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September 03, 2015 10:00 AM ET

Paper and Forest Products

Company Overview of Tembec Industries, Inc.

Company Overview

Tembec Industries, Inc., together with its subsidiaries, produces and sells forest, pulp, and paper products worldwide. It operates in four segments: Forest Products, Pulp, Paper, and Chemicals. The Forest Products segment produces a range of commodity and value-added forest products, such as spruce, pine, and lumber products; specialty wood products, including pine and hardwood lumber and hardwood flooring products; and engineered wood products comprising laminated veneer lumber and wood I-beams. The Pulp segment offers paper pulps, which include softwood kraft, hardwood kraft, and high-yield pulps; and specialty pulps, such as specialty cellulose, fluff, and dissolving pulps. The Paper seg...

800 Rene-Levesque Boulevard West

Suite 1050

Montreal, QC H3B 1X9

Canada

Founded in 1973

8,000 Employees

Phone:

514-871-2310

Fax:

514-871-1980

Key Executives for Tembec Industries, Inc.

Chief Executive Officer, President, Director and Member of Environment, Health & Safety Committee
Chief Financial Officer and Executive Vice President of Finance
Executive Vice-President and President of Forest Products Group
Executive Vice President and President of Pulp Group
Senior Vice President and President - Paperboard Group
Compensation as of Fiscal Year 2015.

Tembec Industries, Inc. Key Developments

Tembec Industries Inc. Completes Private Offering of USD 375 Million in Aggregate Principal Amount of 9% Senior Secured Notes Due 2019

Tembec Inc. announced that its subsidiary, Tembec Industries Inc. successfully completed its previously announced private offering of USD 375 million in aggregate principal amount of 9% Senior Secured Notes due 2019. The proceeds from the offering will be used to purchase and redeem all of the Company's existing 11.25% senior secured notes due 2018, repay a portion of the borrowings outstanding under the Company's asset-based revolving credit facility, and pay fees and expenses incurred in connection with these refinancing transactions. The Notes were sold in a private offering in the United States only to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended, and to certain non-U.S. persons in transactions outside the United States in reliance on Regulation S under the Securities Act, including in certain provinces of Canada on a private placement basis to accredited investors.

Tembec Industries Inc. Announces Early Tender and Consent Solicitation Results

Tembec Inc. announced that holders of USD 301,072,000 principal amount of the 11.25% senior secured notes due 2018 issued by its wholly-owned subsidiary, Tembec Industries Inc., had tendered their Notes and delivered related consents on or before 5:00 p.m., New York City time, on September 29, 2014, which was the early tender deadline for the company's previously announced cash tender offer and consent solicitation for any and all of its outstanding Notes. The principal amount of Notes tendered represents approximately 98.71% of the outstanding principal amount of Notes. The tender offer and consent solicitation are being made upon the terms and subject to the conditions in the related Offer to Purchase and Consent Solicitation Statement dated September 16, 2014. In connection with the tender offer, the company also solicited consents for certain proposed amendments to the indenture under which the Notes were issued that would, among other things, eliminate most of the restrictive covenants, certain events of default and certain related provisions contained in the Indenture as well as amend certain optional redemption provisions, including the minimum length for notice requirements and provide for the release of the liens on the collateral that secures the company's, Tembec's and the other guarantors' obligations with respect to the Notes. Pursuant to the terms of the Indenture, the adoption of the Base Amendments and the Collateral Amendments required the consent of holders of at least a majority and 66 2/3% of the outstanding principal amount of the Notes, respectively. In conjunction with receiving the requisite consents, the company, the guarantors party thereto, Wilmington Trust, National Association, as trustee, and Computershare Trust Company of Canada, as collateral agent, executed a second supplemental indenture with respect to the Indenture governing the Notes effecting certain amendments that would implement the Amendments. The Supplemental Indenture is expected to become operative upon the acceptance for purchase by the company of the Notes tendered, which is expected to occur on or about October 1, 2014, subject to the satisfaction or waiver of the conditions described in the Statement, including a financing condition. Holders who validly tendered their Notes and delivered their consents on or prior to the Early Tender Deadline are eligible to receive USD 1,078.28 per USD 1,000.00 principal amount of Notes, plus accrued and unpaid interest up to, but not including, the first settlement date. The Total Consideration includes a consent payment of USD 10.00 per USD 1,000 principal amount of Notes. A holder's right to validly withdraw tendered Notes and validly revoke delivered consents expired on the Early Tender Deadline. The tender offer and consent solicitation remain open and will expire at 11:59 p.m., New York City time, on October 14, 2014, unless extended or earlier terminated by the company. Holders who validly tender their Notes after the Early Tender Deadline, but on or prior to the Expiration Time, and whose Notes are accepted for payment, will receive USD 1,068.28 per USD 1,000.00 principal amount of the Notes, plus accrued and unpaid interest on the Notes up to, but not including, the final settlement date. Holders of Notes who tender after the Early Tender Deadline will not receive an Early Tender Payment.

Tembec Industries Inc. Prices Offering of USD 375 Million Aggregate Principal Amount of 9% Senior Secured Notes Due 2019

Tembec Inc. announced that its wholly-owned subsidiary, Tembec Industries Inc. has priced an offering of USD 375 million aggregate principal amount of 9% senior secured notes due 2019. The New Notes were priced at 100% of the aggregate principal amount. The sale of the New Notes is expected to be completed on or about October 1, 2014, subject to customary closing conditions. The proceeds from the offering are intended to be used to (i) purchase any and all of the company's existing 11.25% senior secured notes due 2018 that are validly tendered in connection with the tender offer for its Existing Notes and to redeem or repurchase any Existing Notes not purchased in the tender offer, (ii) repay a portion of the borrowings outstanding under the company's asset-based revolving credit facility, and (iii) pay fees and expenses incurred in connection with these refinancing transactions.

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