Malaysia's Titan Petrochemicals postpones $300 million seven-year note offering

By Paul A. Harris and Reshmi Basu

New York, March 31 - Titan Petrochemicals & Polymers Bhd postponed its planned offering of $300 million seven-year notes non-callable for four years (Ba3/BB-), according to an informed source.

Some market sources had told Prospect News that price talk had widened to the 9% area, but the informed source said that price talk remained at 8½%. The source added that the deal was postponed Monday.

Rumors had been circulating Tuesday that Titan was looking at restructuring the deal as a six-year bullet from the original seven-year notes non-callable for four years.

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

Proceeds were to have been used to repay bank debt, to fund capital investment and for working capital.

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