Titan firms €1.18 billion term loan B at Euribor plus 375 bps

By Sara Rosenberg

New York, June 30 – Titan (Kouti BV) set pricing on its €1.175 billion seven-year term loan B (B) at Euribor plus 375 basis points, the low end of the Euribor plus 375 bps to 400 bps talk, according to a market source.

In addition, the original issue discount talk on the term loan was revised to a range of 99.5 to 99.75 from just 99.5, the source said.

The 0% floor on the term loan was unchanged.

Barclays is the sole physical bookrunner on the deal and a joint global coordinator with Deutsche Bank. BNP Paribas, Credit Agricole, Credit Suisse, MUFG, Rabobank, UBS and UniCredit are joint bookrunners.

Commitments continue to be due at 7 a.m. ET on Thursday, the source added.

Proceeds will be used to fund the acquisition of Titan by KPS Capital Partners, refinance related debt, and pay transaction fees and expenses.

Titan is a European manufacturer of metal food cans and ends.

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