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Hong Kong's Ocean Grand talks five-year secured notes at 9%-9¼%
By Paul A. Harris
St. Louis, Nov. 23 - Hong Kong-based Ocean Grand Holdings Ltd. is talking its $100 million to $125 million offering of five-year guaranteed secured notes (BB-) at 9% to 9¼%, according to market sources.
The notes are expected to price late this week.
ABN Amro is the bookrunner for the Regulation S-only transaction.
Proceeds will be used for general corporate purposes, working capital, capital expenditures and repayment of existing syndicated loans totaling HK$500 million.
Ocean Grand is an aluminum products provider.
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