Asia Pulp & Paper sells notes

Asia Pulp & Paper sells notes

HONG KONG (Dow Jones): Asia Pulp & Paper Co. Ltd. sold US$125 million of asset-backed floating rate notes due 2005 through Pioneer Export Funding Ltd. on Aug. 31, lead manager ING Barings said on Friday.

The bank said that the notes have a final maturity of five years and the average life of the assets is 4.5 years. The maturity date is Aug. 28, 2005.

ING Barings, which acted as sole arranger and placement agent for the deal, declined to disclose the coupon rate but noted that the bond was sold at par.

The security is guaranteed by a surety bond issued to Pioneer by Center Solutions (Bermuda) Ltd., which is a wholly owned unit of Zurich Financial Services group and is rated double-A by Standard & Poor's and Aa3 by Moody's Investors Service.