Bowater Completes Offer to Purchase 10.25% Debentures Due 2003.GREENVILLE, S.C.--(BUSINESS WIRE)--Dec. 18, 1998--Bowater Pulp and Paper Canada Inc. (BPPC BPPC Banque Populaire Provençale et Corse BPPC Blizzard Power Personal Computer ), a subsidiary of Bowater Incorporated (NYSE NYSE See: New York Stock Exchange : BOW), today announced the completion of its offer to purchase its outstanding 10.25% Debentures that are due 2003. The company has accepted for purchase approximately $64.9 million (90%) of the $72.3 million principal amount of Debentures previously outstanding, for an aggregate purchase price of $75.9 million ($1,169.31 per $1,000 principal amount, plus accrued interest Accrued Interest The interest that has accumulated on a bond since the last interest payment up to but not including the settlement date. There are two methods for calculating accrued interest: 1) 360-day year method, used for corporate and municipal bonds. ). Additionally, BPPC has received the required number of consents of holders of the outstanding Debentures to an amendment to eliminate a covenant limiting BPPC's ability to pay cash dividends. BPPC has executed a supplemental indenture effecting the elimination of this covenant. These foregoing actions will allow for more flexible management of cash across the entire Bowater organization. Bowater Pulp and Paper Canada Inc. is a subsidiary of Bowater Incorporated, which is headquartered in Greenville, SC. Bowater Incorporated is a global leader in newsprint. In addition, Bowater Incorporated makes coated and uncoated groundwood papers, bleached kraft pulp and lumber products. It has 11 pulp and paper mills in the United States, Canada and Korea. These operations are supported by more than 4 million acres of timberlands owned in the United States and Canada and over 14 million acres of timber cutting rights in Canada. Bowater Incorporated is one of the world's largest users of recycled newspapers and magazines. 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 and 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. . A special class of stock exchangeable into Bowater common stock is listed on the Toronto and Montreal exchanges (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). and ME: BWX). All amounts are in U.S. dollars. |
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