The completion of the issue of additional bonds with a total nominal value of €100,000,000, which will be issued by the subsidiary TITAN GLOBAL FINANCE PLC., was announced by TITAN Cements.
The new bonds are governed by the same terms governing the bonds issued in November 2017, with a total nominal value of € 250.000.000 maturing in 2024 at an interest rate of 2,375% and with the guarantee of TITAN Cements SA., the company said in a statement.
It is noted that following the issuance of the New Bonds, the Initial and New Bonds will be unified and form a single series of bonds.
The amount of orders received exceeded the amount of the initial notice by three times. Due to the high demand, the total amount of the issue increased from € 50,000,000 to € 100,000,000. The issue price of the New Bonds was at their nominal value.
The issue of the New Bonds is expected to be completed on 26 January 2018 and an application for admission to trading on the Irish Stock Exchange, Global Exchange Market (GEM), has already been submitted.
The funds raised from the issue of the New Bonds will be used to cover general corporate purposes, including the repayment of bank and other loans.
Managers for the issuance and distribution of the New Bonds were the banks HSBC Bank plc, Société Générale, National Bank of Greece SA and Raiffeisen Bank International AG.
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