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China's Nine Dragons marketing $300 million five-year senior bullet notes
By Aaron Hochman-Zimmerman
New York, April 21 - Nine Dragons Paper Ltd. (/BBB-/BBB-) announced an offering of $300 million of five-year guaranteed senior bullet notes, according to a market source.
A roadshow began on Monday, but pricing is expected as early as Tuesday.
Merrill Lynch will act as bookrunner for the Rule 144A and Regulation S deal.
The coupon will step up by 100 basis points if the rating falls below BBB- and by 200 bps if it falls below BB.
There is a change of control put at 101.
Proceeds will be used for capital expenditures for the purchase and construction of paper machines and supporting facilities as well as to refinance a portion of its existing bank loans.
Nine Dragons is a Guangdong, China-based paper producer.
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