The deal, involving a 10-year bond term and an annual interest rate of 4.5%, was launched in July and the principal will be paid on the maturity of the bonds on August 1, 2024. Interest will be paid on a half yearly basis.

Santiago-based Arauco has made substantial panel industry acquisitions in North America and now has eight board plants in Canada and the US with a total capacity of almost 1.5 million m3/year.

Proceeds gained from the bond issue will be dedicated to refinancing the Arauco group’s liabilities and "other corporate purposes", according to the Chilean company.