The offering of a total nominal amount of €300 million Guaranteed Notes due 2021, with a coupon of 3.50 per cent per annum, which will be issued by TITAN GLOBAL FINANCE PLC (the “Issuer”), a subsidiary of TITAN Cement Company S.A. (the “Company”) and guaranteed by the Company, was completed today.
The orders in the book exceeded the amount of €1 billion. Due to high investor demand, the offering was upsized from €250 to €300 million. It should be noted that most investors in the offering include international investment funds, as well as foreign banks, insurance companies and pension funds.
The Closing Date has been set for June 17, 2016 and the Issuer has already made an application for the notes to be admitted to trading on the Global Exchange Market (GEM), which is the exchange-regulated market of the Irish Stock Exchange.
The proceeds of the notes will be used by the Issuer to purchase any or all of its outstanding 8.75 per cent Guaranteed Notes due January 2017 (the “2017 Notes”’) prior to maturity pursuant to the tender offer memorandum dated 6 June 2016, or at maturity in January 2017 and for general corporate purposes.
HSBC Bank plc, Merrill Lynch International and Société Générale acted as Joint Bookrunners and Alpha Bank A.E., Credit Suisse Securities (Europe) Limited, Eurobank Ergasias S.A., National Bank of Greece S.A. and Raiffeisen Bank International AG are acting as Co-Managers.