Louisiana-Pacific to sell $350 million eight-year notes on Thursday

By Paul A. Harris

Portland, Ore., Feb. 25 – Louisiana-Pacific Corp. plans to price a $350 million offering of eight-year senior notes (existing ratings Ba2/BB+) in a Thursday drive-by, according to a syndicate source.

BofA Securities Inc., Goldman Sachs & Co. LLC and RBC Capital Markets LLC are the joint bookrunners.

The Rule 144A and Regulation S notes become callable after three years at par plus 50% of the coupon. They feature a three-year 40% equity clawback at par plus the coupon and a 101% poison put.

The Portland, Ore.-based building materials supplier plans to use the proceeds plus cash on hand to take out its entire issue of 4 7/8% senior notes due 2024.

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