By Paul A. Harris
Portland, Ore., Jan. 22 – Titan Cement Co. SA priced an upsized €100 million add-on to its 2 3/8% non-callable guaranteed notes due 2024 at par on Monday, according to market sources.
The deal was upsized from €50 million and played to an order book that was three-times oversubscribed, according to a company press release.
The price came in the middle of price talk in the par area, a London-based sellside source said.
HSBC Bank plc, Societe Generale, National Bank of Greece and Raiffeisen Bank International AG were the managers.
The Athens-based construction materials company plans to use the proceeds for general corporate purposes, including debt.
| Issuer: | Titan Global Finance plc
|
| Amount: | €100 million, increased from €50 million
|
| Maturity: | 2024
|
| Security description: | Add-on to 2 3/8% guaranteed notes due 2024
|
| Managers: | HSBC Bank plc, Societe Generale, National Bank of Greece and Raiffeisen Bank International AG
|
| Coupon: | 2 3/8%
|
| Price: | Par
|
| Call protection: | Non-callable
|
| Trade date: | Jan. 22
|
| Settlement date: | Jan. 26
|
| Price talk: | Par area
|
| Marketing: | Quick to market
|
| Original issue: | €250 million priced in November 2017
|
| Fungibility: | Add-on notes will become fungible with original notes
|
| Total issue size: | €350 million
|
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