(Source: Business Wire)
MeadWestvaco Corporation (NYSE: MWV) ("MeadWestvaco", "MWV", or the "Company") today announced the early tender results of its previously announced cash tender offer (the "Tender Offer") for its 6.85% Notes Due 2012 (the "Notes"). As of the previously announced Early Tender Deadline of 5:00 p.m., August 28, 2009, according to information provided by the depositary, $312,070,000 aggregate principal amount of the Notes had been validly tendered and not withdrawn. MeadWestvaco also announced that it is increasing its previously announced Maximum Tender Amount from $250,000,000 to $325,000,000. In addition, MeadWestvaco has increased the Late Tender Offer Consideration so that it now equals the Full Tender Offer Consideration of $1,070 per $1,000 principal amount of Notes.
Holders of Notes that are validly tendered prior to 5:00 p.m., New York City time, on the Expiration Date, unless extended or earlier terminated, and accepted for purchase will receive the previously announced Full Tender Offer Consideration of $1,070 per $1,000 principal amount of Notes.
The Tender Offer will be funded with cash on hand and the net proceeds from the Company's offering of $250,000,000 aggregate principal amount of its 7.375% Notes due 2019, which was completed on August 24, 2009. The condition to the Tender Offer related to the closing and receipt of the net proceeds from such offering has been satisfied.
The Withdrawal Deadline relating to the Tender Offer has not been amended and occurred at 5:00 p.m., New York City time, on August 28, 2009. Notes previously tendered and Notes that are tendered after the Withdrawal Deadline may no longer be withdrawn.
The Tender Offer is being made pursuant to the Offer to Purchase dated August 17, 2009, and related Letter of Transmittal, dated August 17, 2009, which set forth a more detailed description of the Tender Offer, including certain conditions that must be satisfied or waived prior to the expiration of the Tender Offer. All capitalized terms used but not defined in this press release shall have the meanings ascribed to them in the Offer to Purchase. Except for the amendments to increase the Maximum Tender Amount and to increase the Late Tender Offer Consideration to equal the Full Tender Offer Consideration, the terms of the Tender Offer remain the same and the Offer to Purchase and the related Letter of Transmittal remain in full force and effect. Holders that have previously validly tendered Notes do not need to re-tender their Notes or take any other action in response to this amendment.
