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

OFFSHORE support vessel builder Nam Cheong is issuing S$75 million worth of 6.5 per cent three-year fixed rate notes at par under its S$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.

Net proceeds from the issue will be used to partly refinance Nam Cheong's S$110 million 6 per cent fixed rate notes due Nov 5, 2015, said a company announcement on Tuesday morning.

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