Hong Kong's Ocean Grand plans to issue $100 million to $125 million notes

By Reshmi Basu

New York, Nov. 16 - Ocean Grand Holding Ltd. plans to sell an offering of $100 million to $125 million of fixed-rate notes, the company said in a news release.

The issue, bearing a tenor of five to seven years, will be structured as guaranteed secured notes.

Part of the proceeds will be used to repay syndicated loans totaling HK$500 million and other borrowings. The remainder will be used for general corporate purposes, for working capital and for capital expenditures.

ABN Amro is the bookrunner for the transaction.

Standard & Poor's has assigned a BB- rating to the proposed notes.

The Hong Kong-based issuer is a provider of aluminum products.

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