Finland's M-Real to price €500 million seven-year notes next week

By Paul A. Harris

St. Louis, March 16 - Finland paper products company M-Real Corp. will begin a roadshow Tuesday in Europe for its €500 million offering of seven-year senior notes (Ba3/BB-), according to market sources.

The roadshow is expected to conclude on March 27 with the notes to price thereafter.

Deutsche Bank Securities and Barclays Capital are leading the Regulation S offering.

The notes will come with a coupon step-up, which will be triggered if the credit ratings on the issue are downgraded from Ba3/BB-. The notes will rank pari passu with all of the company's existing senior unsecured debt.

Proceeds from the new offering of notes will be used to repay existing debt.

M-Real Corp. is based in Espo, Finland.

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