Buckeye Technologies Inc. recently announced that on October 1, 2010 it completed the redemption of its remaining 8.5% Senior Notes due 2013. Buckeye redeemed these notes using a combination of drawings on Buckeye's $200 million revolving credit facility and cash on hand. The Company also announced that it was currently engaged in discussions to replace its current bank facility, which matures in July 2012, with a 5-year $300 million facility. Borrowings under the new facility are expected to bear modestly higher interest rates than under the Company's current credit facility. The Company anticipates closing on the new facility before the end of October, 2010.
