Boise Cascade (BCC) Announces Initial Results of Senior Notes Tender Offer and Consent Solicitation
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Boise Cascade Company (Boise Cascade) (NYSE: BCC) announced today the initial results for its previously announced tender offer and related consent solicitation commenced on August 15, 2016 for any and all of its 6.375% Senior Notes due 2020 (the "2020 Notes"). An aggregate of $184,497,000 principal amount of 2020 Notes, representing 61.5% of the 2020 Notes outstanding (the "Tendered Notes"), had been tendered as of 5:00 p.m., New York City time, on August 26, 2016. Accordingly, the requisite consents to approve the proposed amendments pursuant to the consent solicitation have been obtained.
Withdrawal and revocation rights expired at 5:00 p.m., New York City time, on August 26, 2016. 2020 Notes that have been tendered may no longer be withdrawn and consents that have been delivered may no longer be revoked.
On August 29, 2016, Boise Cascade accepted the Tendered Notes from the tendering holders in exchange for an aggregate payment of approximately $195.9 million to be made August 29, 2016, which represents the total consideration payable under the tender offer for the Tendered Notes, including accrued interest (the "Tender Offer Payment"). Boise Cascade funded the Tender Offer Payment with proceeds from a concurrent $350 million offering of 5.625% Senior Notes due 2024, which closed on August 29, 2016.
Following payment of the consideration for the Tendered Notes, Boise Cascade irrevocably instructed the trustee for the 2020 Notes to issue a redemption notice in accordance with the terms of the indenture to holders of the $115,493,000 in aggregate principal amount of the 2020 Notes that remained outstanding following the purchase of the Tendered Notes. The redemption notice provides for a redemption date of November 1, 2016 (the "Redemption Date") and will be delivered by the trustee to holders of the 2020 Notes on September 2, 2016, or as soon as practicable thereafter but in no event later than 30 days prior to the Redemption Date. On August 29, 2016, Boise Cascade irrevocably deposited with the trustee funds sufficient to pay and discharge the entire indebtedness due on the 2020 Notes on the Redemption Date. As a result, the indenture governing the 2020 Notes was satisfied and discharged in accordance with its terms.
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