New Issue: Ainsworth Lumber $95 million 5.5-year notes yield 14%

By Paul A. Harris

St. Louis, Mo., Dec. 14 - Ainsworth Lumber Co., Ltd. priced $95 million of senior secured notes due July 15, 2007 (Caa1/B-) Friday at 99.502, to yield 14%, according to market sources.

Price talk had been announced as 14%-14¼%, according to a syndicate source.

Goldman Sachs & Co. ran the books on the Rule 144A notes.

Issuer: Ainsworth Lumber Co., Ltd.

Amount:	$95 million
Maturity:	July 15, 2007
Type:	Senior secured notes
Bookrunner:	Goldman Sachs & Co.
Coupon:	13 7/8%
Price:	99.502
Yield:	14%
Spread:	959 bps over 3.50% Treasury due November 2006
Call features:	Callable on July 15, 2004 at 106.938, then at 103.469, declining to par on July 15, 2006
Equity clawback:	Until July 15, 2004 for 35% at 113.875
Settlement date:	Dec. 20 (flat)
Ratings:	Moody's: Caa1
	Standard & Poor's: B-
Cusip:	008914AC7
End

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