On January 19, 2021, Resolute Forest Products Inc. announced the commencement of a private placement of $300 million aggregate principal amount of a new series of unsecured senior notes due 2026 (the Offering"). The net proceeds from the Offering, together with cash on hand and/or borrowings under the Company's senior secured asset-based revolving credit facility and/or the Company's senior secured credit facility, will be used to redeem all of the outstanding $375 million aggregate principal amount of its 5.875% Senior Notes due 2023 (the 2023 Notes"), at a price of 100% of the aggregate principal amount thereof, plus interest to, but not including, the redemption date.