MeadWestvaco Corporation Announces Results of Cash Tender Offer for its 6.85% Notes Due 2012
RICHMOND, Va.-(Business Wire)-September 16, 2009 - MeadWestvaco Corporation (NYSE: MWV) (“MeadWestvaco”, “MWV” or the “Company”) today announced the results of its previously announced cash tender offer (the “Tender Offer”) for its 6.85% Notes Due 2012 (the “Notes”).
The Tender Offer expired at 5:00 p.m., New York City time, on September 15, 2009 (the “Expiration Date”). According to information provided by the depositary, $314,076,000 aggregate principal amount of the Notes were validly tendered and not withdrawn by the Expiration Date.
The Company has accepted for purchase all Notes validly tendered and not validly withdrawn by the Expiration Date. This will result in an aggregate purchase price for Notes of approximately $345.9 million, representing the aggregate Full Tender Offer Consideration for the Notes and the applicable accrued and unpaid interest on the Notes to be paid by the Company on the settlement date for the Tender Offer, which is expected to be September 16, 2009. After settlement of the Tender Offer, $318,799,000 aggregate principal amount of Notes not held by the Company or its affiliates will remain outstanding.
Citi and UBS Securities LLC acted as lead dealer managers for the Tender Offer. Global Bondholder Services Corporation acted as the depositary and information agent.
About MWV
MeadWestvaco Corporation (NYSE: MWV), provides packaging solutions to many of the world’s most-admired brands in the healthcare, beauty and personal care, food, beverage, media and entertainment, home and garden, tobacco, and commercial print industries. The Company’s businesses also include Consumer & Office Products, Specialty Chemicals, and the Community Development and Land Management Group, which sustainably manages the Company’s land holdings to support its operations, and to provide for conservation, recreation and development opportunities. With 21,000 employees worldwide, MWV operates in 30 countries and serves customers in more than 100 nations. MWV manages all of its forestlands in accordance with internationally recognized forest certification standards, and has been named to the Dow Jones Sustainability World Index for the sixth consecutive year.
Forward-looking Statements
Certain statements in this document and elsewhere by management of the Company that are neither reported financial results nor other historical information are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such information includes, without limitation, the business outlook, assessment of market conditions, anticipated financial and operating results, strategies, future plans, contingencies and contemplated transactions of the Company. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors which may cause or contribute to actual results of the Company’s operations, or the performance or achievements of the Company, or industry results, to differ materially from those expressed or implied by the forward-looking statements. In addition to any such risks, uncertainties and other factors discussed elsewhere herein, risks, uncertainties, and other factors that could cause or contribute to actual results differing materially from those expressed or implied for the forward-looking statements include, but are not limited to, events or circumstances which affect the ability of MeadWestvaco to realize improvements in operating earnings from the Company’s ongoing cost reduction initiatives; the ability of MeadWestvaco to close announced and pending transactions, including divestitures; the reorganization of the Company’s packaging business units; competitive pricing for the Company’s products; impact from inflation on raw materials, energy and other costs; fluctuations in demand and changes in production capacities; relative growth or decline in the United States and international economies; government policies and regulations, including, but not limited to those affecting the environment, climate change, tax policies and the tobacco industry; the Company’s continued ability to reach agreement with its unionized employees on collective bargaining agreements; the Company’s ability to execute its plans to divest or otherwise realize the greater value associated with its land holdings; adverse results in current or future litigation; currency movements; volatility and further deterioration of the capital markets; and other risk factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2008, Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2009, and in other filings made from time to time with the SEC. MeadWestvaco undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Investors are advised, however, to consult any further disclosures made on related subjects in the Company’s reports filed with the SEC.
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