Buckeye Announces Expiration of Consent Solicitation

    Business Editors

    MEMPHIS, Tenn.--(BUSINESS WIRE)--Feb. 17, 2005--Buckeye Technologies Inc. (NYSE: BKI) announced that its solicitation of consents (the "Consent Solicitation") from holders of its outstanding $200 million aggregate principal amount of 8 1/2% Senior Notes due 2013 (the "2013 Notes") to amend the indenture for the 2013 Notes expired on February 16, 2005 without receipt of the requisite consents and will not be extended. Consequently, the indenture for the 2013 Notes has not been amended and no consent fee will be paid.
    Buckeye also announced today that it intends to call for redemption $20 million in aggregate principal amount of its outstanding 9 1/4% Senior Subordinated Notes due 2008 (the "2008 Notes"), or 20% of the outstanding 2008 Notes on or about March 23, 2005 in accordance with their terms. A formal notice of redemption will be sent separately to the affected holders of the 2008 Notes in accordance with the terms of the indenture for the 2008 Notes.
    Buckeye, a leading manufacturer and marketer of specialty fibers and nonwoven materials, is headquartered in Memphis, Tennessee, USA. The Company currently operates facilities in the United States, Germany, Canada, and Brazil. Its products are sold worldwide to makers of consumer and industrial goods.
    Certain matters discussed in this press release may constitute forward-looking statements within the meaning of the federal securities laws that involve risks and uncertainties, including but not limited to economic, competitive, governmental, and technological factors affecting the Company's operations, financing, markets, products, services and prices, and other factors. For further information on factors which could impact the Company and the statements contained herein, please refer to public filings with the Securities and Exchange Commission.

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CONTACT: Buckeye Technologies Inc. Kris Matula, 901-320-8588 or Chad Foreman, 901-320-8828 Website: www.bkitech.com

KEYWORD: TENNESSEE INDUSTRY KEYWORD: CHEMICALS/PLASTICS FOREST PRODUCTS SOURCE: Buckeye Technologies Inc.

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