, Facilities & equipment, Paperboard Mills, Paperboard, Ontario, Paper products industry, Grant Forest Products Corp., Tembec Inc.

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