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.
10.06.2016
TITAN is an independent cement and building materials producer with over 110 years of industry experience. Based in Greece, the Group owns cement plants in nine countries and is organized in four geographic regions: Greece & Western Europe, the USA, Southeastern Europe and the Eastern Mediterranean. Throughout its history TITAN has aimed to combine operational excellence with respect for people, society and the environment.
In 2015 the Group sold 16.5m tonnes of cement and cementitious materials 4.3m m3 of ready mixed concrete, 14m tonnes of aggregates and various other building materials like concrete blocks, dry mortars etc.
Detailed financial and other information is available on the Titan Group website: www.titan-cement.com
The above announcement was communicated to the ASE and the HCMC, and was also posted on the website of the Athens Stock Exchange.