Malaysia's Titan to price $300 million notes next Thursday

By Paul A. Harris and Reshmi Basu

New York, March 18 - Titan Petrochemicals & Polymers Bhd. is expected to price $300 million bonds due 2011 (Ba3/BB-) next Thursday, according to a market source.

The roadshow is expected to start at the beginning of next week.

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

The notes will come with four years of call protection.

Proceeds will be used to repay bank debt, as well as to fund capital investment and working capital.

Guarantors are Titan Petrochemicals & Polymers Bhd., Titan Petrochemicals Sdn. Bhd., Titan Polyethylene Sdn. Bhd. and Titan PP Polymers Sdn Bhd.

The prospective issuer is a Malaysian petrochemical company and is 54%-owned by Taiwan's Chao Group International.

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