By Paul A. Harris
St. Louis, April 11 - Ainsworth Lumber Co. Ltd. priced a $75 million issue of seven-year senior floating-rate notes (B2/B+) at par on Tuesday to yield three-month Libor plus 400 basis points, according to a market source.
The issue priced on top of the price talk.
Deutsche Bank Securities ran the books for the Rule 144A with registration rights issue.
Proceeds will be used to partially finance the construction of a second production line at the company's Grande Prairie, Alta., OSB facility.
Ainsworth Lumber is a Vancouver, B.C., forest products company.
| Issuer: | Ainsworth Lumber Co. Ltd.
|
| Amount: | $75 million
|
| Maturity: | April 1, 2013
|
| Security description: | Senior floating-rate notes
|
| Bookrunner: | Deutsche Bank Securities
|
| Coupon: | Three-month Libor plus 400 bps
|
| Price: | Par
|
| Yield: | Three-month Libor plus 400 bps
|
| Call features: | Callable after April 1, 2008 at 102, 101, par from April 1, 2010 onwards
|
| Trade date: | April 11
|
| Settlement date: | April 18
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B+
|
| Distribution: | Rule 144A with registration rights
|
| Price talk: | Libor plus 400 bps area
|
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