Norbord Inc. (NBD.TO: Quote) Thursday priced its offering of about $240 million of senior notes due June 15, 2015. The offering will bear interest at an annual rate of 6.25 percent and the company expects to close the offering on June 15.
The offering is comprised of two tranches, where the first tranche consists of $165 million of senior secured notes that will rank pari passu with the company's existing senior secured notes due 2017 and committed revolving bank lines and the second tranche of $75 million of senior unsecured notes.
The company intends to use net proceeds from the offering to refinance its existing $240 million 7.25 percent debentures due July 1.
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by RTT Staff Writer
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