Published on 7/3/2014 in the Prospect News High Yield Daily.
New Issue: Titan Cement prices €300 million five-year notes at par to yield 4¼%
By Paul A. Harris
Portland, Ore., July 3 – Titan Cement Co. SA priced a €300 million issue of non-callable five-year senior notes (/expected BB/) at par to yield 4¼% on Thursday, according to a market source.
The yield printed at the tight end of the 4¼% to 4½% yield talk.
Global coordinator and joint bookrunner HSBC will bill and deliver. JPMorgan and SG CIB were also joint bookrunners and global coordinators. Alpha Bank, Eurobank and NBG Securities were also joint bookrunners.
The Athens, Greece-based building materials company plans to use the proceeds to refinance debt and for general corporate purposes.
| Issuer: | Titan Global Finance plc (Titan Cement Co. SA)
|
| Amount: | €300 million
|
| Maturity: | July 10, 2019
|
| Securities: | Senior notes
|
| Global coordinators: | HSBC (bill and deliver), JPMorgan, SG CIB
|
| Joint bookrunners: | HSBC, JPMorgan, SG CIB, Alpha Bank, Eurobank, NBG Securities
|
| Coupon: | 4¼%
|
| Price: | Par
|
| Yield: | 4¼%
|
| Spread: | 387 bps
|
| Call protection: | Non-callable
|
| Trade date: | July 3
|
| Settlement date: | July 10
|
| Expected rating: | Standard & Poor's: BB
|
| Distribution: | Regulation S only
|
| Price talk: | 4¼% to 4½%
|
| Marketing: | Roadshow
|
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