Corect. On 3/28 they offered to exchange Registered Notes for the Private Notes. That was the "big" news.
NEW YORK, March 28, 2011 (GLOBE NEWSWIRE) -- Mercer International Inc. (Nasdaq:MERC - News) (TSX:MRI-U - News) (the "Company") today announced that it has commenced a registered exchange offer to exchange up to $300 million aggregate principal amount of its 9.5% Senior Notes due 2017 which have been registered under the Securities Act of 1933, as amended (the "Registered Notes"), for any and all of its outstanding 9.5% Senior Notes due 2017 which were issued in a private placement (the "Private Notes"). THE SOLE PURPOSE FOR THE EXCHANGE OFFER IS TO FULFILL THE OBLIGATIONS OF THE COMPANY WITH RESPECT TO THE REGISTRATION OF THE PRIVATE NOTES.