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May 04, 2015 3:45 AM ET

Paper and Forest Products

Company Overview of Ainsworth Lumber Co. Ltd.

Company Overview

Ainsworth Lumber Co. Ltd. manufactures and markets engineered wood products in the United States, Canada, Japan, and internationally. Its engineered wood products include oriented strand boards, oriented strand lumber, and specialty overlaid panels. The company offers flooring products, rim boards, web stock for I-joists, stair tread panels, risers, and sheathing products. Ainsworth Lumber Co. Ltd. sells its products to builders, dealers, specifiers, original equipment manufacturers, stocking distributors, wholesalers, professional building materials retailers, home improvement stores, and integrated forest product companies. The company was founded in 1950 and is based in Vancouver, Canada....

Bentall IV

Suite 3194

PO Box 49307

1055 Dunsmuir Street

Vancouver, BC V7X 1L3

Canada

Founded in 1950

700 Employees

Phone:

604-661-3200

Fax:

604-661-3201

Key Executives for Ainsworth Lumber Co. Ltd.

Chief Executive Officer, President and Non-Independent Director
Chief Financial Officer and Vice President of Finance
Vice President of Business Development
General Manager of Operations
Manager of Corporate Reporting
Compensation as of Fiscal Year 2014.

Ainsworth Lumber Co. Ltd. Key Developments

Ainsworth Lumber Co. Ltd. Announces Expiration and Final Results of Tender Offer and Consent Solicitation for Its 7.5% Senior Secured Notes Due 2017

Norbord Inc. and its wholly owned subsidiary, Ainsworth Lumber Co. Ltd. (Ainsworth), announced the expiration and final results of Ainsworth's previously announced cash tender offer (Tender Offer) and consent solicitation (Consent Solicitation) for any and all of Ainsworth's outstanding 7.5% Senior Secured Notes due 2017 (the Notes) (CUSIP Nos. 008914AE3, C01023AH0 and 008914AF0). The Tender Offer and the Consent Solicitation expired at 12:00 midnight, New York City time, at the end of the day on April 29, 2015 (the Expiration Time). The Tender Offer and Consent Solicitation were made upon the terms and subject to the conditions set in Ainsworth's Offer to Purchase and Consent Solicitation Statement (the Offer to Purchase) and related Letter of Transmittal and Consent (the Letter of Transmittal), each dated April 1, 2015. Ainsworth was advised by Global Bondholder Services Corporation, as tender agent and information agent for the Tender Offer and Consent Solicitation that between the early tender deadline of 5:00 p.m., New York City time, on April 15, 2015 and the Expiration Time, Ainsworth received no additional valid tenders and consents from holders of its Notes. In accordance with Ainsworth's previously announced election to redeem all Notes that remain outstanding as of the Expiration Time, Ainsworth redeemed all of the USD 3,588,000 of the remaining outstanding Notes on April 30, 2015 at the redemption price of 103.750% of the principal amount thereof, plus accrued and unpaid interest thereon to the redemption date.

Ainsworth Lumber Co. Ltd. Commences Cash Tender Offer for Any and All Outstanding 7.5% Senior Secured Notes Due 2017

Norbord Inc. and Ainsworth Lumber Co. Ltd. (Ainsworth) announced that Ainsworth has commenced a cash tender offer for any and all of Ainsworth’s outstanding 7.5% Senior Secured Notes due 2017. In connection with the tender offer, Ainsworth is also soliciting consents from the holders of the Notes to amend the indenture under which the Notes were issued. Full details of the terms and conditions of the tender offer and consent solicitation are set in Ainsworth’s offer to purchase and consent solicitation statement and related Letter of transmittal and consent, each dated April 1, 2015. Under the terms of the Tender Offer, the total consideration for each $1,000 principal amount of the Notes validly tendered and not validly withdrawn at or before the early tender deadline and accepted for purchase will be $1,042.50. Total consideration for the Notes includes an early tender payment of $30.00 per $1,000 principal amount of the Notes, and is only payable to holders who tender their Notes and deliver their consents at or before 5:00 p.m., New York City time, on April 15, 2015 (the early tender deadline). Payment of the total consideration for any Notes tendered and not validly withdrawn at or before the early tender deadline and accepted for purchase is expected to be made promptly following the early tender deadline. Holders who validly tender their Notes after the early tender deadline and prior to the expiration of the tender offer will receive the total consideration less the early tender payment, or $1,012.50 per $1,000 principal amount of the Notes. Payment of the tender offer consideration for any Notes tendered after the early tender deadline and prior to the expiration of the tender offer will be made promptly following the expiration time. Ainsworth will also pay accrued and unpaid interest from the last interest payment date to, but not including, the applicable payment date. The tender offer will expire at 12:00 midnight, New York City time, at the end of the day on April 29, 2015, unless extended or earlier terminated by Ainsworth (the expiration time).

Ainsworth Lumber Co. Ltd. Announces Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014

Ainsworth Lumber Co. Ltd. announced earnings results for the fourth quarter and full year ended December 31, 2014. The company reported sales of $102.5 million in the fourth quarter of 2014 were $1.9 million lower than sales of $104.4 million for the same period in 2013. The decrease in sales was mainly due to a 4% decrease in realized pricing. Adjusted EBITDA was a loss of $0.5 million compared to adjusted EBITDA of $11.3 million in the same period of 2013, due to lower North American OSB prices and higher overall unit costs. Net loss was $33.5 million or $0.14 per basic share from continuing operations in the fourth quarter of 2014 was $22.9 million higher than net loss of $10.6 million or $0.04 per basic share in the prior year. Excluding the foreign exchange fluctuations on long-term debt, the loss on derivative financial instrument and the related income tax effects, adjusted loss for the fourth quarter of 2014 was $18.5 million or $0.04 per share. This represents a decrease of $15.5 million compared to $3.0 million or $0.01 per basic share in the prior year. For the year, sales were $444.0 million compared to $488.0 million in 2013. The $44.0 million decrease was primarily related to a 17% decrease in realized pricing, partially offset by a 9% increase in sales volumes. Adjusted EBITDA was $27.5 million compared to $148.9 million in 2013, due to a significant decrease in North American OSB prices and higher overall unit costs due to the same factors noted above. Net loss from continuing operations was $71.1 million or $0.30 per basic share, compared to net income of $39.4 million or $0.16 per basic share for 2013, representing a decrease in net income of $110.5 million. Excluding the key non-cash accounting gains and losses, adjusted loss for 2014 was $29.9 million or $0.12 per share. This represents a decrease of $86.2 million compared to adjusted earnings of $56.3 million or $0.23 per share for 2013.

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