Chicago, Sept. 11 – Suzano Austria GmbH gave further details about its issue of $750 million of 3.75% guaranteed global notes due Jan. 15, 2031 (BBB-/BBB-) that priced on Thursday at a spread of Treasuries plus 327 basis points, including the price, the yield and the settlement date, according to a FWP filing with the Securities and Exchange Commission.
The notes priced at 98.32.
Initial price talk was at the 4.5% area, according to a market source.
The coupon will step up to 4% on July 16, 2026 if the company has not satisfied the sustainability performance target or if the satisfaction of that target has not been verified.
BNP Paribas Securities Corp., BofA Securities, Inc., Credit Agricole Securities (USA) Inc., J.P. Morgan Securities LLC, Rabo Securities USA, Inc., Mizuho Securities USA LLC and Scotia Capital (USA) Inc are the joint global coordinators and joint bookrunners.
Additional bookrunners are Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, MUFG, Santander Investment Securities Inc. and SMBC Nikko Securities America, Inc.
The notes are guaranteed by Suzano SA.
Proceeds will be used to finance concurrent tender offers.
Suzano Austria is a Vienna-based subsidiary of Suzano. The pulp and paper company is based in Sao Paulo.
A story that was published in the Sept. 11 edition of the Prospect News Emerging Markets Daily and the Prospect News Investment Grade Daily had different ratings. Expected ratings are BBB- from S&P Global Ratings and BBB- from Fitch Ratings. The bookrunners and their roles have also been revised in this story.
| Issuer: | Suzano Austria GmbH
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| Guarantor: | Suzano SA
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| Amount: | $750 million
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| Description: | Global notes
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| Maturity: | Jan. 15, 2031
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| Global coordinators: | BNP Paribas Securities Corp., BofA Securities, Inc., Credit Agricole Securities (USA) Inc., J.P. Morgan Securities LLC, Rabo Securities USA, Inc., Mizuho Securities USA LLC and Scotia Capital (USA) Inc.
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| Bookrunners: | BNP Paribas Securities Corp., BofA Securities, Inc., Credit Agricole Securities (USA) Inc., J.P. Morgan Securities LLC, Rabo Securities USA, Inc., Mizuho Securities USA LLC, Scotia Capital (USA) Inc., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, MUFG, Santander Investment Securities Inc. and SMBC Nikko Securities America, Inc.
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| Coupon: | 3.75%
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| Price: | 98.32
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| Yield: | 3.95%
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| Spread: | Treasuries plus 327 bps
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| Call option: | Make-whole call at Treasuries plus 50 bps until par call date on Oct. 15, 2030
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| Trade date: | Sept. 10
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| Settlement date: | Sept. 14
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| Ratings: | S&P: BBB-
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| Fitch: BBB-
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| Distribution: | SEC registered
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| Price talk: | 4.5% area
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