Malaysia International Shipping sets price guidance for $1 billion two-tranche bond offering

By Reshmi Basu

New York, June 23 - Malaysia International Shipping Corp. set price guidance for its two-tranche offering of senior unsecured bonds (Baa2/BB+), according to a market source.

Guidance has been set at Treasuries plus 125 to 135 basis points for the five-year notes and Treasuries plus 150 to 160 basis points for the 10-year notes.

Pricing is expected after the completion of Friday's roadshow in the United States.

Proceeds will be used to refinance a $800 million bridge loan maturing in June.

Barclays Capital and Citigroup are running the books for the Rule 144A/Regulation S deal.

The Kuala Lumpur-based shipping line is a 62.44% owned subsidiary of Petronas.

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