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Private Placements: AbitibiBowater Plans $750 Million Notes Sale

September 15, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — AbitibiBowater, Inc. (OTC: ABWTQ) said it has launched a private offering of $750 million of senior secured notes due 2018. The offering is a component of AbitibiBowater's plans of reorganization and emergence from creditor protection in the U.S. and Canada.

The notes will be guaranteed by AbitibiBowater's existing and future wholly-owned material U.S. subsidiaries.

Canada-based AbitibiBowater is a pulp and paper manufacturer formed by the 2007 merger of Bowater and Abitibi-Consolidated. The merger created the third largest pulp and paper company in North America, and the eighth largest in the world.

On 16 April 2009 the company filed for bankruptcy protection in the United States, citing its debt of almost $5 billion USD; the following day it won court approval for $206 million to finance restructuring.

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