By Paul A. Harris
St. Louis, Nov. 30 - Ocean Grand Holdings, Inc. priced a $125 million issue of 9¼% five-year guaranteed secured notes (BB-) at 99.51 to yield 9 3/8% on Wednesday, according to a syndicate source.
The yield came in the middle of the 9¼% to 9½% price talk, which had been revised from 9% to 9¼%.
ABN Amro ran the books for the Regulation S transaction.
Proceeds will be used to repay the company's existing syndicated loans totaling HK$500 million as well as for general corporate purposes, working capital and capital expenditures.
The amount of notes that the company ultimately issued was on the high end of the the $100 million to $125 million that it had marketed.
Ocean Grand is a Hong Kong-based aluminum producer.
| Issuer: | Ocean Grand Holdings, Inc.
|
| Amount: | $125 million
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| Maturity: | Dec. 7, 2010
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| Security description: | Guaranteed secured notes
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| Bookrunner: | ABN Amro
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| Coupon: | 9¼%
|
| Price: | 99.51
|
| Yield: | 9 3/8%
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| Trade date: | Nov. 30
|
| Settlement date: | Dec. 7
|
| Rating: | Standard & Poor's: BB-
|
| Price talk: | 9¼%-9½% (revised from 9%-9¼%)
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