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Millar Western Forest Products Completes Recapitalization

Paul, Weiss represented Millar Western Forest Products Ltd. (Millar Western) in the completion of a recapitalization by way of a court approved plan of arrangement. As part of the arrangement Millar Western's existing unsecured noteholders exchanged $210 million aggregate principal amount of 8.5% senior notes due 2021 for $131 million aggregate principal amount of 9.0% senior secured notes due 2022. Immediately following the note exchange, funds managed by Atlas Holdings LLC, a Connecticut-based private equity firm, exchanged a portion of their new senior secured notes for newly issued common shares of Millar Western equal to 80 percent of Millar Western’s outstanding equity.  The result of the transactions was to reduce Millar Western’s indebtedness and cash interest expense by more than 60 percent. 

Millar Western is an integrated forest products company based in Alberta, Canada that produces and markets hardwood and softwood bleached chemi-thermo-mechanical pulp as well as softwood lumber.

The Paul, Weiss team included corporate partner Adam Givertz; and environmental counsel William O’Brien.

May 1, 2017

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