Date Closed

December 3, 2009

Lead Office

Toronto

Value

500.00 Million USD

On December 3, 2009, Cascades Inc., a leader in recovery and in green packaging and tissue paper products, announced the completion of its private placement offering of US$500 million aggregate principal amount of 7.75% Senior Notes due 2017 (the US$ Notes) and C$200 million aggregate principal amount of 7.75% Senior Notes due 2016 (the CAN$ Notes).

The syndicate of initial purchasers for the US$ Notes was led by BanK of America Securities LLC, and included Wells Fargo Securities, LLC, Scotia Capital (USA) Inc., Goldman, Sachs & Co., CIBC World Markets Corp., NBF Securities (USA) Corp., BNP Paribas Securities Corp., TD Securities (USA) LLC, BMO Capital Markets Corp., Comerica Securities, Inc., RBC Capital Markets Corp. and SG Americas Securities LLC (the US Initial Purchasers). The syndicate of initial purchasers for the CAN$ Notes was led by Scotia Capital Inc., National Bank Financial Inc., Merrill Lynch Canada Inc., CIBC World Markets Inc., Desjardins Securities Inc., BNP Paribas (Canada) Securities Inc., BMO Nesbitt Burns Inc., RBC Dominion Securities Inc. and Société Générales Valeurs Mobilières Inc. (the CAN Initial Purchasers, and collectively with the US Initial Purchasers, the Initial Purchasers). Cascades used the net proceeds of the offering to purchase, through its wholly owned subsidiary Cascades Tenderco Inc., up to C$700 million of Cascades' outstanding 7.25% and 6.75% Senior Notes due 2013.

On December 23, 2009, Cascades announced the completion of its follow-on offering of US$250 million aggregate principal amount of 7.875% Senior Notes due 2020.

The Initial Purchasers were represented by McCarthy Tétrault LLP, as Canadian counsel, with a team that included Andrew Parker, Richard O'Doherty, Simon Tabah and Matthew Appleby (business law) and James Morand (tax).