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Mercer selling $350 million six-year senior notes backing Daishowa-Marubeni acquisition
By Paul A. Harris
Portland, Ore., Nov. 28 – Mercer International Inc. plans to price a $350 million offering of senior notes due Jan. 15, 2025 (current ratings Ba3/BB-) on Thursday, according to an informed source.
The Rule 144A and Regulation S with registration right offering was scheduled to be marketed by means of a late Wednesday morning conference call with investors.
Credit Suisse Securities (USA) LLC is the left bookrunner. Barclays and RBC Capital Markets LLC are the joint bookrunners.
The notes become callable on Jan. 15, 2021 at par plus 50% of the coupon and feature a two-year 35% equity clawback at par plus the coupon and a 101% poison put.
The Vancouver, B.C.-based pulp producer plans to use the proceeds to fund its acquisition of Daishowa-Marubeni International Ltd., a Canada-based forest products company.
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