Business News

AbitibiBowater announces results of private debt exchange offer

Tuesday 08. April 2008 - AbitibiBowater Inc. announced today that the previously announced exchange offers by Abitibi-Consolidated Company of Canada ("ACCC"), an indirect subsidiary of AbitibiBowater, expired at 12:00 midnight, New York City time, on April 4, 2008.

The exchange offers were for the 6.95% Senior Notes due 2008, 5.25% Senior Notes due 2008 and 7.875% Senior Notes due 2009. Approximately 89.4% of the outstanding 6.95% Senior Notes, 92.1% of the outstanding 5.25% Senior Notes and 94.8% of the outstanding 7.875% Senior Notes were validly tendered in the exchange offers. As a result, ACCC issued an aggregate of approximately US$292.9 million principal amount of 15.5% Senior Notes due 2010 and approximately US$217.7 million in cash including payment of accrued interest to tendering note holders in connection with the exchange offers.