Ballarpur is India's biggest maker of writing and printing paper
Ballarpur International Graphic Paper Holdings braved market conditions to price a $200 million perpetual last night.
Ballarpur is a debut borrower and its perpetual is unrated. However, as the company is rated BB- by SP and Fitch, and most perpetuals are rated two to three notches below the issuer, the hybrid was indisputably a high-yield deal.
The guidance was released in the 9.75% area and did not move from there....