Neenah Paper Ready to Begin Trading on the NYSE Following Completion of Tax-Free Spin-Off from Kimberly-Clark
November 30 2004 - 4:00PM
PR Newswire (US)
Neenah Paper Ready to Begin Trading on the NYSE Following
Completion of Tax-Free Spin-Off from Kimberly-Clark ALPHARETTA,
Ga., Nov. 30 /PRNewswire-FirstCall/ -- Neenah Paper, Inc. (NYSE:NP)
announced today that it expects that shares of its common stock
will begin trading on the New York Stock Exchange (NYSE) under the
symbol "NP" on December 1, 2004. Today the Company completed its
announced spin-off from Kimberly-Clark (NYSE:KMB) through a
distribution of one share of Neenah Paper stock for every 33 shares
of Kimberly-Clark stock held by Kimberly-Clark stockholders on the
November 19, 2004 record date. Coincident with the spin- off,
Neenah Paper entered into new borrowing arrangements, consisting of
the sale of $225 million of 7-3/8% senior unsecured notes maturing
in 2014, the net proceeds of which will be paid to Kimberly-Clark,
and the establishment of a four-year $150 million senior secured
revolving credit facility for working capital and other
requirements. The Notes have not been registered under the
Securities Act of 1933 and may not be offered or sold in the United
States absent registration or an applicable exemption from
registration requirements of the Securities Act and applicable
state laws. "Listing our shares on the NYSE, the world's largest
capital market, is a historic event for Neenah Paper, marking our
start as a stand-alone company that can now focus on becoming the
first choice in the industry for premium branded and customized
paper and pulp products," said Neenah Paper Chairman and Chief
Executive Officer, Sean T. Erwin. "With some of the most-recognized
brands in our markets, unique technologies and the ability to focus
our resources and reinvest in our businesses, we are pleased to be
able to make Neenah Paper shares accessible to investors worldwide
and to be traded alongside the well-known list of global leaders on
this exchange." About Neenah Paper, Inc. Neenah Paper manufactures
and distributes a wide range of premium and specialty paper grades,
with leading positions in many of its markets and well-known brands
such as CLASSIC(R), ENVIRONMENT(R), KIMDURA(R) and MUNISING LP(R)
Papers. The Company also produces and sells bleached pulp,
primarily for use in the manufacture of tissue and writing papers.
Neenah Paper is based in Alpharetta, Georgia, and has operations in
Wisconsin, Michigan and in the Canadian provinces of Ontario and
Nova Scotia. Additional information about Neenah Paper can be found
at the Company's web site at http://www.neenah.com/ . Cautionary
Note Regarding Forward-Looking Statements Certain statements in
this press release may constitute "forward-looking" statements as
defined in Section 27A of the Securities Act of 1933, Section 21E
of the Securities Exchange Act of 1934 (the "Exchange Act"), the
Private Securities Litigation Reform Act of 1995 (the "PSLRA"), or
in releases made by the Securities and Exchange Commission, all as
may be amended from time to time. Statements regarding the planned
offering, new credit facility, use of proceeds and other statements
contained in this press release that are not historical facts may
be forward-looking statements within the meaning of the PSLRA. Any
such forward-looking statements reflect our beliefs and assumptions
and are based on information currently available to us.
Forward-looking statements are only predictions and involve known
and unknown risks, uncertainties and other factors that may cause
our actual results, performance or achievements, or industry
results, to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements. These cautionary statements are being
made pursuant to the Securities Act, the Exchange Act and the PSLRA
with the intention of obtaining the benefits of the "safe harbor"
provisions of such laws. Neenah Paper, Inc. cautions investors that
any forward-looking statements we make are not guarantees or
indicative of future performance. DATASOURCE: Neenah Paper, Inc.
CONTACT: Bill McCarthy, Vice President - Financial Analysis and
Investor Relations of Neenah Paper, Inc., +1-678-518-3278 Web site:
http://www.neenah.com/
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