PaperWorks Industries (PWI) and PaperWorks Industries Holding announced the expiration of their previously announced exchange offer and related consent solicitation
PWI announced the expiration of their previously announced exchange offer and related consent solicitation (the "Exchange Offer") to holders of PWI's 9.500% Senior Notes due 2019 (the "Notes") to exchange such Notes for (i) shares of newly-issued common stock of Holdings, (ii) an aggregate principal amount of $45 million of a new senior secured term loan due 2023, and (iii) subscriptions for $70 million of a new secured term loan facility due 2023.
The Exchange Offer expired on February 13, 2018, at 11:59 p.m., New York City time (the "Expiration Time"). At the Expiration Time an aggregate amount of $355,573,000 in aggregate principal amount of the Notes (or 98.77%) had been tendered in the Exchange Offer.
The Exchange Offer was conditioned upon, among other things, the receipt of tenders from holders representing at least 99% aggregate principal amount of the Notes (the "Minimum Participation Condition"), but, in accordance with the terms and conditions of the Exchange Offer, the Noteholders that are party to the Restructuring Support Agreement, dated as of December 20, 2017, as amended, consented to the Offerors' waiver of the Minimum Participation Condition. The Offerors have elected to waive the Minimum Participation Condition and accept all validly tendered Notes. The Offerors will settle the Exchange Offer as soon as practicable following the Expiration Time with respect to any and all Notes validly tendered.