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Brazil’s Fibria Celulose issues $400 million in euro private placement
By Lisa Kerner
Charlotte, N.C., Dec. 3 – Fibria Celulose SA ended its third quarter with a net debt to EBITDA ratio of 2.5 times, down from 2.9 times a year ago, according to its 4th Fibria Day presentation on Wednesday.
The company also highlighted its issue of a $400 million syndicated euro private placement in three tranches with joint bookrunners BNP Paribas and Natixis.
Tranche A has a five-year term and priced at Libor plus 130 basis points, tranche B has a five-year bullet and priced at Libor plus 140 bps, and tranche C has a six-year term and priced at Libor plus 140 bps.
The company’s new $600 million 5¼% bond issue due 2024 was better priced than investment-grade issuers with a Ba1/BBB-/BB+ rating, 275 bps spread and at 1.5 times book, according to the presentation.
As of Nov. 28, it also priced ahead of investment-grade issuers in the secondary market with a 289 bps spread and a 5.047% yield.
Fibria’s total cost of debt is 3.7%, and the average maturity is 55 months, compared to 4.6% and 52 months, respectively, at year-end.
Sao Paulo, Brazil-based Fibria is a pulp and paper company.
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