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Norbord talks $350 million eight-year secured notes in 5¾% area; books close Wednesday
By Paul A. Harris
Portland, Ore., June 19 – Norbord Inc. talked its $350 million offering of eight-year senior secured notes (Ba1/BB+) to yield in the 5¾% area, according to market sources.
Books close at 2:15 p.m. ET on Wednesday.
Official talk comes tight to the high 5% to 6% area early guidance, according to a trader, who expects the Rule 144A for life deal to price later on Wednesday.
BofA Securities Inc. and RBC Capital Markets LLC are the joint bookrunners.
BMO Securities, CIBC World Markets, Comerica, TD Securities, HSBC, NBC and Scotia Capital are the co-managers.
The notes become callable after three years at par plus 50% of the coupon and feature a three-year 35% equity clawback and a 101% poison put.
The Toronto-based manufacturer of wood-based panels and oriented strand board plans to use the proceeds to redeem its 5 3/8% senior secured notes due Dec. 1, 2020, with any remaining proceeds to be used for general corporate purposes.
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