CMPC Sets Rights Offer Price

CMPC has set the price for a capital raise of up to CLP230.88bn ($491m), it says. The Chilean pulp producer is planning to offer up to 156m shares to existing holders at CLP1,480 each, in an process open May 9 to June 8. The prices compares to Friday’s CLP1,769 close. Holders may receive one share per 14.26 shares held. CMPC is raising funds to help with the $2.1bn expansion of its Guaiba plant in Brazil. It is also on the road through Monday meeting fixed income investors, and could elect to issue bonds under a $500m authorization. It has also indicated that it could look to raise another $250m in new equity later this year.