CMPC Hits the Road

Chilean pulp and paper maker Empresas CMPC has launched a roadshow backing a $500m 10-year bond sale. Investor meetings began in New York Monday and will hit London, Boston and the West coast before finishing Thursday. Proceeds from the 2019s will help finance the $1.43bn purchase of the Guaiba mill from Brazil’s Aracruz. JPMorgan, Santander and BNP are managing the sale, rated Baa2. The company also aims to place 20m new shares at around $25 each, to raise another $500m for the purchase. The remaining $430m will come from the company’s own cash. CMPC agreed in September to buy the Guaiba unit in southern Brazil, which would make CMPC the world’s second-biggest pulp producer.