By Paul A. Harris
St. Louis, March 9 - Boise Paper Holdings, LLC and Boise Co-issuer Co. priced a $300 million issue of 10-year senior unsecured notes (B2/BB-/) at 98.311 to yield 8¼% on Tuesday, according to market sources.
The yield printed on top of price talk.
Bank of America Merrill Lynch, Barclays Capital Inc. and J.P. Morgan Securities Inc. were the joint bookrunners.
Proceeds will be used to pay down the company's term loan B.
The issuing entities are subsidiaries of Boise, Idaho-based office, building and paper products company Boise Inc.
| Issuers: | Boise Paper Holdings, LLC and Boise Co-issuer Co. (Boise Inc.)
|
| Amount: | $300 million
|
| Maturity: | April 1, 2020
|
| Securities: | Senior unsecured notes
|
| Bookrunners: | Bank of America Merrill Lynch, Barclays Capital Inc., J.P. Morgan Securities Inc.
|
| Coupon: | 8%
|
| Price: | 98.311
|
| Yield: | 8¼%
|
| Spread: | 455 bps
|
| Call features: | Make-whole call at Treasuries plus 50 bps until April 1, 2015, then callable at a premium
|
| Trade date: | March 9
|
| Settlement date: | March 19
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: BB-
|
| Distribution: | Rule 144A/Regulation S
|
| Price talk: | 8¼% area
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
