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Mercer talks $350 million six-year notes to yield in 7¼% area; pricing Thursday
By Paul A. Harris
Portland, Ore., Nov. 29 – Mercer International Inc. talked a $350 million offering of senior notes due Jan. 15, 2025 (current ratings Ba3/BB-) to yield in the 7¼% area, according to a syndicate source.
Books close at 12:30 p.m. ET on Thursday, and the Rule 144A and Regulation S with registration right offering is set to price thereafter.
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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