By Paul A. Harris
St. Louis, Feb. 28 - Ocean Grand Holdings, Inc., priced a $35 million add-on to its guaranteed secured notes due Dec. 7, 2010 (BB-) at 102.859 on Tuesday, resulting in a yield of 8½%, according to an informed source.
The add-on notes priced on top of the 8½% price talk.
ABN Amro ran the books for the Regulation S add-on.
Proceeds will be used to repay short-term debt and for general corporate purposes.
The original $125 million issue priced at 99.51 on Nov. 30, 2005 to yield 9 3/8%, bringing the total issue size to $160 million following Tuesday's tap.
Ocean Grand is a Hong Kong-based aluminum producer.
| Issuer: | Ocean Grand Holdings, Inc.
|
| Amount: | $35 million
|
| Maturity: | Dec. 7, 2010
|
| Security description: | Add-on to guaranteed secured notes due Dec. 7, 2010
|
| Bookrunner: | ABN Amro
|
| Coupon: | 9¼%
|
| Price: | 102.859
|
| Yield: | 8½%
|
| Spread: | 386 basis points
|
| Trade date: | Feb. 28
|
| Settlement date: | March 6 with accrued interest
|
| Rating: | Standard & Poor's: BB-
|
| Distribution: | Regulation S
|
| Price talk: | 8½% yield
|
| Original issue: | $125 million priced at 99.51 on Nov. 30, 2005 to yield 9 3/8%
|
| Total issue size: | $160 million
|
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