Published on 11/13/2017 in the Prospect News Emerging Markets Daily and Prospect News Green Finance Daily.
New Issue: Brazil’s Fibria Celulose prices $600 million 4% seven-year green bonds to yield 4¼%
By Rebecca Melvin
New York, Nov. 13 – Fibria Overseas Finance Ltd., a subsidiary of Brazil-based Fibria Celulose SA, priced $600 million of 4% green bonds due 2025 (expected ratings: BBB-/BBB-) at 98.474 to yield 4¼%, or a spread of 204.9 basis points over Treasuries, according to a term sheet.
Bookrunners of the Securities and Exchange Commission-registered notes were BNP Paribas Securities Corp., Citigroup Global Markets Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, BofA Merrill Lynch, Mizuho Securities USA LLC and Scotia Capital (USA) Inc.
The issuer will apply to list the notes on the New York Stock Exchange.
The pulp and paper company intends to use the proceeds to refinance debt and for general corporate purposes.
| Issuer: | Fibria Overseas Finance Ltd.
|
| Guarantor: | Fibria Celulose SA
|
| Amount: | $600 million
|
| Maturity: | Jan. 14, 2025
|
| Description: | Green bonds
|
| Bookrunners: | BNP Paribas Securities Corp., Citigroup Global Markets Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC and Scotia Capital (USA) Inc.
|
| Coupon: | 4%
|
| Price: | 98.474
|
| Yield: | 4¼%
|
| Spread: | 204.9 bps over Treasuries
|
| Call: | Make-whole call at Treasuries plus 30 bps before Nov. 14, 2024, then at par
|
| Trade date: | Nov. 10
|
| Settlement date: | Nov. 14
|
| Expected ratings: S&P: BBB-
|
| Fitch: BBB-
|
| Distribution: | SEC registered
|
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