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Neenah Paper Ready to Begin Trading on the NYSE Following
Completion of Tax-Free Spin-Off from Kimberly-Clark
ALPHARETTA, Ga., Nov. 30 /PRNewswire-FirstCall/ -- Neenah Paper, Inc.
(NYSE:NP) announced today that it expects that shares of its common stock will
begin trading on the New York Stock Exchange (NYSE) under the symbol "NP" on
December 1, 2004. Today the Company completed its announced spin-off from
Kimberly-Clark (NYSE:KMB) through a distribution of one share of Neenah Paper
stock for every 33 shares of Kimberly-Clark stock held by Kimberly-Clark
stockholders on the November 19, 2004 record date. Coincident with the spin-
off, Neenah Paper entered into new borrowing arrangements, consisting of the
sale of $225 million of 7-3/8% senior unsecured notes maturing in 2014, the net
proceeds of which will be paid to Kimberly-Clark, and the establishment of a
four-year $150 million senior secured revolving credit facility for working
capital and other requirements. The Notes have not been registered under the
Securities Act of 1933 and may not be offered or sold in the United States
absent registration or an applicable exemption from registration requirements
of the Securities Act and applicable state laws.
"Listing our shares on the NYSE, the world's largest capital market, is a
historic event for Neenah Paper, marking our start as a stand-alone company
that can now focus on becoming the first choice in the industry for premium
branded and customized paper and pulp products," said Neenah Paper Chairman and
Chief Executive Officer, Sean T. Erwin. "With some of the most-recognized
brands in our markets, unique technologies and the ability to focus our
resources and reinvest in our businesses, we are pleased to be able to make
Neenah Paper shares accessible to investors worldwide and to be traded
alongside the well-known list of global leaders on this exchange."
About Neenah Paper, Inc.
Neenah Paper manufactures and distributes a wide range of premium and specialty
paper grades, with leading positions in many of its markets and well-known
brands such as CLASSIC(R), ENVIRONMENT(R), KIMDURA(R) and MUNISING LP(R)
Papers. The Company also produces and sells bleached pulp, primarily for use in
the manufacture of tissue and writing papers. Neenah Paper is based in
Alpharetta, Georgia, and has operations in Wisconsin, Michigan and in the
Canadian provinces of Ontario and Nova Scotia. Additional information about
Neenah Paper can be found at the Company's web site at http://www.neenah.com/ .
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release may constitute "forward-looking"
statements as defined in Section 27A of the Securities Act of 1933, Section 21E
of the Securities Exchange Act of 1934 (the "Exchange Act"), the Private
Securities Litigation Reform Act of 1995 (the "PSLRA"), or in releases made by
the Securities and Exchange Commission, all as may be amended from time to
time. Statements regarding the planned offering, new credit facility, use of
proceeds and other statements contained in this press release that are not
historical facts may be forward-looking statements within the meaning of the
PSLRA. Any such forward-looking statements reflect our beliefs and assumptions
and are based on information currently available to us. Forward-looking
statements are only predictions and involve known and unknown risks,
uncertainties and other factors that may cause our actual results, performance
or achievements, or industry results, to be materially different from any
future results, performance or achievements expressed or implied by such
forward-looking statements. These cautionary statements are being made pursuant
to the Securities Act, the Exchange Act and the PSLRA with the intention of
obtaining the benefits of the "safe harbor" provisions of such laws. Neenah
Paper, Inc. cautions investors that any forward-looking statements we make are
not guarantees or indicative of future performance.
DATASOURCE: Neenah Paper, Inc.
CONTACT: Bill McCarthy, Vice President - Financial Analysis and Investor
Relations of Neenah Paper, Inc., +1-678-518-3278
Web site: http://www.neenah.com/