Aldabra 2 Acquisition Corp. Prices Acquisition Loan Financing, Sets Closing Date for Acquisition of Boise Paper and Packaging Assets.- Company Plans to Change Name to Boise Inc. - - Ticker symbols of common stock and warrants to change to BZ and BZ.WS, respectively - NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Aldabra 2 Acquisition Corp. (AMEX AMEX See: American Stock Exchange : AII AII Auto ID Infrastructure AII Agence de l'Innovation Industrielle (French Agency for Industrial Innovation) AII Active Input Interface (used in UNI PMD specs for Copper/Fiber) AII ASEAN Information Infrastructure .U, AII, AII.WS, "Aldabra") announced today that Goldman Sachs Credit Partners LP and Lehman Brothers priced the $1,235.7 million in credit facilities required for its acquisition of Boise Cascade, LLC's packaging and paper manufacturing businesses ("Boise"). Aldabra anticipates the acquisition of Boise will close on Friday, February 22, 2008. Aldabra plans to change its name to Boise Inc. when the transaction closes and to list its common stock and warrants for trading on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the new symbols BZ and BZ.WS, respectively, with trading expected to begin Monday, February 25, 2008. "We are excited to complete the financing despite some of the most difficult market conditions in recent memory. In this market, strong credit quality is important to fixed income investors. We believe the success of this financing reflects very favorably on Boise Inc. and on its prospects," said Nathan Leight, Chairman of Aldabra. Alexander Toeldte, who will be CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Boise Inc., added, "This is a compelling new chapter in our company's history. We look forward to continued positive business momentum as the acquisitions and investments we have made over the past 24 months come fully online." About Boise Inc. Headquartered in Boise, Idaho, the company manufactures a wide range of specialty and premium paper products, including papers for pressure sensitive and flexible packaging applications. Boise manufactures containerboard and corrugated cor·ru·gate v. cor·ru·gat·ed, cor·ru·gat·ing, cor·ru·gates v.tr. To shape into folds or parallel and alternating ridges and grooves. v.intr. products, imaging papers for the office and home, printing and converting papers, newsprint, and market pulp. Boise has approximately 4,700 employees. Summary Terms of the Financing The credit facilities consist of: * A $250 million revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. line and a $250 million First Lien Term Loan A priced at LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). plus 325 basis points with a term of 5 years and a closing fee of approximately 2% * A $475 million First Lien Term Loan B priced at LIBOR (with a floor of 4.00%) plus 350 basis points with a term of 6 years and a closing fee of 5% * A $260.7 million Second Lien Term Loan priced at LIBOR (with a floor of 5.5%) plus 700 basis points with a term of 7 years and a closing fee of 10% The facility is subject to the execution of definitive documentation at the closing of the Boise acquisition. FORWARD-LOOKING STATEMENTS This press release includes "forward-looking statements" within the meaning of the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the United States Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Words such as "expect," "estimate," "prospects," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements. Forward-looking statements in this press release include matters that involve known and unknown risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to differ materially from results expressed or implied by this press release. Such risk factors include, among others: costs associated with running Boise as a stand-alone business after the planned acquisition; uncertainties as to the closing of the acquisition; the satisfaction of closing conditions to the transaction, including the competitive environment in the paper industry of and competitive responses to the proposed acquisition; and other factors listed from time to time in the SEC filings of both Aldabra and Boise Cascade Holdings, L.L.C., including, without limitation, the definitive proxy statement Proxy Statement A document containing the information that a company is required by the SEC to provide to shareholders so they can make informed decisions about matters that will be brought up at an annual stockholder meeting. filed by Aldabra relating to the transaction. |
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