United Fiber enters $225 million financing with Abax

The Singapore pulp producer will use the funding supplied by the Hong Kong-based hedge fund to refinance debt and to construct a new pulp plant in Kalimantan.

Singapore-listed pulp and paper company United Fiber System Limited has announced that it has entered into a $225 million financing agreement with Hong Kong-based hedge fund Abax Global Capital. The Morgan Stanley-backed fund was launched in Hong Kong earlier this month.

The financing agreement is in two parts. The first component is made up of $25 million worth of zero coupon convertible bonds that mature in 2012. The conversion price is S$0.355 per share and the bonds represent 4.4% of...

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