Titan Petrochemicals terminates exchange offer for 8½% notes due 2012

By Devika Patel

Knoxville, Tenn., April 20 - Titan Petrochemicals Group Ltd. said it has canceled the exchange offer for its 8½% guaranteed senior notes due 2012.

The exchange was set to expire on April 1, previously extended from 5 p.m. ET on March 4. The offer originally was to run through 5 p.m. ET on Jan. 6. It began on Dec. 7.

The offer was conditional upon a minimum tender of no less than 90% of the outstanding notes. Because the minimum tender condition has not been met, Titan has elected to terminate the offer. The notes already tendered will not be accepted and will be returned to the holders.

The company said it plans to launch a new exchange offer, which may or may not take place.

The company also said that Deutsche Bank Trust Co. Americas resigned as trustee of the notes and will be succeeded by the Bank of New York Mellon.

The issuer is a Hong Kong-based trader of petrochemicals and oil products.

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