Fibria Cuts More Paper

Fibria Cuts More Paper

Funds

Brazil’s Fibria has raised $750m from a 2020 bond sale on $3.6bn in demand, as it continues refinancing efforts. The pulp and paper producer resulting from the marriage of VCP and Aracruz secured a 7.625% yield at the tight end of Tuesday’s guidance, though slightly wide to initial expectations of mid 7s. The new Ba1/BB/BB 10NC5 bond priced at 99.136 with a 7.500% coupon to yield 7.625%, or UST plus 389bp, the tight end of 7.750% area guidance. The bond was heard trading up a point Thursday afte

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