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Columbia River Pulp Company Inc. - Interest Rate Hedging Strategy
A positive covenant on a $200 MM floating rate loan required Columbia River Pulp (CRP) to hedge a minimum of $100 MM for at least three years at a maximum rate of 12 percent. The alternatives included interest rate SWAPs, CAPs and COLLARs. What is the optimal hedging structure? Should CRP hedge all of its floating rate debt, or only the amount required under the loan agreement? (This case can be used with two related cases bearing the same name, 9A95B034 and 9A90B036. A Microsoft Excel spreadsheet is available for use with this case, product 7A90B037.)