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0000945234-08-000295.txt : 200806160000945234-08-000295.hdr.sgml : 2008061620080613203033ACCESSION NUMBER:0000945234-08-000295CONFORMED SUBMISSION TYPE:8-KPUBLIC DOCUMENT COUNT:27CONFORMED PERIOD OF REPORT:20080613ITEM INFORMATION:Regulation FD DisclosureITEM INFORMATION:Financial Statements and ExhibitsFILED AS OF DATE:20080616DATE AS OF CHANGE:20080613

FILER:

COMPANY DATA:COMPANY CONFORMED NAME:MERCER INTERNATIONAL INC.CENTRAL INDEX KEY:0001333274STANDARD INDUSTRIAL CLASSIFICATION:PULP MILLS [2611]IRS NUMBER:470956945STATE OF INCORPORATION:WAFISCAL YEAR END:1231

FILING VALUES:FORM TYPE:8-KSEC ACT:1934 ActSEC FILE NUMBER:000-51826FILM NUMBER:08899291

BUSINESS ADDRESS:STREET 1:14900 INTERURBAN AVENUE SOUTHSTREET 2:SUITE 282CITY:SEATTLESTATE:WAZIP:98168BUSINESS PHONE:(206) 674-4639

MAIL ADDRESS:STREET 1:14900 INTERURBAN AVENUE SOUTHSTREET 2:SUITE 282CITY:SEATTLESTATE:WAZIP:98168

FORMER COMPANY:FORMER CONFORMED NAME:MERCER INTERNATIONAL REGCO INC.DATE OF NAME CHANGE:20050715

8-K1o41046e8vk.htmCURRENT REPORT 6/13/2008

CURRENT REPORT 6/13/2008

Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): June13, 2008

MERCER INTERNATIONAL INC.

(Exact name of Registrant as specified in its charter)

Washington
(State or other jurisdiction of incorporation or organization)

000-51826
(Commission File Number)

47-0956945
(I.R.S. Employer Identification No.)

Suite2840, 650 West Georgia Street, Vancouver, British Columbia, Canada V6B 4N8
(Address of Office)

(604)684-1099
(Registrants telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy thefiling obligation of the registrant under any of the following provisions (see General InstructionA.2. below):

o Written communications pursuant to Rule425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

ITEM 7.01 REGULATION FD DISCLOSUREITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITSSIGNATURESEXHIBIT INDEXPRESENTATION MATERIALS

Table of Contents

ITEM 7.01 REGULATION FD DISCLOSURE

The information contained in this Current Report shall not be deemed to be filed for the purposesof Section18 of the Securities Exchange Act of 1934 (the Exchange Act) or otherwise subject tothe liabilities of that section, nor shall it be incorporated by reference into a filing under theSecurities Act of 1933, or the Exchange Act, except as shall be expressly set forth by specificreference in such a filing.

Attached as Exhibit99.1 are materials relating to Mercer International Inc.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

Exhibit No. Description

99.1

Presentation Materials relating to Mercer International Inc.

Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly causedthis report to be signed on its behalf by the undersigned hereunto duly authorized.

MERCER INTERNATIONAL INC.

/s/ David M. Gandossi

David M. Gandossi

Date: June 13, 2008 Chief Financial Officer

Table of Contents

MERCER INTERNATIONAL INC.

FORM 8-K

EXHIBIT INDEX

Exhibit Number Description

99.1

Presentation Materials relating to Mercer International Inc.

EX-99.12o41046exv99w1.htmPRESENTATION MATERIALS

PRESENTATION MATERIALS

Exhibit 99.1

Deutsche Bank

InvestorPresentation June2008

Forward Looking Statements

The Private Securities Litigation Reform Act of 1995 provides a safeharbor for forward-looking statements. Certain information included inthis presentation contains statements that are forward-looking, such asstatements relating to results of operations and financial conditions andbusiness development activities, as well as capital spending andfinancing sources. Such forward-looking information involves importantrisks and uncertainties that could significantly affect anticipatedresults in the future and, accordingly, such results may differmaterially from those expressed in any forward-looking statements made byor on behalf of Mercer. For more information regarding these risks anduncertainties, review Mercers filings with the Securities and ExchangeCommission.

Company Overview

Mercer is the largest publicly traded NBSK(1) market pulp producer in theworld Operates three pulp mills with 1.43million Admt(2) ofcapacity

RosenthalStendal (3) Celgar(Germany) (Germany) (BC, Canada) 325,000 ADMT 620,000 ADMT 480,000 ADMT

___(1) NBSK =northern bleached softwoodkraft. (2) Admt= air dried metric tonnes.(3) Stendal is a 70% owned facility

Our Strategy

Focus on NBSK market pulp Premium grade kraft pulp that generally obtains the highest priceOperate modern, world-class NBSK pulp production facilities Target profitability in allmarket conditions Limit ongoing capital requirements

Improve efficiency and reduce production costs Focus on continuous improvement Focus on energyproduction Grow assets and earnings Organicallyand through acquisitions

Mercers impressive financial performance

Quarterly Revenue Growth

200 175

Revenue Growth 20052006 2007 150

125Revenues (EUR)452,437 623,977 704,391 100

75 50

Revenues (USD) 1 563,103 783,715 965,720 25

Revenue (Millions of EUR) 0

Q104 Q304 Q105 Q305 Q106 Q306 Q107Q307 Q108

Mercer has experienced exceptional growth, with a 71%increase in revenue and a 100% increase in EBITDA from 2005sperformance in USD

In 2007, Mercers revenues have grown to approximately $1billion USD

Rolling LTM EBITDA

160 140 120

EBITDA Growth 200520062007 10080EBITDA (EUR)69,810 148,338 126,744 6040EBITDA (USD) 1 86,886 186,313 173,766 EBITDA (Millions of EUR 200 Q104 Q304 Q105 Q 305 Q106 Q306 Q 107 Q307 5 Q108 1 Indicative results using EUR/USD FX rate of 1.245, 1.256, 1.371 in 2005, 2006 and 2007, respectively.

Mercer in Brief Consolidated Financials As atDec. 31, 2007 and 1st Quarter, 2008

In Millions of EUR Restricted Unrestricted Total Total (unlessotherwise stated) Dec. 31, 2007 Dec. 31, 2007 Dec. 31, 2007 Q1 2008Pulp Production 803,081 Admt 601,592 Admt 1,404,673 Admt 360,881 Admt NetSales 401.3 303.1 704.4 179.1Operating EBITDA 65.6 60.6 126.2 32.8 In Millions of EUR Restricted Unrestricted Total Total (unlessotherwise stated) Dec. 31, 2007 Dec. 31, 2007 Dec. 31, 2007 Q1 2008Cash 59.4 58.4 117.8 102.7 Total Assets 627.9 655.6 1,283.5 1,232.1Total Employees 878 612 1,490 1,505

NBSK Market Pulp Capacity By Producer

By capacity, Mercer is the largest publicly traded NBSK marketpulp producer in the world

Sodra Cell

Mercer

Capacity Canfor Pulp Trust

Pope and Talbot

Ilim Pulp

Total

Weyerhaeuser(1)by Tembec

Producers

New Domtar(1)Stora EnsoWest FraserMetsa-Botnia SFKPulp

0 250 500 750 1,000 1,250 1,500 000sTonnes of NBSK Market Pulp Capacity

(1) Adjusted for the merger of Weyerhaeusers fine paper business with Domtar,excluding idled mills in Prince Albert, SK and Lebel-sur-Quevillon, Que. 7

Source: Public filings of individual companies

World ClassAssets

Mercer versus other top 20 NBSK producers as of Q4 2007 (includesintegrated capacity)

Large, modern facilities low capitalrequirements, high runability State-of-the-artenvironmental compliance Energy net producers

Weighted average PM capacity 4Q07

750(1,000 t/a) STRONG600 Potlatch Weighted Average WeyerhaeuserBotnia Technical Age 19 Terrace Bay IlimMercer years 1,000 t/a 450 Sdra UPM SCACanforCapacity,SFKHeinzel300 P&TStora EnsoMillDomtarWest Fraser Weighted Average Billerud Capacity 380,000

150 Boise t/a

Cataly Mondi st

WEAK

30 25 20 15 10 5 0 Note: Bubble sizes represent market and integratedpulp productions. Technical Age, Years 8

Source: Jaakko Pyry

Mercers Pulp Production Growth Annual Pulp Production by Mill and CumulativeRosenthalCelgarStendalMercer1,6001,4001,200 1,405Project 1,302(000s ADMT) 1,000 Blue Goose 1,185Production CelgarSpring 2006 800 Acquisition Feb. 2005 600 Stendal completed Sept. 2004400 557 602 485 479 439 476 200 314 317 389 327 310 310 306Annual - 171

2003 2004* 2005 2006 2007

Mercer has experienced tremendous production growth, with furtherorganic growth potential of 200,000 Admt / year

Celgar is increasing annual production to 480,000 Admtwith further potential to increase to 600,000; Stendal isincreasing annual production to 620,000 Admt, with furtherpotential to achieve 700,000 Admt in production annually

* Stendal was completed in September2004; its 2004 total production includes pre and postcompletion production of 143days

World class assets Celgar Modern and efficient mill

Capacity of 480,000 Admt per year 16.6% reduction in non-fiber conversioncosts from 2006 Mercers Blue Goose capital project has exceeded expectations,delivering greater savings per tonne of production

In 2007, became a net exporter of electricity Recently announced the approval ofthe Celgar Green Energy Project, which will double the mills generating capacity Celgars energy opportunities fit well with the BC Governments focus on securinglarge amounts of green renewable electricity

Excellent location withproximity to fiber basket andability to service growing Asianand North American Markets

World class assets Rosenthal

Converted to kraft pulp production in 1999 Capacity has increased from 160,000 to325,000 Admt Sets new standards for world class mill availability at 98.8%

Efficient mill with strong cost position One of the lowest delivered costs toEurope Achieved a 10.1% reduction in non-fiber conversion costs from previous year Continued its drive for excellence with another year of record production volume

Location has strong lumber supplyand is near a central transportationhub, positioning the mill to serviceimportant European markets

World class assets Stendal

One of the newest and largest NBSK mills in the world 71% Mercer owned Capacity of 620,000 Admt per year Achieved world class mill availability of94.0% in 2007

Economies of scale have allowed for lower conversion costs than Rosenthal Achieved a 26.4% reduction in non-fiber conversion costs in 2007 Non-fiberconversion costs were 96 (USD$132) per Admt

667,000 MWh of electricity generated in 2007 273,000 MWh of green renewableenergy was exported, generating revenues of 13.8million (USD$18.9million) in 2007

Location has strong forest base and is well positioned to serviceEuropean and off-shore markets

Premium Pulp Commands Premium Price

Mercers NBSK pulp uses high quality softwood fibers, which arerecognized as some of the strongest fibers in the world. The long, slendersoftwood fibers provide better strength and softness, producing higherquality products that command premium prices

Typical Fiber Qualities

0.275 Hardwood FibersSoftwood Fibers

0.225

Radiata Pine

BC CoastalDouglas-fir

(FR, mg / m ) BC Hemlock

0.175 CoarsenessBC Interior Spruce /

Pine / Fir Softer Aspen White Birch BC Cedar

0.125 Eucalyptus Grandis0.0750.75 1.00 1.25 1.50 1.75 2.00 2.25 2.50 2.75 3.00 Source: Paprican Fiber Length (LW, millimeters)

Stronger

Softwood Kraft Market Pulp

There are three categories of softwood kraft market pulp, asdefined by end-use requirements

Pulp CategoryEnd Uses

Premium Lightweight publication papers, premium tissue

Heavier weight publication papers, value

Standard tissues, lighter uncoated woodfreepapers
Coarse

Uncoated woodfree papers, packaging products(Includes SBSK)

Premium and Standard grades of softwood pulp that offer reinforcementqualities are moving into a structural supply / demand dynamic thatfavours the producer

Source: Jaakko Pyry

NBSK End Uses (2003 versus 2006) 2003 2006

SpecialtiesPrinting and SpecialtiesPrinting & Writing Writing Paper 19% 17% Papers 17%27%18%Tissues21% 26%

Tissues 15% 23%

Coated Mechanical(magazines)

Uncoated

Coated 17% Mechanical Mechanical (Newspaper (Magazines) Inserts) Uncoated Mechanical

Source: Jaakko Pyry

(catalogs & inserts)

Substitution Discussion:

Substitution has been occurring as less demanding end useshave shifted away from NBSK, this trend has been occurring forwell over a decade

For certain end uses, paper makers have reduced the percentageof NBSK used but when one factors in the growth of the end usesegment, NBSK consumption has grown on a net tonnes basis.

NBSK Experiencing Steady Growth in Demand

Demand for NBSK pulp is growing at 1-2% per year, and is expected to continue doing soin the medium term Movement towards higher production speeds, lower basis weights,and growing demand in key segments (such as tissues and printing and writing papers)ensures healthy outlook for NBSK demand

Historic NBSK Demand versus Practical Maximum Capacity

Capacity (tonnes)Demand (tonnes)Demand Capacity Spread (%)

16,000 35% 14,000 30% 12,000 25% 10,000 20% 8,000 15% 6,000 10% Demand 000s oftonnes 4,000 5% Supply exceed

2,000 0%0 -5% 9 09 8 0 4 0 5 0 6 0 7

199 0 199 5 199 6 199 7 19 1 99 2 00 2 00 1 200 2 200 3 20 20 20 20Source: Pulp & Paper Products Council Year

Increased NBSK pulp demand in key segments will more thanoffset the reduced NBSK pulp usage in some furnishes

NBSK Capacity Reductions

Recently announced closures and expected shutdowns will reduce supply Approximately 1.2million mt of NBSK market pulp capacity already shut downwith another 1million mt expected to close in the next year Representsapproximately 15% of total global NBSK market pulp capacity *

World NBSK Pulp Closures

Size Market Pulp Company Location Date(000s mt) (000s mt)

NBSK Pulp Mill Closures

Stora Enso Norrsundet, Sweden 1 Q22009 300 300 Pope & Talbot Nanaimo,Mackenzie, Halsey 2 Q2 2008 600600 Stora Enso Kemijarvi, Finland Q2 2008 250120 Weyerhaeuser USA Q1 2008 60 60 WestFraser Hinton, AB Q4 2006 70 70 Tembec SmoothRock Falls, ON Q3 2006 200 200 CascadesJonquiere, PQ Q3 2006 82 0 Bowater ThunderBay, ON Q2 2006 100 100 Korsnas Gavle, SwedenQ2 2006 70 70 Weyerhaeuser Prince Albert, SKQ2 2006 260 130 Western Forest ProductsSquamish, BC Q1 2006 275 275 DomtarLebel-sur-Quevillon Q4 2005 300 300 2567 2225

Total NBSK Capacity Closures 2567Total Market Pulp Closures (approx.) 2225Source: NLK Pulp Monitor, company filings 1 Tentative plan to close in the future 2 Mills are for sale and it is not expected that P&T will find a buyer for the Nanaimo mill 17

* Total global NBSK market pulp capacity = 14, 475, 000 tonnes ( Source: Pulp and PaperProducts Council )

NBSK Capacity Expansions Recently announced expansions have not offset capacity reductions

World NBSK Pulp Expansions

Size Market Pulp Company Location Date (000smt) (000s)

NBSK Pulp Mill Expansions

Mercer - Stendal Germany Q4 2007 20 20 Metsa-RaumaFinland Q2 2007 45 45 Jilin Chenming China Q2 2007100 100 Stora Enso Finland Q2 2007 65 65 Mercer -Celgar Canada Q2 2007 50 50 Munksjo Sweden Q2 200720 20 Weyerhaeuser Canada Q1 2007 30 30 APRIL ChinaQ4 2006 40 40 SCA Sweden Q4 2006 20 20 Ilim RussiaQ2 2006 100 100 Stora Enso Finland Q1 2006 125 125 Mercer - Stendal Germany Q4 2005 50 50 665 665

Total NBSK Capacity Expansions 665Total Market Pulp Expansions (approx.) 665Source: NLK Pulp Monitor, company filings

Pulp Price History Quarterly Average RISI Price Delivered to N. Europe

USDCADEURO

1200
1100

Tonne

1000

Per 900 Price

800

CAD

NBSK 700

USD 600

500EURO400Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q12000 2001 20022003 2004 2005 20062007

Source: RISI tables19

Germany Fiber Outlook Sawmill industry -current capacity andSignificant capacity enlargement in the growth forecast 2009/2010 German sawmill industry during the lastfew years Klausner Nordic Timber

Total capacity was 38 mill. scm in 2005 Robeta vs. 44 mill.scm in 2007 (+16%) Heggenstaller

Stendal

In addition, further investments of new sawmill capacities areplanned (+3 mill. Klausner Holz Sachsen scm until 2010) HIT holz

Sawmill activity at lower levels due to Klausner Holz Thringen

Rosenthal

slowing housing market

Longer term, significantgrowth in world class sawmillswill provide additional

Ladenburger

residual chip sourcingopportunities for both Stendal andRosenthal

Capacity in m 3

Increased residual chipsupply should put downwardpressure on fiber prices

LEGEND current softwood capacity new softwood sawmill new hardwood sawmill 20

BC Mountain Pine Beetle

The situation is still evolving

Modelling predicts 50% of the BC Lodgepole pine inventory will bedead by 2008 with 77% dead by 2014 Pine is approximately 20-30% of BCtimber base and up to 50% of the Central Interior timber base is Lodgepole pineCanfor Pulp Over run regions in general are regions that have extensivevolumes of pine Dead trees are beginning to have an impact on lumberCariboo Pulp processing efficiency. Debate is underway on how long sawmillswill be able to process the dead pine. It is estimated there will be a rapiddrop beginning 2016

Situation is proving to be a short term opportunity harvestingthe dead/dying trees in Central BC is LEGEND allowing stands close to Celgar to

SEVERITY OF ATTACK grow

High Kamloops Pulp Proximity to higher growth Severe Southern BCstands will be a Very Severe competitive advantage in the Over runmedium term

Tembec

Pulp Mill Celgar 21 Location

Transition to Bio-energy Economics

Pulp in a Carbon World

Unless there is a change in how customers value forest or woodbased products, the industry will not continue in its current state,creating capacity decline which will continue to affect supply anddemand fundamentals until prices rise high enough to reflect theenergy value of wood

Over time, a levelling of the playing field on wood cost willoccur between Northern and Southern mills as the cost of land forplantations is driven up by competing higher value products

On a global basis, wood will reflect and possibly exceed itsfossil fuel energy value, reflecting the carbon neutrality of wood

Mercers position as a large net exporter of bio-energy puts it ina unique position to benefit from this opportunity

Mercers Consolidated Balance Sheet As at March31, 2008 ASSETSLIABILITIES

Current LiabilitiesCurrent AssetsAccounts payable and accrued expenses 74,331Cash and cash equivalents 69,735Pension and other benefit obligations, current portion 438

Receivables 91,241

Debt, current portion 35,042

Note receivable, current portion 5,167

Total Current Liabilities 109,811

Inventories (Note 4) 97,181

Prepaid expenses and other 5,019 Long-Term Liabilities

Total Current Assets 268,343 Debt, less current portion 773,972 Unrealizedinterest rate derivative losses 29,735 Long-Term Assets Pension and otherbenefit obligations 17,310 Cash, restricted 33,000 Capital leases and other10,754

Property, plant and equipment 903,402 Deferred income tax 20,971Investments 72 852,742

Total Liabilities 962,553

Deferred note issuance and other costs 4,955

Deferred income tax 18,746 SHAREHOLDERS EQUITYNote receivable, less current portion 3,536 Share capital (Note 7) 202,844

963,711 Additional paid-in capital 233

Total Assets 1,232,054 Retained earnings 40,288 Accumulated othercomprehensive income 26,136 Total Shareholders Equity 269,501

Total Liabilities and Shareholders Equity 1,232,054

23

Advantageous financial structure

Mercers capital structure provides high leverage to pulp cycles

German Government provided Mercer 375million in grants for the construction of theRosenthal and Stendal mills. This amount is credited against fixed assets and translates into 375million in equity or debt that the company did not have to raise Mercers 565million Stendal debt is 80% guaranteed by the German Government, is fixed at an interest rate,including associated fees, of approximately 5.3% plus margins and costs, and is secured by themills own assets The debt has provisions for cross-currency swaps with no requiredmargins It is an amortizing debt with no immediate balloon payments Our principalpayments are effectively made in pre-tax dollars due to Mercers tax shields Unsecuredconvertible debt of USD $67.5million at 8.5% with a conversion factor of US$7.75; redeemable bythe company starting Oct. 15, 2008, maturing Oct. 15, 2010 Unsecured senior notes of USD$310million at 9.25%, maturing Feb. 15th, 2013 EBITDA from Celgar andRosenthal for the fiscal year ending Dec. 31, 2007 was

69,347,000 or US$ 95,074,000 *

Debt service costs for the unsecured SeniorNotes and the Convertible Debentures was US$ 34,391,675 or 25,085,102 for the same period

24

* Indicative results using EUR/USD FX rate of 1.3710

Mercers key investment highlights

Future supply/demand outlook for NBSK has never looked better

World class mills that have low delivered costs and are located in excellent fiberbaskets Insulated from risk of rising energy prices due to excess electricity generatingcapacity Incremental production capacity available at low capital cost Uniquefinancial structure offering shareholders very high leverage to the pulp cycle Strongshareholder focused management team and board

25

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