New Issue: Titan Cement prices upsized €300 million 3½% five-year bullet at par

By Paul A. Harris

Portland, Ore., June 10 – Titan Cement Co. SA priced an upsized €300 million issue of non-callable five-year senior notes (BB) at par to yield 3½% on Friday, according to a market source.

The issue size was increased from €250 million.

The yield printed on top of yield talk.

Joint bookrunner HSBC will bill and deliver. BofA Merrill Lynch and SG were also joint bookrunners.

The Athens-based building materials company plans to use the proceeds to refinance debt.

Issuer:	Titan Global Finance plc
Amount:	€300 million, increased from €250
Maturity:	June 17, 2021
Securities:	Senior notes
Bookrunners:	HSBC (bill and deliver), BofA Merrill Lynch, SG
Co-managers:	Alpha Bank, Credit Suisse, Eurobank, NBG, Raiffeisen
Coupon:	3½%
Price:	Par
Yield:	3½%
Spread:	392.6 bps
Call protection:	Non-callable
Trade date:	June 10
Settlement date:	June 17
Rating:	S&P: BB
Price talk:	3½% area
Marketing:	Roadshow

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