Norbord to price $315 million eight-year secured notes Wednesday

By Paul A. Harris

Portland, Ore., April 1 – Norbord Inc. plans to price a $315 million offering of non-callable eight-year senior secured notes (Ba2/BB-) Wednesday afternoon following a late-morning conference call with investors, according to a syndicate source.

RBC Capital Markets is the left joint bookrunner. BofA Merrill Lynch is the joint bookrunner. Scotia Capital is the junior joint bookrunner.

BMO Securities, CIBC World Markets, Comerica and TD Securities are the co-managers.

The Rule 144A and Regulation S for life notes feature a par call three months prior to maturity but are otherwise non-callable. The notes also feature a 101% poison put.

The Toronto-based manufacturer of wood-based panel products and oriented strand board plans to use the proceeds to fund the tender for the Ainsworth Lumber Co. Ltd. 7½% senior secured notes due 2017.

Ainsworth is a wholly owned subsidiary of Norbord.

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