Norbord Inc. (NBD.TO) Friday closed its offering of $240 million in aggregate principal amount of senior notes. The notes are due June 15, 2015 and will bear interest at an annual rate of 6.25 percent.
The offering is comprised of two tranches. The first tranche consists of $165 million of senior secured notes that rank and are secured on a pari passu basis with the company's existing senior secured notes due 2017 and committed revolving bank lines. The second tranche consists of $75 million of senior unsecured notes.
The company intends to use the net proceeds to refinance its existing $240 million 7.25 percent debentures due July 1.
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