Interesting.
KapStone Paper and Packaging Corporation Raises $85 Million From the Exercise of Expiring Warrants
Press Release
Source: KapStone Paper and Packaging Corporation
On Tuesday August 18, 2009, 4:01 pm EDT
NORTHBROOK, Ill., Aug. 18 /PRNewswire/ -- KapStone Paper and Packaging Corporation (Nasdaq: KPPC - News) today announced that it will receive $85.2 million from the exercise of 17 million warrants between August 4, 2009 and August 17, 2009. Each warrant holder who exercised their warrant and paid $5.00 will receive one share of KapStone Paper and Packaging Corporation common stock. The new shares will bring the total basic shares outstanding to 45.4 million. The unexercised warrants which traded under the ticker symbol "KPPCW" on the NASDAQ exchange expired yesterday, August 17, 2009 at 4:00 PM EDT. The warrant holders' brokers have until 4:00 PM EDT on August 20, 2009 to complete the exercise transactions with the transfer agent, American Stock Transfer.
The Company intends to use the proceeds from the exercise of the warrants to pay down its term loans A and B. Including this payment, KapStone's outstanding debt will be reduced to $250 million, down $222 million, or 47%, since July 1, 2008.
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