New Issue: Titan prices $200 million eight-year notes to yield 8%

By Paul Deckelman

New York, May 9 - The Titan Corp. sold $200 million of senior subordinated notes due May 15, 2011 (B2/B) at par to yield 8% Friday, high yield syndicate sources said.

The Rule 144A/Regulation S deal came to market via bookrunning manager Credit Suisse First Boston, with Goldman Sachs & Co. and Wachovia Securities, Inc. as co-managers.

Titan, a San Diego-based company that builds and launches technology-based businesses, plans to use the deal proceeds to redeem its 5¾% High Tides convertible notes.

Issuer:	The Titan Corp.
Security description:	Senior subordinated notes
Bookrunner:	Credit Suisse First Boston
Co-managers:	Goldman Sachs and Wachovia Securities
Amount:	$200 million
Maturity:	May 15, 2011
Coupon:	8%
Price:	Par
Yield:	8%
Spread:	456 basis points over 5% Treasury due August 2011
Call features:	Noncallable for four years, then callable on May 15, 2007 at 104%, on May 15, 2008 at 102% and at par on May 15, 2009 and thereafter
Equity clawback:	Until May 15, 2006 for 35% of issue at 108%
Settlement date:	May 14, 2003 (T+3)
Ratings:	Moody's : B2
	Standard & Poor's: B
Rule 144A Cusip:	888266AD5

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