Business News

Appleton Announces Extension of Private Exchange Offers and Consent Solicitations

Friday 18. September 2009 - Appleton Papers Inc. announced today that it has extended the expiration date for its private offers to exchange its outstanding 8.125% Senior Notes due 2011 and 9.75% Senior Subordinated Notes due 2014 (collectively, the "old notes") for new 11.25% Second Lien Notes due 2015 (the "new notes") until 12:00 midnight, New York City time, on September 25, 2009 (unless further extended). The offers were previously scheduled to expire at 12:00 midnight, New York City time, on September 16, 2009.

One of the conditions to the exchange offers is the receipt of consent from the lenders under Appleton’s senior secured credit facility to the exchange of the old notes for the new notes and to the granting of liens to secure Appleton’s obligations under the new notes. The purpose of the extension is to provide the lenders with additional time to complete their review and consent process.

As of 5:00 p.m., New York City time, on September 16, 2009, Appleton had received tenders of old notes representing approximately 84% of the outstanding aggregate principal amount of the 8.125% Senior Notes due 2011 and approximately 77% of the outstanding aggregate principal amount of the 9.75% Senior Subordinated Notes due 2014.

The terms and conditions of the exchange offers and consent solicitations are described in the Offering Circular and related Letter of Transmittal and Consent, dated August 18, 2009. Except as noted herein, the terms and conditions of the exchange offers and consent solicitations remain unchanged.

The new notes have not been and will not be registered under the Securities Act or any state securities laws, may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements, and will therefore be subject to substantial restrictions on transfer.

The exchange offers and consent solicitations are being made only to qualified institutional buyers and accredited investors inside the United States and to certain non-U.S. investors located outside the United States that have completed and returned a related letter of representations.

This press release is neither an offer to sell nor the solicitation of an offer to buy any security. No recommendation is made as to whether the holders of old notes should tender their notes for exchange in the exchange offers.