CMPC Launches $600m Loan Package

Chile’s CMPC held bank meetings Thursday in New York to launch a $600m 5-year loan package into syndication via leads Bank of America Merrill Lynch, Bank of Tokyo Mitsubishi, JPMorgan and Scotia, say market participants. The pulp and paper company is offering Libor+65bp on a $400m term loan and Libor+70bp on a $200m revolver, which also offers a 20bp utilization fee on top of the base margin if over half is drawn. Banks will get 45bp for MLA tickets of $50m, and 30bp for lead manager tickets of $25m. European banks may consider such pricing too tight and stay away, says a banker looking at the trade.