DBRS Assigns Provisional Rating of BB to Norbord Inc. Senior Secured Notes

DBRS has today assigned a provisional rating of BB to Norbord Inc.’s (Norbord) proposed issuance of $240 million Senior Secured Notes due 2020 (the Notes). The trend is Stable.

DBRS expects Norbord to use the proceeds from this issuance ($240 million) to fully repay the existing $165 million 6.25% Senior Secured Notes due 2015 and $75 million 6.25% Senior Unsecured Notes due 2015.

The Notes will rank senior in right of payment to all existing and future subordinated indebtedness of the Issuer and equal in right of payment to all of the Issuer’s other first-lien indebtedness (including indebtedness under the Credit Facilities and the 2017 Notes).

Notes:
All figures are in U.S. dollars unless otherwise noted.

The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link to the right under Related Research or by contacting us at info@dbrs.com.

The applicable methodology/criteria are Rating Companies in the Forest Products Industry and DBRS Recovery Ratings for Non-Investment Grade Corporate Issuers, which can be found on our website under Methodologies.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.