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Ultrapetrol (Bahamas) $150 million 10-year ship mortgage notes via CSFB
By Paul A. Harris
St. Louis, Oct. 28 - Ultrapetrol (Bahamas) Ltd. is expected to sell $150 million of 10-year senior secured first preferred ship mortgage notes (B3) via Credit Suisse First Boston, according to a market source.
The source added that timing on the deal has not been heard in the market. The company declined to answer any questions about the notes when contacted by Prospect News.
Proceeds will be used to fund the tender for the company's 10½% first preferred ship mortgage notes due 2008 and repay bank debt, according to a company news release issued on Wednesday.
The company is a Nassau, Bahamas-registered diversified ocean and river transportation company involved in the carriage of dry and liquid bulk cargoes.
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