KP Tissue Announces Closing of Senior Unsecured Notes Financing

NOT FOR DISTRIBUTION TO NEWSWIRE SERVICES IN U.S. OR FOR DISSEMINATION IN U.S.

MISSISSAUGA, Ontario, Nov. 01, 2024 (GLOBE NEWSWIRE) -- KP Tissue Inc. (KPT) (TSX:KPT) announced today that Kruger Products Inc. ("KPI") has closed its previously announced offering of senior unsecured notes.

KPI issued CDN $135 million principal amount of 6.625% Senior Unsecured Notes (the "Notes") due November 1, 2031 by way of private placement (the "Offering"). Interest on the Notes is payable semi-annually in arrears on May 1 and November 1 of each year, commencing on May 1, 2025. KPI intends to use the net proceeds of the Offering to redeem all of KPI's outstanding 6.00% senior unsecured notes due April 24, 2025 (the "2025 Notes") and for general corporate purposes.

The offer and sale of the Notes have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act"), or applicable state securities laws, and the Notes may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. The Notes have not been and will not be qualified for sale to the public under applicable Canadian securities laws and, accordingly, any offer and sale of the Notes in Canada has been and will be made on a basis exempt from the prospectus requirements of such securities laws. This news release does not constitute an offer to sell or purchase, or ...