By Paul A. Harris
St. Louis, Feb. 27 - Ainsworth Lumber Co. Ltd. priced an upsized $210 million issue of 10-year senior notes (B1/B+) Friday at par to yield 6¾%, market sources said.
Price talk was 6¾% to 7%.
Goldman Sachs & Co. ran the books on the Rule 144A issue. Deutsche Bank Securities was the co-manager.
Proceeds together with excess cash will be used to fund the tender for $89.085 million of the company's 13 7/8% senior secured notes due July 15, 2007 and $184.6 million 12½% senior secured notes due July 15, 2007.
The issuer is a Vancouver, B.C.-based forest products company.
Issuer: Ainsworth Lumber Co. Ltd.
| Amount: | $210 million (increased from $200 million)
|
| Maturity: | March 15, 2014
|
| Security description: | Senior notes
|
| Bookrunner: | Goldman Sachs & Co.
|
| Co-manager: | Deutsche Bank Securities
|
| Coupon: | 6¾%
|
| Price: | Par
|
| Yield: | 6¾%
|
| Spread: | 272 basis points
|
| Call features: | Callable after March 15, 2009 at 103.375, 102.25, 101.125, par on March 15, 2012 and thereafter
|
| Equity clawback: | Until March 15, 2007 for 35% at 106.75
|
| Pricing date: | Feb. 27
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: B+
|
| Price talk: | 6¾%-7%
|
|
|
© 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.
