Ainsworth Lumber completes a US$1.2 billion recapitalization

Torys acted as counsel to Tricap Partners II L.P. with a team that included Tony DeMarinis and Adam Slavens (restructuring), Cornell Wright, Michael Siltala, Jay Holsten, Omar Wakil, Jennifer Lennon and Jon Reay (corporate and securities), Amanda Balasubramanian and Nadine Rockman Katz (banking) and Corrado Cardarelli and Richard Johnson (tax).

On July 30, 2008, Ainsworth Lumber Co. Ltd. (TSE:ANS), a leading manufacturer of engineered wood products, including oriented strand board, completed a US$1.2 billion recapitalization transaction pursuant to a plan of arrangement under the Canada Business Corporations Act. The transaction involved the exchange of US$824 million of debt for new equity and warrants, US$150 million of new senior unsecured notes, and the issuance for cash of US$200 million of new senior unsecured notes.

Concurrently with the recapitalization, Ainsworth amended three credit facilities representing approximately US$175 million in senior secured and unsecured debt.

Further information is found on Ainsworth's website.