By Paul A. Harris
St. Louis, May 14 - Catalyst Paper Corp. priced $110 million of notes mirroring its 11% first-lien secured notes at 86 to yield 14.37% on Friday, according to market sources.
Cyan Capital Markets ran the books.
The notes mature Dec. 15, 2016.
The deal was done as a private placement, according to a market source who added that the bonds will become free to trade under Rule 144A.
Proceeds will be used for general corporate purposes.
The mirror notes are non-fungible with the original issue notes. The $280.43 million of original issue notes were issued at par in March.
The issuer is a Vancouver, B.C.-based paper and pulp company.
| Issuer: | Catalyst Paper Corp.
|
| Face amount: | $110 million
|
| Proceeds: | $94.6 million
|
| Maturity: | Dec. 15, 2016
|
| Securities: | Notes mirroring the 11% first-lien secured notes due Dec. 15, 2016 (non-fungible)
|
| Bookrunner: | Cyan Capital Markets
|
| Coupon: | 11%
|
| Price: | 86
|
| Yield: | 14.37%
|
| Trade date: | May 14
|
| Settlement date: | May 19
|
| Distribution: | Rule 144A for life
|
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