By Paul A. Harris
St. Louis, March 10 - Bowater Inc. priced a quick-to-market $250 million offering of six-year senior floating-rate notes (existing ratings Ba2/BB) Wednesday at par to yield three-month Libor plus 300 basis points, according to an informed source.
Price talk was Libor plus 287.5 basis points to 300 basis points.
UBS Investment Bank and JP Morgan ran the books for the off-the-shelf issue.
Proceeds will be used to repay bank debt.
The issuer is a newsprint maker based in Greenville, S.C.
| Issuer: | Bowater Inc.
|
| Amount: | $250 million
|
| Maturity: | March 15, 2010
|
| Security description: | Senior floating-rate notes
|
| Bookrunners: | UBS Investment Bank, JP Morgan (joint)
|
| Coupon: | Three-month Libor plus 300 basis points
|
| Price: | Par
|
| Yield: | Three-month Libor plus 300 basis points
|
| Pricing date: | March 10
|
| Settlement date: | March 17
|
| Ratings: | Moody's: Ba2
|
| Standard & Poor's: BB
|
| Price talk: | Libor plus 287.5-300 basis points
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
