Titan to raise 250 mln euros from new issue to refinance debt


Greek cement maker Titan plans to raise 250 million euros ($290.05 million) from issuing new notes to refinance debt and pay back bank and other commercial loans, the company said on Monday.

The bond will be issued by Titan Global Finance and will have a seven-year maturity, IFR reported on Monday. HSBC Bank, Societe Generale, ABN Amro Bank, Alpha Bank, Eurobank Ergasias, National Bank, Piraeus Bank and Raiffeisen Bank International will manage the issue.

Titan said it will use part of the proceeds to refinance outstanding debt and offered on Monday to buy back for cash its 4.25 percent guaranteed notes due July 2019 of an outstanding principal amount of 287.17 million euros.

The purchase of the notes is subject to the successful pricing of the new notes, Titan said. [Reuters]