IP signs $470m refi deal
International Paper, the US company, has signed a $468m syndicated loan through its Luxembourg-based subsidiary. It used the facility and about $170m of its cash reserves to repay a Eu500m ($640m) term loan maturing in August.
BNP Paribas, Citi and UBS arranged the new deal which has a three year tenor and pays 450bp over Libor at IPs current rating (Baa3/BBB). The pricing ranges between 250bp (A3/A- or higher) and 650bp (Ba1/BB+ or below).
The three bookrunners each committed $78m. The other lenders are Royal
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