Glatfelter talks $500 million eight-year notes to yield 4½%-4¾%; pricing Thursday

By Paul A. Harris

Portland, Ore., Oct. 13 – Glatfelter Corp. talked its $500 million offering of eight-year senior notes (Ba2/BB) to yield 4½% to 4¾%, according to market sources.

Official talk comes in line with initial guidance in the mid-to-high 4% area.

Books close 11 a.m. ET on Thursday, and the deal is set to price thereafter.

Left bookrunner HSBC Securities (USA) Inc. will bill and deliver. PNC Capital Markets LLC is a joint bookrunner. Citizens Capital Markets Inc., M&T Securities Inc. and MUFG are the co-managers.

The Rule 144A and Regulation S for life notes become callable after three years at par plus 50% of the coupon. They feature a three-year 40% equity clawback at par plus the full coupon and have a 101% poison put.

The Charlotte, N.C.-based manufacturer of engineered materials plans to use the proceeds to fund its acquisition of the Jacob Holm Group and refinance debt.

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