Nam Cheong to issue $75m worth of 6.5% three-year notes

SINGAPORE - Mainboard-listed Malaysian shipbuilder Nam Cheong said Tuesday it will issue $75 million worth of 6.5 per cent, three-year, fixed rate notes at par under its $600 million multicurrency medium term note programme.

The notes, named Series 4 Notes, are expected to be issued on July 23, 2015, and to mature on July 23, 2018.

The compnay said net proceeds from the issue will be used to partly refinance Nam Cheong's $110 million 6 per cent fixed rate notes due Nov 5, 2015.

Nam Cheong closed at 28 cents on Monday, down 0.5 cent.