Greece's NewLead scraps plans for $120 million five-year secured notes

By Susanna Moon

Chicago, May 6 - NewLead Holdings Ltd. pulled plans for a $120 million offering of senior secured bonds due to market conditions, according to a company press release.

The company said on April 12 that it planned to sell about $120 million of five-year senior secured notes in the Norwegian bond market.

The Rule 144A and Regulation S notes, a portion of which could be sold in the United States to qualified institutional buyers, were to be secured by four of the company's vessels.

Proceeds from the offering were going to be used to finance some vessel purchase commitments, to refinance the debt of certain vessels and for general corporate purposes.

NewLead is a Piraeus, Greece-based vertically integrated mixed-fleet shipping company.

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