By Paul A. Harris
Portland, Ore., Aug. 4 - Ballarpur International Paper Holdings BV priced a $200 million non-rated issue of 9¾% subordinated perpetual preferred notes at par on Thursday, according to a market source.
HSBC and RBS were the joint bookrunners.
The fixed-rate to variable-rate notes feature a coupon step up in February 2017 and another in February 2022.
The deal is callable at par on Aug. 11, 2016.
The specialty paper manufacturer is based in based in Gurgaon, India.
| Issuer: | Ballarpur International Paper Holdings BV
|
| Amount: | $200 million
|
| Maturity: | Perpetual
|
| Securities: | Subordinated perpetual preferred notes
|
| Bookrunners: | HSBC, RBS
|
| Initial dividend: | 9¾%, with step-ups in February 2017 and February 2022
|
| Price: | Par
|
| Call option: | Callable at par on Aug. 11, 2016
|
| Trade date: | Aug. 4
|
| Settlement date: | Aug. 11
|
| Rating: | Non-rated
|
| Distribution: | Rule 144A
|
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