Arauco sets up sustainable bonds

Arauco sets up sustainable bonds

Bonds Debt Capital Markets Corporate & Sovereign Strategy Fixed Income Chile Andean US

Chile's Celulosa Arauco plans to sell sustainable bonds to fund the expansion of a pulp mill and buy back notes that mature in 2021 and 2022, according to a report from Moody's.Moody's assigned the notes a Baa3 rating with a stable outlook and added that it expects the Santiago-based pulp and wood panel producer to issue around $1bn in bonds, allocating $600m for construction and $400m for paying off debt."The new notes and tender offers will allow the company to lengthen its debt maturity sched

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