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Mercer International completes acquisition

NEW YORK -- Mercer International Inc. announced that it has completed, through its wholly owned subsidiary Mercer Timber Products GmbH (MTP), its previously announced agreement to acquire substantially all of the assets of one of Germany's largest sawmills and a bio-mass power plant, near Friesau, Germany, for approximately $55.1 million plus defined working capital of approximately $6.5 million.

In connection with the Acquisition, Mercer announced that it has also successfully replaced the existing €25 million revolving working capital facility of its subsidiary, Zellstoff-und Papierfabrik Rosenthal GmbH ("ZPR"), with a new €70 million joint revolving credit facility (the "New Facility") for ZPR and MTP. The New Facility is available to both ZPR and MTP, with MTP's borrowings not to exceed €45 million thereunder, has a five-year term, is secured by a first ranking security interest on the inventories, receivables and accounts of the borrowers and accrues interest at a rate of Euribor plus 2.95% per annum.

David Gandossi, Mercer's Chief Executive Officer, stated: "We are excited with the acquisition of the Friesau Facility and welcome its employees to the Mercer Group and look forward to working together to enhance value for all of our stakeholders."


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