Titan Cement subsidiary begins tender offer for 4¼% notes due 2019

By Angela McDaniels

Tacoma, Wash., Nov. 6 – Titan Cement Co. SA subsidiary Titan Global Finance plc began a tender offer for its €287.17 million of outstanding 4¼% guaranteed notes due 2019, according to a company announcement.

The offer will end at 11 a.m. ET on Nov. 13.

The company is offering €1,060.50 per €1,000 principal amount of notes plus accrued interest up to but excluding the settlement date, which is expected to be no later than Nov. 16.

Holders must tender at least €100,000 principal amount of notes in order to participate.

The company said the purpose of the tender offer is to acquire any and all of the outstanding notes as part of a refinancing transaction under which it expects Titan Global Finance to issue at least €250 million of new fixed-rate senior notes due 2024 guaranteed by Titan Cement.

The tender offer is conditioned on the successful pricing of the new notes.

The company intends to allocate no less than €100 million principal amount of new notes to holders of 4¼% notes purchased in the tender offer. To be considered for participation in the new notes allocation, noteholders must contact a dealer manager no later than 10 a.m. ET on Nov. 8.

The dealer managers are Eurobank Ergasias SA (+30 210 3718996 and lmg@eurobank.gr) and HSBC Bank plc (+ 44 20 7992 6237 or LM_EMEA@HSBC.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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