Press Releases

For Immediate Release
Contact: Melinda M. Bascone
Director of Marketing
Carter Ledyard & Milburn LLP


NEW YORK, November 7, 2001 -- The Wall Street law firm Carter, Ledyard & Milburn announced that it represented Bowater Incorporated (NYSE: BOW) in the sale on November 6 of $600 million of senior ten-year notes, bearing interest at 7.95 percent, in a private placement to a group of qualified institutional buyers headed by Goldman, Sachs & Co. and JPMorgan, as joint lead managers. The notes were issued by a wholly-owned finance subsidiary and guaranteed by Bowater. The proceeds were used to repay outstanding bank debt incurred primarily in connection with Bowater's purchase of Alliance Forest Products Inc. on September 24, 2001.

Bowater Incorporated, headquartered in Greenville, SC, is a global leader in newsprint. In addition, the company makes coated and uncoated groundwood papers, bleached kraft pulp and lumber products. The company has 12 pulp and paper mills in the United States, Canada and South Korea and 13 North American sawmills that produce softwood and hardwood lumber. Bowater also operates a facility that converts a groundwood base sheet to coated products. After the sale of the Southeast timberlands this quarter, Bowater's operations will be supported by approximately 1.5 million acres of timberlands owned or leased in the United States and Canada and 32 million acres of timber cutting rights in Canada. Bowater is one of the world's largest consumers of recycled newspapers and magazines. Bowater common stock is listed on the New York Stock Exchange, U.S. regional exchanges and the London Stock Exchange. A special class of stock exchangeable into Bowater common stock is listed on the Toronto Stock Exchange (TSE: BWX).

"The firm is delighted to have represented Bowater in its sale of these notes," said Peter Gates, one of the partners at Carter, Ledyard & Milburn who worked closely with Bowater on this transaction.

Carter, Ledyard & Milburn corporate partner Peter P. McN. Gates, tax partner Howard Barnet, counsel Andris J. Vizbaras, and associates James Reardon, Richard Califano and Anna Maria Vistica assisted Bowater's General Counsel Anthony H. Barash and Assistant General Counsel Wendy Shiba with the transaction.

Carter Ledyard & Milburn LLP (, established in 1854, has approximately 90 attorneys and has been headquartered on Wall Street since its founding. Carter Ledyard's general practice includes corporate, securities, mergers and acquisitions, broker-dealer, on-shore and off-shore hedge and other alternative investment funds, private equity, litigation, intellectual property, environmental, employment, media and technology, immigration, investment regulation, antitrust, art law, trusts and estates, maritime, ERISA, tax-exempt organizations, real estate, tax and bankruptcy. A significant part of the firm's practice involves representing overseas-based clients and their U.S. affiliates, financial institutions and other financial services providers, governmental entities and media and technology clients.

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