Norbord Inc. Announces Amendment to Warrant Indenture

TORONTO, March 18, 2013 /CNW/ - Norbord Inc. (TSX: NBD, NBD.WT) announced 
today that effective March 25, 2013, it will amend certain terms of the 
Warrant Indenture dated December 24, 2008 by a supplemental warrant indenture 
(the "Supplemental Indenture") to include a cashless exercise feature. The 
Company believes this cashless exercise feature may reduce the number of 
common shares issued upon exercise of the Warrants. 
Under the current terms of the Warrant Indenture, exercising 10 Warrants 
together with the payment of the current Exercise Price of $13.60 entitles 
holders of Norbord warrants ("Warrantholders") to receive one common share 
("Common Share") of Norbord. Effective March 25, 2013, Warrantholders will 
also be provided with the choice to elect to exercise their Warrants on a 
cashless basis, and receive Common Shares based on the in-the-money amount of 
their Warrants. Warrantholders may continue to exercise their Warrants and pay 
the $13.60 Exercise Price, or alternatively, after such date they may exercise 
their Warrants cashlessly and receive the number of Common Shares determined 
using the following formula: 


Number of Common                        Number of Warrants exercised/10
Shares to be issued         =           x (Market Price of Common
(rounded down to nearest                Shares on the Exercise Date -
whole number, must be a                 Exercise Price)
positive number)
                                        Market Price of Common Shares
                                        on the Exercise Date

For the purposes of the above formula, "Market Price" means the volume 
weighted average trading price ("VWAP") on the Toronto Stock Exchange for the 
five trading days immediately preceding the Exercise Date. In order to 
inform Warrantholders of the daily Market Price of the Common Shares 
applicable to a cashless exercise of the Warrants, Norbord intends to publish 
the five-day VWAP on its website at beginning on March 25, 
2013 and each subsequent trading day until December 24, 2013, the maturity 
date of the Warrants.

A notice of the Supplemental Indenture will be mailed to Warrantholders, along 
with specific instructions regarding how to utilize this new cashless exercise 
feature. Instructions will also be posted on the Norbord website at

Norbord Profile

Norbord Inc. is an international producer of wood-based panels with assets of 
$1 billion, employing approximately 1,900 people at 13 plant locations in the 
United States, Europe and Canada. Norbord is one of the world's largest 
producers of oriented strand board (OSB). In addition to OSB, Norbord 
manufactures particleboard, medium density fibreboard (MDF) and related 
value-added products. Norbord is a publicly traded company listed on the 
Toronto Stock Exchange under the symbols NBD and NBD.WT.

Contact: Heather Colpitts Manager, Corporate Affairs Tel. (416) 365-0705

SOURCE: Norbord Inc.

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CO: Norbord Inc.
ST: Ontario

-0- Mar/18/2013 21:28 GMT

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