Titan readies launch of €1.18 billion term loan B for Tuesday

By Sara Rosenberg

New York, June 18 – Titan (Kouti BV) is scheduled to hold a lender call at 9 a.m. ET on Tuesday to launch a €1.175 billion seven-year term loan B (B), according to a market source.

Barclays is the sole physical bookrunner on the deal and a joint global coordinator with Deutsche Bank. BNP Paribas, Credit Agricole, Credit Suisse, MUFG, Rabobank, UBS and UniCredit are joint bookrunners.

Price talk on the term loan B is Euribor plus 375 basis points to 400 bps with a 0% Libor floor and an original issue discount of 99.5, the source said.

Commitments are due at 7 a.m. ET on July 1, the source added.

Proceeds will be used to fund the acquisition of Titan by KPS Capital Partners, refinance related debt, and pay transaction fees and expenses.

Titan is a European manufacturer of metal food cans and ends.

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