UPDATE 1-POSCO says to sell $463 mln bonds to refinance debt

SEOUL, July 18 (Reuters) - South Korea's POSCO (005490.KS: Quote, Profile, Research), the world's No.4 steelmaker, said on Friday it would issue 468.8 billion won ($463.2 million) in overseas debt to refinance maturing exchangeable bonds.

In 2003, POSCO sold 51.6 billion yen ($478.4 million) of bonds exchangeable into 1.7 million shares of SK Telecom (017670.KS: Quote, Profile, Research) owned by POSCO.

The bonds were exchangeable into SK Telecom shares at 304,890 won apiece, far above the current share price of 178,000 won.

POSCO said on Friday the new 5-year bond offering worth 49.3 billion yen would be made to investors in Asia and Europe.

Analysts expect POSCO to sell more bonds later this year, as the steelmaker has said it is interested in bidding for Daewoo Shipbuilding and Marine Engineering (042660.KS: Quote, Profile, Research), which will be put up for sale by its top shareholders in the second half.

The planned sale of a 50.4 percent stake in the world's third-largest shipbuilder could be the country's biggest M&A transaction this year, fetching around $3.6 billion, based on the Daewoo's market value of 7.3 trillion won.

Shares in POSCO closed down 4.3 percent at 488,000 won, as Asian steel shares followed a tumble in their U.S. peers.

Shares in U.S. steel firm Nucor Corp (NUE.N: Quote, Profile, Research) dropped 11 percent on Thursday after the company issued a weaker-than-expected forecast for the third quarter. [ID:nN17275991] ($1=107.84 Yen) ($1=1012.1 Won) (Reporting by Miyoung Kim; editing by Keiron Henderson and Jonathan Hopfner)

Bond commission approves Cenla projects

BATON ROUGE - At the July 18 meeting of the State Bond Commission, $119 million in funding was approved for projects in Central and north Louisiana, according to State Treasurer John Kennedy.

Cenla projects approved:

uA $120,000 loan for Catahoula Parish, Town of Jonesville to purchase a bucket truck and for public improvements.

uA $250,000 loan for the LaSalle Parish Police Jury for purchasing a new building adjacent to the LaSalle Parish Courthouse to house the District Attorney's office.

uA $3.5 million loan for the Natchitoches Parish Law Enforcement District for improvements to correctional facilities including equipment.

uA $500,000 loan for the Vernon Parish Law Enforcement District for current expenses.

u$25 million in bonds in Rapides Parish, City of Alexandria for capital improvements.

u$10 million in bonds for the Rapides Parish School Board, Pineville School District to refinance debt, saving $333,029.

u$15 million in bonds for Rapides Parish, City of Alexandria for capital improvement projects.

u$15 million in bonds for the Rapides Finance Authority (Mortgage-Backed Securities Program) to provide housing for low and moderate income families in the area.

u$10 million in bonds for the Rapides Finance Authority (Louisiana College Project) to refinance debt, saving $2.9 million.
Source

Sabic set to refinance GE Plastics debt

Saudi giant to change covenants as subsidiary struggles to meet cash projections in deteriorating market.

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