Scott Paper Completes $350M Refinancing

On March 11, 2005, Scott Paper Ltd. completed a C$350 million cross-border refinancing of its credit facilities through new credit facilities comprised of a Canadian and a US revolving and term tranche, a portion of which was used to acquire KTG (USA) LP from Kruger Inc. and to redeem 10 per cent debentures due 2007 for an aggregate amount of C$159,250,000. The banking syndicate for this refinancing was led by National Bank Financial Inc., Caisse de dépôt et placement du Québec and TD Securities, as lead arrangers, and is comprised of 16 financial institutions.

Scott Paper was represented for the refinancing and the acquisition by McCarthy Tétrault LLP with a team that included Michael Dennis, Robert Metcalfe, Marie-France Gagnon, John Sullivan and Anne-Marie Durand in Montreal, Gordon Baird in Toronto, Robert Homersham in Calgary and Kevin Wright in Vancouver. J. William Pierce, Jr., and Doug Quay of Glankler Brown, PLLC acted for Scott Paper in the US.

The lead arrangers and the banking syndicate were represented by Fasken Martineau DuMoulin LLP with a team comprised of David Lemieux, Angela Onesi, Martin Racicot, Félix Gutierrez and Patrick Daneau in Montreal, Jon Holmstrom in Toronto, Richard Peters and Linda Huynh in Calgary and Brent Lewis in Vancouver.