West Fraser Timber Co. Ltd. announced that Norbord Inc. has commenced a change of control offer to repurchase its USD 315 million senior notes due 2023, bearing interest at 6.25% and its USD 350 million senior notes due 2027, bearing interest at 5.75%. The Notes were issued by Norbord pursuant to the indentures dated April 16, 2015 and June 24, 2019, respectively. Norbord was acquired by West Fraser on February 1, 2021. The Notes remain obligations of Norbord, which is a wholly-owned subsidiary of West Fraser, and have not been assumed nor guaranteed by West Fraser. The Offer is being made pursuant to Norbord's obligations under Section 4.10 of each of the Indentures, which requires that Norbord make an offer to purchase the Notes following a "Change of Control". A "Change of Control" occurred on February 1, 2021 as a result of the completion of the Norbord Acquisition. As required by the Indentures and the Notes, the purchase price with respect to the Notes in the Offer is equal to 101% of the principal amount of the Notes, plus accrued interest payable with respect to the Notes to, but not including, the payment date, which is expected to be April 2, 2021. Norbord will accept for purchase all Notes validly tendered at or before the expiration date of the Offer, which is 5 p.m. EST, on April 1, 2021 unless extended or varied. The Offer is being made upon the terms and conditions set forth in Norbord's notice of change of control and offer to purchase dated March 2, 2021 and the form of option of holder to elect purchase (collectively, the "Offer Documents"). The Offer Documents will be transmitted to holders of the Notes through the facilities of the Depository Trust Company.