By Paul A. Harris
Portland, Ore., Aug. 11 – Clearwater Paper Corp. priced a $275 million issue of eight-year senior notes (Ba3/BB-) at par to yield 4¾% on Tuesday, according to market sources.
The yield printed at the tight end of the 4¾% to 5% yield talk. Initial guidance was in the low 5% area.
J.P. Morgan Securities LLC managed the sale.
The Spokane, Wash.-based pulp and paper producer plans to use the proceeds to pay off its 4½% senior notes due 2023 and to satisfy and discharge the related indenture.
| Issuer: | Clearwater Paper Corp.
|
| Amount: | $275 million
|
| Tenor: | Eight years
|
| Securities: | Senior notes
|
| Lead: | J.P. Morgan Securities LLC
|
| Coupon: | 4¾%
|
| Price: | Par
|
| Yield: | 4¾%
|
| Call protection: | Three years
|
| Trade date: | Aug. 11
|
| Ratings: | Moody's: Ba3
|
| S&P: BB-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 4¾% to 5%
|
| Marketing: | Roadshow
|
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