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Titan Cement subsidiary accepts tenders for €109.06 million 8¾% notes
New York, June 15 – Titan Cement Co. SA subsidiary Titan Global Finance plc received valid tenders for €109,062,000 of its €197 million of outstanding 8¾% guaranteed notes due Jan. 19, 2017, according to a company announcement.
All valid tenders were accepted for purchase. Payment is scheduled for June 17.
The tender offer ended at 11 a.m. ET on June 14.
As announced on June 6, the issuer was offering €1,042.50 per €1,000 principal amount of notes plus accrued interest.
Holders had to tender at least €100,000 principal amount of notes in order to participate.
When it announced the tender, the issuer said it planned to issue at least €250 million of new fixed-rate guaranteed notes due 2021. It then priced €300 million of 3½% notes on June 10.
The tender offer was subject to the successful pricing of the new notes.
The dealer managers are Eurobank Ergasias SA (30 210 3718996 or lmg@eurobank.gr) and HSBC Bank plc (44 20 7992 6237 or liability.management@hsbcib.com). The tender agent is Lucid Issuer Services Ltd. (44 20 7704 0880 or titan@lucid-is.com).
Titan Cement is an Athens-based building materials company.
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