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.