Mercer talks $300 million seven-year notes with 9¼%-9½% yield

By Paul A. Harris

St. Louis, Nov. 9 - Mercer International Inc. talked its $300 million offering of seven-year senior notes (B3/B) with a 9¼% to 9½% yield on Tuesday, according to an informed source.

Pricing is set for Wednesday afternoon.

RBC Capital Markets and Credit Suisse are the joint bookrunners for the notes, which are formatted according to the provisions of Rule 144A and Regulation S and are being sold with registration rights.

Barclays Capital and Macquarie Capital are the co-managers.

The notes come with four years of call protection and a three-year 35% equity clawback.

Proceeds, along with cash on hand, will be used to fund the tender for the company's 9¼% senior notes due 2013.

Mercer International is a Vancouver, B.C.-based pulp manufacturing company.

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