Malaysia's Titan Petrochemicals to price restructured $300 million six-year notes Wednesday

By Reshmi Basu

New York, March 30 - Titan Petrochemicals & Polymers Bhd is expected to price a revised $300 million six-year bond issue (Ba3/BB-) Wednesday, according to a market source.

The deal has been restructured as a six-year bullet from the previous seven-year notes non-callable for four years.

And price talk has been fattened to the 9% area. Price guidance of 8½% for the original issue emerged on March 24.

The original offering had been expected to price late last week and has been successively pushed back, with pricing most recently expected Tuesday.

The Malaysian petrochemical company started a roadshow in the early week of March 22.

Goldman Sachs & Co. and JP Morgan are the bookrunners on the proposed Rule 144A/Regulation S (no registration rights) issue.

Proceeds will be used to repay bank debt, fund capital investment and working capital.

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