RICHMOND, Va., Sept. 17 /PRNewswire/ -- Fort James Corporation announced
today that it has filed a prospectus supplement with the Securities and
Exchange Commission relating to a proposed public offering of $600 million
of fixed-rate debt securities, consisting of $100 million of senior notes due
in 2002, $250 million of senior notes due in 2004 and $250 million of senior
notes due in 2007. The 2002 notes will not be redeemable prior to their
maturity. The 2004 notes and the 2007 notes may be redeemed, in whole or in
part, at any time at the option of the Company.
The public debt offering is a component of a plan designed to refinance an
aggregate of approximately $2.3 billion in principal amount of debt of Fort
James Corporation and Fort Howard Corporation, which merged with a wholly
owned subsidiary of Fort James on August 13, 1997. Net proceeds from the
offering will be used to repurchase Fort Howard Corporation debt securities
or, to the extent not so used, for general corporate purposes. Pending such
application, the proceeds may be temporarily invested or applied to the
reduction of short-term borrowings.
Merrill Lynch & Co., Morgan Stanley Dean Witter and Salomon Brothers Inc
will manage the offering.
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. The company has approximately
30,000 employees and more than 65 manufacturing facilities in the U.S., Canada
and 12 European countries.
A registration statement relating to these securities has been filed with
the Securities and Exchange Commission. The offering will be made only by
means of the prospectus. This press release shall not constitute an offer to
sell or the solicitation of an offer to buy nor shall there be any sale of
these securities in any State in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws
of any such State.
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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CONTACT: Celeste Gunter, Financial, 804-649-4307 or Richard B. Elder, Media, 804-343-4785, both of Fort James
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