Titan to issue EUR300m Eurobond

Titan to issue EUR300m Eurobond
Published: 01 July 2014

Titan Global Finance plc, a subsidiary of Titan Cement SA, on Monday announced plans to sell a five-year Eurobond issue worth EUR300m.

Greece-based Titan said in a statement that the new capital will be used to refinance existing debt. The new bonds will be traded in the Luxumbourg Stock Exchange.

Titan has appointed Alpha Bank, Eurobank Ergasias, HSBC Bank plc, JP Morgan Securities plc, NGB Securities and Societe Generale as joint book runners.

S&P affirms ratings
Standard & Poor’s (S&P) has since affirmed Titan Cement’s ‘BB Ratings.’ The outlook is stable. “We continue to assess Titan Cement Co SA's business risk profile as  ‘fair,’ its financial risk profile as ‘aggressive,’ and its management and  governance as ‘strong.’ We are therefore affirming our 'BB/B' long- and short-term ratings on  Titan Cement Co SA. At the same time, we are assigning our 'BB' issue rating to the proposed new EUR300m fixed rate notes, in line with the long term ratings on Titan Cement Co SA,” the rating’s agency said in a statement.

It went on to add: “The stable outlook is based on liquidity that we assess as ‘adequate’ and our expectation of resilient credit metrics, despite a patchy industry recovery over the next 12 months."