RICHMOND, Va., March 12 /PRNewswire/ -- Fort James Corporation (NYSE: FJ)
today announced the pricing of a $300 million offering of 6.234 % Notes due
March 15, 2011, with Automatic Repurchase on March 15, 2001 (the "Notes").
The annual interest rate on the Notes is 6.234 percent to March 15, 2001.
The Notes are subject to an automatic repurchase on March 15, 2001 (the
"Coupon Reset Date"). On the Coupon Reset Date, if Merrill Lynch & Co. and
Morgan Stanley Dean Witter, as remarketing dealers (the "Remarketing Dealers")
elect to remarket the Notes, the Notes will be subject to an automatic
repurchase by the Remarketing Dealers at 100 percent of the aggregate
principal amount thereof. If remarketed, the Notes will bear interest at a
rate determined in accordance with specified procedures, for the period
following the Coupon Reset Date. If, for any reason, the Remarketing Dealers
do not purchase all of the Notes on the Coupon Reset Date, or if they elect
not to remarket the Notes, Fort James will be required to repurchase the
entire outstanding principal amount of the Notes at 100 percent, plus accrued
interest.
The Notes are rated Baa3 by Moody's Investor Services and BBB- by Standard
& Poors'. The net proceeds from the offering of the Notes will be used to
refinance a portion of the company's borrowings under its revolving credit
facilities and for general corporate purposes.
The joint bookrunners for the offering are Merrill Lynch & Co. and Morgan
Stanley Dean Witter, and Chase Securities Inc. is a co-manager. A copy of the
Prospectus Supplement and the related Prospectus may be obtained from the
company or from Merrill Lynch & Co. or Morgan Stanley Dean Witter.
Fort James is a leading international consumer products company, serving
consumers both at home and away-from-home with bathroom and facial tissue,
paper towels, napkins, and cups and plates. The company's popular brands
include Quilted Northern, Brawny, Dixie, Vanity Fair, Mardi Gras, Green
Forest, Soft 'N Gentle and So-Dri in North America and Lotus, Tenderly,
Colhogar and Kittensoft in Europe. Fort James also produces folding cartons
for packaging food and pharmaceuticals and communications papers such as
printing, publishing and office copy paper. With annual sales of $7.3
billion, the company has approximately 29,000 employees and more than 65
manufacturing facilities in the U.S., Canada and 10 European countries.
Copies of today's news release, along with additional information on Fort
James, is available, at no charge, by calling (888) 526 3711. You may also
access the company's web site at Internet address http://www.fortjames.com.
SOURCE Fort James Corporation
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Related links:
http://www.fortjames.com
CONTACT:
Celeste Gunter, financial, 804-649-4307; or
Richard B. Elder, media, 804-343-4785, both of Fort James
Corporation
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