Mercer International plans $50 million tap of 9½% notes for Wednesday

By Paul A. Harris and Aleesia Forni

Virginia Beach, Va., July 17 - Mercer International Inc. plans to sell a $50 million tack-on to its 9½% senior notes due Dec. 1, 2017 (current ratings B3/B) on Wednesday afternoon, according to a market source.

An investor call was scheduled for 11 a.m. ET Wednesday.

Credit Suisse Securities (USA) LLC is the bookrunner for the Security and Exchange Commission-registered deal.

The notes will be callable starting Dec. 1, 2014 at 104.75 and include a 101% poison put.

Proceeds will be used for general corporate purposes.

The original $300 million issue priced at par in November 2010, and the tack-on notes will be immediately fungible with the existing notes.

The pulp manufacturing company is based in Vancouver, B.C., with U.S. headquarters in Seattle.

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