By Cristal Cody
Tupelo, Miss., April 17 – KP Tissue Inc. announced that Kruger Products LP on Tuesday priced C$125 million of 6% senior notes due April 24, 2025 (DBRS: BB).
Scotia Capital Inc., CIBC World Markets Inc. and Desjardins Securities Inc. were the bookrunners for the offering, which was sold as a private placement in Canada.
The notes will be unconditionally guaranteed by certain subsidiaries of Kruger Products.
Proceeds will be used to reduce the outstanding balance under the company’s syndicated bank credit facility.
KP Tissue is a holding company with a limited partnership interest in Kruger. Kruger Products is a Mississauga, Ont.-based manufacturer of tissue products.
| Issuer: | Kruger Products LP
|
| Guarantors: | Certain subsidiaries of Kruger Products
|
| Amount: | C$125 million
|
| Description: | Senior notes
|
| Maturity: | April 24, 2025
|
| Bookrunners: | Scotia Capital Inc., CIBC World Markets Inc. and Desjardins Securities Inc.
|
| Coupon: | 6%
|
| Trade date: | April 17
|
| Settlement date: | April 24
|
| Rating: | DBRS: BB
|
| Distribution: | Canada private placement
|
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