Cravath Swaine & Moore has advised the directors of Canadian paper company AbitibiBowater on the placement of $350 million unregistered convertible debentures with Fairfax Financial Holdings. The securities are part of a $1.4 billion refinancing by AbitibiBowater. The debentures have an 8% cash coupon and expire in 2013; they are also convertible into shares worth $10 each. In return Fairfax, an institutional investor, will appoint two directors to AbitibiBowater's board.
March 27 2008