Cascades, Inc.’s $650 Million And CDN$175 Senior Note Offering


Jones Day advised Cascades Inc. in connection in a Rule 144A and Regulation S offering.

Cascades Inc. (TSX: CAS), a leader in eco-friendly recycling, packaging and hygiene solutions, announced a US$300 million aggregate principal amount of senior notes due 2026, US$300 million aggregate principal amount of senior notes due 2028 and Cdn$175 million aggregate principal amount of senior notes due 2025 in a private offering that is exempt from the registration requirements of the Securities Act of 1933, as amended, and from the prospectus requirements under the relevant Canadian securities legislation.

Cascades USA Inc., a U.S. indirect wholly-owned subsidiary of the Company, will be a co-issuer in respect of each series of the Notes with the Company. The Notes of each series will be guaranteed by each of the Company’s existing and future U.S. and Canadian restricted subsidiaries, subject to certain exceptions, on a senior unsecured basis. The Notes of each series will not be guaranteed by the Company’s subsidiaries organized outside of Canada and the United States or by any of the Company’s joint ventures, entities constituting minority investments, unrestricted subsidiaries, special purpose vehicles or immaterial subsidiaries.

The Company intends to use the net proceeds from the offering of the Notes to (i) redeem all of its outstanding US$400 million aggregate principal amount of 5.50% senior notes due 2022 and Cdn$250 million aggregate principal amount of 5.50% senior notes due 2021 and (ii) repay certain amounts outstanding under its revolving credit facility.

The Jones Day team was led by Eric Maki (Picture).

Involved fees earner: Eric Maki – Jones Day;

Law Firms: Jones Day;

Clients: Cascades Inc.;