Titan finalizes €1.18 billion term loan B at 99.75 OID

By Sara Rosenberg

New York, July 2 – Titan (Kouti BV) set the original issue discount on its €1.175 billion seven-year term loan B (B2/B/B+) at 99.75, the tight end of revised talk of 99.5 to 99.75 and tighter than initial talk of 99.5, according to a market source.

Pricing on the term loan is Euribor plus 375 basis points with a 0% floor.

The term loan has 101 soft call protection for six months.

Earlier in syndication, the spread on the term loan firmed at the low end of the Euribor plus 375 bps to 400 bps talk.

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. Barclays is the administrative agent.

The term loan priced and allocated on Friday, 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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