MONTREAL, April 7 /PRNewswire-FirstCall/ -- AbitibiBowater Inc. announced today that the previously announced exchange offers by Abitibi-Consolidated Company of Canada ("ACCC"), an indirect subsidiary of AbitibiBowater, expired at 12:00 midnight, New York City time, on April 4, 2008. The exchange offers were for the 6.95% Senior Notes due 2008, 5.25% Senior Notes due 2008 and 7.875% Senior Notes due 2009. Approximately 89.4% of the outstanding 6.95% Senior Notes, 92.1% of the outstanding 5.25% Senior Notes and 94.8% of the outstanding 7.875% Senior Notes were validly tendered in the exchange offers. As a result, ACCC issued an aggregate of approximately US$292.9 million principal amount of 15.5% Senior Notes due 2010 and approximately US$217.7 million in cash including payment of accrued interest to tendering note holders in connection with the exchange offers.
About AbitibiBowater --------------------
AbitibiBowater produces a wide range of newsprint, commercial printing papers, market pulp and wood products. It is the eighth largest publicly traded pulp and paper manufacturer in the world. Following the required divestiture agreed to with the U.S. Department of Justice, AbitibiBowater will own or operate 27 pulp and paper facilities and 35 wood products facilities located in the United States, Canada, the United Kingdom and South Korea. Marketing its products in more than 90 countries, AbitibiBowater is also among the world's largest recyclers of newspapers and magazines, and has more third-party certified sustainable forest land than any other company in the world. AbitibiBowater's shares trade under the stock symbol ABH on both the New York Stock Exchange and the Toronto Stock Exchange.
