Cammell Laird Expected To Set Bond Price
British shipbuilder Cammell Laird Holdings Plc is expected to price its high-yield bond issue at around 11.5 percent, sources familiar with the deal said on Thursday.The bond issue of 125 million euros ($109 million) of 10-year senior notes, non-callable for five years, will be launched early next week. Cammell Laird will use the proceeds to repay existing debt and part-fund acquisitions.
The company has recently been expanding into the U.S. and Europe, signing a long-term deal with the French port of Marseilles and an initial agreement with U.S. firm Cascade General Inc.
The bond issue, lead-managed by Donaldson, Lufkin and Jenrette comes after Cammell Laird raised about $20 million through a share placing in August.