BOWATER COMPLETES OFFER TO PURCHASE 8.25% NOTES DUE 1999.GREENVILLE, S.C.--(BUSINESS WIRE)--July 31, 1995--Bowater Incorporated (NYSE NYSE See: New York Stock Exchange :BOW) today announced the completion of its offer to repurchase its outstanding 8.25% Notes due October 15, 1999. The company repurchased approximately $117.0 million of $125 million principal amount of Notes previously outstanding. As a result of this transaction, the company will incur a third quarter after-tax charge of approximately $5.3 million, or $.12 per fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share. The company has repurchased approximately $299.0 million of its outstanding debt during 1995. The amount and timing of any additional debt reductions are subject to, among other factors, the strength of the Company's cash flow and alternative uses of cash. Bowater Incorporated is the largest producer of newsprint newsprint low grade paper used for newspapers. Old newspapers are fed to cattle as an alternative roughage and may occasionally be ingested by dogs. Significant amounts of lead are accumulated in tissues; no cases of poisoning have been recorded in cattle, though it has been in the U.S., and also makes coated and uncoated groundwood papers, bleached kraft pulp, continuous computer forms and lumber lumber, term for timber that has been cut into boards for use as a building material. The major steps in producing lumber involve logging (the felling and preparation of timber for shipment to sawmills), sawing the logs into boards, grading the boards according to products. It has five paper mills, eight converting plants and 3.7 million acres of timberlands in the U.S. and Canada. Bowater Incorporated common stock is listed 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. , U.S. regional exchanges, the London Stock Exchange London Stock Exchange London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. and the Swiss Stock Exchanges. CONTACT: Bowater Incorporated, Greenville Media Contact: Robert D. Leahy 803/282-9571 (office) 803/234-0941 (home) or Analyst Contact: Donald J. D'Antuono 803/282-9370 (office) 803/234-5899 (home) |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion