Resolute Forest sets roadshow for $600 million senior notes due 2023; pricing expected Thursday

By Aleesia Forni

Virginia Beach, Va., April 24 - Resolute Forest Products Inc. has scheduled a roadshow beginning on Wednesday ahead of a proposed $600 million offering of 10-year senior notes (Ba3/BB-), according to a market source.

An investor call will be held at 12:30 p.m. ET on Wednesday, and pricing is expected on Thursday.

The notes will be non-callable for four years and will then be callable at par plus 75% of the coupon.

The notes feature a 101% poison put and an equity clawback of up to 35% for the first three years at par plus the coupon.

BofA Merrill Lynch, Citigroup Global Markets Inc. and BMO Capital Markets Corp. are the joint bookrunners.

Barclays, J.P. Morgan Securities LLC and Wells Fargo Securities LLC are the co-managers.

Proceeds from the Rule 144A and Regulation S with registration rights transaction will be used to redeem the company's existing senior secured notes due 2018 and for general corporate purposes.

Resolute Forest is a Montreal-based pulp and paper manufacturer.

© 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.