By Reshmi Basu and Paul A. Harris
New York, April 30 - Aracruz Celulose priced an upsized $175 million of eight-year notes (Baa3/BBB-/BBB) to yield 275 basis points over Treasuries, according to market sources.
The deal, increased from $150 million, came to market in line with talk that put the spread at Treasuries plus 275 basis points.
The notes, issued through subsidiary Arcel Finance Ltd., priced at par to yield 6.361%.
Proceeds will be used for corporate purposes.
JP Morgan ran the books.
Aracruz Celulose is a hardwood pulp producer headquartered in Rio de Janeiro, Brazil.
| Issuer: | Arcel Finance Ltd. (Aracruz Celulose)
|
| Amount: | $175 million (increased from $150 million)
|
| Issue: | Amortization notes (five-year average life)
|
| Maturity: | May 1, 2012
|
| Coupon: | 6.361%
|
| Price: | Par
|
| Yield: | 6.361%
|
| Spread: | 275 basis points
|
| Pricing date: | April 30
|
| Settlement date: | May 7
|
| Bookrunner: | JP Morgan
|
| Ratings: | Moody's: Baa3
|
| Standard and Poor's: BBB-
|
| Fitch: BBB
|
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