Kingsey Falls, Québec (News release) - Cascades Inc. announced that it intends, subject to market and other conditions, to offer US$400 million aggregate principal amount of Senior Notes due 2030 (the "Notes") in a private offering that is exempt from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"), and from the prospectus requirements under the relevant Canadian securities legislation. Cascades USA Inc., a U.S. indirect wholly-owned subsidiary of the Company (the "Co-Issuer"), will be a co-issuer with the Company in respect of the Notes. The Notes will be guaranteed by each of the Company's existing and future U.S. and Canadian restricted subsidiaries (other than the Co-Issuer), subject to certain exceptions, on a senior unsecured basis. The Notes will not be guaranteed by the Company's subsidiaries organized outside of Canada and the United States or by any of the Company's joint ventures, entities constituting minority investments, unrestricted subsidiaries, special purpose vehicles or immaterial subsidiaries.

The Company intends to use the proceeds from the offering to redeem all of its outstanding US$206 million aggregate principal amount of 5.125% Senior Notes due January 15, 2026, to repay a portion of the borrowings outstanding under its revolving credit facility and to pay related transaction fees and expenses.

The Notes and related guarantees are being offered only to persons reasonably believed to be qualified institutional buyers in reliance on the exemption from registration set forth in Rule 144A under the Securities Act, and to non-U.S. persons outside the United States in reliance on the exemption from registration set forth in Regulation S under the Securities Act and upon reliance on the accredited investor exemption in Canada. The Notes and the related guarantees have not been registered under the Securities Act, or the securities laws of any state or other jurisdiction, and may not be offered or sold in the United States or Canada without registration or an applicable exemption from the Securities Act or applicable Canadian securities legislation.

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities, nor shall there be any sales of securities mentioned in this press release in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.