On December 2, 2004, Cascades Inc. completed the sale of US$125 million aggregate principal amount of 7¼ per cent senior notes due 2013 in a private placement to institutional investors in the US and certain provinces of Canada. The notes are unsecured obligations of Cascades, guaranteed by certain of Cascades' Canadian and US subsidiaries.

The dealers were represented by Davies Ward Phillips & Vineberg LLP with a team that included Patricia Olasker and Robert Murphy.