By Paul A. Harris
Portland, Ore., July 2 – Titan Cement International SA priced a €250 million issue of seven-year senior notes (BB) at par to yield 2¾% on Thursday, according to market sources.
Global coordinators were HSBC, SG CIB and Citigroup. Joint bookrunners were ABN Amro, BNP Paribas and Raiffeisen Bank International.
The yield printed at the tight end of yield talk in the 2 7/8% area.
The notes were sold via Titan Global Finance plc.
The Athens-based company plans to use the proceeds for general corporate purposes, including the tender offer for any or all of its 3½% senior notes due 2021.
| Issuer: | Titan Global Finance plc
|
| Amount: | €250 million
|
| Tenor: | Seven years
|
| Securities: | Senior notes
|
| Global coordinators: | HSBC (bill and deliver), SG CIB and Citigroup
|
| Joint bookrunners: | ABN Amro, BNP Paribas and Raiffeisen Bank International
|
| Co-managers: | Alpha Bank, Eurobank, National Bank of Greece and Piraeus Bank
|
| Coupon: | 2¾%
|
| Price: | Par
|
| Yield: | 2¾%
|
| Call protection: | Par call three months prior to maturity, otherwise non-callable
|
| Trade date: | July 2
|
| Settlement date: | July 9
|
| Rating: | S&P: BB
|
| Distribution: | Regulation S
|
| Price talk: | 2 7/8% area
|
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