By Paul A. Harris
Portland, Ore., July 24 – Clearwater Paper Corp. priced a $300 million issue of non-callable 10.5-year senior notes (Ba2/BB/) at par to yield 5 3/8% on Thursday in a quick-to-market transaction, according to a market source.
The yield printed on top of yield talk.
Goldman Sachs & Co. was the bookrunner.
The Spokane, Wash.-based paper and cardboard manufacturer plans to use the proceeds, along with company funds and a draw on its revolver, to redeem all of its outstanding 7 1/8% senior notes due 2018.
| Issuer: | Clearwater Paper Corp.
|
| Amount: | $300 million
|
| Maturity: | Feb. 1, 2025
|
| Securities: | Senior notes
|
| Bookrunner: | Goldman Sachs & Co.
|
| Co-manager: | RBC Capital Markets LLC
|
| Coupon: | 5 3/8%
|
| Price: | Par
|
| Yield: | 5 3/8%
|
| Call protection: | Non-callable
|
| Trade date: | July 24
|
| Settlement date: | July 29
|
| Ratings: | Moody's: Ba2
|
| Standard & Poor's: BB
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 5 3/8% area
|
| Marketing: | Quick to market
|
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