Greece-based cement producer Titan has successfully concluded the issuance of new €200m guaranteed notes, due in January 2017.
Demand from international and domestic institutional and private investors ensured that the €100m minimum issue, as executed through the exchange of existing and issuance of new notes via the Luxembourg Stock Exchange, was oversubscribed 2.9 times. The new notes bear a coupon of 8.75 per cent, the minimum rate set in the offering.
The successful conclusion of the new notes issuance is another firm step in executing Titan’s strategy of diversifying the group’s sources of funding, augmenting liquidity and extending its debt maturity profile, the company said in a statement.
