New Issue: Greece’s Titan Cement prices €250 million seven-year notes at par to yield 2 3/8%

By Paul A. Harris

Portland, Ore., Nov. 10 – Titan Cement Co. SA priced a €250 million issue of seven-year senior bullet notes (BB+) at par to yield 2 3/8% on Thursday, according to a market source.

The yield printed at the tight end of yield talk in the 2˝% area.

Joint global coordinator and joint bookrunner HSBC will bill and deliver. SG was also a joint global coordinator and joint bookrunner.

The Athens-based construction materials company plans to use the proceeds to repay debt.

Issuer:	Titan Cement
Amount:	€250 million
Tenor:	Seven years
Securities:	Senior notes
Joint global coordinators:	HSBC (bill and deliver), SG
Joint bookrunners:	HSBC, SG
Co-managers:	Alpha Bank, Eurobank, NBC, Piraeus Securities
Coupon:	2 3/8%
Price:	Par
Yield:	2 3/8%
Call protection:	Non-callable
Trade date:	Nov. 9
Rating:	S&P: BB+
Price talk:	2˝% area

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